Living
The LGBTQ generational wealth gap
Family rejection, inheritance exclusion contribute to problems
It’s no secret that LGBTQ+ people face a range of financial challenges that heterosexual people simply don’t need to contend with. Less discussed are the effects of financial discrimination on building LGBTQ+ generational wealth. The stereotypical view of a wealthy gay couple with no children and a sizable disposable income is just that — a stereotype.
In reality, the “American Dream”— buying a home, getting married, having kids, finding a good job and investing in a 401(k) — is out of reach for many LGBTQ+ people, according to a survey by TD Ameritrade. Almost two thirds (35 percent) of LGBTQ+ millennials say they are unlikely to achieve these goals by age 40, compared to fewer than half of straight millennials. The same survey found that while the average annual income for a straight household is $79,400, the average LGBTQ+ household earns just $66,200 a year.
LGBTQ+ people are being left out of generational wealth for many reasons including family rejection, systematic barriers and a lack of financial education. With almost half of LGBTQ+ adults saying they have been excluded by a family member or close friend as a result of their sexual orientation or gender identity, according to a study by the Pew Research Center, a lack of familial financial support is a common problem for many in the community.
This combination of unique financial barriers that LGBTQ+ people face is what has led to generational wealth gap. It’s a problem that will only affect more queer people if we don’t address it now.
Legacy financial exclusion
At every stage of life, it’s not uncommon for LGBTQ+ people to encounter financial challenges that their heterosexual counterparts won’t face. Being kicked out of their homes as teens due to unaccepting parents, not receiving financial support from family for college, being removed from an inheritance — the financial cost of being LGBTQ+ can be substantial.
With the average inheritance reaching close to $177,000 according to a HSBC survey and Cerulli Associates forecasting that up to $68 trillion will trickle down to younger generations within 25 years, LGBTQ+ heirs could collectively lose trillions through inheritance exclusion.
“Even much smaller amounts could help folks pay off debt, pay off a home, send their own kids to college and help them with their own retirement. Many LGBTQ+ kids aren’t getting these benefits,” explains John Auten-Schneider. Auten-Schneider is the co-owner of The Debt Free Guys blog and host of the Queer Money podcast, a leading gay money blog and podcast for the LGBTQ+ community run by him and his husband, David.
Raising a deposit for a house or apartment can be a difficult task for all people, but without financial support from family, many would not be able to fund a deposit. When David’s parents pass away, David’s sister will likely be inheriting upwards of $1,000,000. Yet, David says, he won’t receive any of this money, solely because he’s gay. “His parents have every right to do with their money what they want, but it’s a particular disappointment that they’ll do this only because he’s gay. This, of course, means we need to plan differently for our retirement than his sister does,” explains John.
Just because David and John are LGBTQ+ financial experts doesn’t mean they don’t deal with many of the same systematic challenges that impact other members of the community. Younger LGBTQ+ people also face challenges directly related to their sexuality or gender identity.
A disproportionately high number of young people experiencing homelessness identify as members of the LGBTQ+ community. According to research from the Williams Institute, between 20 percent and 45 percent of homeless youth identify as LGBTQ+. Lacking access to basic housing or financial support from family can set up a young person up for economic disadvantage before they even graduate from high school.
LGBTQ+ students also shoulder a larger student debt burden than their straight peers to the tune of an extra $16,000. “This has been attributed, in part, to LGBTQ+ college students assuming more debt simply to leave hostile home lives. In some cases, parents may forgo helping their queer children in favor of helping their straight children,” explains John.
Knowledge is power
At the start of 2020, Michigan-based Lexa VanDamme was at her financial rock bottom. Stuck at work after a 70-plus hour work week with no money in her bank account, bills due the next day and a broken down car, she decided to make a change. “I realized that I needed to face my financial situation,” says VanDamme. “I dove deep into the online world of personal finance to learn about budgeting, debt payoff methods, saving and investing.”
After her crash course in finance, VanDamme refinanced her credit card debt into a lower-rate personal loan, created a workable budget and started a side hustle to make extra income. There were a few bumps on her journey: “I actually cycled back into credit card debt three different times. I would pay it off, then eventually max it out a few months later,” says VanDamme. Still, she managed to pay off her debt by following the financial rules she had set for herself.
While trying to learn about personal finance on her own, VanDamme realized there was a need for accessible and relatable content that appealed to a wide range of people. She decided to create The Avocado Toast Budget (The ATB). Starting out as a blog just over a year ago, The ATB now counts more than 400,000 followers on Tiktok.
