Jackie Cummings Koski: Unveiling My Real Numbers Behind FIREing
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- เผยแพร่เมื่อ 4 ต.ค. 2024
- Jackie Cummings Koski, a Certified Educator in Personal Finance (CEPF®), and author of the book, “Money Letters 2 my Daughter” unveils her real numbers behind FIREing (Financial Independence & Retiring Early). She explains how she was able to retire in 2019 at the age of 49, while making less than six figures. After overcoming poverty, divorce and single motherhood, Jackie bravely cleared the way to pursue her big audacious dream of creating a financially-literate society.
You can download the slides from Jackie's presentation from this link: bit.ly/2W9Qizn
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Have you ever been to a party about money?
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56 yr old black woman......lean FIOR (financial independence optional retire). Debt free including mortgage, semi retired and loving life because of FIRE. only wish I was taught this when I was younger.
Yes
This is inspiring. The real reason people don't reveal their numbers is because when you have money, friends and worse--family--will come out of the woodwork with requests for your cash. People get jealous when you manage your money well.
Amen
It's easy to say no when I think about retiring early
Exactly! This is why I won’t talk about my finances....mainly with my mother. She tends to ask to borrow money a lot or just talk to other people about how much “so & so” makes/spends. It’s irritating.
@@ajh.4131 This is so true. I find myself much more open talking about finances when I know the person that I am talking with is financially secure and will not be trying to hit me up to borrow money.
37, and just starting.... thank you for this story!!
I started last year at 35. Better late than never.
30s starting now :)
This is so inspirational. I am literally following this roadmap.
I am so happy for you Jackie! Really enjoy your openness and willingness to share what you've learned.
This was actually uploaded on my FIRE date (4/30/20); really having to cope with change of mindset after being in corporate for so long
CONGRATULATIONS!!!!
@@NaturallyNerdeeNicol Thanks I'll be posting some vids soon about it
Wow! I turn 39 this year. This is inspirational!
I didnt even realize this was possible until 36, wish they taught this in school, glad to hear you mention that you give a course to high school students, that is a treasure. Thanks Jackie for showing that FIRE is realistic for working people. Also must say great kudos to your Dad, he sounds like an amazing man.
You're truly inspiring Jackie, thank you for your transparency and willingness to share openly. As a black immigrant woman on my FI journey, I have at times felt isolated as I rarely see others who look like me or with similar background. So you can imagine how thrilled I feel to discover you!!
I had vowed never to purchase another book again ever since I rediscovered my local library, but I'm making an exception to purchase your book for my daughter, mainly to support your hard work and effort in putting your book out in the world. Kudos!
Honestly the most thoughtfully laid out plan for FIRE I've seen
A privilege to get to see this talk in person. Luv you Jackie!
Wow Jackie! Fantastic content. Well done on your FIRE-ing! Your drive and story (especially coming from putting yourself through college) are such a motivator. Steadily working your way with a less than 6 figure income is so realistic to those who think FIRE is only for tech gurus or entrepreneurs making crazy bank. You are well-spoken and have a great energy. Thank you for sharing your personal financial stats and story. They are an encouragement.
Thank you Jacki....this is a great presentation, so motivating! I'm 50 years now, just starting FIRE and your FIREing within only 7 years gives me hope that I will reach my FIRE number too.....God bless you!
GREAT presentation. Very well put together. I learned a lot from this. Thank you!
Jackie, thank YOU! I thank God for you! You've inspired me to action. I've got so much to say I have to journal about it, lol. It's just amazing what we can learn from each other, just by sharing. Ive learned a lot from you in this 30 minutes. Thank you VERY much. I took some great notes and I am about to build some strategies like never before. You really got me going when you said what our industry typically does with retirement planning. I am stuck there, ruminating on your words. There is something there for me. You're so right and there isn't one way to freedom. I will study your presentation and it's quite timely. I am studying for my CFP. Take my retirement exam in less than 8 hours! I am inspired and I thank you.
Health insurance is a big hurdle to RE.. ACA is affordable when you're younger. But from age 60-65 it's horribly expensive, unless you have no income. We need a public option within ACA. I love seeing financially literate people of color with a passion for FIRE.
LOVE THIS!!! Wish I had heard this before middle-age. I can't wait to be "employment optional." Praying I can make it by 50!
Thank you Jackie for your humility in sharing your knowledge. You're a blessing to the community! 💕
Thanks, you're a great speaker. I'm well on my way to FIRE and am about to do a big career change because my savings and investments give me that breathing room. I need to still work a few more years but at least it will be in a field im passionate about and not the soul sucking job I've had up to now.
