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David and John Auten-Schneider, hosts of the Queer Money podcast, offer their perspectives on financial challenges in the LGBTQ community
Courtesy of Capital One
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We and other personal finance experts have long talked about the financial challenges of the LGBTQ+ community. That includes access to equal housing, services protections and wage inequality because of one's sexual orientation or gender identity.

While those protections would be included in the Equality Act, legislation remains pending in Congress.

To be fair, the LGBTQ+ community has made significant progress over the last several years. The two most notable being the Supreme Court's 2015 ruling to ensure marriage equality and 2020 decision to ban employment discrimination based on sexual orientation or gender identity. That progress has continued with the current administration, as President Joe Biden recently signed executive orders protecting LGBTQ people from housing and services discrimination.

The LGBTQ+ community faces a unique set of financial challenges that are preventing equal opportunity for all.

Let's break down some of the obstacles confronting members of the LGBTQ+ community.

Queer people are often expected to pay more

One LGBTQ+ financial challenge is the expectations — and misconception — that LGBTQ people can or should pay more because we don't have kids. While 15% of LGBTQ people have kids — compared to 38% of opposite-sex couples — it's not a cause for LGBTQ people having more money.

In fact, because of wage inequality for people in the LGBTQ community, having fewer opportunities for career advancement and in many cases needing the physical and emotional safety that comes with living in an LGBTQ-friendly city (many of which often have high costs of living), it's likely that your LGBTQ+ sibling or friend doesn't have as much financial security as their straight counterparts.

This is why we didn't travel for the holidays for three years while paying off credit card debt. Adding $800 to $1,000 in plane tickets to the credit cards we were working hard to pay off didn't make sense. Yet, our families never offered to come to where we lived for a holiday and foot the travel expenses.

A similar situation arises when caring for aging parents. LGBTQ folks are more likely to be asked to care for aging parents, which is backed by a 2010 MetLife study. This increases the financial burdens and restricts the savings opportunities for LGBTQ folks.


Queer people, especially gay men, struggle with the 'hysteresis effect'

There's also the lingering consequence of the HIV/AIDS epidemic on the LGBTQ community, specifically for gay men.

As Paul Donovan said on Queer Money® episode 252 about his book, Profit and Prejudice: The Luddites of the Fourth Industrial Revolution, that then created a hysteresis effect.

The hysteresis effect occurs when a singular event has an economic effect that lasts even after the initial event no longer exists.

Of course, we're still fighting HIV/AIDS. But we know more and have more resources to fight HIV/AIDS and it's no longer the death sentence it once was. A lingering economic effect for many LGBTQ+ people is "an unhealthy short-term view when it comes to finances," according to Donovan.

Our struggle with the hysteresis effect is one reason we got into $51,00 in credit card debt. We had a myopic view of what being successful was and spent accordingly.

Photo by Charles Deluvio on Unsplash

The consequences compound on the challenges above and the many LGBTQ+ financial challenges about which we and many others have written. For example, LGBTQ+ people have smaller emergency savings accounts, less in retirement savings and more in debt than the general population, according to Student Loan Hero.

How to overcome those challenges

Get clear and become committed to your life and money goals

There are a lot of emotions tied to money. We attach our self-worth and value to money. We sometimes feel guilty that we have money while we also sometimes feel guilty that we don't have enough money. If we're letting family or loved ones guilt us into paying for what we can't afford, paying more than our fair share, or risking our financial security, we likely have emotional reasons, such as the need to please, to cause that.

This is just one reason why it's important for LGBTQ+ folks to get crystal clear on what matters most to us. We must figure out what we want our lives to look like and what we want to achieve, then architect our lives to reach those goals. That includes financing. If being helpful, giving or being charitable is one of our goals, we can include that in our life and financial plans.

If we have fewer resources at hand, then being clear on the one or two things we most want to achieve in life can help us efficiently spend our money and have money left over to help the people we care about or to meet our obligations.

Let's be hopeful (and intentional) about our future

As Dr. Martin Luther King, Jr. famously said, "the arch of the moral universe is long and bends toward justice".

There's no doubt it's bending toward justice in the LGBTQ+ community. The solution is that we must recognize that.

