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Your Road to Financial Security

There are plenty of ways to get ahead financially. The first is so basic I’m almost embarrassed to say it: spend less than you earn — Jon Gonzales

The purpose of  writing this blog on this topic is to call your attention to planning  your financial security and financial future.   I know most people in our profession will not think this post is interesting, and will ignore this post. In my opinion this information will prove invaluable over time.

This is one of the reasons I was able to retire financially independent and debt free. It is my hope that this blog post will at least get  you thinking and started towards achieving financial independence and retiring debt free.

It is a fact that earnings for hairdressers are far below other industries and professions. Most people in our profession have no medical insurance, pensions, retirement plans, and benefit packages like other professions and industries. Far too many of our colleagues are working pay check to pay check just to pay their bills.

Many of our salon owners are just trying to survive and stay in business. As businesses fail, jobs and opportunities are lost.

As you gain experience and growth in the beauty profession, it is my wish that at least I could get you to thinking about your financial future.
It is not how much you earn that is important, it’s what you do with what you earn that matters.

Your first step towards financial security starts at money management.

The following will help you get started:



Budgeting — you must have the self-discipline to look at what you spend, what you earn, prioritize your spending habits, then set a weekly or monthly budget and stay within your budget.

Control Your Spending — don’t spend money you don’t have. You may want to take a sandwich and snack to work instead of spending money at a fast food restaurant. Instead of buying your coffee at Starbucks, you may want to go to McDonald’s. The money you save and stash, away in an interest bearing account will get you started. The same can be said of your tip money. By saving $ 50.00 a week,you will save $2,400.00 per year.

Habit of Saving — try to put a little money aside with each pay check. Pay yourself first. Get into the habit of saving  your money.

Stay Out of Debt — especially credit card debt. If you do use a credit a couple of  credit cards card, pay on time with with the highest rates first.

Education About Money — Read about money management and financial planning, it will open your eyes. Suzie Orman offers great advice in this area. Learn the power of compounding interest. You work hard for your money, make sure you’re money works hard for you.

Legal Tax Deductions — itemize all your expenditures, take advantage of all your legal deductions.

Create Value in your Skills  — On going education will give you the skills to earn a higher income. The more you earn, the greater your opportunity to save your extra income. Knowledge is powerful.

Keep in mind, you can only service so many people a day, working on customers. As I was developing my artistic skills,  one of the skills I developed when building my career was learning about money, management, and financial planning. Watching my money grow as evidenced by our growing stock market is so much fun.

I do hope you will learn from this and get started, learn to work smarter, not harder.

Let these simple guidelines will  help you take control of your financial future. The earlier you start the better.

This will be one of my topics at my seminar for hairdressers in Las Vegas November 13. Click here for complete details and topics.

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