Queer Money®: How Gay People Do Money

Did you know that LGBTQ folks are more likely to take care of an aging parent than their straight siblings?

On today’s episode of Queer Money, we discuss our five tips for talking to your parents about money. Most of us fear outliving our money and a lot of what we think we know about annuities may be misconstrued.

We’re here to motivate you to get real about retirement concerns.

Subscribe to the show notes at: https://queermoneypodcast.com/subscribe

On this episode of Queer Money, Bret and Stephen, also known as The Broadway Husbands, with nearly 70,000 followers on Instagram, join us to discuss the pros and cons of working with your spouse, describing what they’ve learned about each other and how it’s brought them closer together.

They share their mission behind creating Broadway Husbands and what they've done to grow their auideince. 

Subscribe to the show notes at: https://queermoneypodcast.com/subscribe

In 300 episodes of Queer Money®, we’ve realized that financial wellbeing is unique to each individual. And that our LGBTQ-ness shapes our relationship with money.

On this episode of the podcast, we review what we’ve learned about financial wellness from some of our top guests like Gaby Dunn, Dominique Jackson, Brian Falduto, Patrick L. Riley, Paul Donovan, Sean Howell, Jenni & Lisa Dazols, Jonathan Lovitz, Matt Baume and Curtis Wong and more. 

Subscribe to the show notes at: https://queermoneypodcast.com/subscribe

On this episode of Queer Money®, Jeff of Homo Money joins us to share his struggle to find a job during the Great Recession (right after his Honorable Discharge from the Navy) and discuss the steps he’s taken to build a net worth of $750K since then.

He offers advice to queer folks who feel financially hopeless, challenging us to reprogram our mindset and surround ourselves with positive messages about money.

Listen in for insight on Jeff’s Hustle-Own-Money-Opulence formula for achieving financial independence and find out what it looks like to FIRE as a single person!

Subscribe to the show notes at: https://queermoneypodcast.com/subscribe

What's an annuity? How do they work? What are the different types? Are they a good investment?

On this episode of Queer Money, we explain how annuities function as an insurance contract (not an investment) and what differentiates immediate from deferred annuities.

Subscribe to the show notes at: https://queermoneypodcast.com/subscribe

In a recent Twitter conversation about LGBTQ money differences, we got pushback from a troll who claims that we’re inventing an issue that doesn’t really exist. But the numbers don’t lie. And if you look at the research around queer people and our finances, it’s obvious that we face a few challenges that others do not.

So, how does being LGBTQ make money different for you?

On this episode of Queer Money, we share seven ways LGBTQ money is different and provide the data to back up those claims

Subscribe to the show notes at: https://queermoneypodcast.com/subscribe

Show notes: https://queermoneypodcast.com/podcast/how-to-say-no-to-friends/

It’s hard to say no to friends and family when they ask us to do something that’s not in our budget.

On this episode of Queer Money, we share seven steps to get better at saying no, discussing how to turn down an invitation graciously and explain yourself in a way your friends will understand.

Topics Covered 

• How trying to keep up with the gay community got us into debt
• How social media exacerbates our desire to keep up with other’s Insta-worthy lives
• Why it’s okay to treat yourself so long as you’re not sacrificing your financial wellbeing
• 5 reasons why it’s hard to say no to friends and family
• How FOMO and the disease to please make us say yes to things we can’t afford
• 7 steps to get better at saying no to friends and family
• Why it’s important to say no quickly and firmly
• How to say no graciously and explain why you’re turning down an invitation
• What it looks like to propose an alternative that’s free or cheap
• Why it’s beneficial to practice saying no (without feeling guilty)

Resources 

• Capital One 2021 Financial Wellbeing Survey
• 5 Steps to Make a Long-Term Financial Plan on Queer Money EP291
• 5 Steps to Make a Short-Term Financial Plan on Queer Money EP292
• 5 Steps to Make Your Daily Financial Plan on Queer Money EP293
• CreditWise
• Debt Free Guys on Facebook
• Debt Free Guys on Twitter
• Debt Free Guys on YouTube
• Queer Money Facebook Group
• Queer Money on Instagram
• Subscribe on iTunes
• Email [email protected]

Show notes: https://queermoneypodcast.com/podcast/low-cost-lgbt-retirement-cities/

This week's we scratch the surface of a listener's question about how to find low or lower-cost LGBT-friendly retirement cities. We decided to invite Jim and Luis, a gay couple who retired early and spent the last two years living mostly outside the US.

