The real benefit of pursuing Financial Independence + other key insights from my book "Your Journey To Financial Freedom"

Episode Number: 363

Episode 363: The Real Benefit of Pursuing Financial Independence + Other Key Insights From My Book “Your Journey To Financial Freedom”

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The real benefit of pursuing Financial Independence + other key insights from my book "Your Journey To Financial Freedom"

Click Here to Read the Transcript for This Episode

In this solo episode, I share the five key insights from my book, “𝐘𝐨𝐮𝐫 𝐉𝐨𝐮𝐫𝐧𝐞𝐲 𝐭𝐨 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐅𝐫𝐞𝐞𝐝𝐨𝐦: 𝐀 𝐒𝐭𝐞𝐩-𝐁𝐲-𝐒𝐭𝐞𝐩 𝐆𝐮𝐢𝐝𝐞 𝐓𝐨 𝐀𝐜𝐡𝐢𝐞𝐯𝐢𝐧𝐠 𝐖𝐞𝐚𝐥𝐭𝐡 𝐀𝐧𝐝 𝐇𝐚𝐩𝐩𝐢𝐧𝐞𝐬𝐬.

I talk about varying definitions of Financial Freedom, how to stay motivated on your financial journey, Five Journey Stages of Financial Independence, and more! 

In this episode you’ll learn about:

  • How Financial Independence is a marathon, not a sprint
  • The importance of not comparing yourself to others
  • The real benefit of pursuing Financial Independence
  • Determining how to identify your lifestyle, the six essential components to work on to reach Financial Independence, money mindset + more 
Episode 363: The Real Benefit of Pursuing Financial Independence + Other Key Insights From My Book “Your Journey To Financial Freedom” Click To Tweet

Other Links Mentioned in episode:

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Jamila Souffrant 0:02

One person may seek financial independence. And mean they don't have to depend on anyone else for money as in, I'm financially independent from my parents. Why not use the term financially independent? I mean being independent from anyone and everything, including a job.

Intro 0:19

T-minus 10 seconds. Welcome to the Journey To Launch podcast with your host, Jamila Souffrant. As a money expert who walks her talk, she helps brave Journeyers like you get out of debt, save, invest, and build real wealth. Join her on the journey to launch to financial freedom in 5, 4, 3, 2, 1.

Jamila Souffrant 0:51

Hey, hey, hey, Journeyers. Welcome to the journey to launch podcast. This week's episode will be a little different. So in celebration of my book, Your journey to financial freedom, a step by step guide to achieving wealth and happiness, in honor of it being almost three months. So if you listen to this in real time, it's going to be about three months. Since my book, Your journey to financial freedom has been in the world. And so I wanted to release this special snippet that I recorded, I recorded it for another platform. And essentially, I'm sharing five major or key insights that I share in the book, your journey to financial freedom. So I thought this will be cool to share on the podcast. It's a short episode. I know usually my episodes are 30 minutes if it's a solo episode, or even an hour for interviews. But this one is short and sweet, only 15 minutes. But within that time, I hope you can learn something and maybe pique your interest if you have not read the book yet to go get it at your journey to financial That's the website. But you're about to hear five key insights from my book. And if you are enjoying it, and or hear something that resonates with you, let me know. tag me on social media, I'm at journey to launch or Jamila souffrant Mosley journey to launch on Instagram, Twitter and Facebook. Let me know and I hope you enjoy.

Intro 2:23

If you want the episode show notes for this episode, go to journey to or click the description of wherever you're listening to this episode. In the show notes. You'll get the transcribed version of the conversation, the links that we mentioned and so much more. Also, whether you are an OG journeyer, or brand new to the podcast, I've created a free jumpstart guide to help you on your financial freedom journey. It includes the top episodes, so listen to stages to go through to reach financial freedom, resources and so much more. You can go to journey to to get your guide right now. Okay, let's hop into the episode.

Jamila Souffrant 3:05

My name is Jamila souffrant, founder of Journey to launch and host of the award winning podcast of the same name. I'm also the author of the book, your journey to financial freedom, a step by step guide to achieving wealth and happiness.

I'm going to share with you five of the key insights from my book your journey to financial freedom.

