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I think you'll all agree that the cost of living keeps escalating. We live in a very changing and uncertain economic environment. The cost of living keeps going up and up, business costs for salon owners are also escalating, we can no longer meet these challenges by trial and error.
Let this serve as a warning sign and red flag to everyone in the beauty profession to start planning for your own financial security. The sooner, the better.
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 salons and our hairdressers standard of living is not keeping pace with the rising cost of living compared to other professions. Sadly, most hairdressers and salon owners have no meaningful health insurance, vacation pay or retirement benefits and far to many live week to week 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?
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 and salon owners are vulnerable to financial uncertainty. There are more hairdressers, more competitive salons, 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 there has never been a better opportunity for hairdressers and salon owners to stand above the crowd, and take control of their own financial future.
The following guidelines will help you start on the path to reaching your financial goals.
Stay out of debt — Especially credit card debt.
Invest your money — You work hard for your money, make your money work hard for you.
Keep learning — Seek out knowledge and information. The more you learn, the more you earn. Continuing self improvement will help you make your money work hard for you.
Save your money — Buy your first home or condo.
Open your own 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. I suggest you review Suze Orman's financial messages, it will be an excellent resource to get you started.