One woman’s path to financial freedom is a remarkable example of determination and strategic financial planning.
What Happened: Lakisha Simmons, a 41-year-old single mother, began working at 14. Over the years, she always viewed employment as a means to ensure financial security.
Her decision to retire early was fueled by a lifelong work ethic deeply rooted in her family values. She achieved this milestone through academic career earnings and side hustles, which in 2020 amounted to $150,000.
By the time she retired in 2021, Simmons had $850,000 in savings and investment.
Her journey toward this financial independence, known as FIRE (Financial Independence, Retire Early), began in earnest in 2017.
Simmons’ approach to her retirement goal involved significant lifestyle changes and financial sacrifices. Post-divorce in 2017, she reassessed her financial situation, leading to the sale of her large home and a move to a more modest two-bedroom apartment.
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This significant step and other cost-cutting measures allowed her to increase her savings and investment contributions significantly.
Her investment strategy was diversified, with a significant portion in an S&P 500 index fund and the remainder spread across various stocks and bonds, including investments in companies like Apple Inc. (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN).
This approach enabled her portfolio to overgrow, reaching her retirement goal ahead of schedule. In retirement, Simmons remains active, engaging in financial coaching and managing an Etsy (NASDAQ: ETSY) shop.
These side hustles provide additional income and fulfill her passion for teaching and sharing financial knowledge.
“I’ve always been a master of my money and figuring out my goals and doing the research to make those goals happen,” Simmons told CNBC. “But just recently I started helping others because I realized what good is it if I’m getting ahead financially and building wealth but my own family and friends aren’t able to build wealth too?”
This story is part of a series of features on the subject of success, Benzinga Inspire.
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