“For the longest time, the loudest voices in the personal finance community were cis, straight white males and, as a queer woman, I wanted to share information and tips that were often overlooked by those creators,” says VanDamme.
For many LGBTQ+ people like VanDamme, after spending so long hiding who she really was, she wanted to live as true to herself and be as free as possible. “This led to me ignoring my spending habits and being stuck in the paycheck-to-paycheck cycle. Airing my financial dirty laundry brought up similar feelings of anxiety and concern I felt when first coming out. How would people react? What would they think?” says VanDamme.
There is already a heavy stigma around talking about personal finances, especially when you may be struggling financially. “Since queer people often spend our lives fighting for the world to accept us and our queerness, we may be less apt to talk about our financial insecurities and struggles,” says VanDamme.
Genuine representation goes beyond just diversifying the financial content creators who receive media platforms, with the advice given by these experts also needing to be fully inclusive. “Advice tended to ignore how systems of oppression affect people of color, women, the LGBTQ+ community and more. We know statistically that it’s easier for some to build wealth than others,” she adds.
VanDamme has an ongoing series on Instagram focused on the intersectional nature of many financial issues. The series helps shed some light on the economic realities that often contributes to minority community challenges. From financial inequality that disproportionately impacts disabled people to wealth inequity and racism and the cycle of poverty, VanDamme works to educate her audience on pressing topics that matter to them.
“It’s especially important to talk about the financial challenges that trans people in our community face. This includes increased reports of lower wages, limited and more expensive housing options, and twice the rate of unemployment. This heavily impacts their ability to build wealth,” she explains.
Intersectional challenges
While being LGBTQ+ can underpin unique money issues, queer people of color and queer women often experience additional difficulties around financial matters.
In addition to the financial barriers faced by LGBTQ+ people, queer people of color also face a racial wealth gap. Employment discrimination, systematic inequalities and disparities in financial education all contribute to this unequal financial playing field.
According to research from the Federal Reserve, the average white family’s wealth is eight times higher than the wealth of an average Black family. The gender pay gap also contributes to excluding women from building generational wealth, according to the latest statistics compiled by Pew Research, which show that women earned 84 percent of what men earned in 2020.
Carmen Perez, creator of Make Real Cents, a personal finance blog dedicated to helping people achieve financial independence, believes it’s important to have experts who are more representative of the people they’re speaking to. “I heard a quote a while ago: ‘You can’t be what you can’t see.’ I think that’s really important because eventually, if you don’t have a model to follow, either you have to be the first, or it’s never going to happen,” she says.
As a woman of color and a lesbian, Perez knows firsthand how important it is to address the absence of representation in financial education. “It’s definitely one of the things we have to step back and look at in the LGBT community,” says Perez. “There’s a compounding effect because not only am I part of the LGBT community as a lesbian, but I’m also a minority, and I’m also a woman, and there’s a lot of hurdles up against a lot of folks in this space,” she adds.
With more than 60,000 people following her Make Real Cents account, Perez is playing a part in democratizing access to finance. There, she does everything from break down the cost of credit to explain 401(k) company matches with easy-to-read graphics and Insta stories. Her methods are a world away from the complexity of some traditional financial advisors and tools.
“Millennials are starting to change the money game because we’re delivering advice in a way that isn’t super technical. It can be so overwhelming to watch CNBC with all these screens and tickers that don’t mean anything to you personally,” says Perez.
Increased representation in the finance space means a light can be shone on vital issues, resulting in deeper conversations that make money less taboo. “We’re finding instances where historically people who have been locked out of the finance industry, by design, are speaking up. Unlike some traditional financial advisors that give out all this jargon and talk in all these terms that many may not understand,” says Perez.
Future generations
Despite the long-standing barriers facing LGBTQ+ people in gaining access to financial education and financial services, LGBTQ+ personal finance content creators now offer a way for many to improve their financial literacy in more convenient ways than ever before. While investing early and regularly is one of the most effective ways to secure a financially comfortable retirement, it’s never too late to build wealth and support for the next generation of LGBTQ+ people.
“[You can] create legacy wealth within the LGBTQ+ community by setting up your estate plan to donate to LGBTQ+ causes that will help homeless youth and [by] giving to local, younger LGBTQ+ folks you know personally,” adds John.
Negotiating the LGBTQ+ generational wealth gap is no small feat. But continuing the discussion around both financial literacy and taking steps to combat systematic financial issues can go a long way to address the financial challenges impacting the LGBTQ+ community.
