Episode 425: Looking Back On My Early Retirement Dream- My Vision Then vs My Reality Now

Jamila Souffrant 0:02

Hey, hey, hey, journeyers, welcome to the journey to launch podcast. I'm your host, Jamila Souffrant, and I'm so glad you are joining me today. So when I was thinking about doing a solo episode, thinking about some topics, and I said, You know what? Let me just let me go look at my um blog. If you didn't know, journey to launch started out as Mrs. Budget fab. Yes, Mrs. Budget fab was the original name of what was first a blog, and then I changed it to journey to launch about a year later. And I was like, let me go back to journey to launch. Calm and like, look through my older blog posts to see if I can get some inspiration for a solo episode. And then I came across a blog post that I published on May 3, 2017 so you know, that's almost eight years since writing this blog post, that I came across it again, and I thought to myself, Wow, this is something that I should share with everyone and reflect a bit, because it's so relevant to what I'm doing now, because the title of the blog post was my early retirement goals. Plus, can you do it too? So what I'm going to do with this episode is I'm going to actually read it's a short blog post. Read the blog post, because in it, I make some predictions and set some really audacious goals for myself about retiring by the time I was 40, and what my life would look like. And so I thought it would be fun to read it and then kind of reflect back on what actually happened. Did it come true. How has my perspective changed, and what didn't I expect? And I want to also leave you hopefully with some inspiration for your own journey, maybe spark a light or plant a seed or help you to further develop what your life looks like. Because I wrote this eight years ago, and my life has significantly changed. I think because I I dared to dream and I dared to try, and that's what I want you to do first. Before we get into the blog post, I want to let you know that my fire Calc, yes, the fire Calc. Now, if you're first time hearing that, you're like, What is a fire Calc? But the fire calc is a tool that I created to help me actually plot out, plan out, and do what I said I'd do in this blog post, which was quit my job, hopefully retire early, which I am living a version of that because I planned it out using real numbers and scenarios that I modeled in this spreadsheet that I created that I now call the fire Calc. And so the fire calc is available for sale as a tool so you can put in your own information. But I'm hosting another live class on april 22 this time it's going to be like a lunch and learn. So it's going to be 1230 Eastern time, pm, that you will get access to this 90 minute workshop where I will walk through how to use the fire Calc. Go through different situations with you, but once you purchase a fire Calc, so anytime between now and that date, you get the fire CALC Tool immediately, and then you join me for that live class. So if you want to learn more, go to journey to launch.com/fire. Calc, that's journey to launch.com fire, f, i, R, E, C, A, L, C, I'll also link it in the episode show notes to find out more about the fire Cal. But most importantly, get your seat at the live class. If you can't join the class live, you'll be able to get the replay and check it out. Okay, so let's get into the blog post again. Blog Post was published May 3, 2017 So that's eight years ago. Wow. And let's get started. It says retirement in the traditional sense, means the action of leaving one's job and ceasing to work. The standard retirement age ranges from around 59 and a half to 66 years old. The earliest age at which you can access money in your retirement account without paying penalties is 59 and a half years old. There are some legal ways around that, but we'll save that for another post full Social Security full Social Security benefits start at 66 years old, although you can begin to receive reduced social security benefits at 62 years old. If you're like most people, you probably plan on working until your late 50s to mid 60s, because that's just how you were told it's supposed to be done. But it doesn't have to be that way. Gone are the days of people waiting until their golden years to retire. There are people like me challenging the standard retirement age and redefining what retirement means. Whenever I tell people I want to retire by the time I reach 40 years old, they either give me an encouraging look of wonder or a disc. Encouraging look of disbelief. The thought process probably ranges from Who does she think she is? Everyone has to work, to, hey, I never thought about doing that. I wish I could do that too. First, let me take a step back and clarify what early retirement means to me. Retiring early doesn't mean I won't work anymore and earn money. It's just that I'll work because I want to, not because I have to. I want to retire from my full time nine to five job and retire into my full time life. Instead of working out of obligation, I want to work out of service and dedication. I started journey to launch as a way to chronicle my journey to the other side of financial freedom and to help others who want to improve their finances, I've quickly come to realize that this platform provides the very thing I was looking to retire into my meaningful work over the next few years, my husband and I will continue to aggressively save and invest as much of our income as possible while I work in growing this platform, and even though I don't want to have to work for an income in retirement, it would be nice to supplement my husband's it would be nice to supplement my husband's income. He'll still be working. The plan is to live on just his income and our investments, but it'll be nice to bring in additional money to pay for the extras in life, like vacations, restaurants and extracurricular activities. So how do I envision my life in early retirement? It still involves me waking up early, but instead of rushing off to a long commute, I'll be waking up early doing whatever I please. I'll be dropping my kids off at school, spending the remainder of the day working on journey to launch running errands and picking up my kids from school. At the end of the day, we'll all be able to sit down as a family and enjoy dinner together. That's what early retirement at 40 looks to me. It looks like a life I crafted and control. It looks like freedom from a cubicle or boss to it looks like they spent working on something I enjoy and ditching four hours in the car. To quote James Altucher, it looks like a life where I choose myself if you have the goal of early retirement, what does that life look like for you? What would you do if you didn't have to work for money? Then ask, how can you start taking the steps to turn your early retirement dreams into reality? First, figure out how much you'll need to retire comfortably. Then depending on how much you currently have saved up, you'll need to decrease your expenses and increase your savings accordingly to make it happen. I'll leave you with an excerpt from an email sent by a co worker who recently retired. She sent it to everyone on her last day of work. I have everything that I ever wanted eight I have. I have everything that I wanted as a teenager. Only 60 years later, I don't have to go to school or work. I get an allowance every month. I have my own pad. I don't have a curfew. I have a driving I have a driver's license and my own car. This is me again. Now I don't know about you, but I don't want to wait until 60 years later, if I can help it. Okay, so that was a blog post, and when I came across it, I was like, Oh my gosh, I have to share this, because, as you can see, I was very bold and big dreams about being able to retire early, by 40 years old, and I am past 40 years old, and I am not completely retired yet, and so reading this back, though, I did realize that I was able to make a lot of this come true even without reaching a fully financially independent life, but that a lot of what I set out to do was accomplished in terms of what my day looks like and having more control. So I want to talk a little bit about that.

