As I was listening to the radio as I often do when driving from one appointment to the next, there was an advertisement that promoted hair extensions. The reason why this particular advertisement stopped me in my tracks was because it mentioned that you could finance your hair extensions. HerImports, mentioned that you can finance bundles of weave if you are low on funds.
The way it will work with HerImports, a leading hair extensions brand, is a customer can pay as little as $25 down (depending on their credit approval) and have the hair extensions shipped to them, while continuing to pay monthly installments for 3 months, 6 months or 12 months- until the hair is paid off. In order to participate the customer must be approved through the payment merchant (e.g. PayPal). Unlike those hidden fees that you may pay with retail credit cards, HerImports has no hidden fees with this program. However, you will have to pay an interest fee ranging between 10%-30%, depending on your credit.
I know as well as most that when your hair is laid, makeup flawless, and outfit on fleek, you cannot tell a woman anything. Her attitude and confidence are on another level. What I have a concern with is the same individuals who must finance hair extensions are the same ones who are struggling to make ends meet, get out of debt, and save for the future.
After visiting the site, I agreed the hair looks beautiful. There were also stylists to celebrities from Michelle Obama to Kerry Washington promoting the quality of the hair. Let me say this again, the stylists to celebrities! While you are struggling to purchase Peruvian Body Wave Bundle 16-18-20 + 12″ Closure for $420 at $38.50 per month, it is a drop in the hat for individuals who can afford to sneeze on a hundred dollar bill. THIS IS NOT CONDUCIVE TO YOUR FINANCIAL GOALS.
Two things cannot coexist in the same space! With that said, hope and financial procrastination cannot coexist. Stop saying that you don’t have any money and you want to get out of debt, when your actions say otherwise.
Before you purchase your bundle that will not last a lifetime, let’s break down how your monthly payment can impact your future.
The following is an example of investing in the market:
If you contribute $38.50 per month for 12 months at 10% Annual Return, your value will be $483.77. If you continue to invest in yourself and your future for the next 30 years at 10% Annual Return your portfolio is expected $87,028.79. Do not say that you cannot afford to invest $38.50 per month into a retirement account, when you are going to contribute the same monthly payment to finance hair extensions.
Before your mouth drops to the floor, think about how your decisions and behavior can impact your future. You do not have enough money to contribute toward a retirement plan, but you have enough to purchase a bundle of weave. Really?!
Wow! A poor mindset will never allow you to get ahead.
Bahiyah Shabazz is the President of Shabazz Management Group, Fabulous & Money Savvy and BROWN GIRLS DO INVE$T. She has appeared and given financial advice on various media outlets, and is the author of Women Building Wealth.