Episode 31

Published on:

28th Oct 2022

031: Barbara Sloan - Personal Financial Literacy in the Service Industry

Barbara Sloan was a homeless teen who danced for dollars and has worked in every imaginable position in the service industry. She’s familiar with and passionate about the joys and pitfalls of living for tips, and today she owns and operates a high-end construction company in Manhattan. She’s a money coach and the author of Tipped: The Life Changing Guide to Financial Freedom for Waitresses, Bartenders, Strippers, and All Other Service Industry Professionals.

Today, Jonathan and Barbara discuss working in the service industry, getting out of the debt cycle, and tips (no pun intended) for service workers to improve their personal finance situations.

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Key Takeaways

01:15 – Jonathan introduces today’s guest, Barbara Sloan, who joins the show to discuss tackling her mindset through mantras and working in the service industry

09:21 – Getting out of the debt cycle and what inspired her to write her book, Tipped

16:55 – The pillars of personal finance Band which chapters were the easiest and hardest to write

18:39 – The importance of recognizing social hazards

19:54 – The Jäger bottle story and having the hustle to be an entrepreneurial

27:23 – Being your own Sharon

31:59 – Overcoming the shame that is associated with being a tipped employee

38:49 – One piece of advice tipped employees should heed and one thing to absolutely ignore

43:16 – The last thing Barbara changed her mind about and one thing that he would like people to know about her

44:48 – Jonathan thanks Barbara for joining the show and let’s listeners know where to connect with her and learn more about Tipped Finance

Tweetable Quotes

“I think my early money memories are ones that gave me a scarcity mindset. I remember losing one hundred dollars and walking up and down ten blocks to try to find it because I was so scared to go home and say that I had lost this money.” (02:55)

“I talk about this in the book. When you’re trying to work on your money mindset, I break it down into four groups that I call, ‘Freebies.’ They don’t cost any money really. It’s Charity, Gratitude Identity and Mantras. And those usually free or low cost items that you can do to improve your money mindset.” (05:29)

“I spent twenty years working two careers in tandem. So, in the day I worked in construction and at night I worked in the service industry. I like to say, ‘Dirt in the day and dirty in the evening.’” (11:27)

“It was just a lightbulb moment for me. I realized, ‘Oh, these two reasons, the lack of financial literacy and the lack of benefits, are the reasons I and all of my peers in this group were not getting ahead and building wealth.’” (14:31)

“As people who work in the service industry, we are experts at selling fun, sexy, drinks, food. We’re experts at selling these things and, because of that, we can often become the ultimate consumer.” (19:09)

“The tipped industry is the largest private sector employer in the United States. There’s more than 5.5 million people who work on a tip-based income in the United States. That is more than all doctors, lawyers, and engineers put together. It is a massive industry.” (24:57)

“I think that a very misunderstood part of the industry is that there is a real craft and a real calling in this industry.” (32:56)

“If it’s not high interest bearing, debt is a thing that you hold; it’s not a thing you are. You are not your debt; you just have some debt. It is not something to be ashamed of. It is just something that you’re working on. So, don’t aggressively pay it off. I would so much rather see people invest and pay off their debt than just focus on paying off their debt.” (39:43)

Guest Resources

Tipped Finance Website

Tipped Finance Instagram

Tipped Finance Facebook

Barbara’s LinkedIn

Barbara’s Book

Barbara’s Email

Mindful Money Resources

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Website: https://mindful.money

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Mindful Money
Do you struggle with money? You’re not alone.
Money is a means, not an end. It’s a necessity of life for sure, but more money does not always guarantee a “good life”. Money enables many aspects of modern life, but as a dominant consideration it becomes destructive. 
The paradox is that more time and energy spent on personal finance does NOT create better outcomes. Unlike many other parts of life, we can’t create better outcomes by being smarter, spending more time, or putting in more effort.
Join Mindful Money author and experienced 40-year investor Jonathan DeYoe as he shares stories from artists, authors, entrepreneurs, and other advisors about how they mindfully minimize their need to think about money and get more out of life.
If you aren’t happy with your finances, feel like money takes more time that it should, or want to place your financial decisions into the broader context of your life, this show is for you. 
Each episode will draw the line between the “enough” activities that the academics tell us are additive to family outcomes, and those “little bit more” efforts that take time and sap energy, but do NOT improve outcomes.

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Jonathan DeYoe

Jonathan DeYoe is a best-selling author, speaker, financial advisor and angel investor. He is a husband, father and a practicing Buddhist. His simple underlying message brings a welcomed sense of order to financial chaos and restores a calm center to your financial life.