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IMPORTANT LINKS:
Where to find Danielle https://www.instagram.com/danielle.keasling/
Biolage Quiz https://www.biolage.com/hair-quiz
Education https://www.beyondtheponytail.com/
Listen to Elizabeth’s Financial Advisor: https://www.hairloveretreat.com/episodes/2018/11/19/episode-13-smart-money-is-sexy-money?rq=levi
This week we have Danielle Keasling on the podcast to talk all about SAVING YOUR MONEY, and other financial lessons the world has had to learn during this weird (COVID) year.
3:00 WHAT HAVE YOU LEARNED DURING THE PANDEMIC FOR THE HAIR INDUSTRY?
Danielle has worked in this industry for over 20 years, and has seen it all. She has worked as an apprentice, as a booth renter, salon owner, educator, and so much more.
When she opened up her salon she made sure that she first had the money to do so. She didn’t want to take out a lone, and then looked at her people. She made sure the people she hired were amazing, and every year since then, her salon has made money. At that point in her career, she realized she wanted to go back to doing editorial hair, and she felt comfortable because she had set herself up for success through her salon.
She recommends going about this industry as a BUSINESS and not just doing someone’s hair. COVID took salons for a turn and it made her realize the importance of being a planner, and having a plan for resistance. We have learned this year that NOTHING Is COVID proof!
One of the amazing things that did come out of the pandemic was the support that came from this Industry. As salons started opening back up, people started going crazy! If you were still stuck at home, you were mad at the salons opening, and those going back to work were swamped with work!
A light bulb went off in Danielle’s head. She realized that hair stylists needed to focus more on the business side. Whether that’s investments, or finding a side hustle, or saving, just SOMETHING to set yourself up for success!
Whether COVID is here to stay, or goes away, there are going to be moments in your life where you are not able to do hair. You need to find a way to save, invest and have other streams of income, you won’t be so stressed out when something happens.
When you’re starting out, don’t try to “eat the entire elephant”!! Start small. Otherwise you will be overwhelmed.
If you still have downtime, use it to LEARN! Danielle took the time during shut down to learn more about the stock market.
25:00 FINANCIAL TIPS
Look at all of your subscriptions! There’s a good chance that you have subscriptions that you don’t even use.
Also, look at how much you’re spending on the little things like drinks or eating out.
If you can be disciplined enough to go through your accounts and your credit cards, and write a budget for yourself! You can still have fun and do the things you want to do, but there are always areas that you can cut back on!
There is an app called Acorns, and they will invest your change (rounding up to the next dollar).
Take a look at how you feel about money and your thoughts around it, and if you are feeling guilty about spending
37:19 INSURANCE
“IF YOU CANNOT AFFORD HEALTH INSURANCE, CUT OUT YOUR COFFEE TRIPS!!”
You have to remember that you are your own investment! We have one of the most physically intense jobs, and you are not going to be able to operate to your full potential if you are not taking care of your body.
Danielle recommends shopping around. Elizabeth recommends Elite Beauty!
Here is a link: https://elitebeautysociety.com/
Protect yourself and your assets!! If you don’t have good insurance and something happens, think about all the time you have put into your business, and how sad you would be to be out of business.
45:00 LET’S WRAP IT UP
If you have ANY questions, DM Danielle on insta!
INVESTING: Danielle uses Robinhood, and Acorns, and Elizabeth uses Ellevest. Start with what you can, even if it’s removing one drink a week and instaed investing that money.
CHECK INS: Set a date with yourself to make sure you are looking at your accounts in DETAIL!
INSURANCE: You need to have business insurance, liability insurance, health insurance, and disability insurance (this is nice and easy!)
