If you're gonna do it, waxing is the only way to go. I visit the salon once a month and that's it. Shaving and the rest is far too much maintenance.
For you info the following reasons have been put forward here on ST (and by the way we're quite late into the season for the first shaving post of the year).
These reason are in no particular order (except #1)
Some of these reasons may not be definitively true (#6 and #9), but they have been argued as reason for.
1. Chicks dig it
2. You feel like an athlete
3. Easier for massages
4. Avoid potential pain exiting wetsuits (and zipping up tri suits)
5. Road rash (heals quicker and lessens risk of infection)
6. It's faster aerodynamically (and hydrodynamically for non wetsuit swims.... assuming you're not wearing a speedsuit)
7. Dry quicker after a shower
8. You get less caked in sweat and goo during a long race
9. Your body dissipates heat quicker during a race
10. The pros do it
11. Most other Age Groupers do it
12. Having done it, I prefer it myself aesthetically
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