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Money Talks: money myths about women

Lenore Nolan Ryan is like many women.

She often finds herself in the kitchen.

But like many women, the kitchen she's in is at her own business.

Half the nation's restaurants are owned by women.

And that's not the only place they're cooking.

Between 1997 and 2002, women-owned businesses grew by nearly 20 percent, while all U.S. firms grew by only seven percent.

So if you think that women can't cut it in the business world, you're the victim of a money myth.

Another money myth about women?

They're not as good at saving or investing as men.

According to investing firm Vanguard, women are more likely to join a work-related retirement plan, put 10 percent more in their plan than men with the same income, are more likely to diversify and less likely to trade actively.

Myth number 3?

Women are bigger spenders than men.

Wrong.

The biggest spenders in the US are single men.

Maybe one reason why is related to our last myth that women and men make the same money.

According to the recent White House report, in 2009, the average woman only earns about 75 percent of what the average man does.

But Lenore, who's been self-employed since she was 18, says forget both the money and the myths.

Her advice?

"Follow your passion," said Lenore, "If you love it, you're going to be successful, and if you're successful, you're going to be happy.

And that's going to trickle down to your family and your friends, and you're going to have a great life."

Bottom line?

When you hear jokes about women on late-night TV, remember they're just jokes that serve to perpetuate myths.

Want to see more myths about women and money?

They're waiting for you at moneytalksnews.com.

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