Although many of these tips are geared towards women, they also apply for men as well.

As hairdressers and salon owners we tend to invest most of our time  developing our artistic skills, we seldom think of planning for our financial future.

In today’s tough economy, the cost of living will continue to escalate as evidenced by rising gas prices as an example. It’s not how much you earn that will determine your financial future; It’s what you do with your money that will determine your financial future.

I’ve listed a few important guidelines that will help you in the area of financial planning and financial independence:

  • Invest in Creating Value in Your Skills — if you want to stand above the crowd and gain that competitive edge. Develop your communication and people skills, look and act like a professional, and develop your competitive spirit. Challenge yourself every day towards self improvement.
  • Don’t Rely on Others — for your financial needs and development. Don’t put all your trust on your boy friend or husband for your financial security; you never know when you may have to go it alone. Work hard to invest in your skills and self confidence to create a demand for your services.
  • Invest in Education — the more you learn, the more you earn. A top professional will never be out of a job.
  • Set Financial Goals — clearly define your goals, then work hard to reach your goals and make it a reality. Opening a Roth Ira account is a good start.
  • Stay out of Debt — don’t spend money just to make you feel good. Make sure you stay out of credit card debt.
  • Learn about money — you work hard for your money, make your money work hard for you, and learn the power of compounding. Learn how to invest your money, take classes on money management, and financial planning. www.vanguard.com has an excellent retirement and money management program. Susie Orman also has valuable information as well.
  • Learn to Budget —monitor your spending habits, do you really need to spend that $7.00 for a glass of wine? Learn to save your money. Before you spend your money place a value on what you’re buying. You may want to start at saving some of your tip money as a start.

We as hairdressers spend much of our time developing our artistic skills, I urge all women who are in the beauty profession to get out of the box and focus some of your time on planning for your financial future. Learn to be a true entrepreneur.

I have great respect for women who want a better life for themselves and family. Although this article is about money, don’t neglect your family and loved ones. Your challenge is to find that balance between working and family values

Sadly, as hairdressers, many of us have no pensions, medical insurance or other benefits such as other professions. Until changes are made, we must take full responsibility for our own financial future.