Oftentimes on our show, we talk to people on the FI journey with “regular” 9-5 jobs, and other times we talk to those who have achieved their FI goal and are able to retire from their careers. However, we rarely talk about money management and FI when it comes to those working in service industries, such as serving and bar tending. This week we are joined by author Barbara Sloan to discuss taking control of your finances while in a variable income job, the importance of an emergency fund, and the attainability of retirement accounts and health insurance while in these types of industries. While it may seem unattainable to budget and financially plan for the long term when your income is non-fixed, you shouldn’t count yourself out from this journey! Creating your dream life is possible for all, with the right systems in place to ensure it, that is an option possible for those in all career types.
Barbara Sloan:
- Website: tippedfinance.com
- Book: “Tipped: The life changing guide to financial freedom for waitresses, bartenders, strippers, and all other service industry professionals”
- Barbara’s speech at EconoMe 2023: Financial Legitimacy
Timestamps:
- 1:03 – Introduction
- 2:54 – Sub Minimum Wage And Tipping
- 14:03 – The Importance Of Tracking
- 21:06 – Tips, Taxes, and Social Security
- 35:28 – Strategies For Health Insurance
- 41:18 – Lifestyle Design/The Financial System
- 48:44 – Emergency Funds
- 54:27 – Conclusion
Resources Mentioned In Today’s Episode:
More Helpful Links and Resources:
- Earn $1,000 in cashback with ChooseFI’s 3-card credit card strategy
- Commission-Free Investing with M1 Finance
- Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
- Keep learning or start a new side hustle with one of our educational courses