What a great woman! 🙏
So so inspirational. Shows that FI is within reach. Just starting my own journey.
This is what I needed. I often feel like I don't know what's going on or if I'm going right cause I never see the numbers. Especially when it comes to people of color. I love this we need this. Congrats !!!
Thank you for sharing real numbers, lots to learn.
I love that she’s walking around stage presenting with a stack of cash in her back pocket!
Healthcare is the only reason why I work every day!
I want to meet this lady! And ...definitely want to attend this conference. Is there anything like it this year? Can't wait until 2023!
Jackie is a gem! She is also an enthusiastic participant in our local meetups so I have no doubt she'll be at the next EconoMe in 2023 :) There are a number of Camp FI events this year and I (Diania, creator of EconoMe) am going to most of them! I love Camp FI events, they attract the same kind of people that come to EconoMe but it's a different format and smaller audience. EconoMe is like going to a concert, Camp FI is like going to a retreat. You can learn more here and I look forward to meeting you soon! campfi.org/
@@economeconference I signed up for the Mid Atlantic based on this video! Can't wait!
@@jennsuneditedjourneys Whoo hoo! Looking forward to seeing you there!
Where can I find conferences like this in the DC area? I want to learn any & everything about FIRE, investing, etc. I’m sure because of covid, maybe there won’t be any conferences like this in the foreseeable future but I’d like to know.
Hey there! My vision is to be able to build up EconoMe enough where it can be a traveling event, multiple times a year in different cities. In the meantime, it will be a yearly event in Cincinnati and our next one is scheduled for August 7th & 8th 2021... come out and join us! Have you ever heard of Camp FI? It's a smaller event but equally amazing people and they have multiple events all year round in various cities: campfi.org/
Very informative
trust you are budgeting well for health insurance. colon cancer has strong genetic component. please get screening done regularly. Obesity is also a risk factor. Please take care of yourself to enjoy your retirement.
How do you rollover and INVEST a HSA?? I thought you have to use it by the ens of the year. Use it or lose it so to speak??
I believe that is an FSA,.....flexible spending account that you use or lose.
@@Tonymanero1960 yes, I believe you're right, thanks (-:
Jackie - do you have a channel? Also, do you take your money out monthly or the 4% in one lump?
Hey there! I don't believe Jackie has a channel but she is very active on Facebook so recommend you reach out to her there. There is a great Facebook group called Women’s Personal Finance (Women On FIRE)... and I see Jackie interacting there a lot with awesome advice!
This is the type of speaker and story to which people should gravitate and someone who should be invited to speak to students. She is the complete antithesis of those individuals who preach perpetual victimhood and reliance on government. Telling people that the world is out to get them, and that they don't have a chance to achieve any type of success in life because of their physical characteristics or humble beginnings is a toxic (and inaccurate) message. I hope Ms. Koski's message and example go viral.
Thank you for the inspiring speech. However, when watching FI videos from US I always wonder about this “six figure salary”. She mentions in the speech “I wasn’t even making a six figure salary”. I have a MSc in engineering and have worked both in automotive and in IT in Sweden for 20 years but I have no way near that kind of salary. (I wish I did...) I don’t even earn the $80.000 she say she earned... Are salaries that much higher i US than in Northern Europe...?
Hi, Emma. As a Brit living in the USA, I can tell you that yes, they are.
Yes, they are. That’s why most people prefer US as the country to migrate.
but i would prefer to live in sweden with good healthcare system than being in usa
@@jj-bu6yb You have a point. Also I did not pay a cent for my university degree, my accommodation is quite cheap and I don't need to own a car. I guess it is more about the amount you can save that how much you earn... 😊
@@emmab7658 actually i m working on budgetting. this lady she is a role model really. wow.
Unless she misspoke, I don’t think she understands how the 4% rule works. It’s not ‘take 4% of my portfolio value each year’.
I watched too many true crime stories to share my (not significant) net worth. I am afraid someone kidnaps my child. I don't understand why bloggers with small children are so chill about it
I'll admit, it scares me too. I don't think I could ever go on line and present my net worth so nonchalantly like so many TH-camrs and bloggers do.
A very good point. There are criminals who target high net worth people. There are many companies online who are profiling us and sell our information to sleazy sales people or criminals. I recommend writing a will and actively managing it is the best way to protect ourselves.
@@supercrazydesi there are also relatives who killed beloved people for as much as 50k.
Is her home paid off?
No. She stated her interest is very low so she’s ok with it not being paid off.
