What are LGBTQ folks’ financial priorities?
The queer community has a lot to be concerned with, not least of which is financial stress. We discuss this and solutions on this Queer Money. If you want to reach financial sustainability and financial independence, start here by getting rid of any credit card debt with the free, 7-Step Credit Card Debt Slasher.
Watch this week’s discussion about financial stress in the LGBTQ community
What are your financial priorities?
When it comes to money, what are you most concerned with? Inflation or outliving your money?
Here’s what most LGBTQ folks are focused on financially.
We shared on last week’s bonus episode that the queer community is stressed about its finances. So, we dug deeper into the data from The Motley Fool/Debt Free Guys LGBTQ+ Money Study to figure out what the community’s most focused on when it comes to our money.
Last week we shared how 2 out of every 3 LGBTQ folks stress about their money at least once a week. What’s stressing us out?
Inflation and outliving our money are two leading causes.
Most respondents to The Motley Fool/Debt Free Guys LGBTQ+ Money Study said that “making enough money to live on” was their biggest financial concern. And “keeping up with the cost of living” was their biggest financial priority.
Solutions to our financial priorities
So we’ve got two solutions to help you better with both of these.
First, increase your income. Even with sky-high inflation, there’s never been a better time to increase and diversify your income. With two job openings for every worker looking, hiring managers have never been more flexible in their hiring criteria. Some are even waiving the need for a college degree where they were required before. Keep up with the cost of living by updating your resume and your LinkedIn profile and looking for a higher-paying job. Repeat this every two to four years.
Second, reassess what you think is necessary to “keep up.” Who are you trying to keep up with? Many of us got accustomed to lifestyles we grew up with, had during school or feel pressured to have by other folks in our community/circle of friends. It’s okay to live the lifestyle that fits your income.
If your friends can’t deal with that, then they’re not real friends.
Hitting both of these at the same time is a surefire way to both keep up with the cost of living and put towards alleviating financial stress through building emergency savings, paying off debt and investing for the future.
Make this next year the year you finally get on a solid financial foundation. As the quote goes, “A year from now you’ll wish you had started today.”