How to Make Your [Gay] Money Work as Hard as You Do

Do you all too often have more month left over at the end of your money? Do you work hard for your paycheck only to watch it go out faster than it comes in? Do you ever wonder how you’ll put your children through school?

You’re not alone. The truth is that even though “gays are fabulous” (and we are), most of our community is struggling financially.

And we can relate.

Learn more about the Debt Free Guys’ LGBTQ Personal Financial Freedom course and resources.

Who are we?

We are John and David. After dating for 18 months, we came out of the closet to each other about our money, and it wasn’t pretty. We were $51,000 in credit card debt. Ouch! Sure, everything looked good on the outside. But we were hurting on the inside.

We were the gay cliché of being fabulous but fabulously broke. Ever feel this way?

You see, coming from times and places when it wasn’t okay to be gay, we were both bullied, picked and treated differently because we were – well – different. We grew up feeling like we weren’t as good as the other kids. Can you relate?

Then, when we found the courage to come out of the closet and moved away from our families to find other people like us, we were so insecure and wanted so desperately to fit in with the other gays, that we thought we needed all the right things – clothes, home, travel, careers, partners, stuff – all the right outward appearances – so we wouldn’t be bothered by another community. Our community. Sound familiar?

We paid off that credit card debt in less than three years! It took a lot of soul-searching, and we attribute that success to figuring out what was most important to us. Sixteen years later, today, we’re helping other queer people achieve the same financial security.

Is queer money different than straight money?

If you thought you (and now us) were alone in this struggle, did you know that:

• same-sex couples with at least one child under the age of 18 have 20% more credit card debt than their straight peers and have almost 90% more student loan debt?
• queer college graduates have 16% more student loan debt than non-queer graduates?
• 57% of our community says their current financial condition harms their mental health?

So, no, you’re not alone. Yes, our community has systematic and personal struggles with money. Yes, there’s something we can do about it but knowing there’s a problem isn’t enough.

About the author: Dennis Velco

An LGBTQ social entrepreneur who focuses on strengthening the global LGBTQ+ through connecting, engaging, online, and in person.