“The stronger we are as LGBTQ+ individuals and allies, including our financial strength, the stronger we are as a community,” concludes John.
Finbarr Toesland is an award-winning journalist committed to illuminating vital LGBTQ+ stories and underreported issues. His journalism has been published by NBC News, BBC, Reuters, VICE, HuffPost, and The Telegraph.
Advice
We’re getting married but our parents object
Will their disapproval and shortcomings derail our hopes for a happy life?
Dear Michael,
My girlfriend and I are getting married! We’re really excited, but we’ve got some big concerns as well.
All of our parents have had multiple marriages. I think 10 between the four of them. So we don’t have much in the way of role models for a successful marriage.
Also, we don’t have any parental support. Except for one of my ex-stepmothers whom I’m close to, none of our parents are happy that their daughter is getting married to another woman. That’s an understatement. Religious objections, moral objections, being angry that we’re “embarrassing them,” these are some of the things we’ve been told.
We do have some supportive siblings and step-siblings, which is great, although they’re getting pushback from parents about attending our wedding.
Given all this, what suggestions do you have for how we can make a go of our marriage? The divorce rate is over 50 percent for everyone. With all this baggage, we’re worried that we have even less of a chance. Thank you.
Michael replies:
First, congratulations!
Regarding your lack of family support: I’m sorry that you both have to deal with so much criticism, disdain, and judgment. Please don’t let your parents’ negativity influence your own views of yourselves and your relationship. Focus instead on the love and caring you will get from friends, community and the family who are present on your big day (I hope your siblings are brave enough to make it!). Being the recipients of that support is one of the sweetest parts of getting married.
Don’t worry about the high divorce rate. While some couples really shouldn’t stay married, lots of people get divorced because they don’t know what is required to have a good marriage, or don’t put in the effort to do so. That does not have to be your fate.
Similarly, your parents’ terrible track record doesn’t mean you have to repeat their marital histories. The skills to have a strong marriage are learnable.
To that end, here are the best tips I can offer the two of you:
- If you want a loving marriage, be a loving partner. Don’t snipe, sulk, or do the silent treatment when you’re mad. Unconditional love is largely a myth. Even our dogs won’t love us if we are mean to them.
- Don’t spend much time or effort focusing on what your spouse is doing wrong or how she is letting you down. Doing so leads to resentment and feeling like you’re a powerless victim. Instead, ask yourself what your own contribution is to the problem, and what you can do to make things better. You don’t have much power over your partner, but you have a lot of power over yourself.
You can certainly ask your spouse for what you’d like from her, but don’t expect to always get it. And don’t base your own wellbeing or good behavior on what your partner does or doesn’t do.
- Because any two people are always different in some important ways, there is no way that you both can always want the same things, or think the same way, or have the same priorities. Accept this! There has to be room for each of you to be an individual, not only part of a couple.
- Be generous as often as you can be, and have a boundary when it’s important for you to have one.
- When your spouse states that she has a boundary, respect it. Do not push her to back off from something that is important to her.
- Don’t keep score, including how much more you do or how often you don’t get your way. Instead, work together to have a collaborative marriage where you work together to make decisions and get things done.
- Strive not to weigh the relationship down with neediness. Once we’re grownups, it’s mainly our own job to soothe ourselves. You don’t want to burn out your partner’s empathy.
Of course you can ask for a hug, love, reassurance, support, advice, and a shoulder to cry on when you’re down. Just aim be the first person you turn to when you’re upset, and do your best to keep your own mood steady.
- Do not wait for your significant other to go first. Not on planning a date, not on apologizing, not on loading the dishwasher or cleaning the bathroom. If you wait for her to make the first move, you will have a resentful relationship where nothing good ever happens.
Keeping these principles part of your operating system, even — and especially — at those moments when your spouse isn’t doing her best, will go a long way toward helping you build and maintain a loving and happy marriage.
Michael Radkowsky, Psy.D. is a licensed psychologist who works with couples and individuals in D.C., Maryland, Virginia, New York, and all PSYPACT states. He can be found online at michaelradkowsky.com. All identifying information has been changed for reasons of confidentiality. Have a question? Send it to [email protected].
Technology
E-INFOSOL leaders encourage youth to pursue tech careers
Service-disabled, veteran-owned business based in Rockville
The technology field can be a gateway to economic mobility.
