The shocking thing about LGBT military finances
Seventy-seven of military service members are stressed about money. One-third don’t pay all their bills on time, and 58% carry credit card debt (compared to 34% of everyone else). Hear what’s even more surprising about LGBT military finances on this Queer Money®.
To work with Mike or anyone at the Financial Gym, use this exclusive link to get a 15% discount.
Let’s talk about the little-discussed LGBT military finances:
LGBT military finances
Mike Poulin is a Certified Financial Trainer at the Financial Gym, a financial services firm that takes a fitness-inspired approach to clients’ personal finances. He’s also a former active duty mechanic and Platoon Sergeant in the Marine Corps, currently serving in the US Army Reserves. Prior to joining the military, Mike spent seven years as a Debt Solutions Specialist at a credit union. Mike is passionate about helping people reach their financial goals and achieve financial freedom.
On this episode of Queer Money®, Mike explains what motivated him to join the military and shares his experience as an out bisexual in the Marine Corps. He addresses the financial challenges facing military servicemembers, discussing how he helped the Marines in his platoon cut costs and make more informed money decisions. Finally, learn how Mike’s creating a product tailored to active duty service members at the Financial Gym.
Topics Covered on LGBT military finances
What motivated Mike to join the military
- Audition for Marine Corps Band
- Required to do same combat training
Mike’s experience as an out bisexual in the military
- The first taste of diversity for many
- Most people very accepting
The unique challenges of being bisexual in the queer community
- Some gay men say ‘you have to pick’
- Some straight women hesitant to date bisexual man
The financial challenges associated with being a married bisexual man in the military
- Receive same benefits as any married service member (e.g.: housing allowance)
- Stories of discrimination re: mortgage interest rates, receiving less for housing
Mike’s experiences as a Platoon Sergeant in the Marine Corps
- The role involves helping individuals keep finances in order
- Many living paycheck-to-paycheck
- Inundated with unethical offers for cars, furniture
The concerning results of the NFCC surveys on military finances
- 77% of service members report financial worries
- 1/3 of servicemembers don’t pay all bills on time
Mike’s insight around military service and financial stress
- Generic resources don’t address individual situations
- Stress on marriage (spouses under- or unemployed)
Mike’s new role as a Certified Financial Trainer at the Financial Gym
- Help people with financial literacy (no judgment zone)
- Create a program customized for active-duty military
Connect with Mike at the Financial Gym
- Financial Gym – use this exclusive link to get a 15% discount
- Financial Gym on Facebook
- Financial Gym on Instagram
- Mike on Instagram
Resources for avoiding debt in the military
- Financial Gym – use this exclusive link to get a 15% discount
- Shannon McLay on Queer Money® EP044
- FinCon
- NFCC 2019 Military Financial Readiness Survey
- NFCC 2014 Military Financial Literacy Survey
- The Servicemembers Civil Relief Act
- US Code 992
- Credit Score Boost
- Queer Money on YouTube
- Queer Money Facebook Group
- Queer Money Live Tour
- Queer Money Newsletter
- Subscribe on iTunes
- Email [email protected]