Custom Search
|
|
Compounding Wealth By Capitalizing On Boomer Gender Differences - Part Iv
This certainly did impose a ton of pressure on men, who may not have prepared to make singular money decisions that would impact the lifetime well being of 2 people! I empathize with men who confide in me that they're no more prepared to deal with the money than their wives, but she is expecting them to do it, they don't have time to seek out the best advice and they are doing the best that they can. It makes me empathic with both genders. I definitely want the woman to be involved and to speak her mind about her own ignorance as well as own their pockets of knowledge and I want the man to say the same thing. Then they can make mutual decisions rather than having the traditional man continue to run the money, on really "a wing and a prayer". It's FAR too late in the day for that. Our investments must solve the boomer conundrums--longer life, (especially for women), women probably having assumed care giving (which may have reduced their earnings or savings) and the need to have the money last as long as they do. SO I just want to itemize a few potential instances or situations (or stereotypes) that may in fact hit a little close to home in terms of how many men may perceive their handling of their investments as compared to how their female partners might feel. This is NOT unique, of course to heterosexual couples, as any partnership may fit into these slots. Now, don't get your back up about these statements. If they don't apply to you, thank God and move on! MEN might bristle at some women wanting to have a say in what money gets contributed where indicating that they earn the money if in fact they do and often time they do out earn their spouses. WOMEN might feel that they don't have a right to speak, often deferring to their spouses. Women might not feel important enough to fight for their expenditures; in fact they might hide their purchases for fear of reprisal because they don't feel that they have any power. Studies show that the highest earning partner dictates what expenses are fixed and what expenses are tertiary. I think that may end up being a cause for people to seek out tools to enhance or repair their communication, perhaps through working with a psycho therapist. There always seems to be a little tussle among couples about saving and spending. Invariably one is always more of a spender and one is always more of a saver. MEN might feel that their buddy or their golfing partner or their college roommate is best qualified to invest their money. WOMEN may want to have a say and a choice of selecting a financial advisor, one whom will listen to them and answer their questions. MEN may presume because they have always been the ones to do so that they should be the ones to make the unilateral decisions, after all, it's just simpler that way. WOMEN may presume that they can't break into the decision making process because they don't have the same knowledge base that they perceive their husbands to have. MEN may be too embarrassed to admit that they don't have the knowledge to make the decisions either and yet they go ahead and assume the role since they think that they should. WOMEN may blindly delegate the financial decisions in the house because that is how their parents did it. MEN may not be following a particular plan of action for their finances out of fear that they can't do it right, or that they will never be able to retire so why even look at it. This could also partially explain why some men don't ask for directions because of divulging the fear of not knowing something. WOMEN may wonder what plan is in place but be too timid to ask. MEN might abandon the plan of buy and hold, and quickly sell if the market drops precipitously, thinking their quick exit will protect the family. Conversely if they hear a tip they may buy hoping they can feel like a hero if it earns a lot of money-preferably quick money. WOMEN might want to stick to the plan, the original plan, having more patience. MEN may want to trade stocks more often feeling that to take some action is actually responsible. WOMEN may be fine to monitor the plan without making trades if all is well. This points us to an interesting statistic from a Barbara ODean study out of the University of California in 1999 that showed because men trade more than women; women actually make better investors than men. Article Directory: http://www.articledashboard.com
|
|