Gay Spending; Do We Overspending to Overcompensate?
On our premier episode of Queer Money, we discussed gay spending habits and the question of overspending to overcompensate. Does the LGBT community spend more than our straight peers and if so, is there a reason why?
Overspending to Overcompensate Highlights
See the full video below
Queer Money Sponsor
HIV Smart @ HIVSmart.org
Overspending to Overcompensate Guests
- Bob Wheeler of The Money Nerve is a CPA who wrote The Money Nerve: Navigating the Emotions of Money and hosts The Money Nerve Radio Show
- David Rae is a CFP and Huffington Post and Advocate contributor
- Michael Steward is a style icon and manages What’s Out There
Overspending to Overcompensate Notes
John was on the Like a Mother podcast, hosted by Emma Johnson of Forbes Magazine. John talked about gay spending and why gay men have so much debt. He theorized that we may overcompensate for feelings of inadequacies.
Bob once dined with friends and three of his credit cards were declined and his check bounced when he tried to pay the bill. Bob said he was driven by ego and not reality.
In the LGBT community, it’s a competition to maintain appearances.
Michael says fashion and style are tied to the LGBT community. Money denial is pervasive. It’s easy to repurpose, and mix and match current clothes.
Bob says overspending is sometimes caused by LGBT “living for today”. HIV, AIDS and being abandoned by family, friends and society, drive many to search for happiness in consumption.
- The average American family has $15,000 in consumer debt and pays $3,000 annually to finance it
- The global spending power of the LGBT community is $3.7 trillion
- The number of those who identify as LGBT in the world is more than the total U.S. population
- Estimated spending power of the LGBT community within the U.S. is nearly $900 billion
Overspending to Overcompensate Conclusion
To fix our finances, we must decide that we want to change. We must understand our feelings about money, our financial fears and dreams and learn what we really want in life.