We all want to be Fiscally Fabulous, top LGBT Financial Adviser David Rae outlines the top 5 tips to show you HOW TO BE FISCALLY FABULOUS the Gay Way. It’s not just a problem for gay people but when consumerism runs rampant it can stunt our futures. Here are a few tips from a financial planner to negotiate around those uncontrollable urges to keep up with the Fabulous Gay Joneses. Gay money advice can be fun and fabulous.
If you would rather look rich than actually become wealthy, then stop reading now. If, on the other hand, you actually want help to reach your financial goals – you do have financial goals, don’t you? – here are a few tips that can help you maintain a great lifestyle while also enjoying that lifestyle going far into the future. Gay financial planning can be fun and fabulous. Smarter money moves can mean more vacations, more time with friends and a bigger gay net worth.
One of the great joys of our gay culture is a heightened appreciation of things; things to do, things to see, things to have, things to buy. And we particularly love the latest things. But the flipside of that coin is that it can be tough to keep spending under control. My favorite quote from Fight Club sums it up perfectly: “We buy things we don’t need, with money we don’t have, to impress people we don’t like.”
There is another way.
Financial Planner LA Five Financial Commandments to help achieve Fiscal Fabulousness
1) Fiscally Fabulous Gays Spend Less Than They Make:
It seems pretty obvious, right? But don’t we all have at least one gay friend with a busy social life, heavy travel schedule and incredible wardrobe but with thousands of dollars of debt?
Gay Money Advice- Repeat after me: Carrying balances on credit cards is a great way to kill your chances of creating wealth. It’s not how much you make, but how much you keep that drives wealth accumulation. Also, with no emergency fund, small balances on credit cards can quickly spiral out of control. By paying off your balance and eliminating having to pay credit card interest, you’ll actually have more money to spend in the long run.
2) Fiscally Fabulous Gays Ignore the Joneses:
We all suffer from some status envy, but often those status symbols are merely mirages. They’re not real. Living in West Hollywood and Palm Springs, I can tell you that looks are deceiving. That gorgeous guy driving a Bentley may actually be living out of that Bentley too. And how many of the “Real Housewives” have had their cars or even houses repossessed? Not to mention jail time. Nothing to envy about that. Gay financial planning isn’t just about looking rich, it is about building life-change wealth while living your best life.
So only spend what makes sense for your pocketbook. And if you’re worried that you’ll lose friends because you’re not rocking the latest pair of $500 sunglasses, maybe it’s time to get some new friends.
3) Fiscally Fabulous Gays Brush up on their bargain-finding skills:
Like a lot of gay people, I love to travel. I also love to get a great deal and often shop around for major purchases. (My husband counts himself lucky that I actually find this enjoyable.) Last year a few friends headed out for a trip. I bought my flight in advance and got a pretty good deal. One friend procrastinated and found himself stuck in a middle seat, squeezed between two hefty Midwesterners, for almost double what I paid. We both went to the same place but he got no added value for the extra expense.
A dollar saved is better than a dollar earned (and no taxes are due on savings). To think of it another way, the more you save in one area like flights, the more money you’ll have to spend on fun things like dinner with friends or, it kills me to say this, $500 sunglasses.
4) Fiscally Fabulous Gays Understand that need and want are not the same thing:
It really amazes me how often people confuse these two things. For example: “I want the new iPhone 12” is not the same as “My cell phone died, I need a new one.” Yes, it’s true. You read it here first.
5) Fiscally Fabulous Gays Pay themselves first by saving automatically:
Set up an automatic deposit into a savings account, retirement account or even a mutual fund. Make it automatic and treat it like it’s a bill. If you never see the money because it’s tucked safely away earning interest, it’ll less likely to tempt you into spending it.
You may be surprised how you don’t miss the money, and how quickly it adds up.
You can even use this trick for short-term goals like a vacation. Think of how much
more fun you could have to know your Atlantis Cruise or Provincetown stay is paid in full, in advance and without coming home to a mountain of debt.
These are just a few basic steps you can take right now to help get you moving in the right direction financially and on the road to true financial security. Working with a gay fiduciary financial planner to map out your financial goals can help you get on track to setting and achieving your goals.
Whether you are just entering the workforce, about to retire or anywhere in between, the best advice I can give you now is to get your head out of the sand, pay yourself first and start accumulating wealth now. Being a fiscally fabulous gay may be more challenging for some than others – but hey, who says you’re not up for a challenge? — but no one’s ever said “I wish I had I’d starting saving later or saved less.” Ever.
As always, surround yourself with people who help your light shine bright and Be Fiscally Fabulous!
DAVID RAE, CFP®, AIF® is a Los Angeles-based retirement planner with DRM Wealth Management, a regular contributor to the Advocate Magazine, Huffington Post and regular guest on TV. David Rae is a Fiduciary financial adviser proudly serving friends of the LGBT community for over a decade. Named by Investopedia as one of the “100 Most Influential Financial Advisors” for 2017, 2018,2019 and 2020. For more information visit his website www.Davidraefp.com
Click Here to Follow David Rae CFP®, AIF® On FACEBOOK:
[…] about yours. I also know that many of my clients go to great lengths to make their pets’ lives fabulous and enjoyable. I’m not going to lie, I have met some dogs that would qualify as pretentious (i.e. […]
[…] is the basic cost of living in L.A., which is nothing compared to the temptation of being fabulous here in the City of Angeles. The ball busting budget issues get worse in the more posh parts of […]
[…] As a fun and fabulous Certified Financial Planner playing beat the clock, with the calendar, for my …. Everyday I must keep my nose to the grindstone, which leaves very little time for some fa la la la la, let me tell you. So if you tend to procrastinate, don’t. You may run the risk of not being able to meet with a CFP or CPA who might be able to help you before year end. […]
[…] As a fun and fabulous Certified Financial Planner playing beat the clock, with the calendar, for my …. Everyday I must keep my nose to the grindstone, which leaves very little time for some fa la la la la, let me tell you. So if you tend to procrastinate, don’t. You may run the risk of not being able to meet with a CFP or CPA who might be able to help you before year end. […]
[…] about yours. I also know that many of my clients go to great lengths to make their pets’ lives fabulous and enjoyable. I’m not going to lie, I have met some dogs that would qualify as pretentious (i.e. […]
[…] you stay on the couch watching TV you most likely won’t see amazing results either physically or fiscally. But getting started now and whipping your finances into shape can pay off big time in the […]
[…] Update 2021: Now Offering Gay Financial Planning in Palm Springs and Los Angeles – as well as across the country. Financial Planner LA is your go-to resource for fabulous gay money advice. […]