Our industry is addicted to cash flow. The lockdown of the haircut business this past spring financially impacted many in pro haircutting rather severely. There was always more money tomorrow. Until there was no tomorrow for a while.
The lockdown pulled back the curtain on a dirty little secret in our industry. Far too few hair pros have saved nearly enough. A broken wrist, a back injury, a fire, a flood or an unplanned pandemic can cut off the flow of dollars at any time. We probably knew this but never really understood. Many learned this the hard way.
At the start of the lockdown I published a pdf document offering of some solid savings strategies for when we got back to work and back to cash flow. Any and every haircutter can implement the techniques I shares. All told the strategies can add up to over $4,000,000 in retirement savings and form a solid safety net.
Here is a LINK to the pdf if you wish to have it.
Tuesday, December 8, 2020 I am presenting a facebook live program in which I will take viewers through my seven simple and powerful strategies for saving and wealth building.
This week in the blog and podcast I am offering up a few foundational tactics as a lead-in to the content in the pdf and the facebook live.
You can register for the facebook live at the LINK HERE. It costs just $4.95 to attend… less than the tip you might receive on a single haircut.
You can listen to the corresponding FREE podcast at the LINK HERE.
Success strategies for savers in pro haircutting.
1. Start now. The sooner you start the more you will have saved. The longer you have been saving the more your savings grow. The time to start is right away. Start today. No later.
2. Start small. Any savings is savings. More is more than less. Small savings add up. Sure, big savings add up bigger and faster. That might not be a reality for you right now. Small savings builds the saving habit and gets the pile started. Every penny counts.
3. Develop a “Pay Yourself First” attitude. Savings is a mindset. Rather than thinking you will save what is left over after you pay for your bills and your life, take the savings off the top first. Set a savings budget. Make that stash. Then live off of what is left over.
4. Keep track. Keep records of your savings and keep count of what you have. Blindly stuffing wads of cash into a mattress is a form of savings, but you do not know what you have and how it is growing. Tracking savings serves to motivate you towards more savings. Seeing the numbers go up is a huge reward for your efforts.
5. Keep quiet. How much you are saving and how much you have stashed is not for discussion. The circle of your savings discussion should be no bigger than you and your life partner. At some point that circle is expanded to a financial advisor who is helping you steer your financial efforts. Everyone else should be in the dark.
6. Diversify your savings channels. Once the savings habit is initiated and you have caught the savings bug look for more ways and places to find money to put away. Repeat the process by starting small. Build a savings initiative. Then build another one.
7. Reevaluate your savings as you go. In the beginning a small savings effort seemed like a big deal. Now that your savings are on a roll perhaps the amounts in certain savings places can be evaluated and increased. Once the habits are started they can be increased a bit.
Join me for the seven strategies that I will share on December 8 at 8:00 PM CST.
LINK HERE to secure your spot.
Any single strategy will build a base of protection. Implementing all seven will change your life.
I look forward to seeing you there.