” Money is better than poverty,if for only financial reasons.”

“We live in a difficult and uncertain economy. Every day the cost of business and living continues to rise, as evidenced by rising gasoline prices. Everyday you read  about people who are having financial worries because they did not plan for their future or save their money;many more  are struggling because of layoffs. Many seniors are  having to go back to work because they lost many of their retirement investments. We should learn from their misfortune, this  doesn’t have to happen to you when you get older, or are unable to stand on your feet long hours just to make a living.

Sadly, the beauty profession rarely talks about financial planning and financial security. I suppose this topic doesn’t sell tickets to many of our trade shows. Most hairdressers and salon owners follow the crowd of glitter and product hype and rarely think about their financial future.

How many of you can afford to miss work due to unforeseen illness or accidents.

Most salon owners and hairdressers have no pensions, retirement plans, or health insurance compared to other professions. The question is why? The lesson here is do not trust anyone with your financial future. You and you alone will have to take full responsibility for your own financial security. I was able to retire financially independent, because I followed the following guidelines. It worked for me, I know it will work for you.

Follow These Tips:

Create Value in Yourself — through education. The more education, the more income and opportunities will come your way. Work hard at self-improvement so you can create a demand for your services.The more you learn, the more you earn.

Financial Planning — learn how to work smarter, not harder, learn and read books on financial planning and money management. Suze Orman has great advice for women, go to her web site. She offers a wealth of information.

Avoid Wasting Your Money — before you spend your hard earned money, always ask yourself; do I really need this? Instead put your money where it will earn interest through compounding.

Ira or Roth I.R.A. — a great way to save on taxes or watch your money grow by compounding. Any financial planner will tell you to take advantage of these opportunities.

Stay Out Of Debt — causes stress and worry ,prevents you from taking advantage of the many opportunities that will  be available to you  as you gain experience and improve your money making opportunities.

Invest in a Home or Condo — great time to buy, your young, the housing market will grow again. Take advantage of low interest rates.

Save Your Money — get in the habit of saving money even if it’s just a little bit.

 

I do hope that these guidelines will get you started or at least get you thinking about your financial future. Start now, the sooner,the better.  I even put a chapter in my book about financial planning for hairdressers. Click here