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This podcast is brought to you by EQ Bank and the EQ Bank Savings Plus Account.\xa0

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[0:00 - 1:17] Intro

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[1:18 -\xa0 2:55] Opening monologue\xa0

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David Chilton\u2019s book, \u201cThe Wealthy Barber,\u201d tells us that if a barber can be wealthy, given how much they make, anyone can. The rules are simple. Live below your means, learn how to save, start an emergency fund, and as early as you can, pay yourself first - 10% of your earnings should go to investing. It doesn\u2019t have to be complicated, these days you can use a robo advisor like Wealthsimple, Questwealth, or JustWealth, and let the algorithm do most of the work for you.\xa0\xa0

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You need to pay off any credit card debt, diversify your investments, and as we age, we should set up wills, get life insurance for our dependents, pay off your mortgage in your 50\u2019s, and have 8x your salary saved by your 60\u2019s. If you want a plan, ask the wealthy barber, read his book, it's a classic of personal finance. We decided the idea of a wealthy barber is one worth exploring.\xa0

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So, we reached out to Shawnnn, owner of the Pretty Rugged Hair Co and Dee, a stylist at Educo Salon to ask them about money and gain insights from their two unique perspectives.

We talk about the industry, building a business, and earning clients.\xa0

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What shines through to me though, is how universal the learnings are. How we can apply what they say to our own lives. Life is a journey, happiness - a never ending pursuit.\xa0

We must chase our dreams, and if we do, the money will come. If we\u2019re happy in our work, if we\u2019re passionate about what we do, then we figure out how to live our lives according to the money we earn. That\u2019s real wealth, and this is Real Money Talk.\xa0

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[2:56\xa0 - 7:23] Introductions and Money Mistakes - Overspending at the barbershop, Buying the wrong cape, Too late vintage coat, Not buying childhood fun

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[7:24 - 9:03] Shawnn - How did you arrive at being a barber and hairdresser? What was the path to get here?\xa0

[9:04 - 12:Dee - What\u2019s your story?And Who is Vidal Sasoon?\xa0

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[12:45 - 13:06] Shawnn and Dee are engaged - Hair brings the romance out in all of us. A

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[13:07 - 16:06] Tell me about Hair School. That\u2019s a dedicated decision. Is there a certification for hair cutting? Can you not walk into a salon and start cutting hair? Shawnn was only able to attend school with the help of government programs because of how expensive it is.\xa0

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[16:07 - 17:54] Shawnn - it\u2019s like trades, you have to work on the job.\xa0

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[17:55 - 19:11] What does your day look like at a barber shop or salon, Shawnn? Why did Shawnn leave the salon shop?

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[19:12 - 19:59] But now it\u2019s different owning a barbershop. Manage expenses like rent. How do you do it as an entrepreneur?

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[20:00 - 21:54] Dee\u2019s day in a salon is very different from Shawnn\u2019s. Much busier, many technical roles. Balayage specialist. Colorist. Assistants. Front desk. Highlights. Blow outs. Cuts. Wash-outs. Bridal. Extensions.\xa0

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[21:55 - 27:04] How much money does a barber make? How much does a stylist make? Do you pay for chairs like rent? What are the general costs of being a hairdresser or barber? Scissors are more than $20. Dee works on commission, but there are different situations. Start with a base salary, likely hourly. You need social media to succeed long term.\xa0

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[27:05 - 27:51] Shawnn - How\u2019s your social media game? What are your water bills like? Real investment is your time.\xa0

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[27:52 - 28:49] Dee - It takes 4 years to build a client base.\xa0

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[28:50 - 29:33] Shawnn, did you bring your clients over? People want to use what\u2019s easy.\xa0

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[29:34 - 32:08]\xa0 Touch on some of the tools. If you\u2019re a brand new barber, what tools do you use? How much does it cost? Shears are $450-$2,000, plus sharpening. But you don\u2019t want\u2019em super sharp.\xa0

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[32:09 -\xa0 33:39] Dee - You have to keep educating yourself, invest in yourself.\xa0

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[33:40 - 36:21] With all these costs, how important is tipping? How much should people be tipping? How does a stylist get paid?\xa0 Some stylists make less than minimum wage.\xa0

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[36:22 - 37:05] Are there common misconceptions about being a stylist? What should a client know?\xa0

Dee gets asked a lot if it\u2019s a part time job or still in school.\xa0

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[37:06 - 38:39] Do you want to have a conversation with the guest?\xa0

Shawnn leaves it to the individual. But no politics or religion.\xa0

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[38:40 - 40:09] Dee is a chatterbox. Clients are like family. Dee\u2019s sister wants her hair cut by Shawnn.\xa0

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[40:10 - \xa0 48:03] Rapid fire questions -What\u2019s in your wallet? Favourite book you think everyone should read, Favourite movie, What are you binge watching? Biggest mistake a new barber will make? Best piece of advice you\u2019ve received, and If you could have a billboard on the side of the Trans Canada Highway - what would you want it to tell the world?

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[48:04 - 40:46] Financial tip of the week. Should I save for retirement in a TFSA or an RRSP?

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[50:47 -\xa0 51:58] Outro

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