At E-INFOSOL, a service-disabled, veteran-owned business based in Rockville, Md., CEO and co-founder Fredy Pesante and Vice President of Service Delivery Charles Barnett say internships, mentorship and free online resources can help young people break into IT. The U.S. Bureau of Labor Statistics projects an average of 317,000 job openings per year in the field until 2034.
Led by Iraq War Army veteran Pesante, E-INFOSOL stands out for its efforts to increase opportunities for veterans, people of color and others in under-resourced communities to find careers in tech and its mental health support for employees.
Pesante and Barnett spoke with Youthcast Media Group about technology careers. The executives also talked about the value of government security clearances, stressing that the choices youth make today — including their digital footprints and personal conduct — can shape tech workforce opportunities.
The interview has been edited for clarity and length.
Can you describe what E-INFOSOL does and what your role is there?
BARNETT: We focus mainly [on] providing IT services to the federal government. And those IT services consist of cloud engineering, cloud development, cloud security, app development and cybersecurity, and a lot of infrastructure virtualization-type work. My role is [vice president] of service delivery, responsible for ensuring that we are providing great customer service to our customers [and] that we are meeting our deliverables and our requirements to our customers. But also, one of the key focuses is ensuring that our employees have the tools [and] resources to be successful, and that includes coaching, training and developing our employees, and obviously treating them like they want to be treated.
Is IT a career that can help reverse the cycle of poverty in low-income parts of the D.C. area? What more would need to be done to potentially get more youth access to the right technology and training?
BARNETT: One thing we’ve got to ensure is that we, as professionals that have been through it, that have had a lot of experience in the IT space, provide that mechanism to bring folks along with us. That is, exposing our youth to information technology at a young age. If we can show that it’s very interesting, and it’s beneficial, and if they are committed to it and they show a sense of pride and commitment, I think it works out for a lot of people that are coming up from disadvantaged communities that don’t have technology within the house and who don’t have mentors that come from the technology field.
PESANTE: I still think internships work well for high school, even college. IT certifications are still something in demand in specific areas … Charles and myself, we’re part of the Technology Advisory Board at [Montgomery College] and they offer free resources as well to give an advantage to students that don’t have a career path. So find a way to leverage those local resources that are available and try to capitalize on those. IT is such a great field because even though it’s great to have an undergraduate (degree), that is not always a full basis into having an IT career. So you could start in high school … There’s a lot of free stuff online. There’s a lot of YouTube videos. There’s so many resources. To be honest, there’s even now AI that can really teach you [and] it’s free to a certain level that you could use.
As a veteran-led company with a significant veteran workforce, how does E-INFOSOL support employee well-being and mental-health awareness?
PESANTE: Approximately 35 percent to 40 percent of our employees are veterans. Veterans often gravitate toward working with one another because we share a mission-focused mentality and a commitment to getting the job done.
Mental health has always mattered to us, but it became even more personal after we lost one of our respected leaders, a fellow veteran who had battled mental illness. I worked closely with his family to help honor his story and legacy.
That experience reinforced the importance of supporting mental health across our entire workforce. We encourage managers to maintain meaningful contact with employees, provide appropriate training, and connect people with available resources. We want our actions to match what we say about being a people-first company. Our employee retention has remained strong, and I believe the way we care for our people has contributed to that.
How does getting or having a U.S. government security clearance help? How would a young person pursue getting a security clearance, and what should they keep in mind if they plan to do so?
PESANTE: We live in a world of social media. Make sure you’re … not going to be concerned with somebody finding you on the Internet behaving a certain way. Even though, in some locations, drugs like medical marijuana and what not are considered legal, [that is] not [the case] in the federal government. The use of any substances that could be mind-altering, that’s not a thing [that’s allowed] in the federal government. Also, from a legal perspective, from a criminal background perspective, that’s something that any checkup is going to come up [with], so [make] sure that you’re behaving in a manner exemplifying honesty, reliability, sound judgment, responsible conduct, and trustworthiness. The best thing for getting clearances at that early jump is internships. We’ve been able to get people clearances through the internship process. After a person fits a specific requirement, you train them and they get a government clearance, and that helps them have a head start. When I moved out here after living in Puerto Rico and I was in the Army, I had a clearance. I was able to find a job quickly.
Any other advice for young people considering this path?
