Queer Money®: How Gay People Do Money

15 years ago, we got serious about getting out of debt, and now, we’re on track to be retirement millionaires! How did we save that kind of money? By getting creative and implementing a few strategies that are simple, sometimes weird and maybe even a little sexy.

On this episode of Queer Money, we’re sharing the top 10 crazy ways we save money. We discuss some of the fun things we do to avoid going out (hello, Naked Sunday) and explain the savings and other benefits of celebrating a dry month and being our own baristas at home.

We go on to describe how we save thousands of dollars a year by grocery shopping less frequently, keeping our phones a little longer and choosing a limited data plan. Listen in for insight on how to save BIG by driving an older (but still cute!) car and choosing a home or apartment that won’t leave you house poor.

For LGBTQ married couples who normally keep their finances separate, the prospect of filing taxes jointly may seem complicated. How do your divide up the taxes you owe in a way that’s fair to both of you? Would it be easier just to file separately?

Harvey Susnick is a Partner at Berdon LLP, a leading accounting and advisory firm based in New York City. Harvey has four decades of experience as a CPA, running his own firm for 20 years before merging his practice into Berdon in 1998. He leverages his financial expertise to help individuals, families and couples (traditional and LGBTQ) make informed decisions and create retirement plans that align with their goals.

On this episode of Queer Money, Harvey joins us to address Queer Money listener Ben’s question around filing taxes as a married couple—when you normally keep your finances separate. He explains the pros and cons of filing jointly versus separately, describing how a couple’s income differential might impact their decision. Listen in for insight on what to consider when you or your partner are a 1099 employee and get his top money advice for married LGBTQ couples.

Despite the recent Supreme Court ruling in favor of LGBTQ job protections, homophobia and discrimination in the workplace did not *POOF* go away. And even companies that consistently score a 100 on the HRC Corporate Equality Index have instances of what I call cascading homophobia, a phenomenon that hits our community right in the pocketbook.

On this episode of Queer Money, I’m introducing the idea of cascading homophobia and explaining how it affects the LGBT pay gap. I share the formal definition of homophobia, describing how decision-makers in a company who are not homophobic themselves may allow their decisions to be influenced by senior leaders who are.

I go on to offer an example of cascading homophobia that John and I experienced working at Charles Schwab when we served as co-chairs of the company’s LGBT Employee Resource Group. Listen in to understand how cascading homophobia undermines our ability to earn more and learn the 3 things we can do to minimize (and eventually eliminate) cascading homophobia in the workplace.

It’s actually pretty simple to prepare for big expenses like retirement or your kid’s education. And the small contributions you make now grow into big money when you need it. So, isn’t it time you started or upped your investing game?

On this episode of Queer Money, we’re sharing our final five tips to super-simple investing. We discuss the benefits of starting an employer-sponsored retirement account and setting up automatic annual contribution increases to invest more and more over time.

We weigh in on the advantages of investing in a custodial or college savings account for your children, leveraging stock market growth to pay for their education and other expenses. Listen in for insight on starting a health savings account to cover medical costs and learn why it’s crucial to assign beneficiaries on all your investing accounts!

No other part of the economy is designed for success quite like the stock market. So, what’s keeping you from being a member of the Investing Class? Do you think buying stocks and bonds is too complicated? The truth is, setting up an investment account is easy, and you can get started today!

On this episode of Queer Money, we’re sharing our first five tips to super-simple investing. We explain how to open a retirement or brokerage account online and set up automatic deposits funneled directly from your paycheck.

We go on to offer advice on investing in low-cost exchange-traded funds, or ETFs, discussing the benefits of having a diverse portfolio that includes different asset classes and variables. Listen in for insight on riding out the ups and downs in the market and learn how YOU can join the investing class ASAP.

What financial class do you belong to?  Which one do you WANT to join?  And what steps can you take to get there?

