Episode 373: Overcoming Poverty, Divorce, and Achieving FIRE with an Over $1 Million Portfolio w/ Jackie Cummings Koski
Journey To Launch
Jamila Souffrant
5 • 1.7K Ratings
🗓️ 8 May 2024
⏱️ 48 minutes
🧾️ Download transcript
Summary
This week on the Journey to Launch Podcast, we have Jackie Cummings Koski, author of the award winning book “Money Letters 2 my Daughter” and her new book, “F.I.R.E. for Dummies”. Jackie overcame poverty, divorce and single motherhood and despite having a late start and making less than six figures, she reached Financial Independence and Retire Early (FIRE) at age 49 in 2019 when she officially retired from her corporate job with a net worth of over $1 million. Jackie shares with us the importance of mindset and reframing attitudes towards money, strategies for managing retirement finances, & how you too can reach financial freedom even if you are starting later in life.
In This Episode you’ll learn:
- How Jackie used the 25x rule to get her FI number, and what financial habits helped her reach FI in 10 years, despite being in a difficult financial situation after her divorce.
- How shifting your mindset from saving for retirement to investing for financial independence, can make it exciting to save and invest.
- Why she initially struggled with the emotional aspect of withdrawing money from her investment accounts in early retirement, and how her net worth increased to 2.8 million by 2024, even after making withdrawals
- Example of retirement planning strategies for early retirees, including Social Security benefits and tax-free withdrawals
- How Jackie’s daughter has been her biggest cheerleader and how her views on work and retirement differ from Jackie’s as she is part of a different generation, Gen Z.
Watch the video to this episode on YouTube by going to https://youtu.be/JARjqHD1r0s
Other Links Mentioned in episode:
Transcript
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| 0:00.0 | The money didn't feel like mine. I felt like it was something way off because it was |
| 0:06.7 | considered a retirement account. You couldn't touch it until you were 60 and I just |
| 0:11.4 | didn't even count it as my money. So mindset shift was if I'm saving and investing for financial independence that's only 10 years away, it just reframe everything for me. |
| 0:22.0 | When I changed my thinking about that, it became... It just reframe everything for me. |
| 0:22.8 | When I changed my thinking about that, |
| 0:24.7 | it became a lot more exciting to save and invest this money. |
| 0:29.3 | T-minous 10 seconds. |
| 0:31.5 | Welcome to the Journey to Launch Podcast with your host Janila Sufrant as a money expert who |
| 0:37.2 | walks her talk. She helps brave journeyers like you get out of debt, save, invest, and build real well. |
| 0:45.0 | Join her on the journey to launch to financial freedom in... |
| 0:49.0 | Five, four, three, 2, 1. |
| 0:58.3 | If you want the episode, show notes for this episode, |
| 1:00.9 | go to Journey to Launch.com or click the description of wherever |
| 1:05.1 | you're listening to this episode. In the show notes you'll get the |
| 1:08.7 | transcribed version of the conversation, the links that we mentioned, and so much more. |
| 1:14.1 | Also, whether you are an OG journeyer or brand new to the podcast, I've created a free jumpstart guide |
| 1:20.7 | to help you on your financial freedom journey. |
| 1:23.4 | It includes the top episodes to listen to, stages to go through to reach financial freedom, |
| 1:28.0 | resources, and so much more. |
| 1:30.0 | You can go to Journeyto Launch.com slash Jump Start to get your guide right now. |
| 1:35.8 | Okay, let's hop into the episode. |
| 1:37.6 | Hey, hey, journeyers. |
... |
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