By LouAnn Schulfer, AWMA®, AIF®
Accredited Wealth Management Advisor^SM
Accredited Investment Fiduciary®

I’ve been working with women and their money for over 20 years and as you can imagine, a lot has changed.  There are still some beliefs that the financial industry, media and even some individuals assume to be true, that just flat out are not what I see.

• Women earn less than men. Some do, some don’t.  I have many client couples where the lady of the family out earns her husband or significant other.  Years ago, this may have been uncomfortable for men, but that doesn’t seem to be the case any longer.  Great job, ladies!
• Women have a hard time making financial decisions. Women have often been generalized as being indecisive, especially in complex situations.  Investing, financial and retirement planning are certainly complex situations.  What is more important than gender, is understanding the choices one faces, their probable outcomes, and whether decisions are permanent or flexible.
• Women are less financially savvy than men. There are both men and women who are financially savvy and those who are not.  Estrogen or testosterone has nothing to do with our ability to manage money and make financial decisions.  Just because you are a man does not mean you should know more than a woman and just because you are a woman does not mean you have less financial know-how than a man.  Being financially savvy is a consequence and combination of interest, knowledge, prudence and application.
• Women are more conservative than men. Many times with couples, one partner in the relationship is more conservative than the other, but it’s not always the females.  Sometimes we are the more aggressive ones.
• Women are less interested in learning about investing than men. There is no general rule here.  Some people are more interested in learning about investing than others.  Speaking on behalf of women, I have personally been interested in learning about money since I was very young.   I host a Women and Wealth group that has grown in attendance.  This showcases the interest that women have in learning about money and investing.

Whether your gender was branded long ago as pink or blue, gender generalizations do not have to point you in a path of financial dogma.  Our choices and freedoms are substantial and are what we make of them.

LouAnn Schulfer is co-owner of Schulfer & Associates, LLC Financial Professionals and can be reached at (715) 343-9600 or louann.schulfer@lpl.com.  www.SchulferAndAssociates.com

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.

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