Let’s start off on the right foot
“Money, like emotions, is something you must control to keep your life on the right track.”
The pot is empty at the end of the rainbow. LGBTQ+ employees are not on track to retire with confidence.
In the red.
Forget the rest of the colors. With lower incomes and fewer assets, LGBTQ+ employees are falling behind when it comes to financial wellness. No matter the income level, they’re experiencing debt at significantly higher rates than their non-LGBTQ+ colleagues.
Debt cripples many with its vicious cycle, making it difficult to save for emergencies, property, and retirement. In fact, two-thirds of LGBTQ+ workers are living paycheck-to-paycheck. For those in need of fertility and family planning services, gender-affirming treatments, or continuous mental health care, debt is unfortunately a necessary evil to maintain an otherwise happy life.
Happy wives, happy life?
Happiness is nonnegotiable in 2022. Salary and benefits are always top of mind, but ultimately LGBTQ+ talent is looking for organizations that allow them to express themselves, a place to make genuine connections, and feel supported by their employer.
Money can’t buy happiness.
No, but it can buy therapy. Mental health and financial wellness are intricately linked. When employees worry about making ends meet, it makes every other aspect of life more stressful. Employers that mitigate financial burdens, are advocates of health, and nurture a culture of belonging will see greater satisfaction from their LGBTQ+ people.
Sometimes silence is safety.
One of the most meaningful ways to support diversity is to create space for inclusive dialogue. But remember to be thoughtful. To those of you who were obviously cheerleaders in a past life, take a beat. In your excitement to include and celebrate, you could accidentally “out” your colleagues or open them up to unwanted attention.
Is the key to financial wellness hidden inside your heart?
Ditch the avocado toast?
With rent prices soaring and inflation at an all-time high, some personal finance tips floating around the internet are laughable. But the cold, hard truth is that most of us could do more to make our hard-earned dollars go farther. Is your personal inflation rate higher than the national average?
Three steps forward and two steps back.
Like fad diets and quitting cold turkey, conventional budgeting can backfire. It seems straightforward enough—spend less than you earn—but for many Americans, even those that earn enough to cover their living expenses, the math just doesn’t add up.
Give me the feelings stick.
Excel doesn’t factor in emotions. Overwhelm can hinder progress toward long-term goals. Exhaustion increases those spontaneous purchases. Both fear and excitement can make you spend before you have time to come to the wisest decision. Books and blogs just don’t dive into the emotional side of personal finance.
The stakes are high. Financial freedom for one family can make a difference for an entire community. Stop delaying progress by practicing self-compassion. Bad habits thrive in shame, so leverage kind mantras and positivity to get yourself back on track.
Now a break from the news…
Here’s Something to…
- Savor: How to Make Mochi At Home
- Read: All Those Zoom Meetings May Boost Connection and Curb Loneliness
- Save: More workplace support needed for new fathers
- Know: Neck Pain: Common Causes and How to Prevent It
- Watch: Retaining High-Performing Employees
- Listen: Find Your Sustain Ability: Dr. Jamie Parson
Rae’s Roundup—What We’re Reading