LGBT immigrants and queer money
The LGBT and immigrant communities have many similarities and we help both communities with their money. Here’s what LGBT immigrants should know about money.
What LGBTQ people should know about LGBTQ money
For LGBT immigrants, deportation back to a country where homosexuality is illegal can be a death sentence. It is crucial for any marginalized community to have the financial resources to fight for their rights. But how does an immigrant learn to navigate the complex financial systems of the United States?
Learn more about LGBT immigrants and money:
Adina on LGBT immigrants and money
Adina is an immigration attorney and personal finance blogger at Immigrant Finance, a platform that makes it easier for immigrants to develop stability, build wealth, and thrive in a new country. When Adina’s husband moved to the US in 2013, they struggled to find information on simple things like opening a bank account or registering a credit card for the first time, so they founded Immigrant Finance to share their years of research with others. Adina was named one of them Forbes 30 Under 30, and she is both a Fulbright Scholar and winner of an Equal Justice Works Scholarship.
Today, Adina joins us to discuss the similarities between the immigrant and LGBTQ communities. She describes the experience of an immigrant to the United States and offers insights into their attitudes toward money and the challenge of navigating our complex financial systems. Adina explains why many immigrants distrust banks and what couples with an immigrant partner can do to prepare financially. Listen in to gain insight into DOMA repeal and its impact on immigration, and learn how immigrant and LGBTQ communities can work together for equal rights!
Covered topics surrounding LGBT immigrants and money
1. The experience of being an immigrant in the USA
- LGBT immigrants are unfamiliar with the complex financial systems of the United States
- Many people distrust banks and have no credit history
2. The money mentality of immigrants is typically different from that of Americans
- Fear mode (living paycheck to paycheck)
- Deal with different concerns and risks
3. How immigrants get personal finance information
- Resilient, resourceful people in the community
- Lack of financial education in general
4. Why many immigrants distrust the financial systems
- Come from countries where institutions are collapsing
- Lack of basic sense of security (ex: FDIC insured)
5. How repealing DOMA affected immigration
- Spouses of LGBT immigrants can apply for a green card
- Immigration policy changing under Trump
6. What couples with a partner with a migration background can do to plan financially
- Co-sign on a credit card account to build a credit history
- Establish an emergency immigrant empowerment fund
- Create a paper trail to identify dates you lived in the United States
7. The Value of Hiring an Immigration Lawyer
- 6 times more likely to win their case
- Complicated cases cost up to $15,000
8. How undocumented immigrants can protect their money
- Set up a bank account with an ITIN number
9. The ideal path to immigrate to the USA
- There are few ways to immigrate legally (without having to wait in line)
- Sponsoring a family member is the main route
- It is rare to obtain status through an employer
10. How the immigrant and LGBTQ communities can work together
- Stronger together in the fight for equal rights
- LGBTQ immigrants may fear for their lives in their home countries
11. Adina’s advice for immigrants
- Planning ahead gives immigrants room to maneuver in a bad situation
- Educate yourself to protect the people you care about