The financial cost of LGBTQ discrimination
There are still 30 states where it’s legal to discriminate against someone because they identify as LGBT. Such inequities affect our quality of life, but have you ever considered how LGBTQ discrimination affects your financial health?
LGBTQ discrimination and debt
Leslie Tayne is the founder and lead attorney at Tayne Law Group, a debt solutions law firm based in New York City. Leslie has 20 years of experience in the practice of consumer and business financial debt-related services, and her work has appeared in Inc. Magazine, Forbes, and the Huffington Post, among many other media outlets. Tayne Law Group has been voted Bethpage Federal Credit Union’s best debt consolidation service four years in a row, and Leslie has twice been honored as one of Long Island Business News Top 50 Most Influential Women in Business. She is also the author of Life & Debt: A Fresh Approach to Achieving Financial Wellness.
Leslie joins us to offer her insight on LGBTQ discrimination and share steps to take if you’re being discriminated against. She discusses the impact of discrimination on our finances, explaining why a healthy savings account is crucial for the queer community. Listen to Leslie’s top tips on managing debt and learn how short-term financial discipline can lead to long-term rewards.
Listen to our discussion Leslie Tayne discuss LGBTQ discrimination and debt:
Topics covered about LGBTQ discrimination
Leslie’s insight into LGBTQ discrimination
- Very accepting community, large LGBTQ population
- Less overt discrimination than other areas
- Still legal to fire or deny services in 30 states
Leslie’s advice on handling perceived discrimination
- Keep detailed written record, look for patterns
- Discuss with employment rights attorney or trusted friend
- Take issues to HR or supervisor and keep record
- File complaint with state labor department or EEOC
The value in discussing perceived bias before going to HR
- Avoid ‘crying wolf’ due to heightened sensitivity
- Must be taken seriously to affect real change
Leslie’s advice around finances for the LGBTQ community
- Larger savings cushion (12 months of living expenses)
- Keep more cash on hand for emergencies (i.e.: evacuation)
Why debt continues to grow among minority communities
- Lack of access to information, support
- No two finances same (priorities differ)
Leslie’s take on changing careers for financial reasons
- Don’t be afraid, may be best option
- Self-preservation and peace most important
Leslie’s top tips for managing your debt
- Gain awareness of spending habits
- Budgeting is a necessity
- Practice self-control
What Life & Debt offers readers
- Practical advice (budget, credit score, etc.)
- Focus on changing money mindset