Jamila Souffrant was tired of the long trip that she had to take to work to get from Brooklyn to her job in New Jersey. She also knew that she was missing seeing her two young sons grow up. That is when she decided to attempt the FIRE plan. FIRE stands for financial independence retire early. She decided to attempt the plan with her husband. Initially the plan worked, and they were able to stash a lot of money away. Jamila was on pace to retire by the time she was 40 years old. However, Jamila decided to change her plans after giving birth to her third child, and she decided to invest in herself instead. She started her own business. The FIRE movement can lead to changing the way someone views financial planning, but it can also change the way they view their financial options and potential as well. For Jamila, the plan made her realize that it was best to invest in herself. The first thing that Jamila and her husband did was increase their savings rate. They increased their savings rate from 15% to 44% within the first two months. Cutting back on spending allowed them to save $85,000 in 2016 and $84,000 in 2017. Jamila decided to alter her plan because she disliked her job and her commute. She decided to invest in herself and monetize her blog and podcast instead. They decided to adjust their plans and start saving less often. Jamila launched her business and it is on the path to profitability. Often when people create their FIRE plans they fail to adjust for the unexpected, but Jamila and her husband decided to alter their path and monitor their progress. They will also make adjustments as needed. Jamila is now happier because of the flexibility of her plan.
Key Takeaways:
- Jamila Souffrant ditched her goal to retire early and launched her own business.
- During long commutes, Jamila listened to podcasts that inspired her to save money.
- After having her third child, Jamila decided that her time and money were better invested in growing her blog and podcast.
“When someone connects with the tactics encouraged in the FIRE movement to boost savings, it’s not uncommon to become almost dogmatic towards reaching a financial goal.”
