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have you ever wondered why it is that women are poorer than men is it discrimination harassment the glass ceiling or are there deeper lingering issues that we're not really talking about at least not as much as we should be talking about the issue well anytime I see something that I consider wrong or something that frustrates me what do I like to do well I put on my don't sue me bro shirt and I make a video about it because I think by spreading information and perspective we can all make more money and live better and happier lives oh and big shout out to the client of mine who put my mug on a mug this is officially the second day that I'm drinking coffee again and the mug is really coming in handy now see I went on like a nine week hiatus but anyway let's stick to the topic of the video so make sure to hit that like button follow me on Instagram now let's get right into it we've probably all heard it before but there's a reason why Albert Einstein says the eighth wonder of the world is compound interest what keeps the rich a richer and the poor poorer but we're not specifically talking about compound interest here instead the reason number one women are statistically poorer than men is because they invest less than men do in fact a researcher shows that when women are given a $1000 of a found money and men are given the same $1,000 of extra money men are 35 percent more likely to invest that money than women now I know a lot of men might be patting themselves on the back but ironically when women invest they invest a better as n men do that is they tend to achieve greater rates of return and they invest for longer periods of time while trading less emotionally than men do sadly women receive the unfair stereotype of that they're going to be more in moe when it comes to their investments and maybe they trade more erratically but research shows the complete opposite is true women trade less and they're more willing to invest in their own education when it comes to investments and they're more willing to ask for help than men our research indicates that men are more likely to just want to learn from their mistakes which unfortunately ends up costing men more in the long run and see now we start wondering wait a minute so if women can invest better than men do an average bettor returns then why don't they invest more why is it that men are 35% more likely to invest of their money than women are leading to the growing wealth gap between men and women well unfortunately research indicates that women are less confident than men when it comes to investing in fact only 46% of millennial women suggested that they feel confident about investing and when we look across all different age groups we can actually see that women are just as confident as men when it comes to paying bills or choosing insurance budgeting paying off debt and these sorts of things but as soon as it comes to handling investments women fall short but research from Harvard might have a solution to this confidence problem see Harvard says that when we enroll in any kind of financial education whether that's financial education and high school or some kind of other financial education course we're likely to increase our credit score and be more financially savvy however that financial savviness goes away in time Harvard indicates that as soon as three years after you start thinking about finances you might stop thinking about finances again unless you're constantly renewing your interest in finance and budgeting and investing and then we can flip over to Merrill Lynch and realize that wait a minute women just aren't exposed to different kinds of investment options as much as men are and so all of this leads to a lack of confidence so women are better investors they're just less confident because they're not as exposed to financial education as well dudes are and I hate to say it but most finance channels on YouTube have anywhere between 85 to 95% male watchers and so of course this would be a perfect place to suggest that women as well as men if you have not yet consider taking a look at the course that I have on real estate education I've been a real estate broker for 10 years and transacted hundreds of deals with a primary focus on investments single families apartment buildings commercial deals all of that has been the focus of my career we also have a coupon code going on right now a wedge of 100 that coupon code will get you 20% off and keep in mind that the course is designed to teach you basic finance basic real estate to advanced real estate and the next levels of building real estate wealth it's literally everything from nothing to beyond and we continue to update it so if you're worried about your financial education a waning as long as you stay active in our group and our private live streams that we do twice a week the odds are you'll come out much further than people that aren't constantly focused on finance and investing options the second reason women are poorer than men relates to the first but it's actually different Merrill Lynch says that one of the biggest factors for financial stability is owning accumulated assets which I'm pretty sure they define as owning actual businesses or owning property like land or rental real estate and actually controlling that yourself and I think they separate these two because when you have investments usually put money into the index fund you put it in the stock market and you get your return but when you own businesses and you own rental property you could take advantage of the power of leveraging employees or safer forms of debt to create more stability but also extrapolate your wealth a lot faster I thought that was a little bit of a complicated as different so that they kind of broke apart but they made it very clear that if women invested more and owned more assets that is property and businesses their financial outlook would be a lot stronger now the third reason might just be women's biologically different engineering than men see statistically the women seem to prefer familial wealth and generational wealth where men tend to prefer wealth for themselves women are also much more likely to be caregivers than men now it goes without saying that the most obvious form of caregiving is parenting and we've all heard of the mommy penalty before especially since eighty percent of women are estimated to have a children but unfortunately that sort of mommy penalty tends to travel throughout their entire lives well it might not necessarily prevent them from being promoted while having children there's a lot of debate around whether or not children prevent the ability to progress in your career there isn't a debate over the fact that women are taking years of their lives taking