Saving Money for Your Retirement: By Jessie Burkhardt

I’ve heard it all too often; nail techs that admit they have no plans for saving for retirement.  Perhaps they plan to work until the day they die?  Doubtful.  The sobering fact is that saving for retirement can be complicated with so many options that are not easily understood without an MBA in Finance.  Also, in a business where you may get paid in cash, it takes extraordinary discipline to put some of that cash aside for savings.

Working in a corporate environment, saving for retirement is a little easier.  Most likely, you make a consistent salary week-to-week (no peaks and valleys in your income), and your check is automatically deposited into a checking account.  With this sort of set-up, it is easy to allot a percentage of your check to automatically go to a savings account and you may have the option of a 401K (which also is an automatic deduction).  For people in this situation, you can have a more hands-off approach to retirement savings (if money management isn’t your forte).

As a nail tech, saving money isn’t quite that simple.  Choosing a flat percentage of your pay each week or month to save may not be realistic.  What you might be able to afford to set aside in November and December may be too much for your slower months.  Also, back to the cash issue, there is no way to make that money go to savings automatically.  YOU have to decide where that cash goes and follow-through getting it there on a regular basis.  Again, this takes a lot of discipline, especially when most of us are burning the candle at both ends.

I don’t need to wax poetic about the importance of saving money.  With the current state of the economy, we all know the rug can be pulled out from under us.  We need to have a plan on how we could keep going if a.) we were sick and unable to work b.) business took a nose dive c.) had a family emergency.  Also, we want to someday be able to reap the benefits of all of our hard work – kick back, relax, travel, whatever!

If you haven’t started to put a savings plan in place, pick up the phone and call a financial adviser today.  No, their services won’t be free.  Set a little money aside now to help put together a nice nest egg for your future.  You don’t have to do it alone and feel overwhelmed.  A financial adviser can get you on the right path.

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