Men are Richer than Women?

Friday, 17 September 2010 09:01 by MyFatPocket

Some of the classic differences between men and women when it comes to money. If you can learn from these today, you can have a much rich richer tomorrow. Lets see what they are:

1. Present Thinking vs Future Thinking
Most successful women have a busy schedule everyday - juggling office, kids, home management, friends, hobbies & the occasional indulgent shopping session. No wonder they think in the present and keep most of the money where it can be accessed presently – bank accounts !

Men, on the other hand, think of the future and hence create investments – in stocks or properties.

Take Varsha, Marketing Manager with a leading mobile phone MNC – her daily to do list is made up of 60% things that need to get done today, another 30% within the week and the rest for the month. She has no actions to secure her future - hence little or no investments and hence she lives from paycheck to paycheck.

"Girl Get Rich" Actions to take now
1. Write down 3 goals you want to achieve in 2-5 years, eg home etc
2. Cost them down and write down the first 2-3 steps you need to take, eg call 3 brokers to find out good areas to buy / costs
3. This coming weekend take the first step – then repeat the process

2. Do I really deserve it?
Linda worked for 11 years for the bank, delivering exceptional results yet she found that she got passed over for a promotion at least twice by younger men. It’s not uncommon and has nothing to do with her ability or performance. The simple fact is that women are embarrassed of asking for more in work situations - for a promotion or a raise that they should get or for the right amount of fees if they are a professional like a doctor.

Men, on the other hand, simply ask for what they want, and surprisingly tend to get it. What most women do not realise is that getting what they want is not simply a question of you deserving it, it’s also about how badly you are needed by the company or client. So if there’s something you want, don’t wait for the point where you think you really deserve it.

"Girl Get Rich" Actions to take now
1. Write down 2 things you want from your boss
2. Write on a piece of paper why you deserve them
3. This week go up to your boss and ask for them confidently

3. Keep the wrong records
Our thoughts, words and actions have a lot of power. Hence when Patricia made her money records and recorded only her expenses, she did not focus at all on growing her income, the only real way of getting rich.

Stanley, on the other hand, recorded his expenses but also his current income and what he wanted to earn on the other side. This ensured that he knew where he was taking from in order to spend and also how much he need to earn to achieve his financial goals.

"Girl Get Rich" Actions to take now
1. Divide your expense list diary or pad into 2 columns – income & expenses
2. Record every week first your current savings, then how much you are going to earn and lastly your expenses – see the difference between the two
3. Lastly record what you would like to earn on the income side and start thinking of how to get that

So in sum, men do know a little bit about money and it doesn’t hurt to steal their good ideas. Start thinking a few things to do for your long term wealth every week, ask for what you want and keep records of not only expenses but how much you earn and want to earn. Getting rich is not that tough.

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interesting article to me.
I am guilty of the second and third points. Not asking for more and focusing too much on expense and not how to EARN more.