In the 27th edition of our Best of the Best Blogger series, we got a chance to speak with Jacqueline Jolie of Single Mom, Rich Mom.
Jacqueline (who goes by “Jacq”) is an accountant by trade and a single mother of two boys who are as different as “chalk and cheese”. She describes herself as a “lone woman in a sea of testosterone”.
Several years ago, Jacq reached what she has described as her crossover point in her quest for financial independence – that point where her investment income actually exceeded her ongoing expenses.
Jacq spent most of her working life trying to figure out how to escape the 9-5 grind, and after working, saving and investing for most of her adult life, she finally attained her goal — where working became optional for her. She accomplished all that by the time she was in her mid-forties. Not too shabby.
Considering that her semi-retired status and very comfortable lifestyle, Jacq is incredibly modest about her financial accomplishments, especially considering she’s done it as a single parent on a single income. She spent years struggling financially and “under-earning” but once she finally embraced her “inner geek-accountant” and made an unwavering commitment to her financial independence, things began to change quickly for her.
She’s done a phenomenal job of, what I refer to as, ‘getting right-sized’ financially, coming to the realization that an incredible transformation is possible in your life when you truly enjoy the journey on the way to your destination.
We sat down with Jacq recently to talk about reaching her magic number, buying a motor home and selling her “mini-McMansion”.
Q: Tell me about the inspiration behind Single Mom Rich Mom. When did it all begin for you?
Clearly I was wrong about that. 
So I started when I was at that transition point of winding down my career yet not knowing where I was going to go from there or what I was going to do.
The blog was more of a means to get me into the habit of writing regularly again than anything. I also wanted to get the message out that you could do 101 things wrong financially (and I have – for years!) but still turn out okay if you followed basic principles. Better late than never.
Q: You’ve talked about reaching your “crossover point”, also referred to as the “escape velocity” in financial circles, where your investment income has surpassed your ongoing expenses. In your opinion, what’s the key for the average person (like myself) to reach their crossover point?
The general rule is that you need good data on your spending. Really good data that includes at least a full year since expenses will go up and down – sometimes drastically. Based on that, just multiply your annual expenses by a factor of 25 and that’s your “magic number”. Personally though? I have a spreadsheet going out 40 years with the current 12 month moving projections and the remainder done annually. I base it on a 4% net (return of 7% less inflation of 3%). I’m anal that way.
Q: You’re an accountant by trade. How much of an advantage do you think your professional experience has given you in the pursuit of your financial independence?
Q: You said you reached a point where you “realized that it was okay to be great at something that didn’t change the world”. Describe the process of making peace with your career, your profession and your own unique path to financial independence.
With financial independence, I’m lucky that I’m quite comfortable with uncertainty. I may not know how things will turn out, but I know that I’ll do my best to do whatever needs to be done. Accepting the reality of situations and not wishing they weren’t the way that they are has been a big help with this.
Q: You’ve talked about having to break free from years of “under-earning”. As Americans, why is it so hard for us to find the right balance between making too much money and being resigned to making too little?
Q: You’ve also talked about your downsizing effort, selling your “mini-McMansion” and getting right-sized with your financial obligations. Do you think Americans can effectively get right-sized financially without feeling like they’re selling out on their financial goals?
We’re also not taught to be as patient in pursuing our goals as people were in the past. You see this everywhere – in the “lose 30 pounds in a month” or “take this loan out and you can have your dream holiday – or car – or house – NOW” ads. It’s part of human nature to not want to wait for things – I think of it as that little toddler that’s inside of me – that sometimes I have to discipline and make her eat her vegetables before she has dessert. 
My thanks goes out to Jacq for spending the time with us. It’s an inspiration watching her live out her dream, one a day at a time. Working when she feels like it … not because she has to.
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