Excuses Women (and Men) Give For Not Investing – Part 2

by financialmom on May 11, 2010

in Financial Plan, Investing, Money

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Here’s an excuse for not investing I hear a lot at this time of year (and actually all through summer): “I am very busy in my garden right now . . . .”   Right now can last from April to November – from when the ground thaws until the ground freezes again.  (Not that we don’t deserve to enjoy our gardens here in the frozen tundra, but not at the expense of our financial planning please.) 

See below for some more excuses people give for not investing:

I Have No Time

I agree, time is a precious commodity.  And so is your future.  When you consider you may live a third of your life in retirement, you better make time to manage your money. It’s all a matter of what is important to you, and I am telling you it is imperative you pay attention to and understand your finances and investments.

Maybe we are just lazy, so we never manage to get around to investing. Are you going to accept this excuse when you are ready for retirement, and are living at the poverty level because you never got around to it? Is being a bag lady enough motivation for you?  (Which is a women’s biggest fear, by the way.)

We need to tell the truth and admit we are procrastinators when it comes to our money. We invest years of our time getting an education, and thousands of dollars to pay for it.  Yet we don’t want to spend a little time and/or money to build and preserve a financial future for ourselves.  There is just something seriously wrong with that!

It’s Too Confusing

I agree – there are so many investment choices out there, it can be very confusing.  That is no excuse to do nothing. This is what you pay your trusted financial advisor for – to help you sift through all the investment options out there, and find the ones appropriate for you.

How about this one – “I don’t understand all the financial jargon.” This is a variation on it’s too confusing.  Have your financial advisor explain it all to you, and if they can’t explain it so you can understand it, the investment is not for you. Never invest in anything you don’t understand!  Or maybe it’s time to find another financial advisor, if they can’t explain things in a way you can understand it.

I have also heard “Where in the world do I start?” Believe it or not, just getting started can be a big stumbling block.  Women especially like a process.  We like directions.  We will actually follow directions. Ask your financial advisor where to start.

My Husband Does All That

Oh yes, you need to believe it – this excuse still exists.  But are you absolutely sure he takes care of all that, whatever that means?  Or are you just blindly trusting he is?  If you are not participating in the financial goal setting and money decisions of your household, or making sure those goals are on track, you are making a huge mistake.  And you may not realize it until your husband is gone due to death or divorce.  This is about protecting yourself.

Another variation on this theme is “Somebody else should be doing this for me.” This is a classic cop-out, and I am amazed at how many women use it.  Some women think they will marry a millionaire, win a lottery, or inherit lots of money – this is their financial plan. Why should they bother to invest their own hard-earned money?

I’m Too Young/Too Old

“I’m young – I have lots of time to invest.” What a lot of young people don’t seem to know is, if you start investing when you are very young, it doesn’t have to be a lot of money to make a very nice nest egg for retirement, since you have the benefit of lots of time and compounding.  Why make it hard on yourself by waiting, and then having to make really big sacrifices to save so much more later?

Or how about this – “I’m too old, what would be the point now?” I have heard this from people in retirement.  Even if you don’t think you need any more money, how about your children, or your favorite charitable causes? The Bible says we are to put our talents to work for the Kingdom.  You are never too old to invest.

I’m Embarrassed

So you are embarrassed to admit your financial situation.I’ll use the doctor analogy.  Financial advisors are like doctors for your financial health.  We do not judge you for what you have previously done. We understand that people make financial mistakes, and chances are, we’ve made our share of them too.

There is no blame or shame here.  Allow us to give you the benefit of our experience and training.  We will diagnose your current state of affairs, and give you a plan to become better.  We will respect you a lot more for doing something to make your financial life better.   Do something today!

Protect your future choices by investing now. Don’t wait – find a financial advisor you can trust, and get started.

New Profile Pic 2599R Excuses Women (and Men) Give For Not Investing – Part 2Pamela Otten is CEO of Pamela Otten LLC, a Registered Investment Advisor. She loves to work with women business owners and entrepreneurs, and women in transition due to job change, death, or divorce. Pamela will help you set and reach your financial goals, educate you to understand your investments, and teach you how to do more charitable giving. Pamela is a Qualified Kingdom Advisor (www.kingdomadvisors.org), trained and committed to integrating biblical principles with her investment advice.

cc smallest Excuses Women (and Men) Give For Not Investing – Part 2Photo Credit – gailf548

Financial Planning, Investment Advice, and Investment Management provided through Pamela Otten LLC, Registered Investment Advisor.

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