Dr. Lakisha Simmons, an author and single mother of two children, saved $750,000 in four years and is on the road to be a millionaire by the end of 2022. However, this wasn't always her reality. The Nashville, Tennessee resident once described herself as "house poor."
Growing up, Simmons followed the "American Dream" path until she realized it wasn't the dream it was sold to be. "I was doing all the things that you're taught you're supposed to do: Go to college, get a good job, a nice car, house, get married, and have kids," she told xoNecole.
But that path led her to hit rock bottom. After a divorce in 2016, her finances were being used to keep up with a lifestyle that no longer satisfied her and left her feeling depleted. "It was completely draining me," she said.
"My money was going into the house and utilities with $300 a month. The lawn care was $150 every two weeks. I'll never forget. I was in this huge house that was supposed to be a happy home, yet I was broken and cried my way into the new year in 2017."
After hitting rock bottom, she knew there was nowhere left to go but up. She started asking herself questions about her finances such as: What can I do to grow my money? What can I do to be financially independent?
After being honest with herself and researching, she discovered a solution that would change the trajectory of her life: the FIRE Movement, which is an acronym for Financial Independence Retire Early.
Courtesy of Lakisha Simmons
For adopters of the FIRE Movement lifestyle, the intention is to save and invest in extreme amounts over a short period of time with the goal being to retire early as a result. Lakisha explained:
"I focused on the idea of financial independence by saving up 25 times my annual living expenses and I will live off of 4% of that lump sum."
Simmons is now teaching people through courses and workbooks about her financial freedom journey and how the FIRE Movement put her on a path to becoming a millionaire.
"I've consistently invested 60% of my income and proceeds from my workbook to help women learn how to skills to make themselves more marketable in The Unlikely AchieveHer. Not having to 'work' to pay my bills and live a comfortable lifestyle is a stress-free way to live so it isn't difficult for me to cut back on some luxury items here and there in order to invest more money. I have more choices on how I spend my time and that's what life is all about," she added.
If you're ready to level up your finances in 2021 and expand your mind to what is financially possible for you, then here are the steps Simmons recommends.
1.Reduce Your Expenses
Courtesy of Lakisha Simmons
One of the first steps Simmons took was selling her home. Even though the appearance of it was nice, she knew she no longer needed it for where she wanted to go. This decision allowed her to save $12,600 a year, according to Business Insider. To slash your expenses, you should look at where your money is going line by line in your budget, and identify areas you can cut back on.
- Cut your grocery bills by considering Aldi (gluten-free, organic, and fresh produce options available).
- Cut your phone bill by switching to Mint Mobile - plans start at just $15 a month. Simmons says she's been a customer for years.
- Shop around for auto and home insurance every two years.
- Don't be afraid to downsize, don't be ashamed.
Ask yourself what you truly value, and determine the expenses holding you back that can go. No need to keep up with Joneses!
2.Invest. Invest. Invest.
Simmons highly encouraged women at any age to start investing. "It's not as scary as it seems," she said.
Adding, that a common fear she noticed was that people believed they would "lose all their money in the stock market." She explained that you should calculate your risk in the stock market and allow your money to sit, grow, and mature.
"We're going to plant a seed out of our 401k this year, and in five years, seven years, 10 years, that seed will be fully grown in blossom and harvest into a nice lump sum."
If your employer doesn't contribute to your 401k, she went on to explain what it's still important to contribute:
- Your contributions are tax-deferred which means you get to invest the money pretax. That actually allows you to save money that isn't taxed and lowers your taxable income on your paycheck.
- Compound interest is your friend. Over the years, the stock market's compound interest is working for you growing your money even if you stop contributing new funds.
3.Maximize Your Retirement Accounts
Courtesy of Lakisha Simmons
One of the main challenges Simmons sees among women is that they are not taking advantage of their tax-deferred retirement account at work.
"That's how I built most of my wealth," she said. She noted that she has a 457(b) through her employers. A 457(b) plan is an employer-sponsored, tax-favored retirement savings account. With 457(b) plans, you contribute pre-tax dollars, which won't be taxed until you withdraw the money.
