Queer Money®: How Gay People Do Money

We simply can’t predict what life will throw at us. But we do have options when unexpected expenses arise. Listener Rob is a young homeowner who needs to repair his retaining wall but doesn’t have access to a home equity line of credit. So, what should he do?

On this episode of Queer Money, we’re discussing what to do if you’re faced with an unexpected expense. We explain the difference between an unexpected expense and an emergency expense in terms of time sensitivity and payment options, encouraging you to start a dedicated savings account for unexpected expenses—especially if you’re a homeowner.

We also walk you through your options for covering an unexpected expense (if you don’t have dedicated savings account), weighing the pros and cons of tapping into your emergency savings, relying on financing, or borrowing from family and friends. Listen in for our advice to Rob and learn what you can do to pay for the unexpected expenses many of us are faced with right now.

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/bonus1

As part of the queer community, we were BORN to deviate from the norm. So, why do we feel pressure to conform to societal values when it comes to spending? Members of the FI/RE community are non-conformists around money, optimizing their finances to achieve financial independence, retire early and enjoy the freedom of doing exactly what they want with their time. Curious how YOU can be a part of this special breed of unicorn?

Court is one-third of Modern FImily, a financially independent lesbian family on a mission to help others achieve financial freedom. Court and her partner Nic went from $110K to $1M in net worth in nine years and achieved financial independence in 2018. Today, Nic stays at home full-time with their daughter and Court works part-time, and they hope that sharing their experiences will inspire others to join the FI/RE community.

On this episode of Queer Money, Court joins us to discuss how she approaches finances like a game and share her very simple (but super-powerful) way to track spending. She explains how she was introduced to the FI/RE community, describing how she and Nic spend according to their values and get the most bang for their buck doing the things they love. Listen in for Court’s insight on how being LGBTQ impacts her FI/RE journey and learn how YOU can leverage being a non-conformist to improve your financial life!

Do you know your partner’s credit score? Is it in a similar range as yours? Or very different? Why does it matter? And what can you do about it?

On this episode of Queer Money, we’re discussing what to do if you and your partner have significantly different credit scores. We start by explaining how scores in different ranges can impact your lives together and sharing how we approach the work of improving our financial lives as a team.

We also uncover the results of our Queer Money Facebook Group poll on couples and credit scores, weighing in on why it’s important to have a dialogue of trust when it comes to money. Listen in for our top 5 tips for improving your credit score WITH your partner and learn how to work together to build a secure financial future!

Have you ever woken up in the middle of the night in a panic because you forgot to pay a bill? Or experienced that horrible, sinking feeling when you receive the notification you’re being charged a late fee?

On this episode of Queer Money, we’re sharing our #1 tip to never miss a bill. David explains how not having a plan to pay bills was the origin of his debt story, discussing the anxiety he felt around not having enough money to do the things he wanted.

We also reveal the results of our Queer Money Facebook Group poll on bill pay systems and walk you through our send-it-before-you-spend-it approach to paying bills, describing how to implement paycheck budgeting whether you’re paid weekly, monthly or bimonthly. Listen in to understand the benefits of consistently paying bills on time and in full and learn how to set up systems so you never miss another bill!

Women face some challenging economic truths: They’re generally paid less than their male counterparts, they’re often the primary caretakers for both children and aging parents, and they’re targeted to spend on consumer goods by a culture that values material things over financial stability. Sound familiar to anyone in the LGBTQ community? So, how can we ALL build the wealth necessary to level the playing field?

Allegra Moet Brantly is the Founder and CEO at Factora Wealth, a platform designed to empower women to build real wealth through community, education and events. She spent nine years in corporate America, living paycheck to paycheck despite a six-figure salary, before reinventing herself as an entrepreneur. Allegra is passionate about helping women level-up their earning and investing potential to achieve financial freedom.

