About one third of gay men and lesbians have reported suffering some form of violence from their family members because of their sexual orientation, according to Lambda Legal, a nonprofit helping to achieve civil rights equality for the LGBTQ community. What’s more, those who have been rejected by family or primary caregivers tend to experience more negative mental health and physical outcomes. 

Even if a young LGBTQ+ person is away from family, for example at college, coming out can be a process that has lasting consequences. For example, if someone has relied on their family for financial support, and been rejected, this person may now be on their own. Without ample income, it might be difficult to afford housing and other basic necessities.

If you’re preparing to come out to your parents and peers, and are concerned about the financial repercussions, here are some steps you can consider taking to prepare. 

Save as much as you can

If you receive some sort of income (say, from a part-time job), set some of it aside in a savings account. This money will come in handy when you need it to cover upfront expenses, such as a deposit on an apartment lease, or fees for books.

David Auten-Schneider, co-founder of the personal finance website Debt Free Guys, says he was raised a Jehovah’s Witness, which made it difficult for him to come out to his parents, especially since they encouraged him to pursue the ministry. He says he earned between $500 and $600 a month working part-time jobs cleaning floors for a grocery store and waiting tables, but even that small sum allowed him to save up $650 for a deposit for his first apartment. 

“I did at 25 what I should have done in my teens and saved some money,” he says. “I believe it’s important for kids to have their own savings account, especially anyone who is living in a home where they know their family will not accept them for who they really are.”

While any dollar amount can go a long way, aim to set aside at least 10% of any income you earn. Consider keeping this money in a savings account in your own name only.  Auten-Schneider also suggests letting a confidant know that you have this account in case something happens to you. 

“Even having a few hundred dollars [can be] enough for a few necessities,” he says.

Seek out college resources

If you’re in school, your college’s student affairs office can help you look for emergency grants, such as through the the United Negro College Fund (UNCF), that offer assistance for housing and school costs. Some have their own funding programs, such as the University of Florida’s Aid-a-Gator, which provides funding for expenses in the event of an emergency. There’s no shame in asking for help when you need it. These programs are designed to help people in a time of need.

Students who can’t afford to pay for basic necessities can also look for a local college food bank through the College & University Food Bank Alliance. It can be a useful resource to ensure you don’t go hungry as you’re getting on your feet financially. 

If you’ve been relying on your family to help you pay for tuition, now is the time to look into scholarships. Campus Pride, a nonprofit organization helping campus groups and student leaders to become more LGBTQ+-friendly, and offers an extensive list of scholarships specifically for those who identify as LGBTQ+l. Your office of student financial aid can also help you with finding scholarships you’re more likely to receive. These can include ones based on financial need or your area of study. 

Connect with your local LGBTQ center

Auten-Schnider suggests connecting to local and online LGBTQ+ support groups, such as ones that specifically help and support LGBTQ+ youth experiencing homelessness. Here, you may be able to find emotional support and other financial resources. 

“Adults in these centers are trained to help LGBTQ+ youth with both affirming and non-affirming families which may be the mentor or guide you need when your parents aren’t there for you,” he says.

Lillian Karabaic, the host of the podcast Oh My Dollar!, works with LGBTQ+ youth who experience homelessness after coming out. She adds that you can ask these groups for support in areas such as  applying for government assistance, getting clothing for job interviews, medical testing, and buying food. Some even help people apply for student loans. 

“Don’t forget to reach out to other [LGBTQ+]  friends…[and ask] around about informal support groups too,” she says. “There’s a reason we call it Chosen Family.”

Create several what-if scenarios

Even if you have savings and a budget, consider creating a game plan for multiple scenarios. You never know how the conversation with your parents will go, or whether someone else will out you. Having a plan in place to fall back on can give you peace of mind.

Create lists of items you may need and want to take, and consider where you’ll pack and store them in the event you need to leave, as well as where you can stay. You may also want to think about how to access your savings account in a pinch. 

All of the above steps may feel intimidating, but don’t give up hope. 

“There are plenty of queer youth who’ve come from seemingly desperate situations that have grown and become remarkably successful and happy members of the LGBTQ community,” Auten-Schneider says. “You have plenty of years ahead to have a good time and you will.”

