128. Setting Financial Goals for Your Best Life with Jamila Souffrant
Dec 5, 2023
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Financial Feminist podcast host Tori Dunlap speaks to Jamila Souffrant, author of 'Your Journey To Financial Freedom', about achieving financial independence without sacrificing joy. They discuss balancing life, the 5 stages of the financial journey, and transforming your approach to financial independence through understanding your 'guac level'.
The journey to financial independence starts internally, focusing on personal growth and happiness throughout the process.
Financial independence can be redefined based on individual values and priorities.
Assessing one's current financial situation is the first step towards achieving financial independence.
Deep dives
The Importance of Internal Factors in Achieving Financial Independence
The podcast episode emphasizes that the journey to financial independence starts internally, not solely relying on external factors such as reaching a certain financial milestone. It highlights the need to discover who you are and what makes you happy during the journey, rather than waiting until you achieve a specific monetary goal. The guest speaker shares personal experiences and encourages listeners to focus on internal growth and happiness throughout the process of becoming financially independent.
The Five Stages of Financial Independence
The podcast episode discusses the concept of financial independence and breaks it down into five stages: understanding the technical definition of financial independence, realizing the possibility of financial freedom on the path to financial independence, incorporating joy and freedom into daily life, adjusting the traditional path to financial independence to fit individual circumstances, and pursuing audacious goals while enjoying the journey. The guest speaker encourages listeners to redefine financial independence based on their own values and priorities.
Overcoming Overwhelm and Taking the First Step
The podcast episode addresses the common feeling of overwhelm many people experience when facing financial challenges. The guest emphasizes the importance of starting by assessing one's current financial situation, including income, expenses, assets, and liabilities. By taking the first step towards understanding their numbers, listeners can gain clarity and create a starting point to make positive changes. The podcast encourages listeners not to fear their current financial status, as knowing the truth about their situation is the first step towards achieving financial independence.
The Power of Asking Quality Questions
When pursuing audacious goals, it is important to ask high-quality questions rather than relying on simple yes or no answers. Instead of asking 'Can I do this?', it is more effective to ask 'What do I need to learn to achieve this goal?' or 'How can I put myself in a better position?' This approach allows for continuous growth and learning throughout the journey to success.
Finding Motivation and Making Drastic Changes
Many people only pay attention to their financial situation when faced with a significant life event, such as having a child. These moments can spark a strong desire for change and push individuals towards pursuing financial independence. By prioritizing saving, investing, and making sacrifices, individuals are able to work towards their goals and make progress on their journey to financial freedom.
Is it possible to achieve financial independence without sacrificing your joy in the process? Today’s guest believes you can. In this episode of the Financial Feminist, host Tori Dunlap speaks to Jamila Souffrant, author of "Your Journey To Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness," about how to achieve financial independence on your own terms, and without hating your life. Tune in as they discuss the keys to balance, the 5 stages of the “financial journeyer”, and how understanding your "guac level" can transform your approach to financial independence.
