Queer Money®: How Gay People Do Money

You've heard the adage, "Pay yourself first." So, why is that bad advice?

In Queer Money episode 560, hosts John and David debunk the traditional 'pay yourself first' advice and provide a comprehensive approach to managing finances tailored for the LGBTQ+ community. They explain the importance of prioritizing savings and retirement accounts before spending on discretionary items. The episode introduces a new strategy of allocating funds to your future self, past self, and present self in that order. This approach aims to enhance financial well-being and ensure long-term financial security while still enjoying present-day pleasures.

Topics Covered:

• 00:00 Introduction: Busting the Myth of 'Pay Yourself First'
• 00:12 What Does 'Pay Yourself First' Really Mean?
• 01:33 The Reality of Paying Yourself First
• 03:07 A New Approach: Paying Yourself in Three Ways
• 04:39 Why This New Approach Works
• 06:43 Conclusion and Upcoming Episodes

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Will your retirement rock or suck?

Depending on if you qualify for social security you may already know the answer to most of that question.

On this week's Queer Money Fabulous Gay Retirement bonus episode, we break down how social security will affect your retirement and show how to check to see if you're set to receive it as well as how much you may be getting.

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Changes to 401(k)s are coming in 2025!

In this episode of the Queer Money Podcast, hosts David and John talk with LGBTQ+ financial advisor Jake Skelhorn about significant 401k changes coming in 2025. They highlight five key changes, including updated catch-up contribution limits for those aged 50 and above, mandated Roth catch-up contributions for high income earners in 2026, and automatic 401k enrollments. Jake also explains the Secure Act 2.0’s rules on inherited IRAs and the implications for the LGBTQ+ community. They delve into strategies for investing in retirement accounts and the potential benefits for younger and late-start savers in making the most out of these new rules.

Topics Covered:

• 00:00 Introduction to 401k Changes in 2025
• 00:15 Meet Jake Skelhorn: LGBTQ+ Financial Advisor
• 03:39 Catch-Up Contributions Explained
• 05:26 Investment Strategies for Near-Retirees
• 07:55 Changes for High-Income Earners
• 17:57 Automatic Enrollment in 401ks
• 22:07 Inherited IRA Changes
• 26:57 Conclusion and Final Thoughts

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Will you get Social Security benefits when you retire?

For many of us, Social Security benefits will make up a sizeable portion of our income in retirement. Are you sure you'll get it?

On this Queer Money, we break down the steps you need to take to not only find out if you qualify but to see what the Social Security Administration estimates you will get.

Would you like to have benefited from recieveing generational wealth from within the LGBTQ+ community?

In this episode of the Queer Money podcast, hosts and married Financial Power Couple David and John dive into a crucial conversation about generational wealth within the LGBTQ+ community, noting that for many LGBTQ+ people, traditional family paths to wealth, mentorship, and inheritance simply aren’t there, and that it’s time to break the cycle. David and John outline five impactful ways in which you can foster wealth for future queer generations, even if you’re not a millionaire yourself. They go over everything from establishing scholarships and grants for LGBTQ+ students, creating family or community trusts, offering low-interest loans or microfinancing for LGBTQ+ entrepreneurs, and investing in LGBTQ+ startups or small businesses.

Topics covered:

• 00:00 Introduction: The Challenge of Generational Wealth in the LGBTQ+ Community
• 01:12 The Impact of HIV/AIDS on Wealth Transfer
• 03:11 The Importance of Creating a Wealth Transfer System
• 05:59 1. Building Wealth Through Scholarships and Grants
• 09:15 2. Establishing Family or Community Trusts
• 12:45 3. Offering Low-interest Loans and Microfinancing
• 14:25 4. Investing in LGBTQ+ Startups and Small Businesses
• 17:39 5. Supporting LGBTQ+ Real Estate Co-ops
• 20:19 Understanding Different Financial Support Options
• 21:59 Recap and Final Thoughts
• 22:46 Outro and Upcoming Episodes

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