Queer Money®: How Gay People Do Money

The LGBTQ population in every community deserves local access to medical and legal services – and a safe space to meet up. When Sean Coleman saw that the South Bronx was lacking, he cashed out his 401K and founded the non-profit Destination Tomorrow, an organization that serves LGBTQ youth 13 to 24 years of age, with a focus on the transgender community. When Sean established the agency in 2009, he was the sole employee. (Well, perhaps ‘volunteer’ is a more accurate term since he did without any income whatsoever for the first two years!) Despite a number of struggles – including the loss of his condo – Sean knew that Destination Tomorrow was his purpose, so he persevered. Today Sean serves as the Executive Director of a growing organization, leading a staff of eight salaried employees who served more than 300 individuals in 2016. Today Sean discusses the services offered at Destination Tomorrow, how he approaches financial literacy with a population that distrusts the banking system, and his advice for others who may want to initiate similar programs in their own community. Listen in as Sean explains how you can get involved in making your community a safe space and shares success stories of individuals served through Destination Tomorrow! Topics Covered The programs offered at Destination Tomorrow • Drop-in program (safe space) • Economic empowerment • GED-readiness program • Housing referrals • Medical, mental health referrals The statistics around homelessness and the LGBTQ population • 51% of homeless in South Bronx are LGBTQ • Majority of that 51% are individuals of color • Many have aged out of foster care system How Sean funded Destination Tomorrow in the beginning • Cashed out 401K • Filed for bankruptcy when personal funds ran out • No income whatsoever in first two years How Sean maintained the courage to keep going • Had come too far to give up • Built momentum with each small victory • WHY was important enough to persevere Destination Tomorrow’s Financial Literacy Program • Partnership with TD Bank • Community unfamiliar with conventional banking • Teaches importance of saving, understanding credit • Students learn basic banking (i.e.: reconcile checkbook, budgeting) • Participants can open bank account with $25 Why financial security is the foundation of a strong queer community • Can’t give back, support community when struggling • Make poor decisions when resources lacking How Destination Tomorrow’s Financial Literacy Program counters the community’s distrust of banks • MassMutual’s LGBTQ Financial Security Summary reports that 59% of LGBTQ community doesn’t trust banks • Understanding the process eases fears (e.g.: overdraft fees) • Education around establishing cushion, overdraft protection • Build relationship with TD bank rep, Barton How fear for physical safety is connected to carelessness with money • May spend money don’t have for cab fare • Must work to change environment • Promote understanding that money provides a certain amount of protection Destination Tomorrow’s KIKI World events • Based on cult classic Paris is Burning • Participants compete in stage competitions (known as KIKI Balls) • Youth meet every Thursday to prep (KIKI Lounge) • Affords staff opportunity to build rapport with young people, connect with services when appropriate The end goal for Destination Tomorrow youth • Self-sufficiency • Ready for employment • Understand what independent living looks like • Healthy etc. How Destination Tomorrow is funded today • Private foundation grants • Two city grants, one state grant • Individual giving plan

This simple, five-step guide from our Queer Money podcast will prepare for financial emergencies with your eyes closed. Dealing with an emergency is difficult enough, but add to that the stress of not being able to cover your bills afterward. An unexpected accident, illness or car repair can leave you in a lot of financial pain long after the initial crisis. According to a recent MassMutual study, half of our community would be in real financial trouble if faced with an unexpected expense of $5,000. If you’re stressed just thinking about it, listen in as David and John cover the five steps to getting prepared for a financial emergency. Today the Debt Free Guys address emergency savings goals, the importance of having a separate account for this money, and the value of direct deposit in gradually building enough savings to cover six months of living expenses. Learn why it’s essential to build your emergency savings before you deal with other financial goals and when ‘out of sight, out of mind’ is a good thing! If you’re not prepared for a financial emergency, it’s time to start building your emergency savings today – with these five simple steps! Gay Podcast Queer Money by Mass Mutual Topics Covered to Prepare for Financial Emergencies Standout data from the MassMutual LGBTQ Financial Security Summary Four in five say high debt levels make managing finances difficult 25% report having less than $500 in savings 50% say an unexpected expense of $5,000 would cause real cutbacks/they would not get by John and David’s advice on determining emergency savings goals Eventually, save enough to cover three to six months of living expenses Do whatever it takes to save $500 as quickly as possible (insurance deductibles) Step 1: Create a basic, no-frills savings account separate from all others Separate financial institution, challenging to access Leverage your laziness Step 2: Note your account information Account number Nine-digit transit routing number Step 3: Establish a direct deposit from employer Complete employer’s direct deposit form Portion of paycheck automatically sent to emergency savings Avoid reviewing statements (out of sight, out of mind) Step 4: Choose an amount to set aside each month Direct deposit allows for consistent contribution Make small changes (i.e.: giving up one lunch per week) Step 5: Increase your contribution in proportion to pay increases Emergency savings should grow with your success 3% raise on $50K = $100/month after taxes Contribute at least $25 to emergency savings John and David’s next steps once emergency saving is established Shift focus to other goals, i.e.: paying off debt Set up additional accounts for specific purposes (e.g.: home improvements, vacations) Generic Direct Deposit Form - http://debtfreeguys.com/wp-content/uploads/2017/07/Generic-Debt-Free-Guys-Direct-Deposit-Form.pdf Automating Your Emergency Savings Checklist - http://debtfreeguys.com/wp-content/uploads/2017/07/Debt-Free-Guys-Automating-Your-Emergency-Savings-Checklist.pdf

