It’s unclear to me exactly where my obsession with eyelash extensions began. I live in Kansas City, so perhaps it was seeing Eric Hosmer’s beautiful girlfriend bat her Venus Flytraps at our handsome all-star first basemen during the 2015 World Series victory parade. Or maybe it was the Kardashian sisters finally admitting to a dirty little eyelash secret during their very important #NoMakeup social media campaign.
Wherever it was, I was primed for a conspicuous consumption moment. It happened while discussing 401(k) plans as an employee retention strategy to a group of small business owners. As Kara, my copresenter, and I were slogging our way through the snoozefest that is the internal workings of a 401(k), I couldn’t help but notice how exceptional she looked. I just couldn't put my finger on why. After the meeting I found the courage to ask her what it was that had her looking like a movie star all of a sudden. She smiled coyly and asked “What do you think it is?” I had no clue but guessed new workout … new love interest? Kara laughed out loud and blurted “New eyelashes! Extensions to be exact.” Up until that moment I thought that type of thing was only for celebrities. Kara’s lashes proved otherwise and I decided that I needed to have a pair STAT!
As a financial planner I like to eat what I cook and also understand the value of having fun along the road to wherever your money takes you. As I walked into my first appointment I knew the cost was $200, plus tip … steep price, but worth it … right? After all, I had a trip planned to Jamaica and how fabulous would it be to not wear mascara on the beach? Turns out it was fabulous, and as you may have guessed, I was hooked. Over the course of the next year, I spent an hour of my month getting beautiful eyelash extensions at the cost of $65 plus tip.
One day, while handing over my $65, plus tip, I began thinking what else could I be doing with this money? As a financial advisor that question is constantly spinning around in my brain, helping solve the formula to happy retirement for anyone that seeks my help. At the time I was researching a talk about
compound interest and decided on a little eyelash experiment.
Here’s the math:
Initial appointment: $200
Monthly upkeep: $85 ($65 plus tip)
# of years I have left to care about my vanity: 40
Compounded @ 6%
How much will I make by not getting eyelash extensions???? $172,314
Einstein called compound interest the 8th wonder of the world. I believe truer words have not been spoken. The path to retirement is paved with small compounded decisions. And if I’m still struggling with vanity during my early retirement, that $172,314 will more than pay for a facelift.