PESANTE: I would say go for it. As minorities, there are a lot of external factors we can’t control, but nobody can ever stop you if you’re great at what you do, if you have a strong work ethic and if you put a lot of effort into making the best out of yourself. It’s never too early to work on yourself and look for ways to work on your professional career, work on your soft skills… Make sure you are working with peers and surrounding yourself with the right people throughout your whole life. I had a mentor myself when I started in the business — Carlos Rivera. He’s from Puerto Rico. He was a veteran. And that always helped me out, having somebody that you want to aspire to [be].
BARNETT: Do not be afraid to fail. You know you’re going to make mistakes. People around you are going to make mistakes. Learn from it, and learn from that, and don’t allow people to impact your goals and objectives. You set your path and if you set your path, you’re going to go a very long way, and if you’re really committed and continue to establish relationships along your entire path, you’re going to reap the benefits of ensuring that you are in a position to take advantage of opportunities that are in front of you.
Joseph Jackson is in the class of 2027 at Bard High School Early College DC, one of Youthcast Media Group’s partner schools. Shreya Jyotishi, YMG Assistant Manager of Content and Programs, also worked on this story.
Remember when buying a new car didn’t require the financial stamina of a “Succession” character? This summer, the average new-vehicle price hit $49,758—basically $50,000 with a little lipstick on it. That makes the Kia K4 hatchback and Nissan Kicks especially refreshing. Neither requires a second mortgage, a trust fund or a makeover to look good. And both prove you can still buy a new vehicle without selling your soul — or your vacation plans.
KIA K4 HATCHBACK
$25,000
Mpg: 28 city/34 highway
0 to 60 mph: 9.1 seconds
Cargo space: 22.2 cu. ft.
PROS: Edgy exterior. Roomy interior. User-friendly controls.
CONS: So-so base engine. Pricy turbo. No all-wheel drive.
WHAT’S NEW: Basically everything. The K4 hatchback debuted earlier this year, joining the K4 sedan.
Kia’s stylish five-door K4 boasts three trim levels. The first two use a capable four-cylinder engine, while the top-of-the-line model comes with a turbo.
That turbo provides some genuine zip, though it won’t blow your socks off. Think Janelle Monáe in a tailored suit, not Brad Pitt arriving at the F1 racetrack in a fireproof jumpsuit.
The real star, though, is the design. Sleek. Upscale. A tad mysterious.
Inside, another surprise: vast legroom and storage. Fold the backseats and you can toss in the usual road-trip clutter, plus that regrettable piece of furniture you bought after watching one too many HGTV shows.
Technology is also a bonus, including a digital key that lets you use a smartphone or smartwatch as a direct key fob. You can even share this digital key with friends or family. Just don’t share it with anyone who often loses their actual keys.
Despite some SUV vibes, the K4 remains unapologetically car-like. It sits lower. Feels more conventional. And offers hatchback practicality without itching to conquer the Rockies.
The biggest downside? No all-wheel drive.
Still, for shoppers who crave style, space and gadgetry, the K4 won’t break the bank. To me, it’s like finding a designer jacket at a thrift shop.
NISSAN KICKS

$23,000
Mpg: 28 city/35 highway
0 to 60 mph: 8.9 seconds
Cargo space: 23.9 cubic feet
PROS: Dashing design. Safety gear galore. All-wheel drive.
CONS: Bit pokey. Noisy engine. Limited rear visibility.
WHAT’S NEW: Redesigned last year with a bit more power, bigger cabin and bold looks, Nissan leaves the winning formula alone.
Like the Kia K4, the Nissan Kicks comes in three trims levels. But it also includes all-wheel drive — a nice plus when navigating snow, sleet or cratered alleys.
There’s an extensive suite of active and passive safety features. And the high ground clearance improves driver visibility, which is somewhat hindered in the back by thick roof pillars.
Styling is tastefully flamboyant. Dramatic lighting. Two-tone finishes. Cheerful, without being cartoonish. Miranda Priestly would approve.
Power, though, is more akin to Miranda’s art director Nigel Kipling. Dependable. Functional. Just not enthusiastic.
Inside, the mod cabin has large 12.3-inch displays, wireless smartphone connectivity and charging, and “zero gravity seats” designed to reduce driver fatigue and stiffness. Add in the stunning Bose Personal Plus audio system, with 10 speakers—including those integrated into the headrests—for an immersive 360-degree sound experience.
The Kicks doesn’t try to be rugged or luxurious. It simply offers a lot of everyday usefulness in a small package.
There is a trade-off. The engine gets noisy when pushed, and there are sportier (often pricier) competitors. But that’s hardly a crime. Not every vehicle needs to perform catwalk struts down the street.
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