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Unique LGBTQ Money challenges
We’re flipping the script on today’s Queer Money. Capital One interviews us about our story and the unique LGBTQ money challenges the community faces. If you need help with your LGBTQ money issues, get your free copy 5 building blocks for a happy gay life Here.
Learn how to overcome unique LGBTQ money challenges
Partner in tackling unique LGBTQ money challenges
As you know, Capital One is a supporter of Queer money Podcast and other Debt Free Guys initiatives like Money Tips Tuesday and the Queer Money Live Tour. As part of this partnership, Capital One leadership recently invited us to their corporate center in Richmond, Virginia, to speak with Costanza and the Capital One Business Resource Group about the financial issues specific to the LGBTQ community what they can do to help us address these unique challenges.
Costanza has been an ally to the LGBTQ community since the 1980s, when she worked in the fashion industry in New York City. She has worked in marketing and brand strategy for the past 26 years and served as a senior executive for SAP and JP Morgan before joining Capital One in 2017. Today, she serves as Managing Vice President of Consumer Bank Marketing at Capital One. In this episode of the podcast, she turns the tables and interviews us, revisiting many of the topics we covered during our conversation in Richmond.
Costanza explains why it’s important to her to support the queer community and asks us to share the origin story of Debt Free Guys, including the moment we discovered we had a total of $51,000 in credit card debt, and the first Steps we took to change our financial lives. Listen in to understand the unique financial challenges we face in the LGBTQ community and what financial services companies can do to support us as customers – 365 days a year!
My queer family taught me radical acceptance. I benefited from radical acceptance. I learned from radical acceptance. When I tried to live by the same code, my life became richer. – Costanza Castelnuovo-Tedesco from Capital OneClick to tweet
Covered topics on unique LGBTQ money challenges
Why being an LGBTQ ally is important to Costanza
Honor the courage of friends and colleagues during the AIDS crisis in the 1980s
The radical acceptance learned from the queer community enriches lives
How David & John became the Debt Free Guys®
AHA Moment discovered a total of $51,000 in credit card debt
Realizing that this was not the case alone led to a desire to serve the LGBTQ community
How David and John got into significant credit card debt
John has made large purchases (e.g. Pottery Barn furniture, new car)
David lost his money and got into debt (e.g. eating out every day)
The first steps David and John took to get out of debt
Detailed spending analysis to understand how money is being spent
Are we spending on things that are important to us?
The unique financial challenges we face in the queer community
Feel safer in larger, more expensive cities like NYC and LA
We are unable to bring our whole selves to work and avoid social events
David & John’s insight into the LGBTQ pay gap
Difficult to quantify as there are few studies on this topic
Someone is less likely to be hired or promoted if they identify as LGBTQ
The gaps in research surrounding the financial lives of the queer community
There are studies that focus on the cis perspective of gay men
Few focus on the LGBTQ community as a main topic
David & John’s advice for financial services companies
Start by showing we belong through visibility in advertising
Support the community 365 days a year, not just during Pride
Create marketing materials to address specific concerns
Connect with Costanza
LGBTQ Money Challenge Resources
