Jennifer Kauffman literally had her world blow up at the Boston Marathon in 2013. Today she’s here to teach us how to rise and thrive from the ashes when our world turns upside down. Jennifer has an amazing story to share, and we can learn so much from her experience rebuilding her life and business. Press play to learn how to thrive in the face of adversity.
You will want to hear this episode if you are interested in…
- Jennifer’s story [2:02]
- The financial aspect of her experience [4:10]
- What it means to thrive [12:25]
- The formula for building wealth [18:45]
- How Jennifer lost her money [25:20]
- What Jennifer is working on now [28:33]
- The money questions [30:50]
Until the bombing, Jennifer had a thriving business as a consultant and coach. She had worked hard to build up her business and was doing so well that she had recently taken extended time off.
Jennifer attended the marathon to support a friend and was 15 feet away from the first explosion. At the time, she didn’t understand what had happened, but the tragic event changed the trajectory of her life. She spent hundreds of thousands of dollars recovering from her injuries over the next 24 months. Her recovery took all of her emergency fund and even her retirement savings. During this time she wasn’t able to work since her sole focus was on her rehabilitation.
What it means to thrive
Even though Jennifer experienced a horrific event, she has learned so much from her healing journey. Her injuries stopped her in her tracks and taught her to put herself first. From this, she learned the importance of self-care. For Jennifer, thriving means caring for all aspects of herself: nutritionally, physically, mentally, and financially. Sticking to a morning routine helps her show up as her best self so that she can focus on what brings her joy.
She learned that to grow her assets she first has to grow herself. In her previous business model, Jennifer was focused solely on growth. Looking back, she discovered that unfettered growth comes at a price. Now Jennifer chooses her clients based on their suitability.
Jennifer’s formula for building wealth
A large part of what we earn goes to the necessities of life, but as we build up our income, the percentage spent on necessities decreases and we can increase what we save both in the short term and the long term.
Jennifer has made a fortune and lost it twice. This experience taught her that she needs to stick to her wealth-building formula. This formula starts with paying herself first. After that, she earmarks 5% of her money for play. She uses these funds as a way to celebrate her accomplishments. The trick is to use the money within 30 days to treat herself to something she wants.
The next step is to set aside 10% to giving. She finds charities to donate to that will help make the world a better place. Another 10% of her money is set aside for education. She uses these monies to invest in personal and professional development.
What do you think about Jennifer’s wealth-building formula? Do you do something similar? Would you try it?
Resources & People Mentioned
Connect with Jennifer Kauffman
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- BOOK – The Solopreneur’s Money Manifesto by Gabe Nelson
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