Money Expert Jamila Souffrant Shares Her Financial Independence Success Tips
Do you believe achieving financial independence is out of reach for you? A recent Center For Financial Innovations study found that only 28% of Americans are financially healthy due to factors such as the generational prosperity gap, increased costs of living, and market instability.
Podcaster, blogger, money coach, wife, and mom of three Jamila Souffrant believes no matter where you are along your journey, financial independence can be possible. Jamila is the founder of Journeytolaunch.com, an online platform where she shares her journey to reach financial independence and helps others gain clarity around their finances and create an actionable plan to reach their own financial goals.
At age 31, while pregnant with her first son, during a four-hour commute home, Jamila had an epiphany that would change her life trajectory. After climbing the corporate ladder and building a six-figure career in real estate investing, Jamila realized that she was "toiling away at a job" that wasn't for her.
Over the next few years, she became immersed in the financial independence world, built Journey To Launch, and started an action plan to reach financial independence by age 40. Because of her money habits, Jamila and her husband were able to save $169,000 in just two years and are currently debt free besides their mortgage.
I had the chance to chat with Jamila about how she's currently navigating her financial independence journey and tips she has for others looking to invest in their financial futures.
Here are Jamila's three keys to financial independence success:
1. Commit to understanding the practical.
How do you calculate your financial independence number? Jamila recommends a simple formula: Multiple your annual expenses by 25. This is the amount you'll need in order to reach financial independence. Once achieved, you can draw down on that portfolio every year at a 4% rate to return your annual expense amount. Basically, you should be able to live off your saved investments so you don't have to "actively" work again.
Take time to understand the underlying principles and formulas that will make financial independence possible.
Learning to budget and track your expenses is one of the foundational pillars of any good financial independence plan. The more expenses you have, the more you will need to save or invest in order to reach FI. If you can widen the gap between how much you save and spend - you can reach FI sooner. According to Jamila, you'll either need to aggressively curb expenses or find ways to make more money that you can later save and invest towards your financial independence goal.
Are you maximizing all investment opportunities? In Jamila's case, an early career property purchase proved to be a positive asset in her long-term investment portfolio. Furthermore, her and husband's ability to invest in multiple pre-tax retirement accounts due to his status as a NYC public school teacher also helped increased the couple's financial independence funds. Research all potential investment opportunities and make sure you're not leaving money on the table.
If you're not familiar with savings and investing strategies, conduct online research or seek out a certified coach to help.
2. Mindset is everything.
As with any important goal in life, if you want to reach financial independence, you have to believe that you can accomplish it. You have to believe you deserve the life you're dreaming of.
For Jamila, this was a muscle she had to build. After the birth of her third child, Jamila decided to leave her corporate position and work full-time on growing the Journey To Launch platform. After having invested in building a successful career in real estate investing, why disturb the status quo? What if this new venture failed? Though she had already charted her financial independence path, she knew that she had to "leap and net would appear."
"Go after your goals even if it scares you," Jamila urges.
Getting initial buy-in from her husband was hard, but through detailed plans and spreadsheets, she was able to help him see how this new lifestyle would positively affect the family's future. "If you got to make that left turn, when you thought you had to make that right turn, it's okay. The biggest thing that we all can do is keep going."
Investing in the dream to build Journey To Launch may allow Jamila and her family to reach their freedom mark sooner than planned.
3. Keep yourself inspired and motivated.
Jamila urges us to remember to not compare our journey to others. The path to financial independence is unique and it's possible to achieve more or less than your original goal.
As you plan how long financial independence will take you, it's important that you keep your goals relative to your unique financial circumstances.
Jamila recommends keeping your arsenal full of inspiration. Some of her favorite resources include Choose FI and Clever Girl Finance podcast.
Immerse yourself in the community. Through podcasting and frequenting conferences and financial-independence focused events, Jamila found that it was encouraging to meet "regular people" just like her who are reaching financial independence.
Instead of seeing money as scarce, Jamila wants her community to see it as "a tool" to get you want you want in life.