Speaker 1 9:02

Do. Let's

Jamila Souffrant 9:10

talk about what came true first. So I realized when I started journey to launch, after doing it for a few months and actually a year that at that time, wow, this is something I can see myself doing full time, like my job, my new job, my new meaningful work, because I realized how much more of this message needed to be shared. And so I was able to leave my nine to five way earlier than I expected and not in the way that I thought at the time I could, I thought at this point of writing the blog post, that I would be able to aggressively save and invest over the next, like five, six years at the time of the post, and that I'd be able to basically use most of my income, which I had good income, working in like. Corporate job to invest aggressively, but shortly after this, so this was published in 2017 so I had my last child, my daughter, Blake, in 2018

but when I found out that I was pregnant with Blake, I realized that I didn't want to spend the next five, six years working, and it didn't matter about how much money I was able to invest or save, I needed to figure out an exit strategy right away. Now this is where the fire count comes in, and comes in a lot, and this is a tool that I just I mentioned previously, that you can get yourself and then join me for the live class. But I didn't at first, when I modeled the exit strategy of me working aggressively for the next five, six years so that I could reach financial independence by 40 the math was math thing. Like, it worked because I we had really good income together, but I realized, like, I couldn't do that in terms of energy and running journey to launch and now with three kids. So I envisioned, while I was I have two kids already. I'm pregnant. I have this hour and a half commute, sometimes two hours one way, and then I'm running journeys to launch on the side. There's no way I can keep that up. And so me modeling out what the possibilities were if I left my job, didn't have any income for the next few years, didn't invest or save anything else, because whatever money we brought in, we need to live on. What would that look like? And I did feel comfortable enough to quit my job way earlier than I expected, but with a different you know, in a different way, right, in a different pathway. So I was able to leave my job, I was able to build journey, to launch into a full time business, and I've been doing that now since 2018 and so it's kind of surreal that it's been that long, that I've been doing this full time. You know, I definitely have more control over my time. It's funny as I go back and read the part, let me go back to the part where it says, I'd wake up I do whatever I want, you know, I still feel like that. I don't do whatever I want. I think that I have a lot of flexibility. I having kids, you know, I still have to get up with them and get them off to school. I have a lot of control over what I do, meaning, you know, I can spend my time after dropping them off, doing what I've set the goals for the day to be and most days that's either going to run or working out and then coming back and then doing some work, which actually I don't do a ton of work in the day. And my kids, I picked them up pretty early. They're not in after school, so I picked them up by two, two o'clock. And so if I work out or run, I do. I do take things slow. I am a scroller, so I do probably waste a lot of time on my phone in the mornings, but I'm not getting down to my desk until 12 o'clock, 1230 then I have to pick them up at 2pm so as you can see, it's not a lot of work getting done in the day, but I love that. I love that for me, and there are times actually me recording this. I have a lot of things actually that I need to get done between work, actual work, things I have to do. I'm actually looking over my book, Your journey to financial freedom. I have edits that I need to get in to my publisher, because the paperback is coming out January 2026 and they asked me if there was anything I wanted to include or and so I'm I'm coming up with a bonus kind of chapter for the paperback, and I'm on deadline to get that in, like a week. And of course, I had a lot of time to do it, but I work best under pressure, so I'm waiting until this last week to get it done. I have that I'm running my second half marathon. So I ran a half marathon in Jamaica over the summer. I'm running my next one in Brooklyn in like, less than two weeks. And so I'm training for that. I was taking out my hair. Girls, ladies, you know when you get braids, it's amazing. I had braids for my birthday. I had them in for three months. It took me about three days to take them out. So I was finishing that up. Basically, I was doing a lot. I have an interview today, and so I had to choose, like, today, I could not go to the gym. I could not run. I said, You know what? None of that can be done. You need