Women, get money-wise!

Introduction: Many women feel they donít have the knack to manage money. But with a little training anyone can become a good money manager says Puja Goyal

Source: Vijay Times, Family Matters - 2.
Copyright © 2005 Puja Goyal.

WHAT IS it about women and money? While women excel in all fields, money is still a sticky issue. Since childhood, emphasis is laid on being financially independent but nothing is said about managing finance. Sharmila, a lawyer says, "We are brought up with the mentality that women take care of the house and men take care of financial matters. There are some women who grow up in a broadminded set-up but it's rare. We hear a lot about empowerment and independence, but itís all a feel good factor. When I go to my friends' houses, I find that things have rarely changed. The society is such that it plays upon a family structures mentality." Raheem Darediya, a software engineer says, "I think both parents should control money matters, the father, who has a better exposure of the outside world can take care of bigger expenses, and mother who is familiar with local markets, and needs of her children, can take care of household expenses."

Shankar (name changed) a guitarist, tries to throw light on the psyche of society. "Men sometimes get insecure about their spouse becoming more successful than them; itís all about what theyíve been taught. Instead of teaching men to take it in the good spirit, the women are taught that itís better not to be ambitious about money and concentrate on the so-called domesticity; I know it sounds cocky but thatís the way society works. Parents think itís more feasible to teach their daughter to fulfill domestic commitment and not step into the manís shoes. Besides, if you remove the father daughter relationship, he is after all a man and he knows what another man wants; her mother in the end is also trained in the same respect ... they have different dreams for their daughter and son."

Right from the early years girls are taught how to grow emotionally while the men are trained in handling finance. Parents pass these off as natural, biological chores. Somewhere down the line being rich isn't a priority set for woman; as a result, they are busy honing their relationship skills leaving finances to men. Besides, women face inner inhibitions, which curb their skills of creating wealth. Some of them might even end up believing that they aren't cut out for it. The point is if you're not taught or encouraged to think about money, then you wonít one cannot learn and acquire. It involves great deal of financial planning and financial thought.

But then, are women really interested in money? Sharmila says, "Well, look at how women and men communicate. Men talk about growth, but women are always talking about television shows. Men will socialise for networking, but women socialise for bonding. I'm more secure talking to a man for financial advice... he will know more. Women hold secondary status in these issues ..." So does a man know more because it comes naturally, or because he has been trained to think on those terms? Is money making a skill that cannot be acquired? Raheem adds, "Money management is not a gender-based issue, it is a skill and can be acquired by anyone with proper training. Children, whose parents have given them enough freedom with money in their childhood and trained them appropriately, will turn out to be better money managers, be it a boy or a girl."

Then ladies, the onus lies on oneself. Therefore, women need to get their hands on managing finances. If at home, they may not know the latest trends in terms of new investment options available to them. Many working women are coming up the curve, something of a necessity unless they want their wealth in the tax man's hand! Itís different for homemakers. Although fixed deposits and investing in gold rules the roost, there are myriad options available in the market for investing and reaping greater benefits for your money. Getting started needs determination, donít let the enormity of numbers and terms faze you. Sites like http://moneycentral.msn.com/investor/ and, www.sharekhan.com offer some respite to beginners. Start reading the business section in the newspapers and slowly graduate to specific newspapers that give detailed reports on the latest trends in the financial market. Some books that you may want to look up for basic information and motivation are : Rich Dad, Poor Dad , The Ten Day MBA by Steven Silbiger (gives the basics), Discover your Destiny and Leadership Wisdom by Robin Sharma (although its not financial in nature. It is a great book to motivate and inspires to be proactive and take a lead in your financial details). And you may replace your daily soaps with a few business channels both Indian and International.