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What is it With Warren Buffet, Women & Money?

Posted by Carrie Rattle on Mar 9, 2015 12:13:38 PM

Today I read and enjoyed the article Warren Buffet’s 8 Warnings for Investors, written by James J. Green of ThinkAdvisor.  Yet again, Warren Buffet challenged common assumptions in the industry; and in an uncharacteristic industry approach, admitted making mistakes.

It reminded me of the book Warren Buffet Invests like a GIRL by Louann Lofton and I started pondering yet again why more women have not taken interest in managing their own money.  The book is a clear nod to women & money, since Mr. Buffet’s temperament is apparently much more like a woman than a man. And he has been so successful.

Strong Biases in the Industry

WomenandMoney

There are lots of biases we can observe in both the ThinkAdvisor article and the book.  We have Status Quo bias – despite all of our discussions to the contrary, it seems that most people want things to stay the same in the money worlds. “Things” being Wall Street jargon, mostly male advisors and money managers, and still mostly male investors.

It has been said many times that men and women communicate differently, and value different things. It’s tough living in a male industry.  You have to talk like them, think like them, and to some degree behave like them so you can get your points across, and be included as one of the team.  This is no easy feat.  A mentor once asked how I could possibly live as two people – one personality at work and one at home. 

There’s also the Stereotyping bias – which is evident in the tongue in cheek title of Louann Lofton’s book.

Do Women have a Role in the Journey?

But do women perpetuate their own perception in the world of money?  Women are now often major breadwinners, and will inherit even more wealth through longevity. You’d think we’d be leveraging that now and asserting our rights as a customer.  The customer is always right, and when that customer is a woman with money, she has the power to dictate what she wants to talk about and when, on her terms.

Related Article: Since When is Saving Money Rational?

And advisor communities talk about really needing women advisors, but it doesn’t seem women are stepping up in droves.  Is the world of men and money just too inhospitable?

 Get My Money Habits

Information shown is for illustrative purposes only and is not intended as investment, legal or tax planning advice. Please consult a financial adviser, attorney or tax specialist for advice specific to your financial situation. Behavioral Cents, LLC and any third parties listed, linked to or otherwise appearing in this message are separate and unaffiliated and are not responsible for each other’s products, services or policies.                

BehavioralCents.com is a web site for women to help them understand and change their own money behaviors. Our mission is to better prepare women for financial independence by helping them save more in everyday habits. Thoughts always welcome: carrierattle@behavioralcents.com.

 

 

 

Topics: Money Behaviors

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