How the LGBTQ+ Community Can Use Financial Planning for Success

It can be tough to understand all the different rules that affect the LGBTQ+ community, which is why careful financial planning is crucial.

With all the hurdles LGBTQ+ individuals face, seriously consider working with a financial advisor.

Regardless of whether you choose to work with a financial advisor, here are some actionable tips you can use to start moving your finances in the right direction today.

Try to break up your goals into a couple of different time frames. A long-term plan can work wonders to align you and keep you on the right path. However, having some short-term goals can keep you motivated, so you keep putting in the work daily.

Set Goals

Once you have outlined your financial goals, the next step is to create your monthly budget. Though you may not realize it, having a budget can help you organize your spending and maintain order throughout your finances.

Create a Budget

Minimize Debt

Debt makes it very hard to achieve financial goals and can add many years to your financial plans. Whether you use the rain shower or snowball method, you should figure out how to pay off your debt as efficiently as possible.

A general rule of thumb is that your emergency fund should be between 3-6 months of your regular salary. So if you’re making $60,000 a year, your emergency fund should be $15,000 – $30,000.

Build an Emergency Fund

Invest for the Future

Setting aside a chunk of money every month to invest is a great way to ensure that you’re moving towards your financial goals no matter what happens. It may not seem significant in the short run, but compounding works magic when mixed with time.

Swipe up to learn more!