David and John Auten-Schneider, hosts of Yahoo Finance’s podcast Living Not So Fabulously, join Wealth. Analyzing the importance of personal finance to the LGBTQ community.
“One of the important things for financial services companies to remember is that their customers are not all monolithic. What John and I like to say is that when it comes to dealing with money as individuals, it’s the Pareto principle. It’s a 80/20 split, and 80% of that is financial, and like you, I pay by swiping my credit card. But 20% is the personal side of personal finance, which is influenced by where I grew up, my skin color, my sexual orientation, and my gender. To spend money or not to spend money, I think financial services companies need to remember that and talk about it when they work with their clients,” David told Yahoo Finance.
John explains that the first step the LGBTQ community should take to ensure financial security is to use the tools available to them, such as retirement accounts and mortgages. He added: “We don’t have life insurance like the average person, and we don’t use wills or trusts. We all have wills and trusts.” “There is a need,” he added.
David also emphasizes the importance of planning for retirement. “As we look around the country, we look for places where we feel safe and welcome, and often those are in very expensive states and cities. Honest conversations with advisors about where to retire. is.”
You can check out the Living Not So Fabulously podcast here.
For more expert insights and the latest market trends, click here to watch the full episode of Wealth.
This post was written by Melanie Leal
