As a member of the LGBTQ community, you have probably thought about Financial Independence at some point. While the rest of the world also learns how to be financially independent and retire early, the concept isn’t easier for the LGBTQ community.
Looking at FI (Financial Independence) through the eyes of the LGBTQ community will give you a few perspectives at why you should be financially independent early. As a youth in the LGBTQ community, it’s possible that you don’t have support from your family. This means that your journey to achieving FI becomes that much harder.
A 2015 U.S. Transgender Survey showed that a transgender individual was three times more likely than the average U.S adult to face unemployment and have. They are also two times more likely to live in poverty. When it came to annual household income, they were three times more likely live on an income less than $10,000. While the figures in India may be different, the situation is likely the same.
In this article, we will discuss FI and what to do to achieve it. What is the most important thing to you? Is it looking good with the latest high-end fashion or ensuring you have enough money to have a fabulous retirement?
It is possible for each one of us in the LGBTQ community to achieve FI. One of the first steps to getting there is to have a clear vision on your dreams and hopes. This will allow you to spend money intentionally on only things that you need and matter.
Once you have a clear definition of FI, you will be able to set your priorities right around things that you enjoy or look forward to such as retirement, giving back to the LGBTQ community, or even travel.
Many people in the LGBTQ community struggle with FI and we will explore some ideas on what you can do to ensure that you’re on track and make the right choices towards FI.
Plan For The Future Of Your Financial Independence
It is amazing how much you can achieve by planning. When you develop a financial plan for your future, you force yourself to have concrete expectation of how you want your financial life to look like in 5, 20, or even 30 years.
It will help you to be prepared when you’re suddenly struck by financial emergencies or a ticking financial bomb. Consider this, what would happen if you suddenly found yourself out of a job, stricken with illness, or need to retire?
What if you have to take care of your parents in the future? The list of events that would need you to pull financial muscle in the future is endless. When considering your FI independence, you have to prioritize your expenses early. Maybe, instead of buying that new car that you’ve always wanted, you should keep your old one and invest the cash you’ve got.
Have you thought about protection planning? Whether you’re single or a couple, protection planning is a vital aspect of keeping your affairs in order. It doesn’t matter if you’re older or a youth, life insurance is essential.
If you keep procrastinating about your FI, even advice from a financial advisor will be irrelevant. If you are planning on being financially independent, you have to have a solid financial plan in place so you can enjoy your life later on.