You wouldn’t run a bar without knowing your inventory, your costs, and your profit margins.
So why are you running your financial life without a plan? It’s time to stop winging it and start winning it. Here’s how to build a financial game plan that actually works with your hospitality lifestyle—not against it.
Step 1: Build Your Foundation Emergency Fund First.
Remember that $4,150 we found by cutting your post-shift spending in half? That’s your starting point. Aim for 3-6 months of expenses because in hospitality, slow seasons and unexpected closures happen.
Basic protection next. Get that simple life and disability insurance we talked about. You can’t build wealth if one injury wipes you out financially.
Step 2: Create Your Wealth-Building Strategy
Now the fun part—making your money multiply!
Immediate income replacement: That Roth IRA with index funds? Start with whatever you can afford monthly. Even $50 consistently beats $200 sporadically.
Long-term wealth protection: Consider that IUL for dual benefits—life insurance now, tax-free cash value later. Perfect for irregular income since you can adjust payments.
Conservative growth: Look into annuities once you’ve got the basics covered. Think of it as creating your own pension plan.
Step 3: Scale Your Income
Your wealth plan isn’t complete without growing your income. Use those side hustles we discussed—private bartending, event consulting, leveraging your hospitality skills into scalable businesses.
The Key: Reinvest profits from your side income back into your wealth-building accounts. Don’t lifestyle-inflate; wealth-inflate instead.
Step 4: Connect the Dots
Here’s how it all works together:
- Emergency fund protects your plan from derailing
- Insurance protects your earning ability
- Retirement accounts grow your wealth tax-efficiently
- Side income accelerates everything
- Conservative investments provide stability
The Wake-Up Call
Your coworkers are still living paycheck to paycheck at 45, complaining about their backs and wondering where the money went. Don’t be them. You’ve got something they don’t: a plan. While they’re hoping things get better, you’re making them better. While they’re waiting for the perfect moment to start, you’re already building. Your financial game plan isn’t just about money—it’s about freedom. Freedom to work because you want to, not because you have to. Freedom to say no to toxic managers, bad shifts, and places that don’t respect you.
Stop managing your money like amateur hour. Start building wealth like the professional you.
The Savvy Bartender
Turn your craft into career growth and a secure financial future with Jonathan Turner, our expert bartender in savings, side hustles, and smart strategies to help you plan your next pour.
Jonathan Turner spent over 20 years mastering the hospitality industry from the ground up. From washing dishes in the back to leading operations as GM and Food & Beverage Director, he’s experienced every level of the business. After building a successful career in hospitality, Jonathan made a strategic transition into financial services as an Independent Life Insurance Agent and hospitality consultant, discovering that his relationship-building and problem-solving skills translated perfectly into helping others build financial security.
Now Jonathan uses his insider knowledge to help hospitality workers overcome the unique financial challenges of irregular income, lack of traditional benefits, and industry lifestyle demands. His mission is simple: show hospitality workers that they don’t need corporate benefits or a 9-to-5 job to build real wealth. Having walked every step of the hospitality path himself, he speaks the language, understands the challenges, and knows exactly what it takes to build lasting financial freedom. He’s not your typical financial advisor—he’s someone who’s been where you are and successfully built the financial life you want
The post Bottles, Bills, and Benefits: Why You Need a Financial Game Plan appeared first on Chilled Magazine.
Source: Mixology News
