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Financial Planning for Gay Couples: Tips from Experts

There are several ways to maximize your gay financial happiness. These tips will help you achieve gay financial happiness and live a healthy and wealthy life.
Financial Planning for Gay Couples: Tips from Experts
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“Money can’t buy you happiness, that statement is true but no one can argue with that. But at a certain income level, money certainly can have a positive impact on your happiness.

While the LGBT community has access to monetary advantages, there are ways to maximize your gay financial happiness in your gay way and live it up. 

Here are 7 tips to achieve gay financial happiness and live a financially healthy and wealthy life.  

Buy Experiences Over Things

Ok! Let’s play a game of “would you rather”. When you’re old and grey, would you rather talk to your friends about your fancy cars, homes or reminisce about that wine-tasting trip, the adventures of zip lining and skydiving? Think about it!

That being said, our only advice for you is to spend money on experiences rather than stuff. They give life-long memories to cherish, while materialism only adds to instant gratification.

Avoid Lifestyle Inflation! It’s a Trap

Don’t fall for the toxic tendency of comparing ourselves to others. Stop drawing conclusions that your worthiness is proportional to your net worth. This will lead you to spend more than you can afford to ‘keep up’.

Truth be told, there will always be someone richer, smarter, skinnier, buffer than you. Good for them. Just step up, be grateful, and acknowledge what you already have and already are. Good for you!

Be a Cheerful Giver

Generous people are said to live happier, healthier, and more satisfied. The quote, “Buy something for yourself, you will be happy for a few hours, buy something for someone else and you will be happy for days,” couldn’t be more true.  The upside to this is they will say nice things about you behind your back in a world that runs on gossip. 

Pay Someone Else to Do Tasks You Hate

Ask yourself if you have the skills to do a particular task. Probably! Fast forward to the next question. Do you make more at your job than you’ll lose by paying someone to complete the task? Yes! Are you happy to let someone else finish it because they have the skills and expertise? Absolutely! There, the problem is solved!

Keep Your Spending in Check

The single most important lesson you must learn! We’re sure your parents would’ve nagged you through your childhood about this—and somehow as you ventured into adulthood it all makes sense now. Spending more than you make deprives you of financial security

That liposuction can wait, it’s an expense, not an investment, especially if it costs more than your income! That live concert is free on Netflix. Don’t splurge on your credit card, it’s a misery paying for it over and over again.

Avoid Bad Debt

Don’t settle for instant gratification! Credit card bills only seem manageable temporarily, but in the long run, they tend to spiral out of control. Then your budget flies out the window because all you’re doing is paying interest over interest thereby crowding out the fun stuff you like to do.

Birds of a Feather 

Find your squad! People who love doing the same things as you, it won’t cost you a dime. Go out to a friend’s apartment and have fun at game night. That way you can bond with existing friends and also meet new people. If each one brings a snack or a drink, it could be a pretty cost-effective evening. 

If you operate intelligently, and postpone a few temporary pleasures you can achieve your gay financial happiness. Just be patient, work hard and don’t give up. It’ll pay. Big time at the right time!

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Picture of Allan Moses

Allan Moses

An editor and wordsmith by day, a singer and musician by night, Allan loves putting the fine in finesse with content curation. When he's not making dad jokes or having fun with puns, he's constantly looking to tell stories out of everything.

Editor

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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