A brewery is your vehicle, not your final resting place.
What I thought about this Thanksgiving was how grateful I was that I found an occupation that was so fulfilling I would have done it for free. But that was never my plan.
Luckily I happened upon a book when I was 33 called Cashing in on the American Dream, how to retire at 35. It showed how you could be a super saver and be able to live off your investments. That was followed up by another book called Your Money or Your Life. That breaks it down into actual steps you can do. I was smitten with the idea that I could live without the stress of money and all the freedom that would grant.
Happily for me I loved the brewing business, so while I was going through the steps in the book, I was also enjoying the work I was involved in. I want to recommend these books to you. I don’t know if you can even find a copy of the first one, but the second one is still a best seller. I also recommend the F.I.R.E (financially independent retire early) movement and especially Mr. Money Mustache.
My wife Sandy and I never made all that much, but we managed to save over 50% of what we did make. Eventually we got to zero debt and continued to work our brewery and save as much as possible. Not having any debt has made all the difference. It afforded us to take mini retirements, or long sabbaticals to fulfill dreams we had, and still have. This is why I bring this up in my column about brewing. Believe it or not, there is more to life than just running a brewery.
If you start today thinking about what you would do if you didn’t have to work for a living and then write those goals down, that’s your starting point. To make that a reality, I suggest going through the steps in Your Money or Your Life. Within 5 to 10 years you will have no debt and when you include your brewery, probably enough assets that you could take a 6 month sabbatical, or a permanent retirement. But the key is you have to make a start. It doesn’t happen on its own.
I, like everyone I know, have a lot of life goals. when we took our first sabbatical, I wanted to write and publish a book. I did. I wanted to solo sail in the ocean. I did. I wanted to be a National Park Ranger and I did.
By following a financial plan and working everyday towards it you can do so much more than just run a business. Because you have decided however to open a brewery you have a real leg up on this journey. You are building an asset that has much more value than just working for a paycheck. I outlined this in a previous article.
Now I recognize that this looks like bragging, but the thing is, I just have a high school education, my breweries were small and not million dollar operations, I never made big paychecks, but it was still enough to create a life that this Thanksgiving, I am so thankful for. I want to encourage, and help if I can, you with your brewery do the same, if you want it. Start by exploring the F.I.R.E movement. Reach out to me with questions. I will share all the gruesome details.