Financial Independence 101 w/Jamila Souffrant – EP 152

For many, financial independence is the ‘why’ behind a frugal lifestyle. How to achieve freedom within our finances is no easy task, which is why we’re thrilled to have Jamila’s insight into this topic as she shares some of the steps we can take to make wise decisions with our finances.

Sponsors: 

  • The Frugal Friends Workbook Flash Sale! FFWB a digital workbook with 6 week-long challenges that turn improving your finances into a game. You’ll get 60 pages of teaching and implementation guidance on topics ranging from decluttering and increasing your income to having healthy conversations about money. And while it can be completed on your own, it’s created to be gone through in pairs or small groups that’s why every purchase comes with two downloads. Head to Frugalfriendspodcast.com/workbook to learn more and this week only you can get the workbook for 40% off. That is the lowest we’ve ever offered it for so if you’ve been thinking, now is your chance. No code needed that’s frugalfriendspodcast.com/workbook
  • Autonomy: That feeling of being your own person with the agency to make your own decisions with freedom. Autonomy is reminding us that even when stuck at home with limited opportunities at least we can choose what we eat for dinner and where our money goes!

Notable Notes:

We asked Jamila all about financial independence and her insight on the best path to experiencing freedom within our finances.

  • What is financial independence and how did you discover it?
    • Financial Independence happens when we have enough saved in our retirement portfolio to not need to work anymore
  • How has your pursuit of financial independence changed over the years?
    • Started with learning – following others
    • Documented my own journey – stayed in my job at first until it made sense to make a calculated risk and move into something different
    • Saving and investing aggressively
  • What do you think is most helpful to know for someone who wants to pursue FI?
    • Break it down into steps
      • How much you want to spend annually x.25
    • Stage 1 – become financially stable
    • Stage 2 – pay off consumer debt
    • Stage 3 – building assets/investments
    • Stage 4 – work flexibility (choose what you want to do)
    • Stage 5 – complete financial independence
    • *each stage has its own milestones!
  • What’s the first thing you should do if you want to be financially independent?
    • Know where you are!
      • Assess – look at the numbers (income, expenses, assets, liabilities)
      • Know your numbers, find a good money management system that will help you get your goals
      • Recognize that our mindset and habits ARE IMPORTANT!

BILL OF THE WEEK –  Thank you Jamila for sharing your bill with us about paying your aunt for child care!

If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to leave us a bill

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Lightning Round

Next financial milestone we’re working toward

  • Jamila: Began investing again – opened solo 401k
  • Jen: $100K invested in retirement accounts for each of us, then real estate.
  • Jill: Cash flowing home renovations

Get more from Jamila at:

journeytolaunch.com

Wrap-Up:

Thanks so much for listening! Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to frugalfriendspodcast@gmail.com. AND share our most recent episode on social for a chance to win a copy of the Frugal Friends Workbook!

Thanks for listening! See you next week!

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