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Happy 4th of July! Here's A Reminder Of What America Is All About.
Today, enjoy your burgers and fireworks. Tomorrow, let's all get back to work making America the best America she can be.
07.02.21
Capital One Impact Initiative
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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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.
Empowered Women
This woman used creative writing as a refuge while growing up in the midst of a violent drug war. And now she's fostering a love for LatinX poetry.
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When the pandemic hit in 2020, she decided it was time to do even more to serve people during these difficult times.
"It became clearer to me that the lack of representation in the book publishing industry for BIPOC/LatinX writers & poets had to change," she says. "I want to be an agent of change in the publishing industry and contribute to its transformation."
She created Alegría Publishing to nurture and produce works by indie LatinX storytellers and expanded the mobile bookstore to celebrate BIPOC/LatinX writers and poets, as well as the books published by Alegría publishing. And one day she hopes that she can take the bookstore across the United States and discover even more emerging writers.
Today, Agudelo also mentors indie authors two nights a week through the Alegría Writing Collective for LatinX writers. "They rock my world every class," she says.
"The amount of talent in our community pushes me to keep growing our company so the world can read their work and remember their names."
Agudelo has made it her mission to empower women and her community. "My career has been such a blessing filled with magical milestones and I never take these moments for granted," she says. "There is nothing like being able to make a woman's dream of publishing their first book and bring it to life. Watching their reaction, when they look at their book for the first time is priceless."
"As women, we are naturally powerful, we just have to keep reminding each other of our power."
Agudelo is one of Tory Burch's Empowered Women this year. The donation she receives as a nominee is being awarded to The Sims Library of Poetry, which is the first black-owned poetry library in California.
"Hiram Sims, its founder, started lending books to his university students out of this suitcase after mandating that they read one book of poetry a week. As demand grew, his suitcase library was forced to seek a larger home," says Agudelo. "Their mission is to serve, educate, and foster a love for poetry, especially for marginalized people of color in the community of South Los Angeles."
To learn more about Tory Burch and Upworthy's Empowered Women program visit toryburch.com/empoweredwomen. Nominate an inspiring woman in your community today.
Capital One Impact Initiative
This AI chatbot named Oli is helping first-generation college students navigate the enrollment process
Courtesy of Capital One
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Marim Albajari was a high school senior living in New York City during the onset of the pandemic. Suddenly, the prospect of starting college directly after graduation no longer seemed like a sure thing.
Due to a lack of resources to help her navigate the college application process, she was almost a victim of the "summer melt"—a term used to describe students who cancel plans to attend college before classes begin.
The "melt" is a common problem disproportionately affecting students from low-income families—many high-school graduates who have been accepted to college and plan to enroll are quickly knocked off-course if they do not obtain sufficient financial aid, miss administrative deadlines, or most importantly, lack support from family and friends.
The COVID-19 pandemic worsened the problem, as high school graduates who immediately went on to college in Fall 2020 declined by nearly 7% when compared to the previous year, for obvious reasons. Even without a pandemic, finding the right information about things like course load, financial aid, and housing can be time-consuming and overwhelming for students without a guide.
That's where Oli comes in.
A free AI chatbot service, nicknamed "Oli", is offered by The Common Application (Common App). In 2018, the Reach Higher Initiative merged with Common App and partnered with AdmitHub to develop the AI chatbot that would eventually become Oli. The group then joined forces with the College Advising Corps to offer counseling services to get more first-generation, low-income, and diverse students enrolled in college.
Now a freshman at John Jay College of Criminal Justice, Albajari can attest to the value of Oli's help.
Courtesy of Common App
With the help of $1.4 million in grant funding from the Capital One Foundation, nearly 675,000 high school students applying to colleges through Common App have gained access to information on admissions and scholarship opportunities.
"The Capital One Foundation saw the need and stepped up to help by moving as quickly as possible to maximize the number of people that could be helped," says Eric Waldo, executive director of the Reach Higher Initiative at Common App. "Our colleagues at The Foundation have gone over the top to connect us with resources across their organization and are continuing to help us achieve our mission to assist as many students as possible through its continued support to the Class of 2021 and beyond."The result? Resources provided by Oli have saved students nearly 18,000 hours that traditionally would've been spent consulting with an advisor.
"Oli was my guardian angel," Albajari said. "As a first-generation college student, I didn't have the privilege to get the help I needed at home on my college journey. Even though Oli may be a robot, I felt like someone had my back."
The result? Resources provided by Oli have saved students nearly 18,000 hours that traditionally would've been spent consulting with an advisor.
"Oli was my guardian angel," Albajari said. "As a first-generation college student, I didn't have the privilege to get the help I needed at home on my college journey. Even though Oli may be a robot, I felt like someone had my back."
"It is imperative that all graduating high school students be equipped with the tools necessary to avoid delaying their dreams of attending college," says Andy Navarrete, Head of External Affairs at Capital One. "The playing field of opportunity in higher education has never been level, and the COVID-19 pandemic only made that fact more clear. We're committed to continuing our efforts to support equitable access and persistence for aspiring college students of all backgrounds."
That support from The Foundation comes alongside an initial $200 million, multi-year commitment from Capital One to advance socioeconomic mobility through the Capital One Impact Initiative.
In addition to exclusively funding the initial launch of the AI chatbot for Class of 2020 students, Capital One is continuing to expand this resource by contributing both financially and through pro bono support from its tech associates. Since the chatbot's inception, nine associates from Capital One have volunteered 500 hours of pro bono service to optimize the chatbot's ability to help prospective college students.
"As a first-generation college student, I remember having a lot of the same questions that students interacting with the chatbot were seeking answers to," says Elizabeth Souza, a Capital One associate who helped support the development of this chatbot. "Volunteering to support the development of this chatbot has been a tremendous opportunity to ensure equitable access to technology and resources for all."
Courtesy of Capital One
Those efforts in turn helped first-generation college student Jennifer Sanchez, a California native now finishing her freshman year at the University of La Verne. With the help of resources provided by the AI chatbot, Sanchez earned a scholarship, received a grant to help offset the cost of housing and was connected with councilors at each university she received admission to best decide which school would be the best fit for her.
"I was considering not even going to college because of how the pandemic financially impacted my family, but that chatbot gave me access to financial and educational resources that I would've never known existed without it," Sanchez said. "I think of that Oli like a friend. It supported me on my journey, like a friend would, every step of the way."
A little encouragement and access to the right information can take us places we never imagined.