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A place for LGBTQ teen entrepreneurs

40% of students plan to start their own businesses and 3% already have. Is there a place for gay teens as entrepreneurs and financially successful? Be even more financially successful by avoiding and paying off debt with this free  7-Step Credit Card Debt Slasher.

Gay teens and gay money

Did you understand money as a teenager?

Forty percent of homeless youth identify has LGBTQ and queer college grads have more student loan and credit card debt than their straight peers. According to Eva Baker of teensgotcents.com says that teens want to understand money at an early age and are concerned about paying for college even before attending college.

We hosted Eva on episode #41 of the Queer Money® podcast to talk about LGBTQ teens and money and LGBTQ entrepreneurs. Our goal was to reach queer folks at a younger age so they can be proactive with their money and not reactive after they’re in financial trouble.

So, how can gay teens prepare financially starting today?

Meet teenpreneur Eva Baker on Queer Money®:

Teenpreneur Eva Baker

When Eva heard Dave Ramsey’s Total Money Makeover on CD, she learned about how many adults struggle with money. She vowed to avoid debt herself and to learn as much about money as she could. When she searched for blogs and books about money for teens she was disappointed to find nothing and teenpreneur Eva Baker was born.

This is when Eva decided the senior project assigned by her mother would be to create a business that teaches teens about money. Eva’s theory was that if she would proactively teach teens about money, they wouldn’t need debt repayment plans, debt consolidation companies, and other services designed for those looking to repair their credit.

Teenpreneur Eva Baker has turned this project into a profitable online business complete with a blog, ebook, and now a thriving public speaking business. She is now using her knowledge as preventative education for other young people, including LGBT and underserved children. On several occasions, Eva has partnered with Jasmyn, Jacksonville Area Sexuality Minority Youth Network in Florida.

Eva shares some of the lessons she uses when she speaks to groups big and small. She discusses the need to break down limiting money beliefs and says that striving for “perfection can cause us to not take action” in life. She underscores that it’s okay to make mistakes and, in fact, those mistakes can often help us become better and wiser.

1. Open a free online checking account

A recent survey showed that a whopping 50% of queer respondents claimed they didn’t have a single bank account. That means we’re spending more money on everyday transactions than we have to.

What do we suggest? Open a free online checking out.

2. Open a free online savings account

Savings account usually offer better savings rates than checking accounts. That’s because banks expect you to keep your money in the savings account longer. For any extra money that you’ll try not to touch for a long time, open a free savings account.

3. Start investing money by investing your spare change

Here’s the deal, no one gets rich without learning how to make their money work for them, i.e. investing. That’s investing in stocks, a business or real estate.

The key to investing is starting early, but where should you start? Start simple.

4. Build credit fast

Having a good credit score will save you thousands if not tens of thousands of dollars on credit cards over your lifetime with loans, mortgages, even apartment rentals, cell phone plans and jobs.

Knowing what makes up a credit score is critical in today’s world. A couple of bad moves and, oops!, you’re spending several expensive years in credit score recovery.

5. Get a part-time job (or 2) and a side hustle

If you had to leave home at a moment’s notice, wouldn’t it be nice to have some cash to cover your expenses?

That’s the power of a safety net, and the only way to build a safety net is with a job or with jobs.

It’s also important for queer people to have part-time jobs and side hustles, ways to earn extra money, should we lose one job or be denied housing or services because we’re queer.

Meet Eva Baker, the Teenpreneur Conference founder

Eva Baker is the founder and CEO of TeensGotCents, a personal finance website devoted to teenagers. The platform is designed to help teens and college students learn to budget their money, stay debt free, shop smart and find a great part-time job. The site has been recognized by The Plutus Awards as the Best Blog for Teens, College Students and Young Adults in 2014 and the Best Generational Finance Blog in 2016. Eva is also the host of the Teenpreneur Conference, a place where business-owning teens and aspiring young entrepreneurs can get together, learn practical skills and connect with brands.

Today, Eva shares the inspiration behind both TeensGotSense and the Teenpreneur Conference. She covers what you will learn at Teenpreneur and how the community has grown since its inception in 2016. Eva speaks to her experience working with LGBTQ youth and the inclusive environment fostered at the conference.

Watch the Queer Money Follow-Up to this episode:

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Eva Baker’s Teenpreneur Conference

Eva Baker is the founder and CEO of TeensGotCents, a personal finance website devoted to teenagers. The platform is designed to help teens and college students learn to budget their money, stay debt free, shop smart and find a great part-time job. The site has been recognized by The Plutus Awards as the Best Blog for Teens, College Students and Young Adults in 2014 and the Best Generational Finance Blog in 2016. Eva is also the host of the Teenpreneur Conference, a place where business-owning teens and aspiring young entrepreneurs can get together, learn practical skills and connect with brands.

Today, Eva shares the inspiration behind both TeensGotSense and the Teenpreneur Conference. She covers what you will learn at Teenpreneur and how the community has grown since its inception in 2016. Eva speaks to her experience working with LGBTQ youth and the inclusive environment fostered at the conference.

The money conference for gay teen entrepreneurs: