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Mapping a journey to financial freedom

This is the second in a new, possibly monthly, series on the millennial trend to becoming financially independent, retire early (FIRE!). We first covered this phenomenon on July 27.

FIRE! is a very real financial movement in its lifestyle changing approach espoused by many successful individuals. FIRE! information is available on web searches, covering everything from planning, newsletters, books, videos, social media, and personal coaching. Some is free, while some is fee-based. And why not, we all need financial guidance at one time or another, nor do you have to be a millennial to consider new incentives to build income, cut expenses and accrue wealth.

A positive mindset is important. I frequently research and review interesting financial topics arising from other jurisdictions; sometimes, it can be a challenge to adapt these ideas to your personal situation, but you can do it yourself.

Be determined, review your environment, use your ingenuity to make FIRE! work for you. Ignore the same old negative comments, many of which I've heard again and again in my extensive financial planning practice years, such as:

1, I can't save. Yes, you can and have — if fully employed — 10 per cent of your salary every year is accumulating in your pension, for starters. Assume that you are 25. Consider that $5,000 a year increasing at only a raise (of a new position) of 1 per cent a year, appreciating at an average of 2 per cent a year for 40 years will top up at an estimated $360,000. Imagine if investment and earnings results are higher!

2, I don't have any assets. You have you. Are you using your full intellectual potential to your benefit?

3, I'm stuck in a rut, just too much work to change my lifestyle. And in five, ten, 20 years, will you be still stuck in a boring rut?

4, I'm barely getting by, it is so expensive here. Decide to change. Use your innovation and ingenuity to keep costs to a minimum. Try Journey to Launch, details of which follow.

5, Interest rates are so low, why bother saving? Every penny counts. Save up, then invest with one of numerous Bermuda investment firms. Minimum recurring deposit investment products are available.

6, I'd rather live for today. And maybe tomorrow will take care of itself? You need a different mindset. Do you want years of paying off credit card bills, putting in time at your job, acquiring things that depreciate immediately after purchase? Or, would you rather be financially independent so that you can make your own lifestyle decisions?

Financial freedom has become a much-touted buzzphrase, used by many in the finance, budget, investing and independent living world. And numerous millennials are practising what they preach.

Meet Jamila Souffrant, 35, a resident of Brooklyn, New York (one of the most expensive places to live, globally) and hear in her own words, in a video interview with Synchony Bank, about her Journey to Launch website and her family's successful financial independence. The Best Advice I Ever Received: Jamila Souffrant, podcaster and owner of Journey to Launch. https://tinyurl.com/y3xq8xh3

Raised by a single mom, Ms Souffrant's journey to financial independence included the “understanding at a young age that if she took care of her money, her money would, in turn, take care of her”.

Her financial education and journey began with “the best advice I ever received was that I can accomplish anything that I want to. She said: “That has allowed me to push forward in the dreams and the aspirations that I have.”

Those aspirations included buying her first home when she was 23, and then she and her husband saving $85,000 in one year and almost doubling the amount in two years.

She cites the three keys for independent financial success in a 21Ninety interview with ShannonNia. https://tinyurl.com/y4jwdqfc

1, Commit to understanding the practical

2, Mindset is everything

3, Keep yourself inspired and motivated.

Her website Journey to Launch teaches financial self-sufficiency with a focus on helping people eliminate debt, save more money and increase their net worth.

Replete with great features, here are just a few help/education sections.

• Experience the Five-Day Money Savers Challenge accompanied by a downloadable savings tracker, a motivational instruction e-mail each day, along with days 1-5 Facebook videos and an invitation to join the Money Launch Club.

• Follow the Journey to Launch blog and podcasts.

• Order the free wealth e-mail course and the wealth building manual.

• Take the “where are you on your financial journeyer” quiz

• Join the Journeyer Launch Club, developed for collaboration with like-minded determined individuals to change their financial lives, and more.

That's not all. Ms Souffrant is a popular financial coach and mentor on a weekly radio podcast on News 12 Brooklyn, New York, providing tips, incentives, and sound common sense on how to achieve financial success. Type Jamila in the News 12 search engine for all archived podcasts. https://tinyurl.com/y3ya8mve

I encourage you to spend some time on this site. Ms Souffrant and her husband are the embodiment of millennials taking charge of their financial lives, and an inspiration to all of us.

Keep me posted. Write to me about your journey to financial independence at martha.myron@gmail.com

Disclaimer: this is a terrific website. Note, the information on Ms. Souffrant's Journey to Launch website and blog is for information purposes only. The author, Martha Myron, does not endorse or recommend any product or service, nor provide personal financial planning.

Reference sources:

• Journey to Launch website of Jamila Souffrant. https://tinyurl.com/yxzpp894

• News12. https://tinyurl.com/y3a7b5nu

• Facebook https://www.facebook.com/groups/Journey2launch/

• Articles and features. https://www.dreamsindrive.com/jamila-souffrant/

• Synchrony bank https://tinyurl.com/y3xq8xh3

Business Insider. Meet Jamila Souffrant, a resident of New York — one of the most expensive cities in the world. She is featured in Money Magazine, TIME, Refinery29, CNBC, ESSENCE Magazine, CBS, and Business Insider's article by Katie Warren May 23, 2018 “A 35-year-old woman and her husband saved $169,000 in two years — here's how they did it.” https://tinyurl.com/y4gmokhz

Martha Harris Myron CPA CFP JSM: Masters of Law — international tax and financial services. Dual citizen: Bermudian/US. Pondstraddler Life, financial perspectives for Bermuda islanders and their globally mobile connections on the Great Atlantic Pond. Finance columnist to The Royal Gazette, Bermuda. All proceeds earned from this column go to The Reading Clinic. Contact: martha.myron@gmail.com

Financial independence: Jamila Souffrant, on her website Journey to Launch, teaches financial self-sufficiency with a focus on helping people eliminate debt, save more money and increase their net worth (Screenshot from Synchrony/YouTube)

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Published August 10, 2019 at 9:00 am (Updated August 10, 2019 at 1:21 am)

Mapping a journey to financial freedom

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