Here’s one reason why you might be bad with money
Gaby Dunn conducted a crazy experiment. If someone approached you in a coffee shop and asked about your favorite sexual position, would you be willing to share? What if they asked about your bank balance? While most are open to talking about sex, money is taboo. This might be why you might be wrong with money and is precisely why Gaby wants us to do better.
Being not so good with money
Talking about our financial situation is ‘too personal,’ and most of us are embarrassed about our money situation. So, why are we more inclined to discuss sex than money? Why do so many of us continue to struggle with money despite all the available advice? Why do we feel so ashamed around being ‘bad with money’? Why do we have so much credit card debt?
Gaby Dunn is the writer, actor, and New York Times bestselling author behind the YouTube comedy channel Just Between Us, the novel I Hate Everyone But You, and the nationally-recognized podcast Bad With Money, a finance show for ‘the rest of us.’ Gaby brings a queer, feminist point of view to the money conversation, and her new book, Bad With Money: The Imperfect Art of Getting Your Financial Sh*t Together, explores our inability to speak honestly about money and offers practical personal finance advice like how to choose an insurance plan, buy a car, or take out student loans.
Gaby joins us to share her experience with being internet famous, discussing the assumption that creators make lots of money and the demonetization of LGBTQ content. She explains the impetus for her podcast and book, offering insight on why people are turned off by traditional financial advice and the stigma around talking about money. Gaby also describes the systemic issues faced by marginalized communities and outlines some of the unique economic challenges among the queer community. Listen to Gaby’s thoughts on ‘unwiring the carpe diem mentality’ and learn where to go for LGBTQ-specific money advice so you can get better with money!
Hear from Gaby:
Topics covered
3 reasons why queers are bad with money
- Systemic issues (lack of economic mobility)
- Money advice must go beyond individual change
- We must eliminate shame and the perception of failure
On being internet famous
- Not financially stable, lack of steady income
- Visible but work other jobs (i.e.: wait tables)
Platforms demonetizing LGBTQ content
- Deemed ‘not advertiser friendly’
- Equated with being inappropriate
The pros and cons of Gaby’s internet fame
- Platform to normalize bisexuality
- Connect with people, see our impact
Gaby’s advice for online content creators
- Frame your work in terms of your skills (e.g.: a stylist or a video editor)
- Think long-term, consider how to move platforms
The inspiration for Gaby’s money podcast
- Kept financial problems secret
- Create a show for ‘rest of us’
Gaby’s insight on why it’s easier to talk sex than money
- Sex is seen as cool, easy to dismiss biphobic people
- Insecure about money, people judge choices
Why people are turned off by traditional financial advice
- It’s often condescending and doesn’t take ‘real life’ into account
- Carries shame and only applies to 2 in 10 people
The stigma around discussing money
- Favorite sex position vs. bank balance
- The desire to be seen as ‘living the dream’
How companies take advantage of marginalized communities
- Expectation to be ‘professional gay person’
- Ask for consultation without compensation
The unique financial challenges of the LGBTQ community
- The expense of IVF/adoption, healthcare
- The wage gap, parental leave policies
- Less likely to plan for retirement
Gaby’s take on getting the queer community to share
- Not as much opportunity to see vulnerability
- Hard to unwire ‘carpe diem’ mentality
What to expect from Bad With Money
- Discussion of mental health and finances
- Queer-specific advice, systemic problems