Men do a lot of things right with money. They invest more and still earn more a little more than women, but the Achilles heel, if there is one, is the failure to adequately prepare for the finances of the likely event of divorce.
- Easiest way out is to have a nice pre-nuptial agreement. Most guys don’t. Pre-nups protect women too, so hash it out in advance, no matter how unromantic.
- Get help from a good lawyer and CPA, especially with your taxes. But don’t hire a combative divorce attorney who’ll just run up the bill and bring the worst out of the other side. Be solutions oriented. And assume nothing. For example, alimony is tax deductible, settlement costs are not.
Other than divorce, some men’s biggest problem with money revolved around their tendency to be a bit stubborn at times, but once you’re aware you can overcome!
- Get beyond ego & simplify. As long as you keep on spending less than you earn, have 6 months’ income safely socked away, you’ll do well. Getting too complicated with investments is a good way to get outsmarted out of your money, so stick to the tried and true good ol’-fashioned horse sense.
- Invest in undervalued property. Your home is a great tax asset and if you get a fixer upper, you’ll increase its value immediately. Resist letting ego fool you into getting something you can’t afford (or can barely afford), or continue to rent because it’s easier, and you’re almost guaranteed to do well.
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