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5 Unique LGBTQ Money Challenges

Unique LGBTQ money challenges

We’re flipping the script on today’s Queer Money. Capital One interviews us about our story and the unique LGBTQ money challenges facing the community. 

Hear how to overcome the unique LGBTQ money challenges

Partners in overcoming unique LGBTQ money challenges

As you know, Capital One is a supporter of the Queer Money Podcast and other Debt Free Guys initiatives like Money Tips Tuesday and the Queer Money Live Tour. As part of that partnership, Capital One leadership recently invited us to their corporate center in Richmond, Virginia, to speak with Costanza and the Capital One Business Resource Group about the financial issues specific to the LGBTQ community and what they can do to help us overcome those unique challenges.

Costanza has been an ally of the LGBTQ community since the 1980’s, when she worked in the fashion industry in New York City. She has spent the last 26 years in marketing and brand strategy, serving as a senior executive for SAP and JP Morgan before joining Capital One in 2017. Today, she serves as the Managing Vice President of Consumer Bank Marketing with Capital One, and on this episode of the podcast, she turns the tables and interviews us, revising many of the topics we covered during our chat in Richmond.

Costanza explains why it’s important to her to support the queer community and asks us to share the Debt Free Guys origin story, including the moment we discovered we were a combined $51K in credit card debt and the first steps we took to change our financial lives. Listen in to understand the unique money challenges we face in the LGBTQ community and learn what financial services firms can do to support us as clients—365 days a year!

Topics Covered on LGBTQ unique money challenges

Why it’s important to Costanza to be an LGBTQ ally

  • Honor bravery of friends and colleagues during 1980’s AIDS crisis
  • Radical acceptance learned from the queer community enriches life

How David & John became the Debt Free Guys®

  • AHA moment discovered $51K in combined credit card debt
  • Realizing not alone led to a desire to serve the LGBTQ community

How David & John got into significant credit card debt

  • John made big purchases (e.g.: Pottery Barn furniture, new car)
  • David nickel and dimed his way into debt (i.e.: eating out daily)

The first steps David & John took to get out of debt

  • Detailed spending analysis to understand how spending money
  • Are we spending on things that are important to us?

The unique financial challenges we face in the queer community

  • Feel safer in larger, more expensive cities like NYC and LA
  • Unable to bring our whole self to work, avoid social functions

David & John’s insight around the LGBTQ wage gap

  • Difficult to quantify because of a few studies on the topic
  • Less likely to be hired or promoted if appear LGBTQ

The gaps in research around the financial lives of the queer community

  • Studies that exist focus on cis, gay male perspective
  • Few focus on the LGBTQ community as a primary subject

David & John’s advice for financial services firms

  • Start by showing we BELONG with visibility in advertising
  • Support community 365 days a year, not just during Pride
  • Create marketing materials to address specific concerns

Connect with Costanza

Resources for LGBTQ money challenges

Listen

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