Insight number one, you can achieve financial freedom on the way to financial independence. You don't need to be completely debt free, or have millions of dollars to be free. Financial freedom for one person can mean they feel good about their ability to pay their bills on time. And for another person. It can mean they feel secure and having money in their savings account to cover emergencies. I define financial freedom as the ability to have options and control over how you handle your money. So being able to pay your bills, even if you have debt, or having money saved for an emergency. Even if you don't make millions means you have achieved some level of financial freedom. Likewise, one person may say financial independence and mean they don't have to depend on anyone else for money as in. I'm financially independent from my parents. When I use the term financial independence, I mean being independent from anyone and everything, including a job. This means the money you've accumulated into your investment accounts can cover your expenses indefinitely. We all have varying levels of how much we'd want to have to feel financially free or financially independent. One person may say they are financially independent once they reach 1 million invested and another person may feel that they need 3 million to be financially independent. One person's financial independence is another person's financial Okay. Unlike financial independence, financial freedom is not about having all All the money you'll ever need again and never having to work. Financial freedom is more about the options you have, and the joy it allows you to experience day to day. Financial freedom can look like your ability to pay for childcare. Go out to eat at your favorite restaurant without going into debt, or feeling guilty that you should be doing something else with your money. You have the freedom and flexibility in how you earn and spend your money. Financial freedom is something you can experience on your way to financial independence. The levels of freedom depend on the lifestyle you want to live, and your lifestyle determines the financial threshold you'll need to achieve. What regardless of your circumstances, there is freedom at every level because you have access to something that you otherwise wouldn't have had.

Insight number two, there are five journey or stages you need to go through to reach complete financial independence. The journey to financial independence will feel like a marathon and will take some time. Depending on where you are financially, the pursuit may even feel unfeasible. Just like training for a marathon. achieving financial independence involves breaking the journey into sections. Similar to finding ways to enjoy shorter training ones, it's important to find ways to enjoy the smaller financial Sprint's so you can stay motivated and committed to achieving the larger goal.

Let's go over the five journeyer stages. The first journey or stage is the exploration stage, you may feel out of control with your finances and unable to cover your living expenses. Your goal in this stage is to become financially stable. You'll want to be able to cover your living expenses and minimum debt payments without going deeper into debt. The second journeyer stage is the cadet stage. This is the stage where you reach some stability and are now working on becoming consumer debt free. That means paying off high interest credit card loans, car loans and other debt you want included in the stage. I don't typically include a mortgage or student loans in this stage because they are large sums and will take a while to pay down. The third stage is the aviator stage. You have paid off consumer debt and now are working on becoming financially secure by growing your investments. The fourth Junior stage is the commander stage, you have achieved a level of work flexibility we're working becomes more flexible. You can take breaks or choose what you do for work, doesn't mean you'll never have to work again for money, but you have more options and flexibility. The fifth stage is the captain stage, you've accumulated enough money and investments to never have to work again if you don't want to. I came up with the following names or the names for the stages to keep up with a theme of launching into space. I envisioned an astronaut preparing to go on their first mission. And as they got deeper into their training, they were able to move up in rank. You can also look at it this way. As an explorer, you're at the beginning of your journey, you're exploring your surroundings, getting the lay of the land and reviewing the mission. In this stage, you learn the basics and do the groundwork that will help you throughout all the other stages of your mission. It prepares you for the rigorous training ahead. As a cadet, you're at the start of your training where your hands get dirty. This may also feel like the hardest part, because it's the first time you've used your mind and body in this capacity. How much do you need to get in shape depends on your starting point. Stick with it and get through this stage. And you'll see why it was all worth it. As an aviator, you gone through the toughest part of your training. But there's still a lot to learn, including more advanced techniques. As a commander, you learn both the basics and advanced techniques and can apply them to the real world. You are no longer in training and can stare or take control of the rocket yourself. And as a captain, you have not only the knowledge but also the experience to lead your own mission. You have full autonomy. We are all on the financial independence journey whether we are aware of it or not. You can find yourself at a certain stage of the journey unknowingly because of past decisions you made, not understanding how they would impact where you are today.

