Quantcast
Money Expert Jamila Souffrant Shares Her Financial Independence Success Tips

Money Expert Jamila Souffrant Shares Her Financial Independence Success Tips

Workin' Girl

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

From Classical To Heart: All The Different Styles A Vagina Can Be

When was the last time you held a mirror and took a good look at your pussy? I mean a real hard look at it. What does she look like? Is your vagina normal? Several years ago, I received a DM from a young lady asking me this very question. She wanted to know if her vagina looked “normal.” She went on to explain that her pussy wasn’t as "pretty" as the ones she’d seen in porn and how insecure that made her feel. I can totally relate to her insecurities. I couldn’t begin to tell you how many jokes I’ve heard over the years from men about women and their vaginas. I would be lying if I said I’ve never pondered the same.

Keep reading...Show less
The daily empowerment fix you need.
Make things inbox official.
Tiffany Haddish Turned Down A $10 Million Deal Because It Didn't Align With Her Values

With what seems like a meteoric rise to fame, Tiffany Haddish has had to learn how to operate from a place where her childhood didn’t dictate her spending habits. The L.A. native grew up in the foster care system and was a struggling comedian until she got her big break in Girls Trip. In her interview with Cosmopolitan, Tiffany admitted that her broke days sometimes come back to haunt her and ultimately influence her money decisions.

Keep reading...Show less
5 Benefits Of Matcha That Will Make You Want To Drink It Every Day

For as long as I can remember, I have been a lowkey-highkey caffeine addict. Don't let them fool you, caffeine is most definitely a drug. And while some might argue that it is healthier to consume coffee versus beverages like energy drinks or sodas, there is a thin line between its pros and cons. Starting my day with coffee has become a bit of a ritual as much as it has become a necessity. Without it, the caffeine withdrawal would lead to a splitting headache, a decrease in energy, and that infamous midday slump. It hardly seemed worth it to switch my habit to something healthier. However, after doing some research, I decided to make the switch (at least part-time) to drinking matcha.

Keep reading...Show less
Jurnee Smollett Is Learning To Heal: 'I'm Exactly Where I'm Supposed To Be'

Fans have witnessed Jurnee Smollett’s beautiful growth in television and film. From captivating audiences at just 11 years old in the beloved film Eve’s Bayou to going toe-to-toe with white supremacists and supernatural forces in HBO’s Lovecraft Country, Jurnee has often kept our eyes glued to the screen (big or small.) At 35 years old, the Spiderhead star is at a place where she is focused on healing and being in control of her own destiny.

Keep reading...Show less
These Are The Hair Trends Bringing The Heat This Summer & Beyond

One of my favorite aspects of being a Black woman is the dedication to our ever-changing hair. Forever testing the bounds, we love staying a step ahead while placing no limits on what we can do with a lot of texture and a little imagination. Our hair is a lifestyle and the art of being a Black woman includes our diverse range of looks we can pull off from one week to the next. Whether a sleek pony or beachy body waves, we can literally pull off anything we set our mind to.

Keep reading...Show less
Exclusive Interviews
Latest Posts