Should LGBTQ people be investing?
One of the goals of Queer Money is to financially empower the LGBQT community. When LGBTQ people are investing we can grow our power as a community even more. 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 why the LGBTQ income gap closing may be deceiving
Are we investing as an LGBTQ community?
When asked if they invest outside of a retirement account for The Motley Fool/Debt Free Guys LGBTQ+ Money Study, a plurality, or 44%, of LGBTQ+ respondents led by transgender respondents, 56%, said they do.
Many LGBTQ+ folks don’t invest because they don’t know where or how to invest or don’t feel comfortable with investing.
Fortunately, there are several easy places to start investing.
Why might LGBTQ folks not be investing?
- Discrimination
- Little representation
- Little education, per episode #360 of the Queer Money® podcast with the National Endowment for Financial Education
Here are 5 places to start investing today:
- Robinhood
- Sofi Active Investing
- eTrade
- Vanguard
- Acorns
All 5 let you open and account online and via an app, and all five permit trading US stocks and exchange-traded funds (ETFs) for free.
Many members of the FI/RE (financial independence/retire early) movement advocate for investing in low-cost, index ETFs.
What are ETFs?
ETFs are Exchange Traded Funds and similar to mutual funds, ETFs are baskets of other investments pooled together to create a unique investment.
So, open an account with one of these 5 firms and consider investing in low-cost, index ETFs.
For more information on ETFs, listen to Queer Money® episode #294 and next week’s episode, #370 on the difference between actively managed and passively managed ETFs.
If you’re not already, start investing in the stock market. If you are investing, try investing more. Stock market investing is one of three primary pillars of financial security (and abundance).
Previous Bonus Podcast Episodes
- Is the LGBTQ Income Gap Really Closing?
- How Salary Transparency Helps LGBTQ People
- Financial Priorities and Concerns of LGBTQ Folks Based On Research
Click below to listen to this bonus episode