Should I let my husband make the decisions?

I don’t know much about investing. Should I let my husband make the decisions?

Even if your husband is a financial expert, it’s a good idea to at least understand investing basics. For one thing, because women on average tend to live longer than men, the odds are extremely high that you could be responsible for making your own financial decisions at some point. If you suddenly had to make all the decisions yourself–and many women have found themselves in that position–you’d benefit from knowing enough to protect yourself from fraud and/or communicate effectively with a financial professional.

Also, even if your spouse is more knowledgeable about finances than you are, understanding enough to consider the pros and cons involved in an individual financial decision can often produce a better outcome; it forces both of you to address questions you might not have considered otherwise. Knowing why a decision was made can help minimize second-guessing on either side later.

If you disagree about a particular investment, remember that though diversification doesn’t guarantee a profit or prevent the possibility of loss, a diversified portfolio should have a place for both conservative and more aggressive investments. There may be ways to accommodate both spouses’ concerns, and a neutral third party with some expertise and a dispassionate view of the situation may be able to help you work through differences.