128. Setting Financial Goals for Your Best Life with Jamila Souffrant | Financial Feminist

Intro

In this episode of the “Financial Feminist” podcast, host Jamila Souffrant discusses the importance of setting financial goals for a fulfilling life. She shares her own journey to financial independence while raising three kids in New York City and emphasizes the need to make money work for the lifestyle you desire.

Main Takeaways

Setting Financial Goals

• Financial independence starts internally, not just externally.
• Waiting until reaching a financial goal to start living life can lead to unhappiness.
• Setting audacious financial goals puts you in a better position, even if you don’t fully achieve them.
• Instead of asking “Can I do this?” it’s more impactful to ask “What do I need to learn to make this goal accomplishable?”

Author and Podcast Host

• Jamila Souffrant is the author of “Your Journey to Financial Freedom” and the host of the Journey to Launch podcast.
• She emphasizes making money work for you and the lifestyle you want.
• Writing a book is a lengthy process that involves writing, promotion, and building a following.
• The book creation process took about eight years for Jamila.
• Authors carry the majority of the marketing and promotion responsibilities, even with major publishers.

Jamila’s Journey to Financial Independence

• Jamila debunked the theory that one has to give up everything now to retire comfortably.
• She shares her journey to living fully while pursuing financial independence and raising three kids in New York City.
• Frugality and aggressive saving allowed Jamila to save and invest $169,000 in two years and quit her job.
• She realized that frugality alone would not lead to financial independence, especially as a wife and mother living in New York City.
• Jamila adjusted her journey, becoming more comfortable with spending on experiences while still working towards financial independence.

The Path to Financial Independence

• Financial independence means the ability to live off investments and never actively work again.
• Breaking down financial independence into manageable steps can make it more achievable.
• Financial freedom is not linked to the amount of money you have and can be achieved on the way to financial independence.
• The early days of the fire movement were focused on Silicon Valley tech bros, but a lot has changed since then.
• Encouraging people to start the journey to financial independence to achieve more freedom, options, and autonomy over time.

Mindset and Personal Growth

• “Broken soundtrack” refers to subconscious thoughts and dialogue in our heads.
• Mindset and habits are crucial for sustainable outward changes in personal finance.
• Personal finance is about emotions and managing mindset, not just numbers.
• Recognizing that you are your biggest asset is crucial for personal growth and success.
• Believing in the possibility of change is powerful.

Impact and Empowerment

• Pursuing financial independence helps you become a better, more empowered person.
• Society often tries to make women feel small and doubt their power, but it’s important to show up as the best versions of ourselves and trust in our capabilities.
• We are our own assets, capable of creating beautiful and fulfilling situations in a demanding world.
• Despite the world’s challenges, individuals can make a difference by addressing issues, big or small.
• The desire to create a better world for future generations is a powerful motivator for change.

Summary

Setting Financial Goals

Financial independence starts internally, not just externally. It’s important to incorporate activities and joys you want in your life today, not just in the future. Setting audacious financial goals puts you in a better position, even if you don’t fully achieve them. Instead of asking “Can I do this?” it’s more impactful to ask “What do I need to learn to make this goal accomplishable?”

Author and Podcast Host

Jamila Souffrant is the author of “Your Journey to Financial Freedom” and the host of the Journey to Launch podcast. She emphasizes making money work for you and the lifestyle you want. Writing a book is a lengthy process that involves writing, promotion, and building a following. The book creation process took about eight years for Jamila. Authors carry the majority of the marketing and promotion responsibilities, even with major publishers.

Jamila’s Journey to Financial Independence

Jamila debunked the theory that one has to give up everything now to retire comfortably. She shares her journey to living fully while pursuing financial independence and raising three kids in New York City. Frugality and aggressive saving allowed Jamila to save and invest $169,000 in two years and quit her job. She realized that frugality alone would not lead to financial independence, especially as a wife and mother living in New York City. Jamila adjusted her journey, becoming more comfortable with spending on experiences while still working towards financial independence.

The Path to Financial Independence

Financial independence means the ability to live off investments and never actively work again. Breaking down financial independence into manageable steps can make it more achievable. Financial freedom is not linked to the amount of money you have and can be achieved on the way to financial independence. The early days of the fire movement were focused on Silicon Valley tech bros, but a lot has changed since then. Encouraging people to start the journey to financial independence to achieve more freedom, options, and autonomy over time.

Mindset and Personal Growth

“Broken soundtrack” refers to subconscious thoughts and dialogue in our heads. Mindset and habits are crucial for sustainable outward changes in personal finance. Personal finance is about emotions and managing mindset, not just numbers. Recognizing that you are your biggest asset is crucial for personal growth and success. Believing in the possibility of change is powerful.

Impact and Empowerment

Pursuing financial independence helps you become a better, more empowered person. Society often tries to make women feel small and doubt their power, but it’s important to show up as the best versions of ourselves and trust in our capabilities. We are our own assets, capable of creating beautiful and fulfilling situations in a demanding world. Despite the world’s challenges, individuals can make a difference by addressing issues, big or small. The desire to create a better world for future generations is a powerful motivator for change.

Conclusion

Setting financial goals is essential for achieving financial independence and living a fulfilling life. By incorporating activities and joys into your life today, you can find happiness along the journey. Jamila Souffrant’s personal journey and insights provide valuable guidance for anyone seeking financial independence. Remember, financial freedom is not just about the numbers, but also about mindset, personal growth, and empowerment. Start your journey today and believe in the possibility of change.