Hello, Frugalistas! I hope you had a good weekend. I spent the weekend grocery shopping, cooking and working. How is that for being fabulous? I have some deadlines to meet, so I will be a bit more social in a little while. You can always find me on twitter and here at thefrugalista.com You just may not see me at a happy hour.

Anyway, I had the pleasure of speaking to an American University graduate student who quoted me in an article on Women and Wealth. I find the topic riveting. For much of my career, I’ve always want to make more money (who doesn’t), but rarely did I think about accumulating wealth. Wealth, in a nutshell, is one’s assets minus the debts. For Frugalistas, it’s not enough to simply earn more cash. You can earn $10,000 more in a year but if you are spending all of the extra income on frivolous things, you are doing nothing to increase your wealth. You can pass wealth on to your offspring. It matters.

I’ve posted quite a bit on NBA players and celebrities who have earned millions of dollars but are hurting financially because they didn’t think in terms of being wealthy. We need to always calculate our net worth to see how we are doing financially. Here’s a calculator to figure out your net worth.

What does wealth mean to you? Have you ever calculated your net worth? Do you think about wealth?

Ok, this New York woman spends $47,000 a year on her hair, according to the New York Post. The bulk of the expense: a $10,000 weave she puts in her hair three times a year. She gets her hair colored every six weeks for $300 each time. Twice weekly, she gets her hair blown out for $65 each time at the Gemini 14 salon, home of the most expensive extensions in New York city. She also tips the staff at the salon.

This is what the woman, Brandi, told the New York Post:
Without the extensions people say, ‘Well, she’s cute,’ ” she says. “You add all this hair and it puts a ‘Who is she?’ factor on me. Without the hair, I’m this normal average person. But with it, I walk around the corner, and it’s like there’s a wind machine on me. It’s like I’ve stepped off the pages of a centerfold.”

I’m all for looking good and I think her hair looks nice, but $47,000 is more than many newspaper reporters or school teachers make annually! Brandi says she can afford it because of investments that her parents made.

I think she’s over the top because she’s spending money her parents gave her. I doubt her family made the money that they have splurging on high-maintenance hair. My stylist in Miami does a full sew-in weave for $500, including hair.

I think I am in the wrong profession. I just hope Brandi isn’t one of those women with $47,000 hair and no furniture in her home. That, would be tre tacky.

How much do you spend on your hair? How much would you pay for a great style? Do you think this woman has a problem? Do you like her hair?