How to Retire as a Hairstylist

According to the Social Security Admin., the average social security check a senior receives is $1,288 a month. Provided social security IS STILL AROUND when you retire at 66, 72 or whatever the age is then, if you made what most hairstylists make, around $40k, you would receive less than $1,700/month. (Assuming ALL income was claimed and paid taxes).

So,  I have a question, "are you preparing yourself to live well now and beyond your years behind the chair?'

Are you saving some of your income? For example, if you've been working in the Beauty Industry for 15 years and you make the average income, you should have a minimum of $60k in the bank, IRA, Mutual Fund, Annuity or some other cash equivalent.

Are you investing your savings so that you have the funds you need to live well in retirement? 

If you are not where you want to be financially in your business and personal life, here are 6 recommendations to jump start your financial plan:

1. The biggest reason why most hairstylists have trouble financially is because we aren't generating enough income to begin with making it hard to pay bills let alone save. Get the help and advice you need to maximize and earn as much as you possibility can from your current business and develop additional streams of income.

2. Get with a Fiduciary Financial Advisor. A "fiduciary" is different type financial advisor. They are licensed and work on your behalf and NOT for the company they represent. Do a google search for a fiduciary in your area.

3. Develop a spending plan. No one likes a budget. Budgets feel restrictive, tight and no fun. But a spending plan allows you prioritize how and what you will spend your money on. Always live below you means. If you want to live a "higher" quality, generate more income don't spend every cent you have.

4. Set up easy savings and investing account. The best approach to get a separate savings account at the bank and have them take the money out of your business account every week or every 2 weeks. As a business coach, I have several ways to make the process easy and easy to maintain.

5. Read books and educate yourself on financial matters. It's not as difficult as financial people make it out to be. Here are a few good books to start with:

Rich Dad Poor Dad

Smart Women Finish Rich

The Money Book for the Young Fabulous & Broke

So, if you'd like to know how to get more clients, make more money, or set up simple ways to save and do more so you can live your dreams....click here to schedule a complimentary strategy session with me to grow your business.

Take care
Alex B Jones
#1 Coach for 6-Figure Stylists