Finding Financial Freedom 2015|Indulge Salon
Money is different to everyone. Someone might have 100,000 and it’s enough, and to someone else that $100,000 might not be enough. Do you want to leave a legacy? Do you have enough to live on when you actually retire? Do you know when you actually can retire? Do you know your housing expenses, insurances, etc.?
These are questions that need to be asked before you retire. Planning is essential to a great retirement. I can tell you that I’ve worked with many women who, by age 40, have zero money for retirement, which means that when you realize this error, or if life just happened, then your money and your plan must work harder to achieve your goals.
Time is your best asset when saving for retirement. The earlier you save in life, the more opportunity you’ll have to have your money grow. Your money can weather the peaks and valleys of the market if you are invested in the stock markets. If you start when you are older, you might not be able to weather the market storms that can wreak havoc on your finances in 2008. Currently, the older employees are working in retail stores, working part time to make up what they had lost. Is this what you want?
One misconception is that the average women thinks they can just take a big chunk of their paycheck to give to a financial planner to let them do what they want with it. In defense of some planners, they will have your best interest in mind, however, know that your future is your responsibility and you must be aware and keep track of your money. If you are just blowing money on stuff, then you will never get ahead. Having lots of stuff is never going to be the best investment for the future. You will either sell or it, discount it or give it away. Looking at your daily spending habits on coffee, soda, buying lunches out, these expenses can be reduced and those monies can be put toward savings.
There is an estimated women owning business. A report from Straight facts says 13.8% of women are poor in the U.S. vs 11.1 are business owners. Over the age of 75, 13% of women are poor vs 6% of men.
Managing your expenses is a big part of planning for retirement. Mastering this and living below your means will help you gain in the long run. The smallest pebble can lead to a big mountain. The secret is to start now. If you have no savings, then take 10% of what your net check is and sock it away into a savings account to start to build enough to cover 3 months of your expenses. This will help you feel safer and more secure if anything would happen. Then if you can put aside a little more toward investing, this would be even better. If you really don’t know what you are doing with finances and managing any of your income, we are having a class at Indulge Salon in January that you can sign up for. We have done a series of money management training for our staff that you can join for FREE. We are not just about haircutting and hair coloring, but we are also cheerleaders for you to have a better life.
On January 21st – 10:00 a.m. – 12:00 p.m., we are hosting Hope from Santander Bank to start the series on Financial Planning. Learning to manage your income and expenses. She will be doing a series of these classes for our new employees and you are invited. She will review your credit score to help you understand the power of a good credit score and help you learn how to start saving money. This class is FREE and we welcome you to our trainings at Indulge Salon, 970 S. George St., York, PA 17403 located across from the York Hospital. Call 717.846.4424 (add link to South George Street location)
One of our stylists who attended the series of financial planning have really benefited from this and are well on their way to a great financial future.