Queer Money®: How Gay People Do Money

A member of our Credit Card Pay Off Course and Queer Money Facebook Group forwarded us the recent CNN article, “New Threat to the Economy: Americans Are Saving Like It’s the 1980’s.” Can saving really be a threat to the economy? Just how much does our economy depend on consumer spending and credit card debt? And in light of the Coronavirus shutdown, should you be saving or spending money right now?

On this episode of Queer Money, we’re taking a closer look at the CNN article on how the pandemic is impacting the economy, explaining what the statistics on shrinking credit card debt really mean and why many Americans fear that we may be heading into another Great Recession or even a Great Depression. We share how our Facebook community responded to the CNN piece, discussing the sustainability of our economic system in the long term and sharing our concerns that people will be guilted into overspending for the sake of the economy.

We go on to offer advice for deciding whether to save or spend based on how you’ve been impacted by the pandemic, encouraging OH NOs to spend only on necessities, STATUS QUOs to balance saving and spending as normal, and GUNG HOs to focus their spending on small and LGBTQ-owned businesses. Listen in for insight around how to reduce your financial stress in this uncertain time and learn how to make money decisions that are in YOUR best interest—and the best interest of the queer community.

With most traditional date night activities off the table, you and your partner may be struggling to find things to do together beyond ‘Netflix and chill.’ What can you do to keep your relationship strong and create new shared memories, whether you’re sheltering in place together or apart?

On this episode of Queer Money, we’re sharing our best quarantine date ideas for you and your partner. We challenge you to picnic (in your car) in a desirable neighborhood or plan your post-quarantine vacation, explaining how these fun activities can lead to shared, aspirational goals.

We go on to discuss the benefits of having lots and lots of sex during lockdown, exploring how romantic gestures like writing a traditional love letter or creating a photo collage can bring you closer together as a couple. Listen in for insight on getting to know your partner better by reading a book together and learn how to have fun and support local businesses with a ‘progressive takeout’ theme night!

If being quarantined at home has you going a little (or A LOT) stir crazy, you are not alone. We’ve all been forced to adjust to new circumstances to limit the spread of COVID-19. But there are things you can do to protect your mental health and hang onto your joy despite the current limitations.

On this episode of Queer Money, we’re walking you through the nine things we’re doing to stay sane during quarantine. We share the books, TV shows, movies and podcasts we are consuming to stay inspired right now and challenge you to make intentional choices about what to read, listen to and watch during this already stressful time.

We weigh in on the benefits of eating healthy and maintaining an exercise program, offering tips on how to work out without the luxury of a gym—and forgive yourself for the occasional afternoon of Netflix with Ben & Jerry. Listen in to understand how a daily meditation practice is making our time at home more manageable and find out how turning up the intimacy in your relationship can help you stay sane during quarantine!

Are you using your personal checking account for your side hustle? If you’re just starting a microbusiness, it may seem like it’s not that big of a deal to comingle your money. But Manny Cosme contends that whether you run a small Etsy store or you’re building the next big Fortune 500 company, it’s important to keep your business and personal finances separate.

Manny is the President and CEO of CFO Services Group, an accounting firm based in Washington, DC. He has more than 20 years of experience in financial management, accounting and administration, working almost exclusively with small businesses to get their finances back on track. Manny served as the Vice President of Finance and Administration for the US Hispanic Chamber of Commerce for five years before founding CFO Services Group in 2012.

On this episode of Queer Money, Manny joins us to explain why it’s important to keep our business and personal finances separate, discussing the legal, tax and management ramifications of comingling our money. He shares the distinctions among a sole proprietorship, an LLC and a corporation, encouraging us to open a separate bank account for our business, no matter its structure. Listen in for Manny’s insight on the benefits of getting an EIN (whether or not it’s required) and learn the easiest way to start separating your business and personal finances—today!

We know that it’s a good idea to have multiple streams of income. And starting your own business is an obvious way to bring in additional revenue and enjoy a little extra security—especially in uncertain times. But there are real challenges associated with managing a side hustle. So, how do you know if entrepreneurship is the right move for you?

On this episode of Queer Money, we’re addressing Justin’s question around the pros and cons of starting your own side business. We share the results of the Queer Money Facebook poll on the topic, discussing how many in our community already run a side hustle and what percentage of them are ‘making bank’ with this additional income stream.

We weigh in on the pros and cons of starting your own side business, getting real about the loss of free time, the financial investment and the emotional roller coaster associated with running a business in addition to your 9-to-5. Listen in for insight into the advantages of starting a side hustle, including the tax benefits, personal freedom, and uncapped income potential available to entrepreneurs who manage to turn their passion into a successful business.

If you have a strong interest in managing your own money, you may not need the advice of a financial advisor. But if you are new to investing or need specific help in planning for the future, you may want to seek out a professional opinion. So, what are the different types of financial advisors you have to choose from? And how do you pick the one that’s the best fit for you?

On this episode of podcast, I’m addressing Zack’s question about the different types of financial advisors. I share the results of the Queer Money Facebook poll on using a financial advisor and explain what you need to know about a fee-only versus a fee-based advisor.

I go on to discuss the characteristics of a fiduciary and non-fiduciary advisor, describing which one is required to put your best interests first and what you can learn about a prospective financial advisor from their Uniform Application for Investment Registration or ADV form. Listen in to understand the differences among a robo-advisor, an online advisor and a traditional advisor and learn how to choose a firm that supports the LGBTQ community!

This episode is a bonus Queer Money to help you during this difficult time.

COVID-19 is impacting all of us in many ways. We want to help reduce that impact on your finances as much as possible. 

Get the free checklist here: https://debtfreeguys.com/bonus3

You wouldn’t road trip from New York to LA without a map of some kind, right? And yet, most of us treat our financial lives this way, hoping that we’ll make it to where we want to go without a plan of any kind. So, what does long-term financial planning look like?

On this episode of Queer Money, we’re addressing a listener question (thanks, Alyssa!) around creating a long-term financial plan. We introduce the top excuses we hear for not having long-term goals and walk you through examples of the different kinds of financial goals, from immediate or daily objectives like cutting grocery expenses to 20-year plans to save for retirement.

We go on to discuss the results of the Queer Money Facebook survey on big financial goals, sharing the medium- and long-term targets that the members of our community are working toward. Listen in for our advice to Alyssa on building long-term financial security, reducing the risks associated with investing, and supporting organizations that provide services to the LGBTQ community.

The order to stay at home to prevent the spread of COVID-19 has changed life as we know it. In addition to the fears around our physical health, many of us are out of work and nervous about our financial health too. So, what can we do to get through this very difficult time?

On this episode of Queer Money, I’m discussing the challenges many of us are facing in light of the Coronavirus pandemic, describing how job loss and income insecurity are causing additional stress and anxiety. I share the results of the Queer Money Facebook poll on how our community is faring right now, from those who are optimistic about getting through the crisis to those who are really struggling.

I open up about our own experience with income insecurity in January 2019, explaining how defeated John and I felt at the time and what we learned about not giving up on our dreams. Listen in for insight on what you can do to survive these challenging financial times and remember that ‘this too shall pass.’

This episode is a bonus Queer Money to help you during this difficult time.

COVID-19 is impacting all of us in many ways. We want to help reduce that impact on your finances as much as possible. 

Get the free checklist here: https://debtfreeguys.com/bonus2