In a saucepot, heat stock or water, milk, a teaspoon of salt and grits, and bring to a boil. Whisk and reduce heat to a low, rolling simmer. Cook 20 minutes covered, at a simmer, whisking occasionally.
Heat a large skillet over medium-high heat with a drizzle of oil. Add reserved chopped bacon and render 2 minutes. Add shrimp and season with salt, pepper, cumin and thyme. Cook 2-3 minutes then add jalapeño, celery, scallions and garlic. Toss 2-3 minutes to soften then 2-3 minutes more until shrimp are pink and opaque. Douse pan with beer and hot sauce; toss with butter to emulsify.
Stir bacon bits into grits and ladle into shallow bowls. Top with a fried egg, some shrimp and serve.
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