WHY "retire" at ANY age???? I REFUSE to "retire"! Most people are taught from an early age....go to school get good grades, get a good job and save for retirement... This is NOT the best life plan because it focuses you on working for money and that is NOT how the Rich think or act. Poor people use manual labor to earn income....waitress, digging ditches, warehouse, and since they use manual labor to earn income they are stuck at poverty level. Her Dad as an example....not matter how hard he worked or how many jobs he had , he was and would ALWAYS be poor.
Middle Class teach their kids to go to college, earn a degree and then use the skills or knowledge learned in college toe arn income....accountant, software engineer, lawyer, doctor, ALL use education to earn income and their income is limited by the rate they can charge or be paid per hour and the time they have available to work. This locks them in the middle class for life and they fight the battle of "keeping up with The Jones" dressing, driving, housing costs are pushed up by what image they want to present to their neighbors, friend, co-workers, supervisors.
The Rich do NOT work for money using manual labor, they do NOT trade time for money, instead they FOCUS on making money work FOR them. They invest Capitol in a business and then mange the business to produce a profit. The business profits then allow them to use their time to find other ways to produce higher returns and grow their wealth faster and longer.
Bill Gates was the child of a school teacher who dropped out of college to start a company called Microsoft and is now one of the richest people in the world. He did not do it based on manual labor, school knowledge, or by being born with a sliver spoon in his mouth.
Warren Buffet started a small company called Berkshire Hathaway. The list of SELF MADE rich is not the typical stereotype most envision when thinking about the rich.
IF you want to earn enough money to "retire" then quit focusing on how to "save enough" and instead find ways to put money to work FOR you instead of you working for it.
I am 58, have a free and clear 4plex rental that produces $2,500 a month or $30K a year passive cashflow after expenses. Twice what my projected Social Security payment might be. I have a short term rental house that grossed $70K last year with $20K expenses so net of $50K a year cashflow. Do I need to sell both houses to "retire" just because I reach a certain age? I also have some money in the stock market and for 2020, I have made a profit EVERY month this year including the 35% market crash month and closed June with an annual gain of 54%....NOT "9% per year" ....HOW? I manage my money instead of paying others to manage it for me in mutual funds. I can collect rent and manage stocks from anywhere in the world as long as I have internet connection.....so I will NEVER "retire".
For those looking to learn I highly recommend learning what the Rich do and how you can follow their footsteps. The Richest Man In Babylon for financial management skills, The Wealthy Barber, The Millionaire Next Door, The Millionaires Mindset, How I Made 2 Million In The Stock Market, any book about or by Jesse Livermore, William O'Neill, or Mark Minervinni.
She “retired” from her 9-5 job, but now focuses on her business educating people on financial freedom. But your points were very valid.
Excuse me, where did you get the money to invest in the market and to buy a rental property from? Either you had to trade hours for dollars at some point in your life or you were a heir.
Btw, I see nothing wrong with labor. You describe it as if it's something lowly but it's the only thing that has value: not your stock amounts on a screen but the food on your table or the operation you would need if you crashed your fancy car, or the firefighters who would come save your life if your house were on fire. Real life is dependent on that labor and not on the stock market. If there was suddenly no more food, world war 3 would be a matter of days... If there was no more stock market only Wall street offsprings would sink as they can't do any actual job. Normal people who produce actual value in the world (including this lady who knows how to work a real job) would get back to work and thrive. Your post misses the point of the video, dear privileged rich landlord...
Vesela Simeonova I never said labor was bad, but the question is about goals. Working for a paycheck and spending everything you make is not a good long term plan but that is what most people do. Read The Richest Man In Babylon and learn how to manage money, save atleast 10% of gross income then put that 10% in something that works for you and eventually you will get to the point of your investments earn more than your paycheck and that is how I worked labor and saved enough to buy rental properties and have a stock portfolio.
Bill Gates' father was a well-to-do attorney. Malcolm Gladwell's book "Outliers" goes into great detail about Bill Gates' background. But anyway, this is from wikipedia: "Gates was born in Seattle, Washington, on October 28, 1955.[3] He is the son of William H. Gates Sr.[c] (b. 1925) and Mary Maxwell Gates (1929-1994).[19] His ancestry includes English, German, and Irish/Scots-Irish.[20] His father was a prominent lawyer, and his mother served on the board of directors for First Interstate BancSystem and the United Way of America. Gates' maternal grandfather was J. W. Maxwell, a national bank president."
Not exactly humble beginnings and "child of a school teacher..."
But anyway, I still work at age 50 in spite of having rental properties and income-producing investments. I simply like it a lot.
@@jerryjenkins5739 Thanks for following up. Every person's situation is unique. I agree that living paycheck to paycheck is not a sustainable life choice. I think all people should get basic financial education and learn to navigate finances and be mindful and intentional about their spending. Cheers, v
I really enjoyed this presentation.