The Top Investments Queer People Need
There are two leading wealth builders in the world today and many of us missing out on them. Here are the top investments queer people need ASAP.
Just 29% of respondents to The Motley Fool/Debt Free Guys LGBTQ+ Money Study held a mortgage and only 37% are investing in a retirement account. Yikes! Queer folks are missing out on the two leading wealth generators, real estate and stock market investing.
Real estate and stock market investments – the two leadings wealth builders As we shared on Queer Money® episode # 349, our community experiences discrimination by the financial services industry at a very high rate than the general population. Per the University of Iowa, same-sex couples are 73% more likely to be denied a mortgage than heterosexual couples.
It’s also true that we’re not making homeownership or real estate investing a priority. As we shared on Queer Money episode # 351, the queer community’s not averse to debt, as we have more credit card debt, auto debt and personal debt than the general population.
Also likely that we’re not making investing for retirement a priority, either. Per Pride Co-Op, the LGBTQ+ purchasing power is $1.4 trillion and per Experian’s 2018 LGBTQ+ Money Survey, we spend most on travel, entertainment and personal hygiene.
Could also be true that we’re avoiding talking with a financial planner or advisor because we still believe they’re all (still) pale, male and stale. It’s just not true as much anymore and we can’t sacrifice our financial security because of hang-ups with bullies We’ve been overcoming them our whole lives.
Not time to stop fighting when it comes to our retirement investing Doing these will help both you and the queer community. Make a commitment today to start saving for your very own piece of real estate (whether as your primary home or first investment) and start increasing your contributions to a retirement investing account. Then, join us next Tuesday when we talk about how to overcome the fear that’s paralyzing many in the community and next Thursday when we talk about LGBTQ+ healthcare in the US.
What should you do now?
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We’re David and John Auten-Schneider, the Debt Free Guys (https://debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.
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