‘Certain blocks [in Harlem], you may wanna watch that twist… But the truth is, I don’t have to un-code anymore. We know there’s still hate out and about and all around, but I don’t feel that fear anymore.’ Today’s guest is prepared to get you out of that shame spiral and help you see life through a lens of possibilities and positivity, sharing his journey as a successful gay black man in the public eye. Patrick Riley is an independent personality and writer in the New York City area. He made his name as a field producer for Oprah from 1998 through 2012, and he continues to do freelance assignments for OWN, as well as independent projects in the areas of pop culture, entertainment and human interest. Patrick learned the fundamentals of working both sides of the camera while studying mass communication at Morehouse College, and worked in local media outlets before moving to the national stage. He has had the opportunity to produce stories on a number of American icons, including Diana Ross, President Bill Clinton, Beyoncé, Mary Tyler Moore, and Master P. Patrick has received recognition for his work from the Atlanta Association of Black Journalists and the Atlanta Association of Media Women. He chairs the National Association of Black Journalists’ Arts & Entertainment Task Force and was recently named Volunteer of the Year by the New York Association of Black Journalists. Today Patrick shares his inspiring story of coming out to a resistant family, the challenges he faced around money, and the choices that contributed to his success. Get inspired to stop your ‘outdated inner recordings’ and foster success in the LGBTQ community at large! Topics Covered How Patrick got involved in field producing • Studied mass communication at Morehouse College • Initial interest in news reporting • Realized passion for pop culture, entertainment and human interest early on How Patrick came out ‘in layers’ • Grew up in Bible belt, youngest son of Air Force Chief Master Sergeant • Came out to close friends first • Shared with conservative family in mid-20’s • Family had no interest in ‘what love looked like on me’ Patrick’s family’s mixed reaction to sharing his story on national television • Producing segment for Oprah called ‘When I Knew I Was Gay’ in 2005 • Reluctantly agreed to share his own testimonial • Family and friends did not respond • Brother honest in his shame • Nephew proud, ‘sign of the future’ The challenges Patrick faced as a successful gay black man • Communicating with loved ones about life (small doses of honesty) • Making decisions around family members asking to borrow money • Overspending to fill emotional void (retail therapy, travel) Patrick’s advice for the LGBTQ community in America today • Trust that consciousness of society is ‘on our side’ • Count your blessings (i.e.: progress re: marriage equality) • Stop your ‘outdated inner recordings’ • Consider mentoring with organizations like Live Out Loud • Pursue activism within your industry • Support LGBTQ up-and-comers in your field Patrick’s guidance around avoiding the mistakes he made early on • Save your money (the ride doesn’t last forever) • Avoid the ‘disease to please’ • Choose reciprocity when plutonic friends expect your perpetual availability What Patrick ‘got right’ (contributors to his success) • Keep your eye on the prize • Stay ambitious and focused • Appraise your situation, be strategic in taking risks Patrick’s take on fostering success in the LGBTQ community at large • Facilitate compassion among allies • Be clear with resistant loved ones when you can • Stronger individuals = stronger community • Contribute time, resources to LGBTQ causes Patrick’s blog, A Day ‘In the Life of Riley’ • Platform to digest life, career • Partnerships with brands (A-listers, underserved, divas) • Attracts on-camera work, event hosting

