5 Common Mistakes Even Successful Men Make When Dealing With Money

Posted by on November 13, 2017 in Economy with 0 Comments
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By Georgette Rowland Osborne | Good Men Project

Working with people and their finances is a fascinating part of my work. I have learned so much about not only what men do with money, but how they think and feel about their finances.

With a few exceptions, the men I have worked with are amazing people who want to do the best for those they love, as well as for themselves. No matter how good the intention, many still make avoidable financial decisions that create problems in their private and business life. Here are some common ones that keep cropping up. 

1. They Allow Making Money to Override Other Parts of Their Life

I confess I do not believe in work/life balance. Nevertheless, if other aspects of your life are constantly neglected in favour of making money, it is a sure bet that you will burn out.

Take a look at your health, your relationships, your leisure time and social life. How much attention are they getting? The balance between them all will never be equal, and that’s fine. I see too many men go from “having it all” to losing what is important to them.

2. They Don’t Take Financial Advice before Making Important Decisions

One of the biggest decisions a man can make is to quit his job to build a life as an entrepreneur. It is staggering how many do it with insufficient cash to carry them through the times when income is coming slower than they had planned. One of the uncanny coincidences of running a business is how much quicker money can go out than come in. 

Another decision is to start investing in stocks and shares without understanding the nuts and bolts. An Interest in property investing remains as popular as ever; despite the housing crisis. And those are just three examples.

These pursuits cannot just mess up your finances, they can wipe you out. People who have success in these areas do not have it by chance, or because they bought the latest course on the subject. They have knowledge, skills and experience that can save you many wasted hours and money. A savvy man knows when he needs advice and sees no shame in taking it.

3. They Use Money to Buy Respect and Impress Others

Even though they may deny it; I can picture right now some men, just in my personal world, that view how much money they make as an indication of their status as a man.

Ironically my observation is that this is rarely an indication of arrogance or self-importance; but a sign of insecurity.

Please don’t criticise yourself for liking the nicer things in life. You work hard, and you deserve to be rewarded and enjoy your life. Otherwise, what is it all for? And if the feeling you get when people compliment you on your success makes you feel all warm inside. Good for you.  

On the other hand, a desire for recognition can get out of proportion. A man’s identity can become wrapped up in status symbols, rather than who he is as a human being. The flashy car, the designer gear, the big house. When you buy things–and a big part of your decision is based on what other people are going to think of you–maybe, just maybe, something else is going on inside you that you are not dealing with.

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