to get back after dropping them off and get to it. And so there are days where, you know, like, like, I the flexibility is, is still, it's still not completely where I would love it to be. But I know that I'm blessed beyond measure, because most times I can control what I'm doing, like, I can control if I'm going to work or just work out. And so I feel really blessed to be able to be in this position. Right, but I understand and know that ultimately, because of the lifestyle we want to live, because I do want to bring in money into the household, and we're not willing to cut back in certain areas, not yet, at least, that I still do need to bring in income for journey to launch now I have a, definitely a great runway of being able to be more to be more selective about what I do, and to to to work, maybe only an hour or two hours a day, if that. But I'm not at the place where I can say, You know what, I don't need to do any podcast. I don't need to, you know, take on anything at all for the next indefinite years, right? Like, that's not my life yet, but I'm fine with that, because I do truly know what I'm doing is of service to you. Hopefully, when you read the books, when you listen to the podcast, that it's helping you, so that I definitely feel like I fulfilled that prophecy that I set back years ago. Now let's talk about what changed. You know, my my idea of retirement, definitely changed since writing that blog, or my necessity, my need to want to actually reach complete financial independence. Because the more I live my life, the more I understand the balance that it takes. You know, I'm not willing to give up certain things to make early retirement or complete financial independence like the reality. Yet, I talk about this in the book and in previous episodes of the podcast. Knowing your guac lifestyle level, you know, in the beginning when I was working, and that's what I actually love. I think if you are in the position where you are fed up and your back is against the wall, I think actually that's the best motivator to make changes in your life, because that's when you're hungry, that's when you're willing to do what it takes. And so back then, in 2017 1618, even the earlier, early years of me quitting my job and now doing this full time. I was hungry. I was doing everything, you know, I was willing to, you know what? We are, sticking to a strict budget. No going out to eat. Let's, you know, give up the nice cars. Let's, we are like, let's focus like I was in it, and that felt good. It got us really far and but now I'm a bit more relaxed, a bit more comfortable. And when you're comfortable, you tend to not go as hard, and that's not a bad thing. I think it's just a season of life I'm in. I did an episode recently, you'll hear it, where I was talking to the person, and they were like, I was like, you know, I don't really feel as motivated in my business anymore, you know, I'm not working as much on the business or in the business. And they were like, well, you know, you're probably working like, really hard in so many other areas, like you are motivated, you, you know? And I was thinking about all the things that I am doing right, like training for my half marathon, the kids, like, they're so busy. And I love this season of life. I'm in with them where, you know, activities and sports and all this stuff like, it actually makes me exciting, excited to to do those things with them, and to have the flexibility to do it. And so I am motivated, but just like in different areas of my life, and so that translates into what I'm willing to give up or not give up. You know, I'm more about convenience. And so while I definitely not like the best cook, I you know, I do make meals, but sometimes with our schedule, it's just easier and more convenient to buy right to buy food. And so that's something that you know, our budget is not as strict when it comes to restaurants or picking up food for us as a family, and that's where I feel like my idea has changed, and the intensity of how I want to live my life and balance this freedom and flowing with like kind of a non budget, versus back then, being strict with the budget And donning every eye and knowing where every single penny went like it's different for me now, and so I do feel that, you know, not to say that that can't change. I always say, if I get to a place where we need to tighten up and then there are more important things that we need to take care of with our money, or an emergency occurs, then, you know, we know I know how to switch that back on if necessary, but I do feel like I'm more coasting and not as inflexible. When it comes to my finances, I'm willing to not blow through money, because that's certainly not the case. We don't have money to blow through, but to spend and to to to be more just fluid when it comes to how we spend, but of course, still being being intentional about it,

