Do you know about - Should Women Rule the investment World?
Science Current Events 2011! Again, for I know. Ready to share new things that are useful. You and your friends.On Tuesday evening, January 18th, at New York City's Cornell Club, Myron Kandel, one of the Founders of Cnn, moderated a panel on which I sat, along with four other financial professionals. Our most vexing question: "Should Women Rule the investment World?" I assuredly took the presumptive advent going into-and while on-the panel. I told my guests that the panel was called "Why Women Should Rule the (Investment) World." Because all of the data points in that direction.
What I said. It is not outcome that the real about Science Current Events 2011. You read this article for information on that want to know is Science Current Events 2011.How is Should Women Rule the investment World?
Consider:
• For the first time in our nation's history, in 2010, women controlled the majority of our nation's wealth. In fact, we control 60% of it.
• By 2030, 54.9% of all Boomers will be women.
• We currently make up two-thirds of the workforce.
• Women spent 81 cents of every dollar.
• 80% of women will be responsible for all financial decisions in households.
o This supports a study done by Citibank which found that 73% of all full-time working women see themselves as their family's Chief Financial Officer, sharp up from looking themselves as their family's "Chief Purchasing Officer."
Yet:
• 90% of women feel financially insecure.
• 50% fear losing it all and becoming a bag lady (and that includes 48% of all women earning at least 0,000 per year.)
• Only 1 in 5 women read the financial section of a newspaper (while 3 in 5 men do.)
• 42% of women do not know what a mutual fund is.
C'mon, Wall Street! Wake up and smell the Starbucks! Women have gained all of this financial and fiduciary accountability but are not getting the data that they need in order to make sound financial decisions! Are they going to go to the big Wall road firms to get it? (I don't think so. Wall road lost so much of their credibility and are only now digging out.) Are they going to go to the talking heads on "Money Tv?" (I don't think so. Most viewers realize that as entertainment versus education.) Are they going to go to their Financial Advisor? (I don't think so. 86% of all Financial Advisors are male.) And we already know that women are not reading the financial section of a newspaper.
And, frankly, since most finance writers come from a journalism background-versus economics or finance-and have never held fiduciary accountability for other people's money, can anything assuredly trust that they deeply understand what's going on? (Note: wonderfully gifted and talented and brilliant finance writers and talking heads Do exist, but they are few and far between. The good ones are normally assuredly good; most of the rest are not educated enough about finance to describe its important lessons.)
Wall road needs to be given a good shaking and turned upside down on its head. Its language needs to be creatively communicated so that every woman gets it. Most women don't read much of the material on finance because it is as dull and dry as saw dust. Finance therefore appears to most women as overwhelming, complicated, confusing and...Boring.
No wonder we're in trouble.
My participation on the panel included these talking points, plus more:
• The first demand you must retort is this: "Do you know what you own and why you own it?" As I mentioned that night, I ask this demand to every client and prospective client. I have never met one who could retort both parts. We're not talking about Monopoly money here. This is real money. Serious money. You best be able to retort this very uncomplicated demand about your own money and investments or person is sleeping at the switch.
• The female brain on money is separate than the male brain on money. Ask any women who has more than one gender in her off-spring. Women:
o Desire to embrace their femininity, which will yield gender-specific, separate decisions about how to spend money.
o Desire to take care of their children and families, which will yield separate measures of risk management.
o Are more risk-averse. When the combined housing emergency and financial meltdown of 2008 effectively wiped out half of investor's wealth, men tended to look at the world with anger, and perceived the world as being less risky. Women tended to look at the world with fear, and perceived the world as more uncertain.
o Are less likely to take "The Big One."
o Trade less frequently than men. Men trade on mean 45% more than women do. Particular men trade more frequently than married men, who trade more frequently than Particular women, who trade more frequently than married women.
o double returns when running hedge funds. The problem is, only 6% of all hedge funds are run by women.
o folder Managers mean 1.4% greater returns than those run by men.
• The work on Personality Theory, upheld by the varied disciplines of philosophy, psychology, behavioral finance, psychoanalysis, psychometrics and neuroendocrinology, shows that separate personality types "see" money differently. I am using this study in my upcoming book, What Color is Your Purse? to turn women on to finance. It is my goal to see women fascinated by money, to pick to study it, to ignite their imaginations and to fuel their inspirations.
o Hippocrates noted personality differences as early as 400 B.C.
o Galen named the Four Personalities.
o Carl Jung advanced Type-Trait Personality.
o John Holland studied the "science of personality."
o Freud, Kant, Erickson and Myers-Briggs all advanced their own version of examining personality type.
o new writers who ascribe to the view that there is a "Money Personality" have got it backwards. There is not a Money Personality. We each have a personality, from which we gain the way we "see" and handle money. The way we earn it, spend it, save it, invest it, and give it away depends on our personality (not the other way around!)
• The relatively new field of Neuroeconomics shows that "Animal Spirits" calls into question, or stresses, the productive store Theory. It turns out: citizen do not use logic and think to make investment decisions; they behave irrationally.
o Investors are more willing to take more risk in order to avoid losses that they are to realize gains. Investors, it turns out, essentially come to be risk-takers to avoid loss!
o Investors deal with fear of regret in dealing with their own money.
o Investors tend to have over-confidence in their abilities to invest. They tend to confuse luck with skill.
Should women rule the investment world? In many parts of the developing world, they assuredly are. As Mark Monchek, a guest from the audience pointed out in the Q&A, almost all of microfinance is dedicated to women's ventures. If money rules the world, and the hand that rocks the cradle runs the world, I would say it is fairly safe to think that women are assuredly getting there. But we need to get a grip on it. As a woman, you need to know who you are, where you are, where you want to be, and how money can help you get there. And in order to do all of that, you assuredly have got to "get" money.
Panelists at the January 18, 2011 New York City Cornell Club's Money: More Money Series event: "Should Women Rule the investment World" included: Nancy Trejos (The Washington Post); Liz Pulliam Weston (called the most read personal finance columnist on the internet0; Muriel Siebert (the first woman to sit on the New York Stock change and Founder of Muriel Siebert & Co., Inc.); Jason Zweig (The Wall road Journal) and Carolina Fernandez (Vp Investments, Source Capital Group and Founder of the "SheEo Network"). Myron Kandel, Moderator, is one of the nation's best-known financial journalists. As one of the founders of Cnn, he pioneered financial news on television and served as the network's financial editor and economic commentator for 25 years. In 2000, he was named one of the 10 most influential financial journalists of the 20th century.
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