Men and women have different styles of investing — and they can learn from each other.
“What is a mutual fund?” asked my client Phil. I was stunned, as we had been meeting for six months and all this time he’d talked a good game about his investments doing well. The surprising thing? Phil’s retirement money had been in mutual funds for 10 years. When he came to me for advice, he said his retirement funds were fine, but his wife wanted a professional’s opinion on both their retirement plan and her own 401.
Indeed, most men are bigger risk takers when it comes to lifestyle and money. Riskier jobs result in higher injuries and require more expensive disability insurance. Men typically are faster drivers and pursue more life-threatening hobbies, which means more expensive life insurance expenses. These costs add up.
• Women are less afraid to ask questions — 64% of men invest without seeking professional advice whereas 33% of women do so. Men consider investing a subject they understand without guidance or help. • Men mistake action for progress. Men take on more credit cards, trade frequently and shoulder more debt. Many men have a goal of making money quickly, but they often are reluctant to sell what they insist is a “sure thing.”
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