Women & Money
5 Inherent Habits to Celebrate
Women may not call all of the shots when it comes to household finances, but they do play a substantial role. In most cases, women serve as the money manager and primary decision maker in everything from day-to-day spending to when it’s time to make major expenditures, what the family can afford, and where to get the best bang for the buck. As such, women carry significant responsibility for the financial security of their family. Same holds true for single women, female owners of businesses, and women heading up organizations. Women carry a lot of weight on their financial shoulders, and are doing an outstanding job of juggling this role with many others on their plate.
That being said, many women feel insecure when it comes to money and especially to financial planning. Their lack of confidence is more likely due to financial institutions traditionally directing their attention and marketing to males rather than any lack of ability on the part of women. That pattern is changing.
At Lenox, we applaud women and their financial thought processes. We encourage women to feel confident in what makes their thinking different than that of men, and to appreciate and continue to practice the highly commendable money habits that make their opinion so valuable.
5 Inherent Money Habits All Women Should Celebrate
1. Trust your judgement. Yes, women are typically more skeptical than men. Maybe it’s because females generally have less brawn to fight off pending threats, but women tend to approach new ideas and decision making with greater caution. A good habit to have when it comes to money.
2. Speak up. Women have little or no trouble bringing up topics or asking questions others dread or dance around. Getting to the point is smart when it comes to money. Make your presence known. Continue to inquire until you fully understand the situation. Doing so is a sign of strength, not weakness.
3. Delight in your due diligence. Women love to window shop. They prefer to touch and feel things before making a purchase. Think of those traits as an inherent penchant for research and due diligence. These are excellent traits to employ when choosing a financial planner, agreeing to a financial plan, signing contracts, or making major purchases.
4. Kudos for having a plan B. Playing out the worst-case scenario isn’t being a pessimist; it’s being a realist. Women are quite good at using deductive reasoning –- if this happens, then this, then this, and so forth –– in order to feel comfortable with money decisions and to have a plan B if all things fail.
5. It’s OK to walk away. “I need to give it some thought” is easily said by women. Better to give a decision 24-48 hours (or longer) to simmer and thoroughly consider than to jump in and have regrets later.
At Lenox, we work closely with women of all ages to help guide them in every aspect of their financial life –– from understanding their attitudes about money, to wealth creation, wealth building, wealth management, career planning and coaching, funds for education, retirement planning, working through financial hurdles, and more. In every instance, we start with you, not your portfolio to help you FUND A LIFE YOU LOVE™.
If you’re ready to discuss financial, business, career and life planning that will allow you to Fund a Life You Love®, we’d love to tell you more. Let’s talk. It’s your tomorrow. Call us for a complimentary 1-hour review. Call 513.618.7080 or visit www.lenoxwealth.com to Fund a Life You Love.
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This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.