"How you manage the money you have now is extremely important because it will allow you to live the type of life you want to live. Because so many of us start out in a deficit (debt, not having a lot of money growing up), [pursuing financial independence] can be overwhelming."
When you start understanding how being money conscious works and how it puts you in a better position - other things, such as increased financial security and even day-to-day confidence can surface in your life as well.
To learn more about Jamila's financial independence journey, listen to her story on episode 181 of the Dreams In Drive podcast.
Featured image via Jamila Souffrant.
Originally published December 3, 2018
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Rana Campbell is a Princeton University graduate, storyteller, content marketing strategist, and the founder and host of Dreams In Drive - a weekly podcast that teaches you how to take your dreams from PARK to DRIVE. She loves teaching others how to use their life stories to inspire action within oneself and others. Connect with her on Instagram @rainshineluv or @dreamsindrive.
This article is sponsored by Hulu.
UnPrisonedhas returned for its highly anticipated second season, delving deeper into the complex dynamics of the Alexander family.
The series premiere comes a year after its debut season garnered rave reviews from fans and critics and earned record-breaking ratings for Hulu's Onyx Collective brand. UnPrisoned's success can be attributed to its raw, relatable themes and comedic appeal.
Inspired by creator Tracy McMillan's life, the show follows Paige (Kerry Washington), a therapist and single mother whose life takes an unexpected turn when her father, Edwin (Delroy Lindo) --who was released from prison-- moves in with her and her teenage son, Finn (Faly Rakotohavana).
Throughout UnPrisoned's first season, viewers witnessed how Edwin's incarceration deeply affected Paige's life and relationships. In the series, Paige unpacks her trauma through interactions with her inner child and her online followers. Meanwhile, Edwin is overcoming specific struggles with his own past that led to his life of crime, including a dysfunctional upbringing and his mother's arrest. As the Alexanders attempt to reconcile, new challenges arise.
This new season promises to further explore their unconventional family dynamic. Here are several compelling reasons why season two of UnPrisoned should be on everyone's watchlist.
The Alexander Family Life Is Still In Shambles
UnPrisoned's second season resumes where the series left off, with Paige grappling with the fallout from her troubled therapy practice and Edwin navigating life independently after moving out. Meanwhile, Finn faces his own challenges. The teenager is battling anxiety and seeking information about his father—a topic Paige avoids discussing.
The Alexander Family Are Attending Therapy To Resolve Their Underlying Issues
Amid the chaos in their lives, the Alexander family decides to mend their bond by confronting their past traumas. They seek professional help and attend therapy sessions with a “family radical healing coach,” played by John Stamos, a new cast member. This collective effort aims to unravel the complexities of their shared history and strengthen their relationships.
The process of unraveling each character's internal conflicts and their potential impact on future relationships may clash with Paige's textbook therapy approach. While Paige is used to being in the therapist's seat in both career and family, this forces her into the unfamiliar role of a patient during therapy sessions. This shift would compel her to look in the mirror and try a radically different approach.
The Alexander Family Learned A Big Lesson During A Therapy Session
In therapy, the Alexanders are tasked with addressing their individual traumas to salvage their remaining relationships. One of the family therapist’s eccentric suggestions was an exercise involving a family wrestling match. During this session, Paige faces tough questions about her refusal to share information about Finn's father.
While it's unclear whether this scene is reality or fantasy, the image of the family duking it out in the ring certainly makes for hilarious yet compelling television.
Paige Tries Dating Again Following Failed Relationships
Amid her life's chaos, Paige decides to step back into the dating field. However, her many attempts have left her with mixed results. The dating apps have turned out to be a fail, and an outing with her ex Mal (Marque Richardson), who is also her father's parole officer, doesn’t go quite as expected after he brings an unexpected guest – his new girlfriend.
The situation takes an awkward turn when Mal's new partner learns why the former couple split, partly due to Paige's self-sabotage.
