There’s always a lot of good natured speculation about which sex is better at managing money. The truth is whether you are a man or a woman actually makes no difference. I’ve seen equal numbers of good and bad money behaviours from both men and women. There is however two really distinct types of money managers and the best results seem to come when couples have one of each.
So the question arises; are you a Delegator or a Details person? Are you hands-off or hands-wringing?
Both behaviours are important and they are highly complementary. The point is to understand what your preference/type is, as well as your partners if you are in a relationship.
I’ve had meetings with couples where the husband took verbatim file notes of my comments while the wife yawned. I’ve had meetings where the husband said “That’s enough, I trust you” while the wife still had questions about the fine print on related party transactions between her super fund trustee and the fund insurer. Both couples work well together because they understand what they are each like and they agree how to share the roles.
To cut a long story short my point in detailing this is that ‘What you are isn’t as important as knowing who you are’. Success with money is being aware of how you act with money. Know your strengths and your weaknesses!
So now for some easy tips for the Delegator and for the Detailer: