I sat on my butt for 12 hours on Saturday getting my hair braided (never mind that I threw away $5 withdrawing money from the ATM to pay because I left the cash I already withdrew at home).
While I was getting my hair done, I was tortured by 12 hours of A&E on cable.
I watched several hours worth of reality TV, which had one theme in common: men are rational and detached when it comes to money, women are emotional and involved. Or so it seemed watching these shows.
I watched six episodes of Gene Simmon's Family Jewels and they were all about how he just wanted to make money. He calculated, counted and considered money all the time. The point of spending money was to make more. The more you spent, the more you cut into your potential profits.
His common law wife, on the other hand, just took his credit card to go shopping every chance she got. She bought her daughter a $50,000 horse out of spite. She spent $20,000 on a handbag.
On a show called Flip this House, this real estate investor in San Antonio bought houses to raise their value, live in them for two years to gain equity and sell it without having to pay all the taxes on the profit. He and his wife bought a huge house on acres and acres of land and all he could think of was the great deal.
His wife, on the other hand, could only think of the great house. She spent $9,000 on tiles for the kitchen floor and $6,500 on granite countertops. He wanted to salvage the cabinets. She ordered custom made ones. He had a strict budget for home improvements and landscaping. She was all like, budget be damned.
Last month, I read an article in the Wall Street Journal about how some couples might have missed out on profiting during the housing boom or who may have been buying houses at the wrong time because of the woman's "irrational nesting desires."
The men counted everything. The women counted nothing.
Personally, I don't see how either is good. But I was surprised how similar all the episodes were on these very different shows.
I know most of my readers are women, but sound off -- do women's emotions get in the way of wealth?
I don't know about women in general, but I get all emotional about security with regards to money. I am loathe to part with it when it means sacrificing a piece of financial cushion. my mom's the same way: several years ago, my dad wanted to invest in some rental property, but she wouldn't go along with it. it's sad, because my dad would have passive income now that he is too ill to work.
Posted by: Sense | January 23, 2007 at 12:09 AM
I can't speak for all women, however about a year ago, I decided that I wanted to buy a house. Didn't do a lot of research and get approved for my loan. I started looking at houses in the Post-Katrina Louisiana market. I kept falling in love with houses that would not have been good for me. Some needed tons of repairs and being a single mom would have meant that was more than I could have taken on. But still all I could see was decorating the house. Thank goodness those offers kept falling through due to other higher offers and problems with the disclosures, etc. I am so grateful I didn't get myself stuck with something I really didn't need. The next time I begin to look for a house (after my financing is squared away) I will not become so attached to a house until it is mine.
Posted by: Serenity23 | January 23, 2007 at 07:41 AM
I think it works both ways; men are much more likely to lose money on active trading of stocks, too.
I can't say that emotion never factors into my decisions, but I try to be aware of my motivations at all times.
Posted by: HC | January 23, 2007 at 10:06 AM
THis stuff burns my noodle sometimes, I swear! Ish like this reminds me why there still needs to be women's studies and a fight for equality! Why do they always portray it that way? Hmph.
*stepping off soapbox*
I would say that I am less emotional than men, but I can't be too sure. I haven't been in the position to make a choice like those above. However, I don't attach emotions to things and I am sure that extends to money.
Men aren't exempt from the emotional stuff, it just comes in different packages sometimes. Generalising here (i know, and after that diatribe above), but aren't men usually after bigger and better toys?
Posted by: Clink | January 23, 2007 at 10:21 AM
Clink, I think you have a point. I know my guy is a tech toy freak and has no qualms about dropping a wad on the latest, greatest, thing. You should have seen his eyes when he looked up that new Apple iPhone. I balked at the $600 price tag no matter cute it was, but he promptly and repeatedly reminded me was just $599... I'd say that's an emotional!
Posted by: Debt Hater | January 23, 2007 at 11:39 AM
"just $599"
LMAO@you!
Posted by: Clink | January 23, 2007 at 12:53 PM