Did you know that men and women tend to make different kinds of mistakes when it comes to managing their money? While people of both genders certainly enjoy financial success, both men and women makes mistakes with their money. Suze Orman has come out with some advice that is tailored specifically towards women and the mistakes that tend to trip them up when it comes to their finances.
According to Suze Orman, the root of the problem is that women have been taught, either consciously or subconsciously (including by example) to not manage their money. The result is that they have not been taught many money management skills that they need in order to successfully navigate the ever changing world of personal finance and a down economy. It is important that both men and women understand these mistakes and take steps to make sure that the women and girls that they know and love learn what they are and how to avoid them.
Believe it or not, one of the most common money mistakes that women make is doing something that runs contrary to what many women do in other non-financial areas of their lives. We have all heard of “mother’s intuition” or “women’s intuition”, and females tend to be tuned in to their gut feelings and often make decisions based on them – except when money is involved. Suze Orman says that intuition does play a valuable role in making good financial choices, and when women adopt the opinions of others about what they should do override their gut feelings about what they should do when making a financial decision, the result is often undesirable. Listen to your gut, ladies, it just might keep you out of money trouble.
Another great insight from Suze Orman about women and money is that it is not a good idea to leave the family finances entirely up to your husband or partner. For some women, this is not an option, as they have not married or have divorced or separated. Even if your marriage is in great shape, it is important that you understand what is going on with the family finances such as what bills get paid when, how much they are, where all of the accounts are and how much money the family has. By learning about the family finances, you are not preparing yourself for divorce or the death of your spouse, you are simply educating yourself about the way money works, and more specifically the way that money works for your family. If you express this interest to your spouse respectfully, they should be okay with filling you in on the details. If not, it may be a red flag that something is not right, whether it is that they have made a mistake that they are ashamed to tell you about or they feel that you have no need to or right to learn about the family finances. Do not give up if that happens. Keep trying to talk to them about it until you can figure out what is going on.
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