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When It Comes To Money, Gender Norms Are Difficult To Break

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Welcome to the Making of a Millionaire daily rundown. Every Friday I’ll bring snippets of the latest stories from Making of a Millionaire. If you have a personal story about money you’d like to share, here’s how you can submit a story to Making of a Millionaire.

When Wives Earn More Than Their Husbands, They Both Lie About It by Ben Le Fort

“man and woman standing on wooden platform” by Nathan Walker on Unsplash

In a report from the Census Bureau, in households where wives earn more than their husband’s women say they earn less than they actually do and men say they earn more than they actually do. Both husbands and wives tend to lie about how much they make. The report concludes that this is because neither men or women are comfortable with violating the social norm that men are seen as the “breadwinners” of the household.

In This Story I Review

  • Why communication about money is so critical to your finances and your relationship
  • Why I am glad that my wife earns more money than I do
  • How to make financial decisions as equal partners

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We Live “Double Lives” When It Comes To Money by Ben Le Fort

“Americans are financing the public half of their double lives by borrowing from the private half”

A sobering report entitled “The Secret Financial Lives Of Americans” details the areas where American’s need the most financial advice, and why they are not getting that advice. This report involved extensive research. This report was five years in the making. The authors interviewed over 2,000 people as well as many bank executives, shopping addicts, and even a bank robber! Needless to say, this report goes deep and its results are both scary and informative for both average Americans and the Financial Services Industry.

In This Story I Review

  • The percentage of people who admit they try and look more financially successful than they really are
  • How many people have admitted to crying at night because they don’t have enough money
  • Why high-income earners feel just as stressed about money as low-income earners
  • The 8 areas of financial advice people would be willing to pay for and;
  • The reasons those services are unavailable to most people

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This article is for informational purposes only, it should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions.

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