‘There is a boat load of money to be made in real estate investing if you do it right.’ If you are interested in retiring early – and who isn’t? – then it’s in your best interest to focus less on retirement savings accounts and more on a developing a CASHFLOW strategy. (Thank you, Robert Kiyosaki.) A recent Queer Money guest, Todd Tresidder of Financial Mentor, suggested incorporating real estate investment into your portfolio, and the Debt Free Guys’ inbox blew up with questions about how to get started. Enter Mindy Jensen, real estate investor extraordinaire. In addition to being Mrs. 1500, the better half of the 1500 Days to Freedom blog, and the lead story on CNBC Money, Mindy is the Community Manager for BiggerPockets, an online real estate networking platform that just reached the 800,000-member mark. BiggerPockets functions as a resource for real estate professionals, investors, and homeowners, and its associated podcast is the top real estate show on iTunes. Mindy has been investing in real estate since 1998, and she found her niche in the live-in flip space. She and her husband have been wildly successful working toward their goal of early retirement, building a portfolio of $1M and no debt in just 28 months and sharing their saving and investment strategies at 1500 Days to Freedom. Today Mindy offers her advice around finding your niche in the real estate market, choosing properties in and near gentrified neighborhoods, and how long a first-time home buyer should wait before investing in a second property. Listen in and learn how to incorporate real estate investment into your portfolio and achieve financial freedom! Get Resources and Tips at http://debtfreeguys.com/real-estate-investing/

It is important to celebrate the older generation of the LGBT community for their strength and resilience. Their willingness to stand up and fight got us where we are today, and the best way to say thank you is to ensure that LGBT seniors have a place to call their own, where they can receive the care they need. Tony Ramos is the executive director of Alta Prime Assisted Living, a unique senior residential care facility in Aurora, Colorado. Alta Prime is LGBT-friendly, and its model of converting single-family homes into care facilities for four to five seniors allows for customized one-on-one care. Tony is a Colorado native with ten-plus years in financial services and a Master’s in business administration. This background coupled with a growing interest in real estate and experience caring for his grandparents led Tony down the path to entrepreneurship in the senior housing industry. Today Tony explains the difference between assisted living facilities and nursing homes, the costs associated with senior residential care, and strategy around preparing for retirement. He also helps us understand the unique needs of the aging LGBT community, the availability of LGBT-friendly senior care facilities, and the discrimination faced by some LGBT seniors in residential care. Tony is ready to share what sets Alta Prime apart as they ‘spoil the seniors’! Topics Covered How Tony gained an interest in senior residential care •Helping grandmother explore options •Heart for ‘taking care of our own’ •Experience in hotel management How Alta Prime is different from other facilities •Converted single family home •More oversight in smaller setting •One-on-one care and customization The cost of senior residential care •$80,000/year average for assisted care facility •$8-10,000/month for institutional facility ($12-15,000 for specialized care) •Traditional health insurance does not help cover cost •Long-term care plans offset some expenses The financial advantage of a smaller residential facility •Less expensive than institutional care •Shortage of availability of Medicaid homes How long people stay in assisted living facilities •Varies by home, specialization •Average stay of two to three years The difference between assisted living facilities and nursing homes •Assisted living provides 24/7 concierge service, may use outside vendors to deliver medical care •Nursing homes offer 24/7 medical care The standard services available at an Alta Prime facility •24/7 supervision •3 nutritional meals, hydration and snacks throughout the day •Housekeeping and laundry •Errands •Bathing, getting ready •Social activities •Exercise to minimize dementia risk •Excursions (e.g.: Rockies game) •‘Spoil the seniors’ The availability of LGBT exclusive senior residential facilities in the US •Only a handful in the nation •Fountain Grove Lodge, Stonewall Gardens, Rainbow Vision, Birds of a Feather, Triangle Square The unique needs of the older LGBT community •Some still dealing with HIV •Limiting beliefs •Fear of isolation, loneliness The numbers around the aging LGBT population •Three million in LGBT community over 55 •Will double in next 20 years •51% of older LGBT community concerned about financial future •2/3 of older trans people worry about being denied access to medical treatment •24% of older LGBT people of color have experienced housing discrimination •71% of LGBT population scared won’t have money for happy retirement The discrimination of LGBT seniors in residential care facilities •Testimony of aging seniors regarding discrimination, isolation •Verbal abuse from staff, other residents •Some cases of physical abuse Tony’s suggestions around preparing for retirement •Planning is crucial •Research available services, funding access •Consider long-term care insurance •Acquire retirement vehicle [i.e.: Roth IRA, 401(k)] •Build wealth by investing in home •Explore Social Security benefits at massmutual.com/social-security

