How to Manage Your Money Like A Man

Like it or not, it's a fact: Men and women really do face different challenges when it comes to successfully managing money. This is not to say that either gender has superior skills – rather, that each brings specific abilities to the endeavor. Here are 13 savvy tips for men to follow in beating gender-based obstacles to financial success.

Earnings:

• Think inside the box. Men lost twice as many jobs as women during the recent economic meltdown. Formulate a contingency Plan B for the possibility of losing your job, and avoid trying to “start fresh” in a new career field. Think of jobs that are similar to the one you're doing now.

• Make new friends. Most big-money jobs are garnered through networking. Whether it's casual or professional, start doing it now – and keep expanding your horizons.

Savings: 

·        Stash that cash. Remember that old rule about having three to six months worth of income on hand for emergency living expenses? Average unemployed time now is at eight months; that goes up to a year if you're in management, or if you're 50 or older. Plan ahead.

Investing:

• Curb your impulses. When everyone around you is screaming “Buy! Buy!” or “Sell! Sell!”, exactly how do you make level-headed investment decisions? First, don't trade while the market's open. Second, don't take every word you hear from Bloomberg as your financial gospel. Finally, go out on the patio to read your account statements – don't read them while sitting at your computer. You need a place free from distractions where you can really focus on the numbers.

• Impose limits on yourself. Decide how often you're going to buy and/or sell during a specific time period. Then stick to your decision. You may settle on once quarterly, or even once semi-annually. Men have been shown to trade 45% more than women no matter how the market's doing, and have had greater losses as a result.

• Isolate your 'mad money.' Investment advisers often suggest that men set up a separate account to 'play' with – money available when a friend gives you a great tip that's sure to make a killing. This provides a sense of freedom, while maintaining discipline with one's core investments.

Assets:

·        Skimp on long-term care. Think twice before spending big bucks on this kind of coverage. Most men spend an average of one year in long-term care, as compared to four years, on average, for women.

• Stop to smell those flowers by yourself for a while. About 40% of husbands urge their wives to retire when they do – and couples frequently pay a hefty price for that shared time. If your spouse continues working, you can put off (or slow down) tapping your savings. Better yet, you may retain access to her health insurance. Best of all, both of you may be able to postpone going on Social Security, meaning bigger benefits when you do apply.

• Extend your pension. Take the default (joint and survivor) benefit, instead of the single-payer plan. If you die before your spouse, they'll still receive that income.

Men and women alike know that a little smart planning today means a pleasant, comfortable future. By learning to think – even if just a little – like the opposite sex, you're sure to find your financial management skills enriched, with the ultimate payouts far more rewarding than you might ever have imagined.

This special guest post was brought to you by CareOne Credit Counseling.They are an organization that provides debt help services to consumers.

Staying above the water line!

Riverwalker