On this episode of Queer Money, Allegra joins us to explain what inspired her mission to help one million women reach $1M in net worth. We discuss the parallels between women and the LGBTQ community when it comes to money, and Allegra offers insight on the value of developing financial literacy within a community. Listen in for Allegra’s advice on spending in alignment with what brings you joy and learn some simple strategies for initiating the money conversation with your friends and colleagues.

Feeling a little guilty when you make a money mistake is not necessarily a bad thing. It means you care about improving your financial situation. But some of us get stuck in a shame spiral that impacts our mental health and actually stops us from making progress. So, how can we learn to forgive ourselves for money missteps, learn from the situation and move on?

On this episode of Queer Money, we’re sharing our top five tips for forgiving yourself for money mistakes. John describes his own experience with financial anxiety, explaining how forgiving himself was the first step in fixing his mistakes and moving forward.

We also uncover the results of our Queer Money Facebook Group poll on forgiving our financial mistakes, discussing how difficult it is for so many in the LGBTQ community to let it go. (Cue Elsa in Frozen.) Finally, we introduce Hal Elrod’s Five-Minute Rule for getting past our frustrations and share several ideas for performing a ceremonial act of self-forgiveness. Listen in for insight on admitting to and learning from your money mistakes and find out how to forgive yourself and move on.

Have you ever heard of a backdoor Roth IRA? Yes, it IS a real thing. And no, it’s NOT something you do in the bedroom! A backdoor Roth IRA is a way to save for retirement if you want the benefits of a Roth IRA but don’t qualify for one. So, when would you want to use a backdoor Roth IRA?

On this episode of Queer Money, we’re sharing what you need to know about backdoor Roth IRAs. We review the tax benefits of the Roth IRA as well as its income limits on contributions, explaining how the backdoor Roth affords people who earn too much in a given year the advantages of a Roth—without the restrictions.

We also discuss the results of our Queer Money Facebook Group poll on taxable income, define the concept of modified adjusted gross income (MAGI), and offer examples of circumstances when YOU might take advantage of a backdoor Roth IRA. Listen in for the step-by-step process of initiating a backdoor Roth IRA and learn how a financial advisor can help you (no matter how much you make) take advantage of loopholes like this one!

According to the 2018 Prudential Financial Wellness Census, only 27% of LGBTQ individuals surveyed said they were participating in an employer-sponsored retirement plan. If we want to live a fabulous life well into our golden years, it’s important that we invest in some type of retirement account—and two of our options are the traditional and Roth IRA.

On this episode of Queer Money, we’re discussing the pros and cons of the traditional versus Roth IRA and helping you decide which type of retirement account is best for you. We explain the need for the LGBTQ community to save for the future and share the encouraging results of our retirement account poll in the Queer Money Facebook Group.

We walk you through the pros and cons of the traditional IRA, covering its immediate tax benefit and penalty for early withdrawal. And we describe how the Roth differs, from its income limits on contributions to its tax benefit when you retire. Listen in for insight on deciding which retirement account is the right fit for you and learn about the advantages of saving for retirement via an IRA.

According to the National Foundation for Consumer Credit, 77% of military servicemembers are worried about their finances. Roughly one-third say they don’t pay all their bills on time. And 58% of servicemembers carry credit card debt, compared to 34% of the general population. So, how can we help the members of our military (queer or straight) manage their money more effectively?

Mike Poulin is a Certified Financial Trainer at the Financial Gym, a financial services firm that takes a fitness-inspired approach to clients’ personal finances. He is also a former active duty mechanic and Platoon Sergeant in the Marine Corps, currently serving in the US Army Reserves. Prior to joining the military, Mike spent seven years as a Debt Solutions Specialist at a credit union. Mike is passionate about helping people reach their financial goals and achieve financial freedom.

On this episode of Queer Money, Mike joins us to explain what motivated him to join the military and share his experience as an out bisexual in the Marine Corps. He addresses the financial challenges facing military servicemembers, discussing how he helped the Marines in his platoon cut costs and make more informed money decisions. Listen in for Mike’s insight around military service and financial stress—and learn how he is creating a product tailored to active duty servicemembers at the Financial Gym.