featured image for podcast episodeTipped Finance | Barbara Sloan

Tipped Finance | Barbara Sloan
Episode 435

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Episode Guide

Episode Summary:

Barbara Sloan, author of 'Tipped,' discusses the unique financial challenges faced by service industry professionals. With more than 5.5 million individuals in the U.S. relying on tip income, the conversation explores the implications of the sub-minimum wage of $2.13, which has remained unchanged since the 1960s. Barbara highlights the importance of claiming all income, as underreporting can affect benefits like social security, unemployment, and credit access. The episode emphasizes the need for tracking income, creating an emergency fund, and establishing personal benefit systems similar to those in traditional employment. By sharing actionable strategies and advocating for financial literacy, Barbara aims to empower service industry workers to take control of their finances and pursue long-term financial independence.

Episode Timestamps

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.

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Barbara Sloan:

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:

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