By Melanie Hasty-Grant
WOMEN AND INVESTING, DEBUNKING 3 COMMON MYTHS
As women’s roles in the workplace increase, so do conversations about women and investing. Surveys have shown that many women do not feel as confident in their investment knowledge as men. However, from my experience working with women and couples, there are many reasons women can and should feel confident in their investment abilities. Here are three common myths I hear about women and investing:
Myth Number 1: Women are not as good at math.
This myth is pretty funny and flat out not true. When I work with a couple, nine times out of ten, the woman is the one paying the bills and making the financial decisions. When it comes to money, if you know how to add and subtract, multiply and divide, you know enough “math skills” to understand the “numbers” part of investing. The rest has more to do with cognitive reasoning. And we all know women are great at that!
Myth Number 2: Women avoid risks.
Although there is some truth to this myth, it’s only part of the story. Men are wired to be more competitive and take risks, but once a woman understands the investment plan, she is more likely to stick to it. A recent study from Fidelity found that when women invest in the market, they tend to ride out the ups and downs, whereas men are quicker to change the plan. The result is that women investors often reap the rewards that come with riding out the dips in the market. They may risk more slowly, but with a proper understanding of the investment process, they stay around to see a very positive return.
Myth Number 3: Women don’t care about investing
Over the years, I’ve observed that both men and women are very concerned about their financial security. Women tend to be more focused on the “plan” of how something is going to happen. For example, if a couple has the dream of retiring and taking a RV trip across the country, the woman will be concerned with exactly how to make that dream a reality. Once a plan has been established, women tend to see it through.
When it comes to investing, knowledge is power and confidence is key. I recommend that women educated themselves on the basics of investing and trust themselves enough to know they have all the knowledge they need to get started. If you would like some help developing an investment plan, please give Waterstone Private Wealth Management a call at 918.272.1120 or visit our website at www.waterstonewealth. Securities offered through Cetera Advisor Networks LLC, Member FINRA/SIPC. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Cetera Advisor Networks LLC is under separate ownership from any other named entity.