“They got married,they got divorced,and half their money goes out the window.” Suze Orman

Although many of these tips are geared towards women’s financial retirement needs, they also apply for men as well.

As hairdressers and salon owners we 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 the rising cost of living  as an example. It’s really 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 w0men 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.  Increased income will be your reward.
  • 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. When you increase your earning potential, you’ll be able to save more. A top professional will never be out of a job. You control your own destiny.
  • Set Financial Goals — clearly define your financial goals, then work hard to make your goals 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. 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. Suze 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. 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.sI 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. Far too many of our colleagues are working pay check to pay check. Until changes are made, we must take full responsibility for our own financial future.