Sometimes when I read financial planning advice, I feel like I'm reading tips for people who live on another planet. In some ways, I am. Queer people generally have different life experiences and family dynamics than our cis-het counterparts, which means that we also have financial needs that often aren’t addressed in the mainstream money media. So I asked trusted financial advisors to explain how LGBTQ+ people can get educated about financial planning that addresses our unique needs.
“As a gay financial planner, I have seen it all,” says David Rae, a certified financial planner in Palm Springs. Rae says the financial obstacles that queer people face are unique and they start adding up early in life. Some people, he explains, end up playing catch up financially years after being kicked out of their homes by parents when they come out or end up paying giant mental health care bills as a result of staying in the closet. So, in some sense, a lot of queer individuals start out with financial disadvantage.
