Krawcheck, Blayney: Top Financial Mistakes Women Keep Making
Sallie Krawcheck and CFP Board’s Eleanor Blayney say women fail to take enough risk in their investments and careers
- Letting your husband or partner manage the money without your involvement. Very 1968… and not in the cool, mod way. Few of us think we’ll get divorced or that tragedy will strike, but look around. It does. You don’t want to be learning about your financial situation while you’re in shock.
- Using your husband’s financial advisor, even if you don’t really like him/know him/can’t stand him. (And he is usually a “him.”) Here’s a test: at your next joint meeting, how much does the advisor engage you / speak to you / look at you? If “he” spends most of his time talking to “him,” find your own.
- Not asking for jargon to be explained.Don’t let politeness or not wanting to look dumb get in the way of understanding your finances. Research shows that both men and women are shy of asking for explanations of financial terms; even so, men still invest while women more typically won’t. (I agree: it’s hard to know which is the worse outcome. So please just ask the questions. It’s your right.)
- Not buying long-term care insurance. Here’s a shocker: 70% of 65-year-olds will need some form of long-term care. And, again, we’re around for six to eight years longer than he is.