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
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?
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