How to Win with LGBT Money
When it comes to LGBT money, too many in our community are still struggling, whether that’s on the income side, the spending side or the investing side. This Queer Money has a few tips on how you can start winning in your 20s, 30s, 40s and beyond.
This week Queer Money™ brings back Certified Financial Planner (CFP) Brian Thompson of BT Financial. Brian was our featured guest on Season 1, Episode 11: 4 Keys to Winning the MidLife Career Change, on which Brian talked about his transition from tax attorney to CFP. This week Brian shares three surprises, three ah-has and an awesome LGBT money quote, as we discuss his participation in Betterment’s Wealth Management for the LGBT community event in New York City earlier this month.
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.”
Note: Don’t miss our 4-week Queer Money™ series, The Four Principles of a Debt Free Life starting January 4th, just in time for getting your LGBT money in line for the new year!
Other Queer Money™ shows for you:
- 7 Home Buying Tips You Should Know
- 6 Considerations Forgotten with Queer Family Planning
- 9 Affordable Care Act Facts to Know for Open Enrollment