How Restaurant Managers and Owners Can Survive a Bad Economy

As a restaurant manager, you work long hours and practically live at the restaurant. Corporate is constantly breathing down your neck, micro-managing your every move, complaining that you’re spending too much money on insignificant items like lemons or ketchup. And to top it all off, you have to find a way to bring in new business, even during a down economy, or again, it’s your fault for that again too.

On top of all this pressure, you have to worry about your own personal finances and saving up for retirement too. If you’re lucky, you may have the option to get bonuses for sales, stock options or even the coveted 401k. But beore you go all-in on the corporate pension/retirement system, which in our opinion is far over-glorified, today we’re going to look at some ways in which you can be less reliant on traditional ways of saving for retirement that could pay off big for you.

Understanding Your 401k Options

One of the most common and popular ways to save up for retirement is the 401k. Your company will match an equal % of contributions that you make a to a managed wealth fund that usually consists of high-performing stocks and equities. The 401k is seen as the bread-and-butter gold standard among employee retirement plans, and usually no one questions their wisdom.

We like 401ks ourselves, but we know from experience that in most cases, a 401k is only as good as the current state of the stock market. If you only pay a cursory glance to mainstream financial news media, you will always assume the market is going up, everything is fine, and everyone is making a ton of money. 

Except when it isn’t, and people aren’t. Like right now, in the current crashing stock market, or the bond market, or the housing market.

How to Protect Your 401k with a Gold IRA

This bit of advice we’re about to give to you is not for the average mindless follower of MSNBC, Yahoo Finance or Fox Business. We admit, this takes a bit of creative thinking (but not that much). And while we could go on for several blog posts about how the mainstream media’s primary job is to generally make the population go to sleep so that the big banks can loot the economy and siphon the wealth out of everyone’s retirement fund, we won’t go too far into it today.

What we will say, however, is that what goes up, must come down. Just as you, a restaurant or hotel manager, instinctively recognize the inherent truth in the fact that sometimds your restaurant gets swamped with guests and customers, reservations, and unexpected walk-ins- and other times- your restaurant is like a ghost town from the Old West, where it would be nice if even a train robber decked out in all cowboy garb walked in and just ordered a single shot of whisky.

And just the same way your restaurant sees feast and famine, so does the overall economy, especially the stock market. And this is why, it’s often a great idea to transfer all or a portion of your existing 401k to a Gold IRA when you can.

This can be done upon retirement, when you change places of employment, or under other special circumstances. A Gold IRA is based on the precious metal known as gold, as the name implies, which is a hard asset whose value remains relatively constant and dependable throughout time, but tends to rise when governments print lots of money to try to save the economy (as they have in the last 10 years since the crash of 2008). 

It’s especially important to realize that it’s not enough to simply buy paper shares of iGold on the stock market itself. You want physical gold to back up your position, which a Gold IRA does perfectly. You can even take delivery of the gold yourself, should you not want it to be stored at a Brink’s secure location that your Gold IRA custodian will provide for your account.

Get Your Free Gold IRA Kit Here

gold ira reviews

Whatever You Do- Do Something

It’s important that you don’t become a passive holder of any retirement program plan or employer-matching fund without understanding the risks of both the fund and the current state of the market. You cannot afford to just go to sleep and assume that everything will be ok. This is exactly what my college professors did in 2006, and they paid the price in 2008 when they came to class and informed us that they’d have to work another 10 years just to be able to retire.

Leave a comment

Your email address will not be published. Required fields are marked *