- Assume our husbands will take care of us. Unfortunately, society has encouraged this belief and the bottom line is there’s a good chance we will be the sole person responsible for our finances at some point in our life. Approximately fifty percent of first marriages end in divorce and fifty-eight percent of marriages end with the husband’s death. The average age of widowhood is fifty-six and, according to the 2000 Census, women are more than four times more likely to be widowed than men. And, finally women outlive men by an average of seven to ten years. I’ve had many women tell me that their husbands were relieved to have them get involved in the family finances. Their husband really didn’t want to be in charge, but felt it was their responsibility.
- Think we have to do it alone. Did you learn a foreign language alone? No, you probably took a class, took tests, and read books to master the language. The same thing goes for becoming fluent in the language of money. Find a good financial advisor to coach and educate you about financial issues.
- Use shopping as retail therapy. We’ve all heard this saying and probably most of us have tried it at least once in our lifetime. You need a trip to the mall because you had a bad day at work and you need a pick-me-up. Or, you just got a promotion and celebrate by spending money on yourself. The reasons for shopping are numerous. But, the bottom line is shopping without a reason or plan can easily derail your financial future. Find another method of caring for yourself and celebrating.
- Take the out-of-sight, out-of-mind approach. We’ve convinced ourselves that if we don’t think about our finances everything will be okay. The reality is bad things happen every day to good people. If you and your husband don’t have a will and he dies in a car accident on the way to work, you could easily lose your financial stability and have a mountain of problems for years to come. Or, if you lose your job and you’re knee deep in credit card debt with no savings, what will you use to sustain you until you find another job?
Why Women Experience Money Malfunctions
By: Marcia Brixey (View Profile)
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