They share their slow travel experiences, explaining how they decide where to go and what differentiates their nomadic lifestyle from being on vacation.

Topics Covered

• Why Americans in general and the gay community specifically overspends
• How Jim & Luis describe themselves as Financial Independence/Retire Investors
• Why Jim & Luis got rid of ALL their debt before they quit their jobs
• How Jim & Luis build a monthly budget around their real estate investment income
• Jim & Luis’ experience living in Portugal, Spain and Mexico during the pandemic
• Making a mindset shift away from acquiring stuff to acquiring time
• How cost of living and gay friendliness help Jim & Luis decide where to live
• The benefits of Portugal’s Golden Visa program and how it works
• Why it’s better to be nomadic than to become a tax resident in Western Europe
• Jim & Luis’ experience with using their worldwide healthcare policy
• What differentiates a nomadic lifestyle or slow travel from being on vacation
• How to avoid lifestyle creep and say NO to the peer pressure to spend

Resources 

• 7 Different Types of FIRE on Queer Money EP285
• CreditWise
• All Options Considered
• GoWithLess on YouTube
• Debt Free Guys on Facebook
• Debt Free Guys on Twitter
• Queer Money Facebook Group
• Queer Money on Instagram
• Subscribe on iTunes
• Email [email protected]

Show notes: https://queermoneypodcast.com/podcast/mutual-funds-and-etfs/

On this episode of Queer Money, we explain what it means to invest in mutual funds and ETFs as well as the pros and cons of each. 

Free Resources:

• Credit Card Debt Slasher
• 5 Building Blocks of a Happy Gay Life

Topics Covered 

• What it means to invest in mutual funds rather than individual stocks
• An overview of the different types of mutual funds (e.g.: objective-driven, index funds, etc.)
• The operating expenses and tax risks associated with investing in mutual funds
• How investing in just a few mutual funds offers a diversified portfolio
• What differentiates investing in ETFs from mutual funds
• How to find an exchange traded fund that aligns with your personal objectives
• The risks associated with investing in certain kinds of ETFs
• Why ETFs typically have lower fees and fewer regulations than mutual funds
• How most millionaires in the US built wealth by investing in their 401(k)s
• Why you should be using your employer-sponsored retirement account

Resources 

• Stock Investing on Queer Money EP290
• S&P 500
• Russell US Indexes
• ‘A Survey of 10,000 Millionaires Found Most Built Wealth Slowly Over Time Using a Basic Tool Many Americans Overlook’ in Business Insider
• CreditWise
• Debt Free Guys on Facebook
• Debt Free Guys on Twitter
• Queer Money Facebook Group
• Queer Money on Instagram
• Queer Money on YouTube
• Subscribe on iTunes
• Email [email protected]

Show notes:  https://queermoneypodcast.com/podcast/daily-financial-plan/ ‎

On this episode of Queer Money, we discuss the five steps to creating a daily financial plan that supports your short- and long-term money goals.

Topics Covered 

• 5 steps to creating a daily financial plan that supports your short- and long-term money goals
• How daily habits like dining out, buying coffee or spending a night out at the bar add up over time
• How to set a daily budget around the idea of money chunking
• Why people who live on cash spend 12% to 18% less than people who use debit or credit cards
• The apps we recommend for budgeting, investing and monitoring your credit score
• Why it’s important to do a little something every day to learn more about money (and share that information with friends and family)
• Our favorite LGBTQ influencers and resources in the finance space
• Why it’s crucial to have fun and enjoy life while you work toward your long-term money goals

Resources 

• Debt Free Guys Website
• Queer Money Podcast
• Debt Free Guys on YouTube
• 5 Steps to Make a Short-Term Financial Plan on Queer Money EP292
• 5 Steps to Make a Long-Term Financial Plan on Queer Money EP291
• Credit Card Debt Slasher Toolbox
• Cash Is King on Queer Money EP034
• CreditWise
• All Options Considered
• Geekstreamers
• Homo Money
• I Like to Dabble
• The Frugal Gay on Twitter
• Debt Free Guys on Facebook
• Debt Free Guys on Twitter
• Queer Money Facebook Group
• Queer Money on Instagram
• Subscribe on iTunes
• Email [email protected]