Video: Market coach Doug Hirschhorn, PhD, discusses the differences between the sexes when it comes to investing.
Traditionally, men dominate the financial services industry. But given the past year's events, many people find themselves wondering if that’s a good (or bad) thing.
In fact, there are five reasons why your wife or girlfriend may be a better investor than you:
- Awareness Women are generally more comfortable going through the process of gaining self-awareness than men. And self-awareness is critical to successful trading.
- Ego Typically, women get far less wrapped up in the “I/Me” involved in the decision-making process. Remember, trading is about making money, not being right.
- Strategy Men react, while women tend to reflect. It’s reacting that leads to impulsive trading and sloppy mistakes. Reflection, on the other hand, leads to game plans and process.
- Growth Women are often more comfortable going outside themselves to find information. They have a growth mindset and are more open to learning from their mistakes.
- Stability Let’s face it, men are driven by greed, while women are more likely to be driven by comfort and stability.
It really is enough to make you wonder: If more women were running the show on Wall Street, would we be in a better economic environment today?
Think better, invest smarter.