"The benefit of the 457 is as soon as you leave that workplace, you can start accessing that money. So it's perfect for people in the FIRE Movement because I'm planning to retire early. I can go ahead and start using my 457 as soon as I decide."
One of the biggest challenges she had to overcome was her mindset and belief that she could do it. She encourages women to find community. Simmons offers a free Facebook group people can join and courses and coaching opportunities for people ready to dive in.
Looking back on her financial journey, she can't believe how far she's come, and if she could tell her younger self anything, it would be to be fearless.
"I would tell her to be fearless, set a stretch goal for yourself. Because anything that you put out in the atmosphere that you want, you can have it as long as you believe you can have it," she said.
For more of Lakisha, check out her website.
Featured image courtesy of Lakisha Simmons
Some women have their whole wedding planned out, from the bridal gown and venue to the bridal party and playlist. However, KJ was not one of those people. “I didn’t foresee a wedding in my future,” she reveals. “I was just gonna be the boss chick, rich auntie. I didn’t force love in my life until recently. I never had an idea of what a dream wedding would look like, it was easier for me to elope.”
KJ Smith
Photo by Stanley Babb/ Stanlo Photography
And to many people’s surprise, that was their original plan – until Skyh brought up a valid concern. He was raised by his grandmother and thought she should be at the wedding, and naturally, that led to KJ wanting her grandmother to be there as well – then her mom – and later her sister – and, you’ve gotta invite the besties too, right? From there, the guest list continued to blossom. Much like the updo and pop of color bold red lip, she wore on her special day, which was initially on her Pinterest board as a soft glam look with her hair hanging on her shoulders, KJ is okay with changing her plan if it brings her and her loved ones happiness.
So let’s get into the wedding, which took place in Malibu, CA. The first thing you should know about the celebrity couple is that they’re non-traditional. They know, and they don’t care. So, in true unconventional fashion, they shared the morning of the wedding together.
“I woke up with Skyh, we walked our dog, had black coffee, and said good morning to the people who stayed at the venue with us,” she says.
Now, it was time for hair and makeup. While she was getting glammed up, she had Black-owned McBride Sisters wine and champagne (which ties into The Black Experience theme) on deck with her mom and friends, had her besties help rework her vows, retried on every outfit (sis is very Type-A), took photos, and ended the early-celebration with prayer and meditation. It seems very non-Bridezilla, I said.
“Yeah, I was the most unbothered bride ever. Everyone was just so supportive. As entertainers, we go on red carpets all the time. We actually have a production company,” she explains. “The get-ready process was like a day at work, but with people we love the most. Being entertainers, we didn’t feel stressed at all, but my excitement was so high.”
Things moved quickly, and before she knew it, it was time to line up to walk down the aisle.
“Yeah, I was the most unbothered bride ever. Everyone was just so supportive. As entertainers, we go on red carpets all the time. We actually have a production company. The get-ready process was like a day at work, but with people we love the most. Being entertainers, we didn’t feel stressed at all, but my excitement was so high.”
KJ Smith and her bridal party
Photo by Stanley Babb/ Stanlo Photography
Since everything started with their grandmothers, the couple wanted to ensure they honored them and planned to keep an element of their wedding traditional. Although we’ve all seen the reception videos and photos online, you may have noticed visuals from the wedding itself are harder to find.
“We planned for it to be traditional, but we’re not like that, so we tried to create those moments. We jumped the broom and had a salt ceremony (where the bride and groom individually pour salt into a glass container, symbolizing their lives becoming one.) But honestly, still, nothing was traditional about it.”
She goes on to explain that her mom caught the holy ghost coming down the aisle, her glam team was on deck, and she became so nervous with excitement that she had an anxiety attack – something she struggled with for years, she explains tearfully. Her friends had to literally cheer her down the aisle because of how overwhelmed she felt until she eventually calmed down.
