By Yusuf Osman, MBA
It’s a very familiar story. A couple comes to see me, and the husband is very concerned. Often the man feels insecure about his wife’s future if something were to happen to him. Especially if he is the one holding the reins for the finances, he worries that his wife will be helpless the moment a tragedy takes him out of the picture.
The irony is that, in my experience, women tend to fare much better than their male counterparts when it comes to handling finances in the event of an untimely loss of a spouse. Men seem to worry more, while women manage to cope with the situation and even thrive when faced with sudden adversity.
Working At 50%
The whole discussion is unnecessary, however, if action is taken during the time the couple is together to make her more of a partner and less of a tag-along. It is an unfortunate legacy of some past generations that women have been kept out of the finances since it was seen as part of a husband’s “duty” to have all the answers. Because of this, many men have been the sole driving force behind the investment side of the family finances, and they have lacked confidence in their wife’s abilities to contribute meaningfully.
What a tragic mistake! Women frequently have a fantastic intelligence to offer, and an intuition that goes beyond the math on the page. Usually that intuition is spot-on and their instincts are correct. Women also have a way of asking the obvious and simple questions that men feel silly asking because they feel like they should already have the answers. In another twist of irony, these are usually the questions that most urgently need to be answered.
No one would try to play a sport with one hand tied behind their back, but too often that’s essentially what happens when only one person is heading the finances. One hand is tied—and it’s often the stronger hand. Any person with common sense should know that two heads (or hands) are better than one.
And this is one good reason why men should get excited about the Dynamic Wealth Program for Women. It opens up the opportunity to educate and empower women to confidently and competently contribute to the household finances. Everybody wins!
A Matter Of Time
Beyond the discussion of what is a misallocation of valuable resources, there is a very practical reason women should be heavily involved in the finances. On average, women live longer than men. According to this study, the life expectancy for females in Canada is about 84 years, while the life expectancy for men is only just under 80 years.
If the woman is going to outlast the man more often than not, shouldn’t she be closer to the middle of the financial discussion than he is? For this reason, when I plan for couples, I stress that since women live longer and are likely to be alone at some point, choosing to do a plan with a focus on the woman serves everyone well. If her financial life is secure, then so is his.
Ultimately, I strive to encourage couples to make the woman the centre of the plan. If they want to be successful together, then the man has to involve her in the conversations and meetings, give her space to express her views and concerns, and trust her. By involving both parties in the planning and execution of the finances equally, both of their strengths can be utilized. In the end, this is the path that will lead both of them to the greatest opportunity for success.
A Professional Process
Because I recognize the value of women in finances, I have developed a three-part process to educate and empower women. First, the Life By Design Plan will help get a clear vision and establish defined life and financial goals. Second, we implement the Flex Investment Strategy to allow a healthy balance between your desire for safety and the need for growth. Finally, through the Engaging Women’s Program, we continue to promote ongoing growth, providing resources for continuing education and advancing strategies.
It’s time to take control and see what your finances look like when handled by an empowered woman! To get started, contact me today at (613) 230-5895 or email@example.com.
Yusuf Osman is a Senior Investment Advisor at Argosy Securities Inc., an independent full-service financial advisory firm dedicated to helping clients create financial freedom, security, and peace of mind. With over 30 years of experience in the finance industry, Yusuf is committed to educating, engaging, and inspiring as many people as possible to take control of their finances. He spends his days developing a thorough understanding of his clients’ lives, concerns, and dreams to help them build a financial plan that keeps pace with changes in both the markets and their lives. Yusuf graduated from the University of Ottawa with a bachelor’s degree in Science and earned an MBA in Finance from Queen’s University. To learn more about Yusuf and his Dynamic Wealth Program for Women, go to https://www.argosy-osman.com/women or connect with him on LinkedIn.