The post Coming Out? Here’s How You Can Prepare Financially appeared first on Stash Learn.

“I’m fully vaccinated… and decided to go to Puerto Vallarta, Mexico as it’s the ‘queer capital of Mexico,’” says Méndez, a 31-year-old journalist based in Florida. “It is on the beach, close to nature, extremely vegan-friendly, and has had an effective Covid-19 response.”

LGBTQ+ community leads in post-pandemic travel

LGBTQ+ travelers have historically led the way for leisure travel, and post-pandemic life is no exception. “Gays lead and the rest follow,” Roger Dow, president and chief executive officer of the U.S. Travel Association, told the National LGBT Media Association recently. 

“They travel more and spend more when they travel,” Dow says. “They’re the darlings of the travel industry.”

LGBTQ+ adults reported taking an average of 3.6 leisure trips in the past year compared with 2.3 trips taken by non-LGBTQ+ adults, according to a 2020 report by the Harris Poll.

And they have been anxiously awaiting the chance to dust off their suitcases—more than 75% of respondents were ready to vacation again, according to a Consumer Marketing Insights (CMI) survey on post-Covid-19 LGBTQ+ travel. 

Covid-19 was “devastating” for Out Adventures, a LGBTQ+  tour company based in Ontario, Canada.

“We went from our best year ever to cutting our staff by 75%,” said owner Robert Sharp. “We are lucky that our clients are extremely loyal, and that LGBTQ+ travelers are often among the first to start traveling after times of global or economic uncertainty.”

After a gut-wrenching 15 months without running a tour, business is now picking back up. Not only did most of the company’s guests choose to keep their deposits, they are now rebooking, Sharp says, and Out Adventures began seeing a spike in inquiries and new bookings once vaccines began rolling out in the U.S.

“At this point in time, 2022 is set to be our best year ever with about 20% more sales than what was forecasted for 2020,” he says, adding that U.S. customers make up about 75% of the company’s clientele. 

Travelers are still exercising caution

But travelers are taking precautions. Road trips are looking more popular than flights — 86% prefer the former while 27% prefer the latter, according to CMI. And people are looking to book smaller accommodations to cut down on the chances of large crowds, with 35% saying they’d prefer a small hotel with minimal or no public areas, 34% looking to book an AirBnb or Vrbo rental and 33% opting to stay with family and friends. 

“Most of our clients are travelling domestically right now, with very few interested in international destinations in the short term,” Sharp says. “Those who are interested in international travel are looking at destinations that have managed the pandemic well, and who are allowing vaccinated travelers, such as Iceland.”

LGBTQ+ travelers have their own set of priorities, out of both preference and necessity. LGBTQ+ friendliness (80%) and safety (74%) rank among the top considerations when picking a travel destination, according to the most recent CMI Annual LGBTQ Tourism & Hospitality Survey.

LGBTQ+ acceptance is key

Other top-ranked priorities? Destinations that offer natural beauty (80%), diverse ethnic and cultural experiences (68%), and lower travel costs (62%).

Méndez had booked a 6-day trip to Uruguay to visit family when Covid-19 lockdowns started happening in quick succession around the world. She chose to stay put with her family and her girlfriend in Uruguay, since that country boasts extensive LGBTQ+ protections. 

Now that she’s back to traveling, LGBTQ+ acceptance is a top priority. 

“I’m traveling as an out pansexual woman for the first time and am now considering how queer-friendly a destination is for my safety,” Méndez says, adding that she also researches crimes against the LGBTQ+ community. “I like to stay in one place for a few months so I do look for conveniences like vegan food and decent WiFi.”

Méndez plans to keep travelling around Mexico and has already booked trips for Oaxaca in October and Mexico City in November.

Sharp, who is gay, also touted the importance of LGBTQ+ acceptance while traveling, both for safety reasons and peace of mind.

“As LGBTQ+ people, we don’t come out once in our life. We come out in new jobs, when we meet people, and every day when we’re on vacation, which is why the LGBTQ+ travel industry exists,” he says. “We want to get away from it all, just like everyone else, without having to spend most of our holidays navigating the safety of a destination, or how welcoming hotels and travel providers are.”

