Ok The next thing we need to take a serious look at is our SAVINGS.
For some of us this is a four letter word!!
Or it's like "I'm in my early twenties what do I have to worry about that for"?
Well lets just say TIME has a very strong effect on the growth of MONEY.
You see, everyone knows that money deposited in a savings account will earn interest. because this is a universal fact, it is best for us to save today rather than next year or next decade.. So no matter how tight money fact's will prove that the money you earn today is worth far more than the money you will earn ten years from now.
Here is a simple example. Your savings account earns a 5% interest rate, $100 dollar investment today will be worth $105 next year (100 multiplied by 1.05). Conversely, 100 received in one year is only worth 95.24 today (100 divided by 1.05), assuming a 5% interest rate.
Now if you are a salon professional, you have an enormous amount of creativity. So you can come up with more exciting examples on your own!I think you get the point!! START SAVING TODAY!
Note: One of the easiest ways to "find" money to start saving is out of your tip income. If this is a new habit start with an envelope and put your first 5$ or 10$ tip per day in and do not touch it!! I challenge you to try this for a month and see how fast it will start to snowball!
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