We have our own business and we make our own decisions. We can make our own money but we don't get rich. What are we doing to sabotage ourselves financially?
Why do men get rich and women don't? Lois P. Frankel spoke to women all over the world to find out and published the results in a fascinating book called Nice Girls Don't Get Rich – a must read for any woman who wants to create wealth.
She concludes that women grow up with a different set of social messages to men. Girls are effectively taught to "be nice" whilst boys are encouraged to "get rich". In the book Frankel lists the following attitudinal differences between men and women towards money:
Men
Invest
Are socialised to learn about how to invest and make money grow
Use money to "keep score"
Buy what they need
Use money to prepare for the future
Take investment risks
Spend money on themselves
Ask for what they want
View money objectively
Learn how to be effective investors
Gravitate toward high-paying jobs
Advocate for themselves during trying financial times
Women
Save
Are socialised to save money "just in case" they have to take care of themselves
Use money to take care of others
Buy what they want
Use money to create a lifestyle in the present
Are cautious about investing
Spend money on those they care about
Ask for what they think they deserve
View money in terms of relationships
Expect others to know more than they do
Gravitate toward the helping professions
Want to be fair during trying financial times
We don't want to start behaving like men – but we do want to pick up on clues as to how we can get in charge of our finances to stop surviving and start creating wealth.
Here are some pointers:
1. Create a mindset of wealth accumulation rather than financial survival
2. Set a financial goal – an actual amount that will become your net worth.
3. Find a money partner "financial planner" – someone who will help you reach your goals and not just sell you an insurance policy.
4. Make sure you have a budget and stick to it – the richest people in the world got that way because they earn more than they spend.
Do you agree that men are better than women at making (and keeping) money?