Debt elimination doesn’t happen overnight. It takes time, effort, and determination, but once you’ve finally destroyed your debt once and for all, the journey to financial freedom doesn’t have to stop there.
Managing your money is a long-term commitment, but there are several factors that are often overlooked and one of the most important: saving. It just isn’t taken as seriously as it needs to be, and currently, 7 in 10 Americans have less than $1,000 in savings. It just isn’t enough. What about emergencies? What about early retirement?
On today’s episode of The His & Her Money Show, Jamila Souffrant of JourneyToLaunch.com is here to spread the word on why saving is such an important addition to your journey to debt and financial freedom, and to share the incredible story of how she and her husband not only destroyed their debt but also saved a whopping $85,000 in just 12 months!
No matter what income you’re making right now, there is a way to optimize your finances.
When Jamila graduated from college, she, like many others, quickly found a position in Corporate America. But unlike most people, she had a plan: she wasn’t going to be working for anybody but herself after age 30.
Unfortunately, she began to fall into a comfortable routine of her job and, most importantly, her spending habits. She had savings, but not enough to supplement her long-term plan, and she eventually lost sight of her goal completely. Then at age 32, she rallied her husband and their finances and decided to turn things around.
First, they got a solid grip on their “no-debt mindset” and tackled their $60,000 debt over 5 to 7 years, including both their student loans. And last year, they devised a financial plan to start saving hardcore for early retirement.
For this, Jamila holds pre-tax retirement accounts in high regard, and between steadily funneling money into these accounts and finding other ways to save, they’re well on their way to financial freedom — and you can be too!
What You Will Learn
- How Jamila and her husband set practical goals to save money
- The importance of keeping an eye on the long-term plan
- How pre-tax retirement accounts are helping Jamila and her husband achieve their goal of early retirement
- Finding a balance between living in the now and prioritizing your finances for the future
- Getting motivated to save money on a consistent basis
- How Jamila’s marriage stayed strong, even through financial lifestyle changes
Resources Mentioned
- Check out Jamila’s website at JourneyToLaunch.com | Real People, Real Success!
- Mr Money Mustache
- The Magic Of Thinking Big by David J. Scwartz
- The Richest Man In Babylon by George Samuel Clason
Thanks For Listening!
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Today’s show was sponsored by Teach Me How To Budget. If you are ready to gain freedom in your finances once and for all then enroll in our brand new personal finance course Teach Me How To Budget.
