What is the million dollar haircut?
When it comes to getting your haircut the options are almost unlimited. If you’re like me, and are working your way to a million dollars – then there’s one haircut that’s going to get you there.
As I’ve mentioned in my previous post about paying off debt fast and what to do after, you need to start living frugal. When it comes to cutting your hair, there’s one cut that anyone can do on their own and save thousands of dollars over their lifetime.
The million dollar hair cut is the buzz cut. With a pair of clippers that you can buy for $60 on Amazon, you can essentially cut your hair for free (read through to the end to see what I mean by this) as long as your clippers are operational.
In terms of keeping them operational, throwing a little grease in there once in a while goes a long way. If your hairs start to pull in to your clippers as you’re cutting you hair it, your clippers might need a little grease.
The clippers are a mechanical instrument, and like a vehicle’s engine, they need a lubricant to prevent the moving metal parts from rubbing up against each other and creating unnecessary friction.
A bonus use for your clippers, is that you can trim your moustache and beard small enough that it’s an acceptable size. You then only need to use a few razors per year to trim around your heavily bearded area.
This can save men up to $300 a year if you’re buying a new pack of razors a month!
What if the cut isn’t for you?
If you’re not down for a buzz cut, and if you’re a woman this might be you, then it’s worth the time to practice cutting your own hair. Start when your hair is long, and just cut off a little bit at a time.
Make sure to dedicate at least 2 hours to cutting your hair and fixing it each time you practice. This may seem like an inconvenience at first, but the more practice you get the better you’ll be.
Don’t forget, you’re making a life long commitment to save money.
Besides saving money, how does it get you to a million dollars?
Every dollar you save from going to a professional to cut your hair, is money that you can put towards your savings where compounding interest can turn $100 a year into $160 a year over 10 years.
So you’re not just saving $100 a year, you’re also making money ever year by cutting your own hair.
If all else fails, and every time you cut your own hair it turns it to a disaster – find a friend who would cut if for you. Barter your services and offer them something else in exchange for a monthly haircut.
Until you’re old enough that your hair doesn’t grow anymore, you’re going to need haircuts. Finding savings like this in your everyday life is crucial to building your wealth and getting to one million in time to retire.