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Before you move out, make these 5 money moves
Homeless teenagers in America make up 40% of homeless youth. If jyouYou are one strange teenagerYou need seriously Preparing money as quickly as possible. Here are ours 5 The best money moves you can make if you’re gay and 18. If you’re ready, start paying off your credit card debt for free today 7-Step Credit Card Debt Reduction Here.
My money moves with 18 and life
I was raised as a J-Dub (Jehovah’s Witness). Everything I learned about being gay was bad – terrible. This caused an inner conflict in me because at the age of nine I already knew that I was the very person my father and pastor hated.
I knew what to expect when I told my parents I was gay. They would throw me out of the house and I would probably never see them again.
My crystal ball didn't lie.
When the day came, I was not only afraid of losing my family, but also afraid of how I would care for myself physically, emotionally, and financially. In no time I would be alone.
Because I was raised to believe that “the church” was my caretaker from cradle to grave, I was unprepared for what would happen after I said, “Mom, Dad, I’m gay.”
Whether we are jumping the nest or being pushed out of the nest, many queer children and young adults find themselves in similar financial situations and have similar fears.
Below, learn what I know about preparing to move out if you’re gay and 18.
5 Money Moves You Must Make When You Turn 18
1. Open a free online checking account
A recent survey found that a whopping 50% of queer respondents said they don’t have a single bank account. This means we spend more money on everyday transactions than necessary.
What do we propose? Open a free online checkout.
Online banks allow you to open accounts almost anywhere on your phone, laptop or tablet in about 5 minutes. This is great because you can protect your account from the gaze of unsupportive parents or family members.
3. Start investing by investing your loose change
I wish I had learned more about investing when I was younger. For anyone, it is one of the smartest money moves.
Here’s the deal: Nobody gets rich without learning how their money works for them, namely investing. These are investments in stocks, a company or real estate. If I had learned and started earlier, I would have a lot more money today.
Learn from my mistake.
The key to investing is to start early, but where should you start? Just start.
4. Build credit quickly
If you have good credit, you can save thousands, if not tens of thousands of dollars on credit cards over the course of your life, whether on loans, mortgages, even apartment rent, cell phone plans and jobs.
In today’s world, knowing what makes a credit score is crucial. A few bad moves and, Oops!You spend several expensive years rebuilding your credit.
5. Get a part-time job (or 2) and a side gig
If you had to leave your home at short notice, wouldn’t it be nice to have some cash to cover your expenses?
That is the power of a safety net, and the only way to build a safety net is with a job or multiple jobs.
It is also important for queer people to have part-time jobs and side hustles to make extra money in case we lose a job or are denied housing or services because we are queer.
Where can I find work?
Thanks to the internet, phone apps and an evolution in thinking, it’s never been easier to find enough part-time work online to build a full-time business.
You can find out more about money-saving measures for gays and 18-year-olds here Queer money® Podcast.
5 Money Moves for Gay Teens on Queer money®:
How to move out at 18 and afford it
1. Live below your means
One of the biggest mistakes I made growing up was spending my money as soon as I got it and then spending more.
Nobody gets rich by spending more money than they earn.
The best way to ensure you have money to invest after you’ve paid your bills is to live below your means and spend less money than you earn.
It sounds old-fashioned, but it’s crucial to getting out of debt and becoming independent.
How do you live below your means?
Systems have:
- Know what you really want. So often too many of us don’t know what our fantastic lives look like. We know what others want for us. We know what we think we should want. We often don’t know what we want.
- Then, Identify the current habits that are preventing you from creating that fabulous life See for yourself and find out what you need to do to overcome these habits.
- Next, Perform daily exercises that generate energy to attract your fabulous life. Center yourself. Concentrate. Give yourself space to use your instincts.
- Finally, Create a lifestyle, both at work and at play, that supports you in building your amazing life. Be intentional about the places you visit, the people you are with and the things you do. Make sure they all fit your fabulous life.
If I had known how to manage my money like this when I was younger, I would have had a lot more money when I was younger – and now.
2. Create a budget
A budget is the key to not living paycheck to paycheck and having more money left over at the end of each month.
Find a budgeting app that’s right for you
3. Differentiate your needs from your wants
The needs consist of inexpensive food, clothing and shelter purchased in modest quantities. If your goal is to break free from the Bank of Mom & Dad, you don’t have time to spend more money than is appropriate.
It’s hard to believe now, but it will be easier to make sacrifices today than tomorrow.
4. Be on the lookout for lifestyle creeps
It’s a sneaky little bitch, a lifestyle creep. Lifestyle creep happens so slowly that you don’t notice it until it’s too late. Suddenly your standard of living is higher than you thought. The types and brands you buy are slightly better.
When that happens, you blow your entire budget. The only way to curb the problem is to keep reviewing your budget. A budget isn’t a once-in-a-while thing, it’s always a thing.
The best ways to avoid this are to be aware of lifestyle changes and budget.
How to move out at 18 with no money
This may sound redundant, but honestly, your options are limited when you don’t have money. So save as much as you can before you leave mom and dad’s nest.
If that’s not an option, then . . .
1. Know your game plan
Moving out alone for the first time and without money should only be done with a rock-solid plan. You will want to know:
- What are you taking with you?
- Clothing at least for the current and next season, laptop, phone, etc.
- What can you actually afford?
- Cell phone, food, transportation, etc.
- Where you rest your head at night
- A friend or family member’s sofa, accommodation, van or hostel – ideally one that allows for volunteer work in lieu of rent
- Who, if anyone, will live with you or help pay the rent?
- A friend, partner or someone else
Finally, you’ll also want to update your resume and have a job search plan if you don’t already have one, which leads to our next point.
