Fishing skills

Skills Needed for LGBTQ Workers to Thrive

LGBTQ protections in the workplace and against discrimination are under threat, and the impacts are both psychological and financial. The reversal of Roe vs. Wade has many experts projecting that the Oberfelfell v Hodges decision, which protects same-sex marriage at the federal level, could fall next. Importantly, this ruling gives LGBTQ people access to financial incentives such as marital tax deductions and estate planning benefits. (Also: damn good marriages, of course. Organizing LGBTQ weddings injected $3.8 billion into local and state economies since its national legalization in 2015). At the rate we’re going, it wouldn’t be surprising to see other discrimination and workplace protections quietly rolled back in the years to come.

Add to that both a big resignation and a sudden rise in the cost of living due to inflation, and you have more people than ever – LGBTQ and not – who are turning to entrepreneurship to keep their options open. . An astounding 93% of Americans have what they would call secondary agitation, and 44% of respondents also said they need their scramble to make ends meet, according to a new survey of 1,000 respondents conducted by Insuranksan online insurance marketplace.

As a grizzled self-employed consultant for six years who used freelance to get me out of financial hell, my advice to LGBTQ people (and anyone else worried about where this country is headed ) is to learn the now the fundamentals of self-employment. When you know the inner workings of freelancing or consulting, you can go fishing whenever you want to earn more monthly income, and there’s a special personal power that emerges when you know everything will be fine if you suddenly have to fend for yourself. .

LGBTQ people should prioritize entrepreneurship now. To escape a state or life situation that is fueling growing anti-LGBTQ sentiment, you will likely need money, which means learning both how to earn it (entrepreneurship) and how to manage it (finances). personal). As a midwife once said: “Always stay kind, the best revenge is your paper.” (Beyoncé said that, just to be clear.)

Here are some of the nuances about personal finance and LGBTQ entrepreneurship that are important to keep in mind.

LGBTQ people are more likely to struggle with financial security

One of the reasons LGBTQ people are more likely to turn to entrepreneurship is that, statistically, we’re not as savvy about the basics of personal finance.

A survey of 2,005 LGBTQ Americans conducted by Debt Free Guys in partnership with The Motley Fool revealed that only 16% of LGBTQ adults have a will (compared to 33% of the general public). The data also revealed that more than half of respondents had less than $10,000 in cash savings. Additionally, LGBTQ people have experienced higher rates of unemployment and food insecurity during the pandemic, according to last year’s report. Household survey of the United States Census Bureau.

Personal finance education is one solution here, but everyone knows that financial advice is only worthwhile if you actually have money in your pocket to start with. The basics of entrepreneurship – the psychology of selling, building your network, and creating undeniable value with your offerings – are fundamental skills that take time to practice and master. The silver lining of the side-hustle culture is that it gives millions of professionals a taste of what it really takes to go solo and become your own boss. This life is not easy, but when you know how to attract attention and money, you are in control of your career. Professional autonomy is important, but it requires a basic set of skills.

For LGBTQ people, it’s more than fancy titles. We want career autonomy so we can have the power to be who we want, where we want, without fear of prosecution or repression. (And if a client is homophobic, you fire them. That’s awesome!) When you’re LGBTQ, you may not be able to be yourself 100% of the time in certain life situations. You may not be able to be yourself at all. Aspiring to a lifestyle in which you can both be financially secure and live your most authentic life is the best strategic path to take given our current political landscape.

LGBTQ people should learn entrepreneurship now

Word entrepreneurship is such a mood these days. Let’s be specific. If you’re curious about having a portfolio career, here’s what I suggest you prioritize first to get started.

Focus on generating revenue. Controversial Opinion: I don’t think saving and investing should be your top priority right now if you want to do that dance of entrepreneurship. You need to start collecting money outside of your current salary, and there will be a learning curve there that will inevitably burn your mental focus. Get messy! Increase your main income first, then optimize how you save and spend that money later.

Embrace the gig economy. There are many directions you can take with entrepreneurship. Offers that leverage your existing knowledge, such as consulting, coaching, or freelance work, are best for beginners. Yes, I know that means trading hours for dollars, but you have to get your feet wet somehow, and the initial overhead needed to start freelancing is low; a good pitch and a PayPal account are all you need to make your first sale.

Cultivate bionic concentration. Many budding entrepreneurs never get started because their shiny object syndrome gets the better of them. Concentration is a muscle that can be strengthened, and you need strong focus and motivation to fly the freelance or side-hustle. Figure out what keeps your fire burning, then invest time, money, and/or mindfulness in those energy sources to keep moving forward.

Holidays like Pride Month paint a rainbow picture of LGBTQ life. The reality is very different and the years to come seem uncertain. Learn how to channel income into your corner now and you’ll be better positioned to face the future head on when challenges arise.

Nick Wolny is a writer, entrepreneur and editor at NextAdvisorin partnership with TIME, where he oversees financial independence coverage. He currently resides in Los Angeles.