This means that while we live our best lives today, we must consider our long-term financial security and the lives we want to live when we're older. To be clear, living our best lives today and having financial well-being to live our best lives in the future aren't mutually exclusive.

Courtesy of Capital One's website

It's by talking with our friends and family about money, working with a Money Coach at a Capital One Café or other financial planner to recognize what matters most to us today and what we want in the future.

It's for these challenges and opportunities that we're strong advocates for LGBTQ+ financial independence and why we're proud to partner with Capital One. Though people have nuanced backgrounds, Capital One believes, as we do, that finances should work for everyone. That's why Capital One

supports LGBTQ+ communities facing unique economic hardships through both products and programs supporting our needs.
Joy

1991 blooper clip of Robin Williams and Elmo is a wholesome nugget of comedic genius

Robin Williams is still bringing smiles to faces after all these years.

Robin Williams and Elmo (Kevin Clash) bloopers.

The late Robin Williams could make picking out socks funny, so pairing him with the fuzzy red monster Elmo was bound to be pure wholesome gold. Honestly, how the puppeteer, Kevin Clash, didn’t completely break character and bust out laughing is a miracle. In this short outtake clip, you get to see Williams crack a few jokes in his signature style while Elmo tries desperately to keep it together.

Williams has been a household name since what seems like the beginning of time, and before his death in 2014, he would make frequent appearances on "Sesame Street." The late actor played so many roles that if you were ask 10 different people what their favorite was, you’d likely get 10 different answers. But for the kids who spent their childhoods watching PBS, they got to see him being silly with his favorite monsters and a giant yellow canary. At least I think Big Bird is a canary.

When he stopped by "Sesame Street" for the special “Big Bird's Birthday or Let Me Eat Cake” in 1991, he was there to show Elmo all of the wonderful things you could do with a stick. Williams turns the stick into a hockey stick and a baton before losing his composure and walking off camera. The entire time, Elmo looks enthralled … if puppets can look enthralled. He’s definitely paying attention before slumping over at the realization that Williams goofed a line. But the actor comes back to continue the scene before Elmo slinks down inside his box after getting Williams’ name wrong, which causes his human co-star to take his stick and leave.

The little blooper reel is so cute and pure that it makes you feel good for a few minutes. For an additional boost of serotonin, check out this other (perfectly executed) clip about conflict that Williams did with the two-headed monster. He certainly had a way of engaging his audience, so it makes sense that even after all of these years, he's still greatly missed.

Democracy

Appalachian mom's speech on Kentucky's proposed abortion ban is a must-hear for everyone

Danielle Kirk is speaking up for those often overlooked in our cultural debates.

Canva, courtesy of Danielle Kirk

Appalachian mom gives passionate speech.

Many people felt a gut punch when the Supreme Court issued its decision on Dobbs v. Jackson Women’s Health Organization, which overturned the decades-old Roe v. Wade decision that protected a woman's right to an abortion. However, for some this was a call to action.

Danielle Kirk, 27, a mom of two and an activist on TikTok, used her voice in an attempt to educate the people that make decisions in her small town. Kirk lives in Kentucky where a trigger law came into effect immediately after Roe v. Wade was overturned. Being a former foster child, she knew she had to say something. Kirk spoke exclusively with Upworthy about why she decided to speak up.

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Memories of childhood get lodged in the brain, emerging when you least expect.

There are certain pleasurable sights, smells, sounds and tastes that fade into the rear-view mirror as we grow from being children to adults. But on a rare occasion, we’ll come across them again and it's like a portion of our brain that’s been hidden for years expresses itself, creating a huge jolt of joy.

It’s wonderful to experience this type of nostalgia but it often leaves a bittersweet feeling because we know there are countless more sensations that may never come into our consciousness again.

Nostalgia is fleeting and that's a good thing because it’s best not to live in the past. But it does remind us that the wonderful feeling of freedom, creativity and fun from our childhood can still be experienced as we age.

A Reddit user by the name of agentMICHAELscarnTLM posed a question to the online forum that dredged up countless memories and experiences that many had long forgotten. He asked a simple question, “What’s something you can bring up right now to unlock some childhood nostalgia for the rest of us?”

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