Navigating Student Loan Debt with PT Grad and Podcaster Will Boyd Most college students don’t understand what they’re getting into when they take on student loan debt. It is easier to remain blissfully ignorant of compounding interest while you enjoy the university experience, but that lack of knowledge may cost you the ability to live the life you want later on. Will Boyd recently earned his doctorate in physical therapy from Chatham University in Pittsburgh, but his journey to a degree in healthcare was not a straightforward one. His Bachelor’s was in international studies, and Will’s original intent was to become a human rights lawyer. But while teaching English in Spain and studying for the LSAT in preparation for law school, he realized that his health was suffering from extended periods sitting behind a desk. Will sought guidance from Google about his future, and eventually landed on PT as his chosen field. Will is the host of two podcasts: The Knowbodies, a show that features leaders in health, wellness and self-development, and Breaking Student Debt, a program to document his journey navigating his way out of the student loan debt he accumulated in graduate school. Today Will shares the breakdown of what he owes, how he is working to refinance his student loans, and the connection between debt and your health. Listen in and learn how to be your own unicorn, face your debt head on and live the life you want! Topics Covered Will’s student loan debt • $161,000 with compounding interest • $80,000 in Stafford loans for tuition • $60,000 in Grad PLUS loans for personal expenses • $20,000 interest • No private loans • Some loans begin accruing interest as soon as you accept money • 4.5% adds up quickly over time Will’s mindset around debt during grad school • ‘Ignorantly cognizant’ • Took out more than needed to have buffer • Because money was cause of tension in family, didn’t want it to dictate own life Will’s advice to young people regarding money and debt • Consider taking a year off after high school • Work full time to understand real hard work, time investment • Career path may not require formal education • Get creative in funding education via scholarships, crowdfunding The feasibility of working while going to school • Intense academic course load didn’t allow Will to do so • Did some website building, online marketing on the side • Weigh pros and cons of giving up 10-15 hours of free time Will’s refinancing process • Standard repayment plan would cost $1,981/month for ten years • Connected with FitBUX for advice • Transfer to extended fixed plan, owes $1,100/month • Consolidating eight different loans to one interest rate (dependent on credit score and debt-to-income ratio) • Documenting journey through podcast Will’s take on the federal student Loan Forgiveness program • Great concept, really helped some • Others disillusioned and ended • Change in government leadership could take away • Look into it if on service-oriented career path • After ten years at non-profit, remaining debt forgiven The Breaking Student Loan Debt podcast • Documents Will’s journey navigating system • Focus on understanding system • Explore tactics for paying off debt • Share ideas for growing income Mass Mutual’s findings around the LGBT community and money • 80% concerned about direction of government, compared to 66% of general population • 65% worried about money, compared to 57% of general population • 45% believe money woes adversely affect their health, compared to 34% of general population Will’s perspective on financial worry and your health • We grossly underestimate the cost of financial worry on physical health • Need to start talking about it, especially in time of chaos in government • Healthcare is more psychology than anything else • Develop a mindset to confront money issues • Invest in yourself, your belief system

This daughter of two moms will challenge every negative stereotype you've heard about children growing up with same-sex parents. Meet Cinara Foor, Financial Planner and Daughter of Two Lesbians How many 21-year-olds do you know who have invested in a Roth IRA and own their own home? Today you’ll meet an asp

Today Caleb and Matthew chat with the Debt Free Guys about their area of expertise as coaches, what to expect in an Increase Your Income strategy session, and why they include a one-on-one component with every offering at LGBTQ Entrepreneur. Listen and learn why Caleb and Matthew chose to focus on serving the LGBTQ community, the trends specific to LGBTQ clients, and their take on how the community can raise its game!

Why Should You and Your Gay Partner Get Married Now? Did you know that 71% of LGBT people are scared they won’t have enough money to live out a happy retirement? It’s scary think we could run out of money as we age. What can you do to be better prepared? What can you do to have a better LGBT retirement? When you find out, you and your queer partner will want to get married now.

We need more LGBT leaders to share their stories of successful LGBT living and leadership to have more successful LGBT leaders. For this show, we invited back one of our first guests from our very first Queer Money show. Throughout his life, Jay Allen has been a mentor and leader in being out and proud. Once one of the highest ranking out LGBT people in a Fortune 500 company, Jay has wisdom on successful LGBT living and leadership for us all.