Before I even knew what financial independence was let's call this my before awareness financial independence life. I knew money was important and I wanted enough of it to live happy and be stable. The younger I was the more hopeful and ambitious I was with what I wanted for my life. And because of my ambitions I didn't make some sound financial decisions. That helped give me a head start when I intentionally started my journey. The length of time it takes you to get through each stage depends So many factors, your previous choices, the current components of your FY formula, which we'll learn about in a bit, income expenses, mindset habits, your desired objectives, and external factors beyond your influence like market, emergencies or life changes that causes you pivot. Don't compare yourself to other people. What matters is where you are starting and understanding that in each stage, there is a level of freedom. Each debt paid off each $100 invested matters. It unlocks a different level of freedom for you fewer obligations, more power over where your dollars go, the ability to say no to jobs, or walk away because you have more autonomy than you did before.

Ad 10:47

Pay journeyers if you are loving this podcast, then you will love my book, Your journey to financial freedom, a step by step guide to achieving wealth and happiness. I wrote this book for you. This book is for you if you want a clear and enjoyable path to having more money, options and a rich life. This book is for you if you hate your commute. And the fact that you need to seek approval or permission from my boss hated that when I worked. This book is for you. If you weren't born into wealth, you didn't marry rich or win the lottery but you still want freedom. This book is for you. If you're at a crossroads a major decision or event is imminent. Maybe a career change marriage starting a family pressures are reaching a tipping point, and the discomfort and the desire for more can no longer be ignored. And this book is for you. If you find yourself zoned out at meetings, looking out the window or daydreaming about the life you truly want. So go pick up your journey to financial so I can show you how to map out how to get from where you are today to where you ultimately want to be and enjoy the journey. While you're on the path. Head over to your journey to financial to see where you can pick the book up. It's available on Amazon, Barnes and Noble, your local bookstore everywhere. Go to your journey to financial to get the book now.

Jamila Souffrant 12:15

Insight number three, there are five guacamole levels of lifestyle that helps you identify the type of lifestyle you want, and how much it will take to reach financial independence. In order to help you identify your desired level of lifestyle and spending and how it compares to the way you live and spend now, I've come up with something called guacamole levels or quack levels for short. Can you tell how much I love guacamole? If you hate guacamole, feel free to replace it with your favorite treat or thing. The gwoc levels go from one to five, one being the least amount of fanciness and five being the highest level of indulgence by asking a question about a simple lifestyle choice to order the guacamole or not. You can determine what lifestyle level of financial freedom you want. The higher your lifestyle needs, or gwoc level, the more money you'll need to become financially independent. Let's go over the gwoc levels one by one. Walk level one is characterized by having no extras. Your focus is on financial independence and you prioritize your baseline and mandatory expenses like housing, transportation, and groceries to survive. You live a traditionally frugal lifestyle and rarely indulge in anything beyond your basic needs. Walk level two has occasional extras, you may indulge in something like eating out or ordering guacamole, but only on special occasions or when a good discount is available. extras like these are considered significant expenses and you would not indulge in them regularly. Walk level three is where you indulge in extras like eating out or ordering guacamole more frequently, because you enjoy them and consider them a source of luxury in your life. You have designated a budget to cover such expenses and they are a regular part of your routine. Walk level four is where you can have extras whenever you want. Regardless of the price. You are willing to pay a premium for high quality luxury experiences, including expensive appetizers like guacamole. Money is not a significant barrier for you. And you can indulge in extras regularly without being too concerned with fitting them into your budget. You would pay $19 for a fresh guacamole made with organic ingredients at the table just like you would pay for first class whites. Walk level five is the ultimate level of luxury. We have your own chef in house to make authentic guacamole, whatever you want. At this level, you can indulge in anything you desire, including daily tubs of guacamole, you are a total baller probably and own your private jet and are on the top of the funnel antral ladder, and have the ability to enjoy life's pleasures without any restrictions. While I don't require every luxurious item, I do have a soft spot for guacamole, and more than that I value the flexibility and freedom to choose how I use my money. Admittedly, it's possible to reach my FY goals faster by eliminating extras like appetizers. However, I find it less appealing to do that. Every decision comes with trade offs, which is the opportunity cost of relinquishing your desire to attain another. So what's your desired Kwok lifestyle level?

Insight number four, there are six essential components to work on to reach financial independence. To achieve financial independence, or any of your financial goals you've set for yourself, you'll need to understand all six components of what I call the FY formula. I'll get into the formula in the book but for now, let's take a look at the six components you'll need to understand income expenses, liabilities, assets, mindset and habits. The first four components income, expenses, liabilities, and assets, capture all the quantifiable and tangible things you need to focus on with your money to reach your financial and lifestyle goals. The last two components mindset and habits are more intangible, and can't always be measured in numbers, but still impact the length of time and quality and happiness of your journey.

