Your Career and Your Lifestyle are in Your Own Hands

I just recently stumbled upon an article regarding money management where the author discussed who better manages money: men or women.

Upon entering college, men tend to gravitate toward engineering, physics, and computer science. Whereas women are underrepresented in math and those fields and end up in something like social work, healthcare administration, anthropology, nursing, and human resources. So, the math and finances are not the priorities for women?

I can’t elaborate, and won’t even try.
Glassdoor (a job recruitment company) found that nine of the 10 highest-paying majors were male-dominated. By contrast, six of the 10 lowest-paying majors were female-dominated.

“Gender reveal parties, children's toys, sports rules, and targeted advertising all reinforce the age-old narrative that girls are different... less than...”

To me, it’s a useless discussion as there are different girls, women, and even on a domestic level, different situations in each family. For instance, I take care of investments but my wife is handling all the bills, banking, and mortgages. So, who is better in this case?

Slightly more than half of the women who contribute half or more of the household income are responsible for managing the money.

I believe I have already covered a part of this issue inside of one of my articles in the Social category.

If to look at the financial industry and men’s participation vs. women, less than 10% of mutual fund portfolio managers are female. It is an impressive difference but, frankly, I don’t intend to discuss this issue further. I just want to tell you one thing: if the girl is ambitious enough, she will be in the financial industry. One example is my daughter-in-law. She has earned a Master's Degree in Finances and is working for one of the major financial institutions in the United States.

I want, however, to provide you with some information and a very interesting and useful table from that article for those who are in the process of choosing or changing a profession.

If you are a young adult, in many cases, the decision about your future profession comes from your parents. As the T. Rowe Price survey found, parents treat their children differently because they think boys are better with money (80%) but not girls (only 69%).

Again, as I have discussed earlier (see my other posts), we have the problem with educating teenagers on the basics of finances and handling money. Until the schools will change the curriculum, we will have many young adults who have high debt with credit cards and education loans.

All of it is because they have no clue about the outcome of their own wrong choices.

When you are thinking about the future profession, do some research and find out what would be your expected compensation right after college graduation, with your first job; find out the same after 5 years of work.

Calculate if you will have enough money for living expenses and for paying your debt. Without this due diligence, you could be faced with mounting debt that may affect the quality of your life.

Yes, girls and boys, it’s not a joke. If your parents are not qualified to help you with your research, do it on your own, or find the mentors or professionals (every country offers different choices) who may help you.

Take your time and effort. It will pay back handsomely. Please think not only about what you would enjoy doing in your life but if the chosen field of trade will support your lifestyle.

To help you, look at the following table:

(click to zoom)

Your Money, Your Future

Women, it's not that they can't. It's that no one taught them how.

That's why it's critical for couples to manage money together...

For parents to teach their children about managing finances...

For friends to share their cost-saving hacks...

For women to negotiate better salaries...

And for everyone to seek out the answers to their financial questions.

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DISCLAIMER: This article is intended to provide information to interested parties. Please excuse any typos.  I assure you that I will do my best to correct any errors if they were overlooked.