On this episode of Queer Money, we’re sharing the characteristics of the four financial classes, explaining how each category is based on behavior rather than income. We introduce the Leveraging Class, explaining how they live fabulously broke and why they spend to ‘keep up appearances’—to the detriment of their own financial security.

We go on to discuss the habits of the Spending Class, the group that spends every penny they earn, and the Saving Class, the group that’s either skeptical of or can’t quite afford to invest in the stock market. Listen in for insight into the benefits of entering the Investing Class and learn how to join the financial class that puts your money to work for YOU!

For those of us who are struggling to pay off debt, the idea of having those outstanding balances forgiven and simply starting over sounds pretty good. But if you’re thinking about filing for bankruptcy to eliminate your debt, it’s important to know that it’s not that simple.

Howard Dvorkin is the Founder of  Consolidated Credit and Chairman of Debt.com, an educational platform and news site covering consumer debt. He has 27 years of experience in financial services and is one of the most highly regarded debt and credit experts in the US. Howard is also the author of two personal finance books, Power Up: Taking Charge of Your Financial Destiny and Credit Hell: How to Dig Out of Debt.

On this episode of Queer Money, Howard joins us to discuss the pros and cons of filing for bankruptcy, describing the two different kinds of bankruptcy and explaining why filing should be a last resort. He addresses the misconception that bankruptcy lets you off the hook, sharing the many adverse consequences of having a court filing on your record. Listen in to understand the variety of options available for getting out of debt and find out how Howard’s team of certified credit counselors can help you achieve a debt-free life!

So, you desperately want to improve your financial life, but you just can’t seem to get ahead. It might surprise you to learn that your money story is what’s sabotaging your financial security. But how do you change your beliefs about money to set yourself up for financial success?

On this episode of Queer Money, we’re sharing the three most prevalent money stories, explaining how our subconscious beliefs about money influence our actions and why so many people who make millions still live in scarcity and fear around their finances.

We go on to discuss the habits that characterize a NEVER ENOUGH money story and explore what keeps the JUST ENOUGH-ers from growing their financial security—even when they earn more money. Listen in for insight into the benefits of adopting a MORE THAN ENOUGH money story and learn what you can do to cultivate an abundance mindset and improve your quality of life, no matter how much money you make!

Building good money habits is key in improving your personal finances. But what if you don’t have access to the same resources as everyone else? What if you can’t get a mortgage to buy a home? Or you make less than your colleagues at work despite having the same qualifications? No doubt, institutional racism impacts the ability for Black Americans and other minority populations to build wealth and pass it on to the next generation.

Michelle Jackson is the serial entrepreneur and business coach behind Michelle is Money Hungry, a platform that helps passion-driven entrepreneurs make money online and educates older millennial and GenX women on personal finance. Michelle is also the founder of the Money on the Mountain retreat for financially single women and the host of the Michelle is Money Hungry Podcast. Her work has appeared in Business Insider, PBS NewsHour and CNBC, among many other media outlets.

On this episode of Queer Money, Michelle joins us to explore racism and personal finance, making the distinction between building good money habits and having access to the tools and systems for building wealth. She offers insight on dealing with systemic racism, explaining how discriminatory practices like redlining have affected people of color and sharing her experience as a Black woman in corporate America. Listen in for Michelle’s insight on how the values of our country are reflected in its budget and learn what you can do to be an ally for BIPOC and help put an end to systemic racism.

Frustrated that you’re not getting any closer to achieving your hopes and dreams? It’s not you, it’s your goals. Getting on the path to the life you want starts with setting attainable goals and then taking those small steps forward. But how do you go from WISHING for a better life to actually LIVING it?

On this episode of Queer Money, we’re sharing our top 7 tips for setting attainable goals. We walk you through the SMART process of goal setting, explaining why your goals need to be specific, measurable and time-bound so that you can track your progress along the way.

We go on to discuss the importance of setting goals that are within the realm of possibility and relevant to YOUR long-term happiness. Listen in for insight on developing a mindset of success and learn how to build out a plan for achieving your goals—financial and otherwise!