“Professionals in the LGBTQ+ travel industry make it possible for their guests to relax, enjoy their holiday, and know that they are well taken care of,” he added.

Post-Covid LGBTQ+ travel tips

While many are excited to vacation for the first time in more than a year, there are a few Covid-19-specific considerations. 

“The ever changing landscape of entry restrictions is complicated,” Sharp says. “It is a moving target for most countries, so what we see today could be different in a month or two, which is why anyone planning travel right now should do so with flexibility in mind”

Other tips include booking refundable or flexible fares or vacation packages, and buying travel insurance to cover the costs of a potential medical emergency or cancellation.

TravelPulse.com has a list of top post-Covid-19 LGBTQ+ destinations for those needing a bit of inspiration. They include:

• Palm Springs, California
• New York City
• Fort Lauderdale, Florida
• Provincetown, Massachusetts
• Puerto Vallarta, Mexico
• San Francisco, California
• New Orleans, Louisiana
• Los Cabos and Cancun, Mexico
• Las Vegas, Nevada

Vaccinations are helping to make inroads against Covid-19, but the pandemic is still a top concern in many destinations. Whether or not you identify as LGBTQ+, it’s important to take precautions and travel safely this summer. 

The post LGBTQ+ Travelers Pack Their Suitcases, Leading the Travel Industry Rebound appeared first on Stash Learn.

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Just about everyone struggles with money. For example, you are likely well-acquainted, with the sinking feeling you feel when you see how much money is left in your bank account after you pay your phone bill, rent, and buy some groceries.

That’s tough for everybody. But if you’re a member of the LGBTQ community, it can be exponentially more difficult.

On this episode of Teach Me How to Money, David and John—The Debt Free Guys—tell us about the numerous financial barriers and obstacles members of the LGBTQ community encounter.

Listen to the discussion above, and keep reading for some of the key takeaways from the conversation.

1. Money really is different for members of the LGBTQ community.

“There are some unique risks and concerns for the LGBTQ community. Study after study shows that there’s a pay gap—a gender and a sexual orientation pay gap. When you’re a cis, white, gay man…typically you’re a higher earner. But…trans women of color, they make on average $12,000 a year.

“Traditionally, everyone across our spectrum earns less than our straight peers, especially when compared to straight white men.”

2. Discrimination is real.

“Many people don’t know is that in 30 [U.S.] states, it is still okay to deny somebody housing, services or employment based on the fact that they may be LGBTQ. And that means that there are 30 states where people there may live in fear—they may not want to climb this corporate ladder because the more they climb the more they get exposed, the more they have to share who they are, or may have to tell the boss that their partner is of the same sex.

3. Many LGBTQ people start off at a financial disadvantage, too.

“One of the other things is that homeless youth—40% of them are LGBTQ. So, there’s a lot of people in our community who are entering life at a disadvantage when it comes to homelessness because many of them may have been kicked out of their houses.”

4. Opportunity—and acceptance—can be hard to find.

“A lot of us gravitate to what we consider the safe cities, [such as] San Francisco, LA, New York, Chicago—and they just so happen to be very expensive cities.”

5. When it comes to relationships, talking about money earlier is probably for the best.

“When we find a partner that we maybe want to have a long term relationship with, [try to] get on the same page with them about money. Use that as a catalyst to focus on our finances, especially since many of us LGBTQ couples don’t typically get married as early as our straight peers.”

6. As a couple, set financial goals. And don’t be afraid to take baby steps.

“Be okay with tackling one [financial] goal at a time. And then, plan the sequence of events of how you’re going to tackle your goals.

Beyond that don’t, commingle your funds. We (The Debt Free Guys) have numerous accounts, and each [one of us] has their own responsibility. That helps us make sure that…we don’t get frivolous with how we spend our money. It keeps us in line.

You’ve got to have your goals aligned. You and your partner or spouse don’t need to have the same exact goals, but you can’t have goals that oppose each other when it comes to your finances.”

The post Podcast: All About LGTBQ Finance with The Debt Free Guys™ appeared first on Stash Learn.