I’m the financial planner in my house. I handle my husband’s 401k, I have an excellent credit record, and I know where every dollar of my paycheck is headed at all times.
So how is it possible that I have no idea what’s in my own investment portfolio?
Here’s how: My step-father set it up for me when I was 15—and manages it to this day.
We’ve literally never discussed it.
He’s a financial planner, so I’ve always been happy to let him do his thing with my money. But now that I’m a little older and more focused on building net worth, I’m not so sure that “his thing” is right for my assets.
But I can’t tell him that... can I?
On average, women—even smart, high-earning women—are less financially literate than men. They’re also at risk of letting insecurity hamper their financial decision making. And women are nearly twice as likely as men to seek financial advice from friends and family.
That’s a recipe for unconsciously handing your financial independence to the nearest male relative—which could end up really costing you.
I’m smart enough to know all this, yet I’m not sure how to change it.