I would say too that learning now as an entrepreneur, I. Mean, I've been an entrepreneur now for a bit, but that while I did not like my commute and having a boss when I did work, that there's a lot of positives to actually working in a job, if you are being paid well and it's not an oppressive environment, and you feel like you're contributing, right? Like, I think being an entrepreneur and having your own business is great, but I definitely feel like there are days that I do miss not having to think of what to do right, or knowing that I'm going to get a consistent paycheck without having to go above and beyond. And really, because I care so much about what I'm doing with journey to launch, it is I feel like a heavier load to bear, and it's not just as easy as logging out. I don't give I don't care. So for that, I feel like my perspective, just I don't know that. I would have known this. I mean, I knew that there are good and bads to both, whether you're working for someone else or your own business, but I think it's what's just one of those things, you learn more about yourself as you do it. And so being now that I am in what this is my let's see. I quit my job in 2018 so seventh year of entrepreneurship, full time entrepreneurship, you know, I get to a point where I'm just like, Okay, how long do I want to do this? And what's next for me for journey to launch, you know, are there other ways that I can contribute? You know, I have other goals and things I do want to work on that have nothing to do with finances and money and the journey to launch brand. And so what does that look like for me in the future? I think overall, you know, the journey has been amazing, from where I was to where I am. Today, I wake up so grateful and blessed not to say I don't have my moments of, you know, life is lifeing, but just overall, just so blessed to be in this position, and that is what I want to leave you with. I want you to think about where you are on your current financial journey. And I often think when I'm talking to the mic, right when I'm talking into the this void that hopefully reaches your ears, I wonder, like I sometimes think, I wonder about the person listening. I wonder about the journey or listening and where they are, where you are. And you know, I know that I was there just, you know, eight years ago, when I was writing this blog post, 10 years ago, when I first really started to want something different for my life, but I didn't know what it was or how to do it, or how to get there. And then I think about like all these, what I call hyperlinks that I clicked on in my life and breadcrumbs that I followed to get me to understand and to research what financial independence was, and to listen to podcasts, and to just evolve and expand my world to something different. And then I think, well, if I didn't do that, if I didn't start back, then where would I be today? And, you know, I do believe we you, no matter what pathway you're on, you can make the best of it. And so if I never found out about, you know, fire, the fire movement, never started journey to launch. I do believe I would have crafted and created and enjoyed my life and be enjoying my life. But I'm so glad that I followed the breadcrumbs, and I followed through. And so if you're at a place right now where you feel like you're you were me, maybe seven, eight years ago, 10 years ago, maybe you're just finding out about this, or you have these thoughts of one day wanting to quit your job, have more flexibility and freedom, and you just like, how because of where you are, like, I just want to continue to encourage you and to actually like, write your dreams down, write your goals down, speak them out, right? Like, maybe you don't you're not into writing leave, put a voice note on your phone about where you want your life to be, because I just know, I just feel like you wouldn't be hearing my voice and thinking of this idea if it wasn't possible for you, and it's going to look different, right? Your journey is not going to look like my journey. Our starting points are not going to be the same. Our assets, and you know what I call our superpowers are not going to be the same. Our kryptonite is not the same. Everything is going to be different. But I do believe you can take points and parts, hopefully from whether it's me or people that you hear on the podcast that I interview and other areas that can encourage you on your journey. And so think about what you want your life to look like? It doesn't have to be complete retirement, where you do nothing. It can look like a break from your job. It can look like a sabbatical. It can look like changing jobs. It can look like starting a side business. It can it your life can look it can evolve. Into different things. And so I want you to think about what that looks like if you were to live the life that you wanted completely and to not be afraid, to think about how to get there. And so I want to continue to encourage you to do that. Think about where you are. Think about where you want to be. Ultimately, if you feel encouraged and, you know, motivated. I do want you to check out the fire Calc and the class, because that's exactly what we talk about, is how to get you from where you currently are to ultimately, where you want to be. And we add the numbers. We plug in numbers, your own numbers. I show you how to do that to give you different scenarios of what's possible for you. So again, you can go to journey to launch com slash fire Calc. And even if you're listening to this after the fact, you know, check out that page to see what's available, what I'm doing with the fire calc at that point. But if you're listening to this before the class, come join us. We're having the live class on the 22nd april, 22 but there's replays available if you can join. Okay. Thank you so much for listening, for hanging out with me. Hope you enjoyed this episode, if you did, if you have any questions, you know, check me out on social media. I'm on Instagram at journey to launch at Jamila Souffrant and send a message. If you are inspired, you're going to maybe make some changes, maybe implement some things that I've been talking about on the podcast, or join me for the fire cap class, or have questions. Tag me, let me know, and I can't wait to hear from you. Okay, until next week. Keep on journeying. Journeyers. You.

Transcribed by https://otter.ai