The Truth About Men and Money

The Truth About Men and Money

Overview

 

When it comes to men and money, there are numerous myths that are all too often taken as absolute truths in our homes and by society at large. It is important to address these falsehoods so that couples can have honest, open, and real conversations about their finances. There are two common myths about men and money that should be promptly dismissed.

Myth #1: Men are less concerned about money matters than women.

The Truth: Behind what may seem like a nonchalant demeanor, men are just as focused on accomplishing their family’s monetary goals as their spouses. Husbands inherently want to provide a quality lifestyle for their wives and children, and they can experience the same levels of financial stress
as their better halves. Like other emotions, though, men tend to keep their feelings towards the finances closer to the vest than spouses who are usually more willing to vocalize their concerns. Ladies, know this: your guy wants financial security for your family just as much as you do.

Myth #2: Men want to be in control of finances in the home.

The Truth: This is a generations-old stereotype. Most men would prefer to share the family’s financial management responsibilities with their wives. Society has placed immense pressure on men to lord over the finances in the home. For some men, the burden is so great that they go to the opposite extreme and give total control of the family finances to their wives, completely removing themselves from any decisions related to money. This is
not the way, as men and women should share the financial burden, create the family’s financial road map together, and both have a say in how the family spends its funds.

 

Putting these misconceptions to rest can help foster a much healthier financial relationship between spouses. By knowing each others true feelings about their finances, husbands and wives will work together more effectively to create a sustainable plan for their money.

Norman West is the co-founder and CEO of West Advisory Group, a financial literacy education firm based in Rochester, NY. Norman earned his B.S. in Electrical Engineering from the University at Buffalo and his MBA from Liberty University. Realizing the need for financial literacy in a world mired in economic instability, Norman started the company in 2007 with his wife, Olivia.

 

Categories: Business, Finance

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KFJ

GOD Fearing & DRIVEN