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From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant

Jamila Souffrant grew up watching her mother battle to present for her. She determined early on that she wished to be a millionaire, her answer to not having sufficient was to merely make some huge cash. She saved like loopy, however didn’t have a plan for it.

A superb scholar, she attended faculty and obtained into an internship program that locations minority college students with Fortune 500 corporations and pays them effectively. During faculty, she saved 80-90% of her wage – however was nonetheless thought-about herself “bad with money,” shopping for luxurious gadgets she doesn’t bear in mind.

Internship led to employment, and Jamila modified her focus from IT to the actual property division. But her funds stayed the identical. She contributed to her 401(ok), however not even sufficient to get the complete firm match in her 20s.

The change flipped in her 30s, after an exceptionally unhealthy commute residence. She found FI by way of podcasts and blogs, and lastly understood this might be her actuality, too. Jamila and her husband kicked their financial savings into excessive gear and began investing.

Jamila went from “bad with money” to saving $169,000 in two years! This episode reveals it’s not too late to begin your Financial Freedom journey, too.

Click right here to pay attention on iTunes.

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In This Episode We Cover:

  • Jamila’s background
  • Why she saves cash
  • How she found investing
  • Her monetary independence journey
  • How she satisfied her husband about monetary independence
  • What 457 and 403B plans imply
  • Contribution restrict for 457 and 403B plans
  • Maxing out her Roth IRA
  • Biggest problem for working dad and mom by way of childcare bills
  • Her life now after quitting her job and working for herself full-time
  • And SO way more!

Links from the Show

Books Mentioned on this Show

Tweetable Topics:

  • “Everyone’s journey is different.” (Tweet This!)
  • “Every step you make closer to this FI goal that you have is a good one and so you should be proud of yourself.” (Tweet This!)
  • “As long as you are doing a little bit better than you did before, it’s good enough.” (Tweet This!)
  • “Don’t blame yourself for the mistakes you made.” (Tweet This!)

Connect with Jamila

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About Scott Morgan

Scott B. Morgan writes for Debt Management and Real Estate sections in AmericaRichest.

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