It’s been almost 10 years now that I’ve been advising clients on investments and financial planning. That’s lots of people and LOTS of conversations.
When I started back in 2008, I was blessed to work with a variety of people from all walks of life. Over the last 3 years, I’ve dedicated most of my time to helping women create some clarity around their financial lives. What I’ve observed as I’ve worked with men, women and couples over the last decade is that there are in fact differences between how men and women (typically) approach and view their money.
Over the next few posts, I’ll highlight 5 of the ways that women tend to be different than men as it relates to their finances…and what they can do to address it.
Today I’ll start with difference #1:
Women tend to work fewer hours over the course of their lifetimes.
Between taking time off to care for children, career breaks or caring for other family members, its not uncommon for a woman to spend several years less in the workforce then their male counterparts.
What does this mean?
Less time to save. Less time to save means that we need to be more intentional about the saving (and the spending) that we do.
PYF! Pay your self first. I don’t recall ever seeing someone that accidentally saved an account full of money. It takes effort and it takes time. Yes, Carrie Bradshaw (in HBO’s Sex in the City) figured that out the hard way. Manolo Blanik or home purchase in Manhattan? I’ll take the home purchase….though it may not be in Manhattan.