“Skyh was standing there with his hand on his heart; we have our own little language, and I could feel the support,” she shares.
It was surprising to hear all these emotional moments happened before the party we saw online. That is until she once again got into the backstory.
“As a Black woman actress, for so long, it was popular to be mysterious and secretive, but that’s not who I am or what I like. Plus, we both wanted to create an experience for everyone there. We are the people who always host family and friends,” she says. “Like for me, the first order of business was getting sandals for the women so they can dance all night long. We had oxtail, D'ussé, and a coffee and sativa lounge – which is part of Skyh and I’s lifestyle and routine. We wanted to bring them into our world.”
Skyh Black (L) and KJ Smith (R)
Photo by Stanley Babb/ Stanlo Photography
She went on to discuss the dance routine she did for her husband at the reception, which has taken over the internet. Apparently, that’s another thing that didn’t go according to plan. According to KJ, she had promised a performance at their joint bachelor/ bachelorette party, but her outfit got stolen from her car. So, Skyh ended up performing for her – complete with a strip tease. Still, she never forgot her promise to dance for him.
So, she hired her friend as a choreographer, learned the routine, made friends and family watch it endless times, and attended Beyoncé’s Renaissance show a few days before for a confidence boost. It ended up being a show to remember. But that wasn’t all the night offered. Lil Mo performed, and the guests received special goody bags featuring their favorite Black-owned products like journals, hair care, and more.
“We made sure everyone was taken care of all night. That kind of stuff makes us happy. I wanted everyone there to experience the joy and love I have for myself, my partner, and for them. I wanted them to feel full and whole, and they had the time of their lives,” she says.
But naturally, the internet is going to internet, and while there were countless people praising the event and applauding the newlyweds, some thought it was too over the top. I was curious to know her thoughts on some of the criticism.
“It’s cool. We did what we wanted to do. I’ve decided to share my world with people. Just how I went on social media platforms and found inspiration, I want people to do the same,” she explains. “I don’t think it's fair to my supporters not to give that out. There’s so much I wanna share with brides, specifically Black brides. I love that people are adding it to their Pinterest boards."
"I wanted everyone there to experience the joy and love I have for myself, my partner, and for them. I wanted them to feel full and whole, and they had the time of their lives."
KJ Smith
Photo by Stanley Babb/ Stanlo Photography
“I’m happy with it because we did what we wanted to do. They can do what they wanna do. Don’t be cruel, though, because you will get blocked,” she said, laughing.
The more I spoke with her, the more her sense of freedom shined through. People are always going to have their opinions, but at the end of the day, it’s you who has to live your life, and it seems like the couple realizes that and embraces that power. She also stressed the importance of not living for others and the lessons life has taught her.
“I’ve been to countless weddings, and I’ve been in countless weddings. I’m a generally older bride. So when women in my demographic get married, and you and your husband are busy working people like us, you deserve to have the one you want to have,” she shares.
“This is what we wanted to do. Our loved ones love and support us. We did so much to honor them, but we also wanted to start our own tradition, legacy, and creation. I'm not going to be pulled back into ideas of the past when I’m trying to create a future with my partner. “
If you’d like to see more of the couple, you probably won’t have to wait long. Although no content is planned yet, she admits to being an oversharer. “Me being open and transparent about my experiences lets people know it’s okay to have flaws; it makes you human, and for many years, I didn’t believe that was okay. I had pressure to be perfect, and I’d crumble every time,” she explains to xoNecole.
Now, she owns her flaws and uses them as a superpower to connect with her community and feel and express her love.
“Some people give us [Skyh and KJ] a hard time because they say we just seem too perfect. I’m like, why is that a bad thing? I love the people I love. From my man to my mama, to my friends - unabashedly. We move through time and space how we want to move. If we did it another way, we’d let ourselves and our union down.”
Let’s make things inbox official! Sign up for the xoNecole newsletter for daily love, wellness, career, and exclusive content delivered straight to your inbox.
Feature image by Stanley Babb/ Stanlo Photography