UnPrisoned Is A Perfect Balance Of Comedy And Drama
As a dramedy, UnPrisoned takes a comedic approach to its heavy subjects. The show takes us on a ride with Paige's dating misadventures and navigating a friendship with her ex.
Other lighthearted moments include Edwin's attempts at CPR based on online videos and, of course, the antics of the Alexander family's unconventional new healing coach.
The second season of UnPrisoned is now available on Hulu.
UnPrisoned | Season 2 Trailer | Hulu
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Mariee Revere On Her History-Making Million-Dollar Sales And The Future Of MoonXCosmetics
If the name Mariee Revere sounds familiar, it's probably because you heard of her beauty and skincare brand, MoonXCosmetics, or you may have heard about her history-making achievement of making $1.8 million in less than eight minutes. But before starting her million-dollar brand, Mariee was just a teenager trying to cure her acne.
While she grew up in the skincare capital of the world, South Korea, Mariee didn't really experience breakouts until her senior year of high school. Like many people who get their first breakout, she didn't know what to do, and there weren't many products out there at that time. So she decided to experiment. What she didn't know was that what she came up with would ultimately be her ticket to success.
"When I graduated high school, I moved back to America, Georgia, and I ended up making, like, the oil, the Rose Galore oil, which is like the staple product of my brand. I don't know what made me make it, but I did, and it literally cleared my face up," she tells xoNecole in an exclusive interview.
"I end up selling it as a body oil first because, obviously, I'm 17, [and] don't have any background as an esthetician or anything like that. I just made a product that worked for me, but people bought it and was using it, and I reformulated it, and then it just stuck like with me."
While MoonXCosmetics is known for its facial products, it wants to expand to body care and home. It just released its new product, Moon-Gel body wash, and it's only up from there. As Mariee continues to grow the brand, it's more than likely that she will see more history-making moments. And so far she has.
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When asked if she feels pressure to obtain more of those milestones, she says yes and no. "I did $1.8 [million] again, and then I did $2 million but I feel like now, currently, I don't look at that as one of my goals anymore because [of] the headache and just everything that came with it, but I was thankful and blessed to have that milestone, but now I'm looking for more," she says.
"I want to say more reach than more like fast-paced sales. I do want that. Obviously, every girl wants that, but I do want to have a better overall reach for my brand because I did take two years off so I was able to learn, [and] study a lot of different things. See how things have changed from 2020 to now."
"I did $1.8 [million] again, and then I did $2 million but I feel like now, currently, I don't look at that as one of my goals anymore because [of] the headache and just everything that came with it, but I was thankful and blessed to have that milestone, but now I'm looking for more."
Another part of expanding for any company is hiring people. Finding the right person to help you can be a hassle, especially for business owners who are used to doing all the work themselves. Mariee can relate to this, and she touched on this topic in her documentaryThe Million Dollar Story. She recommends having someone be your "right-hand man" who you trust to handle the ins and outs of the company.
"I could say, definitely get, like a right-hand man to help you within the process because that really was what helped me. I never had a job. I literally was 18 now, being like, you know, the boss of over 30+ employees at one point in time, and I didn't know anything. I didn't know anything about no W-2s, no taxes, no clock in, clock out because all I [have] ever known was my brand," she explains.
"So I definitely partner with people who are very skewed and versed in those areas, and they helped me get through it. Even to this day, I still have my same person helping me with hiring, firing, [and] doing everything that I can right now because I'm still learning. But obviously people get jobs young, so they have way more experience than me, but still learning."
And though she is still learning, one thing she makes sure to stay on top of is being consistent. Consistency is what trips many people up when it comes to achieving goals, but Mariee says it's all about scheduling. Whether it's when to post on social media or email marketing, scheduling it out can make a world of difference. That same practice also works when planning out her future goals for the company.
"Right now, future goals would be to drop at least five more products before the end of the year. We always do outreach, where we do drives and all that, but definitely do way more this year, she says. "Then really dive into body [care], and then hopefully open up MoonXBody underneath MoonXCosmetics to let that branch out and be open and definitely get back consistent."
For more information, visit moonxco.com.
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