2. Find a job
The personal and financial independence that comes with a stable income from a job is unbeatable. Yes, that is sometimes easier said than done.
This is why some people have multiple jobs and jobs in the gig economy have become so popular.
3. Open a free checking and a free savings account
You may not have money now, but you will have it. Opening these accounts as quickly as possible will make life a lot easier.
4. Brush up on your personal finance knowledge
It sounds selfish, but the better you understand how money works, the better you will be with your money. Between libraries and the internet, there are many free resources.
Start here at Debtfreeguys.com and The Queer money® Podcast.
How to move out and go to college at 18
If you want to go to college, you need money. But The more you avoid student loan debt, the better.
Without money, you may think you have no options. Yes, your options are limited, but they are there.
How to Make Money for College
1. Essay Contests
There are countless essay contests on all sorts of topics, with winners winning $500 to $70,000 (and more). Visit www.petersons.com and www.scholarships.com to expedite your essay search.
2. Reimbursement by the employer
Many employers offer tuition reimbursement benefits, meaning they help you pay school fees while you work. These employers include UPS, Apple, Google, ADP, Starbucks and Home Depot.
All of these companies are LGBTQ-friendly, and some receive perfect scores on the Human Rights Campaign’s Corporate Equality Index.
3. Join the military
If you’re up for the challenge, the military is a great place to pay your tuition and learn skills, which is ideal once your military service is over. You have four options:
- Study grant from the Bundeswehr – Details (including eligibility, years of service required, application process, and restrictions) vary by branch, Army, Navy, Air Force, Marines, Reserves, and National Guard. Student aid provides up to $4,500 annually for tuition and fees.
- Post-9/11 GI Bill – Any military member on active duty for more than 90 days after September 11, 2001 is entitled to reimbursement of 40% to 100% of tuition and fees at an in-state public college or university or up to $17,500 at a private one or foreign university university.
- ROTC – With this program, you prepare for military service while attending college. After graduation, you will serve in the Army, Navy, Air Force or Marines – your choice.
- State-Specific National Guard Tuition Support – In addition to the National Guard’s offering of tuition assistance, each state offers tuition assistance to its National Guard service members. By attending a college or university in a specific state, you can have up to 100% covered in tuition and fees.
How to save money for college
If you’re going to do it, do it right. Here are the tools you can use to save money on college.
- 529 prepaid tuition plans are government plans that set future tuition rates at today’s prices. Essentially, you are purchasing shares of tuition for a semester in the future in today’s dollars. This is best suited to public schools and has little impact on eligibility for financial aid.
- 529 savings plans are also state plans. Maximum annual contributions range from $230,000 to $310,000, which is unlikely to be a problem. Your investment returns are not subject to federal taxation and are generally not taxed by the state that offers the plan. 529 savings plans Do While this will impact financial aid eligibility, again, it’s probably not a problem.
- Advanced placement courses are college-level core courses, such as English and math, offered to high school students and accredited by the College Board. APCs are often carried over to the first year of study, saving time and money. However, you must qualify and achieve a 3 (qualified), 4 (well qualified) or 5 (very well qualified) on the final exams in order to be credited towards the coursework.
Scholarships for gay students
Colleges want a diverse student body, and there are many organizations that ensure LGBTQ students are included. Find one or more scholarships that are suitable for you:
- Bill Caspare Memorial Fund Diversity Scholarship – Available to full-time junior and senior students who are African American, Asian, Hispanic, Native American, multiracial, or part of the LGBTQ community, as well as students interested in and about new media, digital advertising, and data science have a grade point average of at least 3.25.
- CFPCA LGBT Scholarship – Wayne State University’s College of Fine, Performing and Communication Arts Lesbian, Gay, Bisexual, and Transgender (LGBT) Scholarship provides financial support to deserving students who demonstrate positive LGBT (Lesbian, Gay, Bisexual, and Transgender) sensitivity and involvement ) show. problems. Preference will be given to LGBTQ students.
- eQuality Scholarship – eQuality Scholarship Collaborative provides scholarships for post-secondary education at accredited institutions, primarily to residents of Northern and Central California or Students attending school in Northern or Central California.
- Catherine Fahringer Memorial Award from the Freedom from Religion Foundation – A cash scholarship for free-spirited high school students, defined as those who identify as atheists, agnostics, humanists or secular, who are accepted to two- or four-year colleges.
- IES Merit-Based David Porter Diversity Scholarship – This scholarship is available to all students at institutions that are members or associate members of the IES College Consortium and a member of a community that has been traditionally underrepresented in study abroad programs, such as LGBTQ. A minimum grade point average of 3.3 is required.
- Levin-Goffe Scholarship for LGBTQI Immigrants – For undergraduate students who are both LGBTQ and intersex and undocumented immigrants, including refugees and those who are seeking or have received asylum.
- PFLAG – Since 2018, the national PFLAG (Parents and Friends of Lesbians and Gays) has been on pause, but PFLAG departments across the country are offering local scholarships. There may be one near you.
- Point Foundation Scholarships – The Point Foundation Scholarship is awarded to LGBTQ individuals who have a track record of leadership and civic engagement, have strong academic achievements, are committed to improving the LGBTQ community, are in need of financial assistance, and are enrolled in an accredited institution of higher education or intend to do so at a college or university in the USA
- Pride Foundation Scholarships – The Pride Foundation provides critical financial resources and community support to inspiring LGBTQ+ and allied student leaders across Northwestern.
There’s a lot to think about when you leave mom and dad’s home at 18. Do yourself a favor and make a plan by considering some (or all) of my tips above. Having been there, I know what it takes to ease the transition.
There are resources. Use them.
More resources for being happy and gay at 18: