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Did you understand money as a teenager? Forty percent of homeless youth identify as LGBTQ and queer college grads have more student loan and credit card debt than their straight peers. According to Eva Baker of teensgotcents.com says that teens want to understand money at an early age and are concerned about paying for college even before attending college. We hosted Eva on episode #41 of the Queer Money® podcast to talk about LGBTQ teens and money and LGBTQ entrepreneurs. Our goal was to reach queer folks at a younger age so they can be proactive with their money and not reactive after they are in financial trouble. So, how can gay teens prepare financially starting today? Get your free copy of the 5 Building Blocks of a Happy Gay Life at debtfreeguys.com/5 1. Open a free online checking account A recent survey showed that a whopping 50% of queer respondents claimed they didn’t have a single bank account. That means we’re spending more money on everyday transactions than we have to. What do we suggest? Open a free online checking out. 2. Open a free online savings account Savings account usually offer better savings rates than checking accounts. That’s because banks expect you to keep your money in the savings account longer. For any extra money that you’ll try not to touch for a long time, open a free savings account. 3. Start investing money by investing your spare change Here’s the deal, no one gets rich without learning how to make their money work for them, i.e. investing. That’s investing in stocks, a business or real estate. The key to investing is starting early, but where should you start? Start simple. 4. Build credit fast Having a good credit score will save you thousands if not tens of thousands of dollars on credit cards over your lifetime with loans, mortgages, even apartment rentals, cell phone plans and jobs. Knowing what makes up a credit score is critical in today’s world. A couple of bad moves and, oops!, you’re spending several expensive years in credit score recovery. 5. Get a part-time job (or 2) and a side hustle If you had to leave home at a moment’s notice, wouldn’t it be nice to have some cash to cover your expenses? That’s the power of a safety net, and the only way to build a safety net is with a job or with jobs. It’s also important for queer people to have part-time jobs and side hustles, ways to earn extra money, should we lose one job or be denied housing or services because we’re queer. What should you do now? ✅ Subscribe to the Queer Money® podcast here @ debtfreeguys.com/qm Get more! ✅ Hear this original Queer Money® episode @ https://apple.co/3pfLlQZ ✅ Join the conversation in the Queer Money Facebook Group @ https://www.facebook.com/groups/QueerMoney/ ✅ Email us with questions @ [email protected] 🙏 Would you please? -- Please give this video a thumbs up 👍🏽 -- Please subscribe to this channel 📺 -- Set notifications so you never miss a QMFU 🔔 -- Comment and share your thoughts or ask us a question 🤔 -- Subscribe to the Queer Money® podcast here at @ debtfreeguys.com/qm 🎧 -- Get your free copy of the 5 Building Blocks of a Happy Gay Life at debtfreeguys.com/5 👈🏿 We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement. #gayteen #gayteenagers #queerteen #queerteenagers #teenentrepreneurs #gay teenentrepreneurs #personalfinance #queermoney #gayhusbands #lgbtpodcast Powered by Restream https://restream.io/