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3 Best Tips for Winning at LGBT Money

  December 28, 2016  |    #Make Money

Hi there! You new here? We love that you found our gay little corner of the web. Here at Debt Free Guys, we’re all about helping queer people live lives they truly love inside and out. We think happiness is a 360-degree experience (purpose, love, money, wellness, and lifestyle) that you also deserve. After reading our article below, see how we can help you more here.

How to win at LGBT money

With LGBT money, too many in our community are struggling, whether with income, spending or investing. Get tips on how you can start winning at LGBT money in your 20s, 30s, 40s and beyond. Also, get your free copy of the5 Building Blocks of a Happy Gay Life.

Get all the tips, tools and tricks for winning at LGBT money:

More on LGBT money

Brian shares new LGBT money and tax considerations for queer individuals, domestically partnered queer people and married queer couples. These include how both the marriage penalty and marriage bonus now apply to married queer couples.

We talk about the effects income-based student loan payment plans have on our incomes and the effects of health insurance payments for non-employed, queer spouses.

We discuss LGBT money behaviors and trends relative to our straight peers. These include how queer people think of ourselves as it relates to money and how we acquire and save our LGBT money. The findings will surprise you!

LGBT money and marriage

Brian shares his personal and professional experiences with LGBT money as a recently married queer man and in talking with his single and married queer clients. He shares common financial struggles the queer community is dealing with now that same-sex marriage is legal.

We, also, talk about family planning and its effect on queer couples. Brian shares his thoughts on how queer couples can better prepare financially for having children, regardless of which options they choose.

Finally, we talk about LGBT money as it relates to our older, queer brothers and sisters, many of whom did not benefit from today’s LGBT acceptance and same-sex marriage when they were younger. As Brian shares, it’s imperative today to “win in your 20s.”

But this begs the question, “Are you poor, like really poor?”

Why you’re [really] not poor

Are you poor, like really?

News flash (and this will anger you), most Americans have a spending problem and not an income problem. So, if you’re the average American, you’re likely not poor. You just spend too much.

Look! The truth is that 80% of LGBTQ people don’t have children. That’s a $235,000 cost per child that we don’t have to spend. The queer community has over $1 trillion in purchasing power. How are we spending that money?

More of us consider ourselves “spenders” relative to the straight community and our top three spending categories are personal hygiene, health & wellness and travel and entertainment. Yet, we only have $6,000 more in retirement savings than the straight community.

While there’s a sexual orientation and gender identity pay gap, gay couples and lesbian couples both earn more than straight couples.

What gives?!

5 Building Blocks of a Happy Gay Life

It’s pure money in, money out, and more money’s going out than coming in. This is why Brian recommends to all of his clients to 1) create and do a budget, 2) analyze your spending and 3) work with a financial planner.

Most folks are afraid of doing a budget and a spending analysis, but Brian (and we) have found they’re eye-opening. As Brian said, “Uncertainty creates fear that creates inaction.”

When we did our Spending Analysis that’s available to our Credit Card Pay Off Course members, we realized we were sometimes spending $400 a week dining out and $400 a week at the grocery store. We realized we were spending $10,000 in credit card interest payments!

Yikes! That’s why we came up with our Debt Lasso Method for paying off credit card debt fast.

We also realized we were spending a ridiculous – R.I.D.I.C.U.L.O.U.S. – amount of money on wine. Oy!

Do yourself a favor. Use the video below to create a budget and do a spending analysis today.

They’re not as scary as you think and you’ll likely realize that you not actually that poor.

Get more on getting more out of your pink dollars and winning at LGBT money:

How can you get more Debt Free Guys and Queer Money®?

✅ Subscribe to the Queer Money® podcast here @ debtfreeguys.com/qm
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Get more tips for winning at LGBT money:

We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.

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