Financial Freedom for Beauty Pros: How to Grow Income, Reduce Debt & Invest Smart

<p> Are you ready to take control of your finances and build lasting wealth? In this episode, we’re breaking down a sustainable plan to grow your income, reduce debt, and invest in your future—all tailored for hairstylists, salon owners, and beauty entrepreneurs. Learn smart money strategies, the best ways to eliminate high-interest debt, and how to start investing wisely (even if you're new to it). Whether you're looking to scale your business, create passive income, or build financial security, this episode gives you actionable steps to make it happen. Tune in and start making your money work for you! </p>

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<p> Key Take-aways: </p>

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<p> 1. Pay off high interest debt first: credit cards can hold an interest rate up to 25% causing the average person to pay 2.5x more than the original purchase. </p>

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<p> 2. The suggested amount is to pay 15-25% of your income monthly to pay off that debt. </p>

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<p> 3. Avalanche Method: is a debt repayment strategy where you focus on paying off debts with the highest interest rates first to save the most money on interest over time. </p>

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<p> 4. Allocate 20-30% of your income every month toward your emergency fund, whether you choose to pay off debt first or divide 25% to debt and 5% toward saving. </p>

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<p> 5. Some debt is healthy debt, but your credit score is impacted when your debt to credit limit goes over 30%. Once your debt to credit limit hits 30%, it can drop your credit score by 20 to 50 points depending on your overall credit profile. </p>

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<p> 6. An emergency fund provides financial security by covering unexpected expenses. It offers peace of mind, supports business stability during slow periods, and allows you to make decisions confidently without financial stress. Plus, it encourages better money habits and protects long-term investments. </p>

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<p> 7. Setting clear goals helps you get there faster. </p>

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<p> 8. Set aside 10-15% of your income to your savings once you’ve paid of your remaining debts. The goal is to build 3-6 months of your monthly average spending to hold in your savings. </p>

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<p> 9. The next step is to open a high-yield savings account, which compounds over time at a higher interest rate allowing you to accumulate more income as the account grows. </p>

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<p> 10. Compounding means you’re growing income from interest continues to grow as the money grows. The more frequently your interest is compounded, the quicker your money grows. </p>

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<p> 11. Leverage your own business as an investment. You want every square inch of your business to be income producing. If you’re independent, what lines or affiliate programs can you work with to add multiple streams of income? </p>

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<p> 12. Build a roadmap for your income strategy building. Start thinking of this as placing your efforts seasonally to pour into multiple buckets, which allows wealth to build more wealth for yourself. </p>

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<p> 13. When seeking a financial advisor, ask them what their fee structure is. </p>

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