7 Examples of Legacy LGBT financial exclusion

How to overcome the legal financial exclusion

Why is the LGBTQ community fight financially? We are often the victim of “Legacy Financial Exclusion”. You need to know the following and how to overcome it. In the meantime, take your free copy of the 5 building blocks of a happy gay life Here.

Everything you need for the financial legacy exclusion:

Legacy exclusion from the finances

So what does it mean to be excluded from finances? How does it hurt us? And above all, what can we do about it? In this episode of the Strange money® Podcast, we discuss the older financial exclusion and share several examples of how the Queere Community may not receive the same financial support or education as our heterosexual colleagues. We share 4 strategies for overcoming this financial form of bigotry, offer ideas to avoid or eliminate the debts of student loans, and ask you to talk about money with your colleagues in the LGBTQ community. Listen to save yourself insights into retirement and find out what you can do to channel Aretha and Annie – and help to build up the Legacy richness within the queer community!

The effects of the older financial exclusion

If we are excluded from generational assets or, as we call it, we have financial exclusion from LGBTQ in three phases in our life – early, medium and late – seven different species.

Early heritage of financial exclusion

1. Are forced to live a double life – Young queer children may use money to live a life with their friends or at school that enables them to be themselves, but not to receive financial support for it through clothing, activities, etc. However, your siblings will receive financial support for “compliant” styles or activities that enable you to save money in a way that LGBTQ youth cannot.
2. Become homeless – According to the William’s Institute, 40% of the homeless young people identify as LGBTQ. To be homeless to be LGBTQ children without financial support from the family and lets them out of financial training. Some LGBTQ youth files for emancipation. This begins in the economic disadvantage, usually with low skills and low wage jobs that can determine the standard for her income throughout her life.
3. No financial support for college received -Student Loan Hero found that LGBTQ graduates have an additional 16,000 US dollars compared to their heterosexual colleagues. This was partially attributed to LGBTQ college students who have taken over more debts to simply leave enemy home life. In some cases, parents can take care of helping their queer children to help their heterosexual children.

Financial exclusion of middle life in middle life

1. Daily costs are not covered – CNBC reported that 53% of millennials have their parents paid for an aspect of their daily life. This does not happen for many queer people who leave at home early to establish themselves or have been thrown out of the house after the high school because they are strange.
2. Help with a first apartment/down payment in a house -Wahne Family support would not have funding for a deposit for a first apartment or mortgage. Many parents love to support support in buying a first house or sell a family house or rent a family house of children at a lower market price and not to expand these gifts to their LGBTQ children.
3. Pay for a wedding -Many same -sex couples pay 100% of the costs for their wedding and often marry in life later. This has a short and long -term consequences. A 35-year, same-sex couple, who spends $ 25,000 of their own money for a wedding, instead of investing that $ 25,000 for retirement over $ 375,000 to $ 450,000 do without potential old-age skills if they are at 70 in Retirement and modest 7-8% return

Later financial exclusion

Finally, no family facilities such as houses, investments and heirs inherit – according to United Income Investment Investment company, the average inheritance in 2016 was 295,000 US dollars. Even a lot of smaller amounts could help people to help college and with their own retirement. Many LGBTQ children do not receive these advantages.

David’s parents will probably inherit more than 1,000,000 US dollars to David’s sister after they have died. David will not see anything of it and it is only because he is gay. His parents have the right to do what they want with their money, but it is a special disappointment that they will only do this because he is gay. Of course, this means that we have to plan differently for our retirement than his sister.

The importance of making personal financial training accessible to everyone, especially for queer people

It is absolutely important that personal financial education becomes more accessible to everyone, especially for the LGBTQ community. The main goal of the Queer Money® podcast is to become more financially independent. The stronger we are than LGBTQ individuals and allies, including our financial strength, the stronger we are as a community. The stronger we continue to finance the politicians, people and organizations that urge LGBTQ equality, continue to finance politicians, people and organizations.

However, LGBTQ people have never had access to financial education and financial services today. There are countless LGBTQ manufacturers from personal finances, from bloggers to podcasters. Other financial institutions are trying to authentically contact the LGBTQ community, and in fact, financial institutions are now being built up and for the LGBTQ community.

How LGBT people can build permanent generation assets

We have four tips so that the LGBTQ community can handle these challenges or rather create our own generation assets.

1. Consider alternatives with the college, especially because in many cases college will also be cost -internal even with family support. From the sanitary to blisters of web development and game design, there are many opportunities for further training and highly earning careers, for which no six-digit university training is required.

Also consider creative financing. It can make more sense than ever to work first a few years to gain experience in an area and save money for college. In fact, you will find an employer who is willing to pay for some or your entire university education. For LGBTQ people there are college scholarships and grants. A good place to start this search is the LGBTQ -student scholarship database of the human rights campaign (HRC).

Everything is not lost if you are part of you or have already completed college. There is also the repayment act (employer participation “(EPRA). The EPRA is a newer law by the Care law, which should last until 2026. EPRA enables employers to use up to the 5,250 US dollars that they Usually used for the reimbursement of tuition fees if a student goes to school while paying for the previously deserved training.

1. Talk next about money. The fact is that people who talk about money do better with their money. So let’s talk about money as a community. We have to stop doing money as if money is a taboo subject because this myth keeps us in a helpless situation as a community
2. Learn from those who are further than you. Find out what your colleagues do. Share what you have learned and what you have learned. I made us on local money meet-ups and encourage other queer people to do the same. This can be done practically while we are still dealing with Covid.
3. Do not leave any retirement savings! A comfortable and safe retirement is based on planning and saving regularly and regularly, but learn how to invest in retirement, even if they are in the 50s or 60s. Most of the millionaires were today through companies sponsored by companies. Despite the access to such plans, many Americans do not use them. Don’t let you be.
4. Finally, create a legacy in the LGBTQ community by creating your estate plan for the donations of LGBTQ causes, helping the homeless young people and local, younger LGBTQ people you know personally. If you are a small business owner, create a succession plan to keep the business that you have spent on a lifelong building in the LGBTQ community if you want to sell your company, retire or to retire.

As we already said, there are many LGBTQ children for challenges before becoming adults, many LGBTQ children for challenges, before they become adults, not for financial support or financial education for friends or family members. As a result, we are less financially demanding and willing to make serious financial decisions that have long -term consequences.

First and foremost, we have to talk much more about personal finances in the LGBTQ community. Everything starts to share what works for us and not for us, and we have to stop shaking people who are financially successful because we need financially strong people in our community. Rather, let us learn from the financially successful. Then follow the tips mentioned above.

Topics treated with financial exclusion

• 7 Examples of how the LGBTQ community is affected by monetary exclusion
• 3 Examples of how queer young people do not receive the same financial support or education in non -affirmative families as their heterosexual colleagues/siblings
• Like adult children in particular help with large expenses (i.e. weddings, purchase of their first house, etc.), the LGBTQ -How -growing might not
• The composition of the reduction of the non -inherited valuable family assets
• 4 options for how the LGBTQ community can overcome this exclusion
• 4 Strategies for avoiding or eliminating student loan debts
• Why it is crucial for the Queere Community to talk to her colleagues about money (and how to initiate the conversation)
• The importance of the strategy about saving for retirement
• What we can do to create the fortune of the legacy in the LGBTQ community

“Talk to your colleagues in the LGBT community about money. We have to stop pretending to be a taboo subject. “ – David Autoden -SchneiderClick to tweet

Resources to overcome financial exclusion