Money Smart Gays
Are you young and gay? Then, we know where you want to be. Here are four money smart moves to make this year to get there.
This post continues our series of money smart moves for the LGBT community to make as they approach various ages and/or life stages. As David shared in our previous post in this series, he was shunned from his family because of his sexual orientation and had to quickly adapt to flying solo.
While this sense of urgency isn’t necessarily as common these days or for 21-year-olds, the following money smart moves are proactive steps to ensure financial independence and success.
We’re assuming here that you’re now entering the working world. If you’ve already entered the working world and haven’t completed these money smart moves, they can help you just as much as a 21-year-old. If you’re not about to enter the working world, hold onto this until you are.
Money Smart Moves
1. Get Rich Early: The moment that you qualify for a company sponsored retirement plan, such as a 401(k), 403(b), SEP or SIMPLE IRA (Individual Retirement Account), sign up for it and immediately contribute 20% or more of your income to this account.
Time in the market is the most important factor with investing successfully. Someone who invests $2,000 annually between the ages of 21 and 31 will have more money when they turn 71 than someone who invests $2,000 between the ages of 31 and 71. That’s $60,000 more you can spend on your lifestyle than retirement.
Remember to add beneficiaries to this account and verify/update them annually. This ensures your money goes where you want it to if anything should happen to you.
2. Become Your Own Boss: Today’s economy has so many opportunities to be your own boss. So many people are starting their own businesses with websites, podcast, YouTube, freelancing, consulting and so much more. There’s a wealth of freedom and income for those brave and smart enough to embrace it.
Despite the broader accepts of the queer community today, there’s still a lot of opportunities to help this niche demographic in a real and relevant way.You’re a pro at something that makes you unique. Use these platforms to help your peers with what you know.
3. Build a Bigger Life: We did a video about surrounding yourself with “money people” to inspire your personal success. A symbiotic step to the previous step is to listen to the Build a Bigger Life podcast with Adam Carroll. Adam talks with entrepreneurs and money smart experts. His information is an important resource that we listen to religiously to keep us inspired and on track.
4. Tackle Student Loans: Most college graduates today are stressing about their student loans. We paid off over $51,000 in credit card debt in 2.5 years with interest rates much higher than even today’s student loan rates. Through our work as Debt Free Guys, we’ve met people who have paid off four times that quicker than they ever thought possible. Click here to learn how you can pay off your student loans faster than you are today.
It takes focus and drive and it’s not easy, but it is doable. Do it. If you make these moves as you’re entering the workforce, you’ll achieve financial success in no time.
Other articles for you:
- Turn Your Someday Goals into Reality in 60 Days
- Gay Pride & Financial Prejudice
- 5 Reasons Why It’s Great to Be Gay Today!