Name: Rita Hazan
Age: 35
Location: New York City
Why We Care: At 18, Rita Hazan finished beauty school and got a job as an assistant to one of New York's top colorists. Within a year, she was $60,000 in debt. Today, she's firmly in the black and owns her eponymous salon, where she tends to the locks of Jessica Simpson, Jennifer Lopez, Renee Zellweger and anyone else who can afford the $600 Hazan treatment.

Some people reading this might wonder whether having you color their hair is worth $600 a pop.

You could say the same thing about a $5,000 Hermes bag. If you can afford it, it's fabulous. I have a distinct eye for tone, so every client who comes in gets their own customized color. I also customize conditioning treatments, because everybody's hair is different. Part of my philosophy is that healthy hair holds color longer. I give my clients conditioning treatments they can do at home, too. I pay attention to minor details. If you come and sit in my chair, you know you are going to look good and feel good when you leave.

Would you spend $600 to have you color your hair?

I would go to me! I get other services — at the dermatologist, for example — and spend that much money because I know I'm getting what I paid for. I try to find the best and am willing to pay for that. I don't think, `That's really expensive,' because I'm expensive.

How did you get your start?

I always wanted to be a colorist. I got my license and went straight to the salon I wanted to work at — Oribe — and applied for a job to assist Brad Johns, who was the top colorist there. I was lucky because another girl was leaving and he needed someone right away. I was making about $115 a week, and that's when I went into debt.

What happened?

I love fashion, clothes, food, going out. I was broke, but buying clothes like Christian Lacroix and Vivienne Westwood. I got every credit card in the universe. Everybody was giving me a credit card, which I think is kind of dumb.

How bad was it?

I racked up $60,000 in debt. When you are a kid, you don't really understand that that's a lot of money.

How did you pay it all off?

When I got a promotion and started making money, I stayed home. I didn't shop. I didn't do anything. I just paid off all my bills. It took me almost two years to pay off all my debt.

How did you feel during this period of austerity, especially when you like to spend money so much?

I was building a clientele so I was really focusing on my job. I was in early and out late. Part of my whole strategy was to keep working to pay the debt off and build my career. But I vowed that I would never let this happen again and so far, I haven't.

What else did you learn from that?

If I can't afford it, I don't buy it. Everyone thinks I should buy an apartment, which is a great investment. I still rent. But my business is growing and I keep putting money back into the business, because eventually I will have the money to buy the apartment that I really want.

You paid off $60,000 in debt. On the flip side, what's the biggest check you have ever written?

The biggest check I ever wrote was for $700,000 or $800,000 for construction on the new salon. It was all the money I had saved.

Let's compare that to your first paycheck. How much was that?

It was $500. I thought I was a millionaire. I showed it to everybody because I earned it myself.

What did you do with it? Do you remember?

At that time, I was paying off my debt so I sent it to the credit cards. The enjoyment for me was seeing the balances go down.

What do you spend your money on now?

I spoil my nephews. My sister gets mad at me because it's hard to get them to learn the value of a dollar if they get everything they want. When I was their age, I wanted new clothes and shoes. Now my nephew is asking me for a plasma TV — at 10!

Did you get it for him?

No! My sister would kill me! They have to work for it if they want it.

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How money shaped his childhood: Found Magazine's Davy Rothbart