All six components have their own goals. You want to improve your mindset and habits, increase your income, optimize your expenses, reduce your liabilities and grow your assets. The four tangible components understanding the four key components of income expenses, liabilities and assets. It's crucial for anyone who wants to achieve their financial and lifestyle goals. By paying attention to these four components, you can make informed decisions about how you allocate your resources. Income is the inflow of money and cash from your job, businesses or investments. Expenses are the outflow of money in cash directly to meet. Liabilities are things you owe. Credit card debt, student loans, personal loans, assets are things you own. The two intangible components make the tangible components doable. Your mindset is how you view the world your thoughts and internal setpoint that guides you to see things in how you view and interpret events. Your habits are the things you do consistently the rituals and routines that help you on your financial journey. Reaching financial independence requires a holistic approach that involves looking at all six components, they all work together, like a foundation of a house that can withstand external factors that allow you to be successful on your financial freedom and independence journey.

Insight number five, the journey to financial independence is as much an internal one as an external one. The real benefit of pursuing financial independence is not in the accumulation of assets and the growth of your account. But rather it's what you gain and who you become while you're on the pursuit. While you are on your way to financial independence, you have to learn to enjoy and revel in the skills, confidence and resilience that transform you more than any number can. The money and economic gains that you receive will enhance your journey but that can come and go. Your accounts may fluctuate with changes in interest rates and news events and other things outside your control. But who you become can't be diminished or taken from you. That is the real power and freedom by not solely focusing on the final outcome of accumulating wealth, but also taking into account the personal growth, knowledge and emotions that come with the journey towards financial security. You can begin to find enjoyment and fulfillment in your life, regardless of your current financial situation. The journey to financial independence is as much an internal journey as an external one. Acknowledging and appreciating the freedom you get on the journey at every stage is more important than what stage you're in, or how far you are away from financial independence. The happiness we have in our lives is ultimately based on our internal perspective, and not how many zeros are on our bank statement.

Thanks for listening. I hope you enjoy my book. Your journey to financial freedom is step by step guide to achieving wealth and happiness.

Okay, journeyers I hope you enjoyed that short but sweet and hopefully informational episode on you where I shared the five key insights that I shared in the book your journey to financial freedom. Of course, you'll get a lot more meat when you get the book or if you read the book or listen to the book where I expand upon those insights but if there's a particular insight that you are intrigued about or just something that stands out to you let me know again, I'm at journey to launch on Instagram, Twitter and Facebook. So at me, tag me, let me know you're listening, so I can share some love back to you. Now also, do you like the shorter format? So this episode was only about 15 minutes plus my rambling in the beginning and end. But just curious, would you like shorter episodes for me? Or do you like my longer format episodes? So let me know. Again, you can get my book your journey to financial freedom at your journey to financial That's the book website. From there, you'll find all the places you can get it. Amazon, target Barnes and Noble You name it. Alright, journeys. I hope you enjoyed. I hope you have a wonderful, wonderful week and keep on journeying journeyers.

Outro 20:50

Don't forget, you can get the episode show notes for this episode by going to journey to or click the description of wherever you're listening to this. And you can still grab your jumpstart guide for free to help you on your journey to financial freedom by going to journey to The free content and information that you get here, here are four ways that you can support me in the show. One, make sure you're subscribed to the podcast wherever you listen, whether that's Apple podcasts, that purple app on your phone, your Android device, YouTube, Spotify, wherever it is that you happen to listen, just subscribe so you are not missing an episode. And if you're happening to listen to this in Apple podcasts, rate review and subscribe there. I appreciate and read every single review. Number two follow me on my social media accounts. I'm at journey to launch on Facebook, Instagram and Twitter. And I love love love interacting with journeys. They're three support and check out the sponsors of this show. If you hear something that interests you, sponsors are the main ways we keep the podcast lights on here. So show them some love for supporting your girl for and last but not least, share this episode this podcast with a friend or family member or co worker so that we can spread the message of Journey to launch. Alright, that's it until next week, keep on journeying journeyers

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