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I think you’ll all agree that the cost of living keeps escalating, just fill up your car at a local gas station if you don’t believe me. In the newspapers you read everyday about the solvency of social security. They’ll probably extend your retirement age to 70, before you can claim social security benefits. Another big obstacle that’s confronting hairdressers is the rising costs of medical insurance. Let this serve as a warning sign and red flag to everyone in the beauty profession to start planning for your own financial security.
Unfortunately, most hairdressers focus so much of their time and attention towards developing their artistic and technical skills; they fail to plan for their own financial security. Statistics clearly show that most of our hairdresser’s standard of living is not keeping pace with the rising cost of living compared to other professions. Sadly, most hairdressers have no meaningful health insurance, vacation pay or retirement benefits and live from week to week and walk on a financial tightrope. How many of you can afford to miss work for a period of time due to unforeseen circumstances and still maintain your current lifestyle? I know this is not a fun topic and you would rather be having fun at a hair show with all the glitter and hype. Sadly most young hairdressers won’t find this article interesting because it’s not about hair.
Whether you’re just starting your career, or have many years of experience, it is never too late to start planning for your own financial security and retirement. I think you will agree that in these difficult and uncertain times, hairdressers are vulnerable to financial uncertainty.
There are more hairdressers, more competition, and more price ranges in which our customers can choose to patronize. It’s getting more and more difficult to earn a good living. Good is not enough anymore.
Despite these obstacles, I believe their has never been a better opportunity for hairdressers to stand above the crowd, and take control of their own future .Sadly most hairdressers will not take the time and effort to succeed because it requires effort and sacrifice . You’ll probably win by default. When the going gets tough the tough gets going.
The following guide lines will help you start on the path to reaching your financial goals.
- Create value in your self and in your skills— Keep learning, invest in gaining knowledge. The more you learn, the more you earn. The more you earn, the more you’ll be able to save and invest and make your money grow.
- Discipline yourself on how to save your money.
- Stay out of debt; especially credit card debt.
- Invest your money. You work hard for your money
Make your money work hard for you.
- Save your money and buy your first home or condo.
- Open your own I.R.A or Roth retirement account, take advantage of tax savings.
- Avoid job Change –Every time you make a job change you start all over, there’s no guarantee your new job will be any better. If you’re unhappy, talk to your boss and find a solution .Job change can also affect your credit rating as well. If you’re good, people will find you. Referrals will be your key barometer of how well you’re performing.
- Set financial goals, make them realistic and reachable. Set small goals and then set new ones once you reach your goals.
- Learn about money and financial planning .Learn the power of compounding.
In today’s rapidly changing and uncertain economy, it is becoming more and more crucial to start planning for your financial future—the sooner the better.
I urge you to learn about money management and financial planning .With a lot of self discipline and knowledge about money, you can and you will control your own financial future. It is my sincere wish that this article will make you more aware of how important it is that you start planning for your own financial security for yourself and your family.