To dream of having facial hair may reflect feelings about your personality being masculine or assertive in a waking life situation.
To dream of a 5 o'clock shadow may represent the personality being unconcerned with being perfect or sensitive at all times.
To dream of a goatee may represent feelings about you or someone else being perceived as having a "dangerous" personality.
For a woman to dream of having light facial hair or "peach fuzz" may represent sensitivity about being noticed too masculine or assertive by others. If you are embarrassed by the facial hair it may reflect waking life regrets about having acted too assertive or unfeminine.
*Please See Beard
*Please See Moustache