care of children and then guess what happens in their mid 40s to 50s they generally start taking care of their elderly parents while also taking care of children and then as they age 'since women tend to live longer than men and tend to marry men that are on average two years older than they are guess who they get to take care of later in life their spouses this basically creates a lifetime of caring for other people rather than focusing on their own wealth building and again this could be genetic it could just be culture the way it is I'm not suggesting that it has to be that way I'm just citing research that says this is statistically the way it is and to me this is why this makes the number three spot in terms of explaining via wealth gap between men and women but of course this video could not be complete without talking about the gender pay gap between what women are paid and what men are paid in fact research continues to show that women in similar positions as men with similar educational backgrounds continue to be paid 20% less than what men are paid for the same work now as of November 28th 2018 the Institute for Women's policy research actually goes a step further to say you know what it's not a pay gap of just 20% women actually earn as little as 49 cents to the typical men's dollar obviously it goes without saying and that's all wrong I think the most important thing everybody can do at this point in the video is ask themselves how can they better their own financial prospects for the future that is what can we all do to increase our confidence in investing and come up with a plan that's going to set us up for a better future with more money and reserves more money for retirement and more money for our family and that's why I'd like to go through a relatively basic plan that every one man or woman can take advantage of today first and foremost absolutely every single one of us should have an automatic transfer from where our money goes in that is where we get paid and where we pay the rent from or the mortgage from we should have an automatic transfer from that account into what's known as a high-yield savings account wealthfront is a great option for this they're an online bank and for free you can automatically transfer your savings into their high-yield savings account they have FDIC insurance for up to a 1 million dollars in savings and they pay you 2.5 7% on your savings that's a risk-free 2.5 a 7 percent absolutely everybody should be doing this the second step everybody should be doing is you should be asking yourself now that you know that Harvard says your financial education will actually diminish and go away in three years you should constantly be thinking to yourself what books am i reading now what YouTube videos am i watching now and subscribing to and where am i smashing that like button and of course what courses are you interested in now obviously you don't have to be interested in my course on a finance and real estate investing which is linked below but there are so many great courses out there I just encourage you to think hey you know what you could probably spend a very small amount of money and learn way more than you ever thought you could so except to focus on that education step three after you're automatically putting money into savings and you're learning about finance and keeping that finance knowledge a brushed up consider transferring money into index funds you can do this directly through a vanguard such as their total stock market index fund which has super super low fees you could also do this through fidelity which has a free options for investing in index funds and if you're not comfortable investing in a particular type of index fund you could invest in what I call the basket of index funds that is you could use wealthfront and they'll put your money into like five or six and different index funds that they pick now step four while you're dabbling in index funds and keeping your investments pretty basic you've got your high-yield savings automated now you should really consider taking control of your housing you should do that by immediately talking to a loan officer hopefully you've established your credit if you have an established credit yet consider having a credit card and paying that off every single month don't get a credit card if you can't pay it off every single month it's not a license to spend it's a license to build credit which is really going to help you accumulate those assets talk to a loan officer it's totally free to talk to somebody and see what you can qualify for so you can stop paying off somebody else's mortgage now step five this is where you might consider starting to get a little bit more creative with your investments this is where you might start considering using things like retirement accounts whether it's a Roth or it's a simple IRA or it's a 401k through your employer whatever it is it doesn't really matter you might consider stock picking or individual real estate investments now at four we're having rental properties and building your portfolio in maybe more complicated ways once you're at this level you might consider using an app like m1 finance to help you with your investment decisions I've been critical of m1 finance before because I think a lot of people want to start using m1 finance too early and it's just too overwhelming so until you're at the more advanced level I don't recommend using their app but once you're ready for the next levels and you want to really diversify your investments you know what m1 finance is an excellent tool and it's free to use in most cases and so folks there you have it there are some major issues as to why women are poorer than men but I think no matter whether we are a male or a female we could take advantage of some of the advice in this video apply it to our finances and end up coming out ahead with more passive income more cash flow and more assets thanks so much for watching and this meet Kevin Report if you want more meet Kevin hit that subscribe button and the notification a bell down below so you don't miss out on other videos also consider joining me at any of the upcoming real estate investing crash courses we are going to Seattle next then Austin Miami San Francisco Charlotte Atlanta and Nashville would love to see you there keep in mind these are not seminar sales pitches to try to sell you something at the event they're actually a one-day full-on knowledge base crash courses take a look at this comment from our Chicago crash course that took place on a Saturday and the comment was today is Tuesday and the Chicago attendees are still talking about how much they learned in a short span of time everyone must attend thank you so much for your support ]
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