After graduation in 2010 from Central Michigan University (CMU), I knew generally what I wanted from my career: to enrich people’s lives by helping them invest their hard-earned, hard-saved money. However, I didn’t have a clear idea how I would do that or how many different career paths were available within the investment management landscape. For example, there are firms that sell financial products such as mutual funds, insurance, and annuities, and there are firms that manage the money directly as a professional service, aka money managers. I knew of these different paths from my studies in college, but I was unsure which was right for me.
Men own penny stocks on Mars and women have a money market account on Venus.
At least I think that’s how the saying goes…
Okay, maybe not quite like that but the point is, there are noticeable differences between genders when it comes to investing strategies. Many of these came to light just recently, since for years it was the norm for the men to handle most couples’ finances. As women became a bigger presence in the work force, waited longer to get married and couples began divorcing more frequently, women found themselves solely in charge of their own finances. Once they began to invest, based on their own values and goals, it became evident they (typically) invest much differently than their male counterparts. As an investor, a professional investment adviser and a woman myself, this idea is intriguing to me, so I decided to explore these differences…what they mean…and what to do about them.
As of this month, I have officially been a part of the Meyer Capital Management (MCM) team for one year! In celebration of the past year I decided to reflect on what I learned and accomplished.
First off, I must acknowledge that a year and a half ago I did not expect to work in the finance industry, particularly for a Registered Investment Adviser. To be honest, at that time I couldn’t tell you what it meant to be a Registered Investment Adviser. In the spring of 2015, I graduated with a Bachelor of Arts degree in Political Science and Pre-Law from Northern Kentucky University. Upon realizing that I did not want to go to law school with many of my peers, I asked myself, “What exactly do I want to do with my life?”
My chops for penning this blog are that I am both a baby boomer and an employer. The social media biosphere is replete with (mostly) well-intentioned advice for what millennials need to do to excel in the workplace. These “rules” are usually handed down by older people who are well-established in their careers and hold positions of power and authority–in short–by baby boomers, who constitute a large majority of today’s professional power brokers, successful entrepreneurs, corporate executives, etc.
Boomers are notoriously work-centric, goal-oriented, self-reliant, and competitive. Too often they find millennials self-absorbed, lazy, entitled, and narcissistic. Is it any wonder that the two generations might butt heads in the office? I think not–and that’s assuming a millennial can win a job from a boomer hiring manager in the first place.