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Money smart gays
Statistics show that despite popular stereotypes if you’re young and queer you’ll do worse financially than your straight peers. To beat those stats, here are our money smart moves for gays at 21 years old. Start paying off credit card debt today with the free 7-Step Credit Card Debt Slasher here.
Be money smart
David was kicked out of his house because he’s gay and suddenly had to adapt to living life flying solo. David’s experience is why we want to help those with similar struggles and why we came up with these money smart moves to ensure financial independence and success for young LGBTQ adults. Whether you’re forced to fly solo or just want to be independent, follow these steps for your success.
Money smart moves
1. Get rich early
The minute 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 it.
Financial security requires successful investing and time in the market is the key to successful investing. If you invest $2,000 annually for ten years between the ages of 21 and 31 you’ll have more money when you turn 71 than if you invest $2,000 annually for 40 years between the ages of 31 and 71.
2. Become your own boss
Getting more LGBTQ people into leadership positions is another passion of ours. We need more queer people to be the bosses and leaders of industries to influence what diversity and inclusion look like in our society. Despite the broader acceptance of the queer community today, there’s still a lot of opportunities to influence what true equality looks like.
You’re a pro at something that makes you unique. Use your skills and unique perspective to help your community. Start your own business with a website, podcast, YouTube videos, freelancing or consulting. Today’s economy with all our newer tools offers so much opportunity, but we need to do things in a different way.
We believe having a blog is nearly as important as having a resume. We also believe that to build a platform and to have enough influence to change the world, we need more LGBT bloggers. Therefore, we’re advocating for more LGBTQ people to become bloggers and we’re doing what we can to create more LGBT bloggers. It’s only because of our blog that we’ve added to our overall income a $60,000 a year freelancing writing income stream.
There’s a wealth of freedom and income for those brave enough to embrace it. Embrace it!
3. Listen to Queer Money™
Even some in our own community don’t know the financial nuances of being LGBTQ. That’s why we created the Queer Money podcast. We believe that for our community to become financially successful, we need to talk more about money and our differences when it comes to our money. We, also, highlight on Queer Money™ other successful LGBTQ people and not just those who are financially successful but anyone who’s living their best life.
4. Pay off student loans
Most college graduates today are stressing about their student loans. In two years, we paid off over $51,000 in credit card debt with interest rates much higher than even today’s student loan rates. We’ve worked with so many people who, quicker than they ever thought possible, paid off four times the debt we paid off. Our website is full of tools to help you pay off any form of debt and we talk about paying off student loan debt regularly on Queer Money™.
This, however, is our favorite tools to pay off debt. Try it.
Whether you already are or want to be independent, these four steps will help you become financially successful and help you avoid the financial insecurity many in our community face today. The stronger you are as an LGBTQ individual, the better you can help us all as a community. Help yourself and help our community by becoming financially stronger.
Note: This article contains affiliate links, meaning we’ll receive payment at no cost to you if you buy through these links. We only recommend products we use or thoroughly vet and would recommend to our moms. Buying too many of these is how you live fabulously broke. To live fabulously with financial security, start here.
Here are more smart money moves to become financially independent:
- How to Pay Off Credit Card Debt in 2021
- Affordable Gay Cities You’re Forgetting
- 4 Forgotten Principles of a Debt Free Life
Hey, John. Great advice as always. I wish we could devise another credential for our young people. College is such a waste. I have a degree in journalism and maybe a third of the classes I took pertained to that subject. And I’m not anti-education. I just question the value of higher education’s current business model. Does every major really need forty classes to effectively cover its core principles and knowledge? Oh, well. Perhaps one day acquiring a skill won’t require a boatload of debt. In the meantime, young people would be wise to heed your wisdom.
Thank You, guys, for presenting information for our LGBT community. I have shared the link with friends and clients, and encourage you to keep providing the blogs and webinar series.
Thank you Susan. We appreciate the feedback and the sharing. We know that the financial differences are mostly nuances, but there are issues that are quite unique and we want to present those along with some fun and valuable tools for our community to keep growing financially. Cheers to a bigger, better life! 🙂