Claiming and obtaining financial freedom should not only be a New Year’s goal but a general life goal. Let’s face us, many of us are sitting with some type of debt and we don’t want to carry this burden forever; at least we know we don’t!
Northwestern Mutual crunched the numbers in their 2018 Planning and Progress Study and they found, on average, millennials are “carrying an average $36,000 in debt and put 34% of their monthly income toward paying it down.” It also found 54% of millennials want to save money for big-life moments such as going to college, marriage and/or buying home. With big goals like those, many of us need to make a big adjustment to the way we handle our finances and our relationship with money.
The beautiful family you see above is living debt-free (aside from their mortgage) and the wife/husband duo made headlines for saving $85,000 in 2016. Certified Financial Education Instructor, Podcast Host, creator of Journey To Launch, Boss mom and wife, Jamila Souffrant, reached the understanding at a young age that if she took care of her money, her money would, in turn, take care of her.
At the age of 22, after graduating from college, Souffrant independently purchased her first real estate property in Brooklyn, New York. In a blog post about it, she described her condo in the DUMBO area as “one of the most dangerous but rewarding financial decisions [she’d] ever make,” however, her trials and triumph with finances were far from over at the point; it was only the beginning.
Based on everything she learned along the way, Souffrant was inspired to create her Journey To Launch platform as a way to help others reach financial freedom and stick to their goals. Her main goals are to help her clients eliminate debt, save money and increase their net worth. While Souffrant offers personal coaching for those interested, she recently spoke to Rana Campbell in an exclusive podcast interview, published through xoNecole, and shared her three main tips for financial independence and success:
1. Commit To Understanding The Practical
PHOTO: Popcorn Finance
“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.” – Rana Campbell for XoNecole
You have to learn how to budget, track your expenses, look into investment opportunities and learn different ways you can approach saving. Through the analysis of these things, it will lead you closer to understanding your financial independence number and how you can shift your stance.
2. Mindset Is Everything
“Go after your goals even if it scares you […] 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." – Jamila Souffrant, in an exclusive podcast interview with Rana Campbell for xoNecole
You have to get your mind in the game. If you believe you can obtain financial freedom, you can. And if you are willing to put in the work to do so, nothing can stop you! On your journey to the place you want to be, there may be obstacles you’ll have to face and unconventional choices you’ll have to make.
Souffrant left her corporate real estate investing position after giving birth to her third child and decided to go all in on Journey To Launch. She admitted it took some time to sell the change to her husband, but through data, research and determination, her efforts convinced him she was indeed making the right choice. In fact, her dream is helping push her family towards their goals quicker.
3. Keep Yourself Inspired and Motivated
Souffrant reminds us comparison is the thief of joy and not to compare your journey to some else’s. As you continue to grow and learn more to assist you on your pathway to financial freedom, it is important to surround yourself with the tools to keep you pushing forward.
“Jamila recommends keeping your arsenal full of inspiration. Some of her favorite resources include Choose FI and Clever Girl Finance podcast.” – Rana Campbell for XoNecole
In addition to online resources, get out there and attend finance conferences and in-person networking events.
PHOTO: News 12 The Bronx
"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." – Jamila Souffrant in an exclusive podcast interview with Rana Campbell for xoNecole
To learn more about Souffrant and her services, click here to check out her website. And check out her first podcast episode here where she shares more about herself, why she started Journey To Launch and more:
A very special thank you to Rana Campbell for supplying us all with this informative hack into financial independence. To hear more "dream driving stories" and "keys to success", checkout out her Dreams In Drive podcasts here.
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