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Why Women Are Better with Money than Men Are

by Glenn Shepard
October 21, 2014

Category:  Finance



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Dear Glenn,


    I promise I'm not a stalker but I am one of your biggest fans. Nearly every wall in my company has one of your quotes on it. 

    My favorite is "Your quality of life will always be in direct proportion to the quality of people you surround yourself with, so choose wisely."

   Yesterday I was counseling a teenage employee who's hanging out with the wrong crowd. I know it's going to end badly for both of us if he doesn't change. When I pointed out your quote, he admitted that some of his buddies aren't the best influences, but swore he's not picking up their bad habits, like doing drugs.

     He then asked how I can preach personal responsibility and simultaneously suggest that he can't make decisions on his own.

   How would you answer this?


Brett in Louisville, KY


Dear Brett,


    What a great question. No one is suggesting that any life choices be abdicated to anyone else.  

    But the ancient saying that no man is an island is true. We are all heavily affected by our environment, which is why one of the most important choices we all make is who we allow to be in the "inner circle" that influences what we perceive as normal behavior and acceptable values.

      Thanks for your question.


Glenn in Nashville, TN

Click here to submit a question.

Men tend to look at money as an element of power.


This is why they'll brag about how much money they spend.


For example, look at what happens when a man buys a new truck. Heíll park it in front of the house so that all his neighbors can see it, leave the window sticker on for months, and actually brag about how expensive it was.


It becomes a Freudian ďMineís bigger than yoursĒ kind of thing.


But women tend to look at money as an element of security. They see it as a means to an end, not the end itself.


Women donít brag to each other about how much they spend; they brag about how much they save.


Compliment a woman on her new outfit, and she'll brag about how she got it at 50% off.


We see these gender differences in handling money with business owners as well.


Ask any CPA how many times theyíve had to explain to clients who own small businesses that itís not the top line (gross revenue) that counts; itís the bottom line (profit and loss).


Itís better to have a business that grosses one million a year with a 20% net profit, than one that grosses ten million a year with 1% net profit.


But most men would rather brag about owning a company that does ten million a year - even if itís in the red - than one that does a million a year and makes a killing.


A woman who attended my seminar at Sacred Heart University in Fairfield, Connecticut, owned a copy machine company with her husband.


He liked to brag to his friends that one of the largest law firms in New York City was their customer. But as she pointed out, that might have been because all of their competitors were smart enough not to take that firmís business because they always took so long to pay.


He also bragged about how many people he employed, and neglected the fact that their labor costs were killing them.


He lacked clarity of purpose.


The purpose of business is not to impress people or create more jobs. Itís to make money, plain and simple.


Fortunately for the copy machine dealer in Connecticut, his wife understood this better than he did.



To Your Success,


Glenn Shepard




P.S. For those victim-minded folks who plan to email about how they're "offended" by this, quit looking for a way to be wounded. Research done at Stanford, the University of Richmond, and the London Business School has found that these gender differences affect everything from hedge fund performance to management styles. Click here for proof.




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