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How to Achieve Your Long-term Goals
Achieving long-term financial goals can be challenging due to a phenomenon known as delayed reward discounting, where individuals struggle to prioritize future gains over immediate gratification. This podcast episode delves into the importance of setting clear, quantifiable Queer Money goals that resonate personally, as well as understanding the underlying motivation behind these goals. The hosts discuss the significance of taking action by establishing dedicated accounts for each goal and automating savings to streamline the process. By sharing financial aspirations with friends and family, especially within the LGBTQ community, individuals can create accountability and inspire one another. Ultimately, listeners are encouraged to focus on both the practical steps of financial planning and the psychological aspects that can lead to sustained success.
The psychological phenomenon of delayed reward discounting often impedes our ability to achieve long-term goals, leading many to set the same New Year’s resolutions year after year without progress. This episode addresses this issue head-on, inviting listeners to explore the intricate relationship between our aspirations and the actions—or inactions—that follow. The hosts introduce the concept of 'Queer Money Goals,' a framework designed to help individuals articulate their financial objectives in a way that is not only measurable but also exciting and relevant to their lives. This framework encourages the identification of significant long-term goals, or 'rocks,' while also acknowledging the importance of 'pebbles' (medium-term goals) and 'sand' (short-term desires) in the overall financial landscape.
Show NotesA captivating metaphor of a jar filled with rocks, pebbles, sand, and water is utilized throughout the discussion to illustrate how prioritizing major goals can create a solid foundation for achieving smaller, immediate aims. The hosts stress the necessity of understanding one's 'why' behind each goal, which serves as a key motivator during challenging times. Furthermore, they advocate for automation in financial planning, suggesting that setting up direct deposits and automated savings can streamline the process and eliminate the temptation to divert funds from important goals. This not only simplifies budgeting but also contributes to building a healthier financial future.
The episode culminates in a call to action for listeners to socialize their goals, particularly within the LGBTQ community, to foster accountability and inspiration. By sharing financial aspirations with friends and family, individuals can create a supportive network that encourages progress and celebrates milestones. The hosts conclude by outlining five essential steps for effective long-term financial planning, leaving listeners with a clear roadmap to navigate their financial journeys. This episode serves as an empowering guide for anyone looking to redefine their financial future by embracing both the challenges and triumphs of goal-setting.
Takeaways: Delayed reward discounting makes achieving long-term goals difficult, leading to procrastination and distraction. Success is not a one-time event but a series of small, consistent actions over time. Establish your Queer Money goals by ensuring they are quantifiable, understandable, and relevant to you. Automate your savings and bills to simplify your financial journey and reduce stress. Involve your friends and family in your financial goals to create accountability and support. Understanding your 'why' behind your goals helps maintain motivation during challenging times.
Chapters:00:08 - Understanding Delayed Reward Discounting02:11 - Understanding Delayed Reward Discounting06:13 - Introducing Queer Money Goals08:29 - Understanding Your Goals and... -
Do you really love your gay life? I mean really?
Many queer folks, especially queer men express this feeling to us. They've been struggling all their lives to feel accepted, feel whole and feel like they're really happy.
So, this week, we share some tips on what it takes to build the kind of gay life you love.
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Saknas det avsnitt?
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Should we quit the LGBTQ+ community?
In episode 572 of the Queer Money Podcast, hosts David and John discuss the potential future of the podcast after learning their primary sponsor will not renew sponsorship for 2025. They share the impact of this news on their revenue and reflect on the journey of the podcast since its inception, highlighting milestones and significant contributions to the LGBTQ community. The hosts request feedback from listeners to help determine whether to continue the podcast and in what new directions it might go. Special gratitude is extended to Capital One and other sponsors for their support over the years. The episode concludes with a call to action for listeners to share their thoughts via social media or email.
Topics Covered:00:00 Introduction and Announcement00:48 Reflecting on Queer Money's Journey03:28 The Birth and Evolution of Queer Money05:04 Impact and Achievements09:27 Challenges and Future Plans13:36 Audience Engagement and Conclusion
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Medicare is a confusing soup of letters, from Medicare part A to part D. What are they and what is the difference?
Many of us will rely on Medicare as we age. So, what are the various parts of Medicare, and what do they cover? Let’s find out on this Queer Money.
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Money can't buy happiness, but it can buy something pretty close to it.
In this episode of the Queer Money Podcast, hosts David and John discuss how money contributes to happiness by providing five key freedoms: financial freedom, location freedom, time freedom, relationship freedom, and 'you' freedom. The episode explains how each freedom significantly impacts the lives of LGBTQ+ individuals, from reducing financial stress to enabling a true expression of self. They emphasize that while money can't buy happiness directly, it offers these freedoms, which are critical to achieving long-term happiness and well-being.
Topics Covered:00:55 The Five Freedoms Money Can Buy 01:58 Freedom #1: Financial Freedom03:44 Freedom #2: Location Freedom05:31 Freedom #3: Time Freedom06:46 Freedom #4: Relationship Freedom07:45 Freedom #5: You Freedom09:04 The Pursuit of True Happiness11:16 Steps to Achieve Financial Independence
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Does retirement seem like a million years away? Want to retire earlier?
On this Queer Money we tap into the desire to retire earlier or more confidently. Check out these seven tools to help you retire earlier and more fabulously than you ever dreamed.
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Do you want to invest in real estate but have no extra cash? How about investing with the money you have in your retirement accounts?
On this episode of Queer Money, the hosts discuss strategies for increasing retirement income with Christopher Price, managing partner at Boost Capital Group, and Founder/CEO of Red Fox Multifamily. Christopher shares his approach to investing in hands-off, revenue-generating real estate to diversify retirement portfolios. Chris explains the benefits of self-directed IRAs, emphasizing the potential for tax savings and passive income through real estate syndications. They explore various investment strategies, the process of setting up these accounts, and the importance of due diligence in selecting reliable investment opportunities.
Topics Covered: 00:09 Guest Introduction: Christopher Price01:00 Exploring Investment Options Beyond Traditional Accounts01:45 Understanding Self-Directed IRAs and Solo 401(k)s05:22 Key Differences Between Self-Directed IRAs and Solo 401(k)s09:57 Passive Real Estate Investing Explained15:24 Real Estate Syndications and Their Benefits23:08 Investment Strategies and Velocity of Money31:10 Understanding 401k Loans and Real Estate Investments32:14 Repaying 401k Loans with Real Estate Income34:19 Rolling Over IRAs into Solo 401ks35:05 Facilitating the Transfer to Solo 401ks38:36 Addressing the Housing Crisis and Real Estate Investments42:32 Improving Multifamily Properties for Better Living45:02 Finding and Vetting Real Estate Syndicates49:23 Key Considerations for Real Estate Investments55:51 Learning More and Connecting with Experts58:07 Conclusion and Final Thoughts
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How does being married affect my retirement, especially in light of the Supreme Court's possible challenges to marriage equality?
On this Queer Money®, we discuss marriage equality and tackle the ever-so-romantic question: Should you marry your BFF as part of your retirement plan? Spoiler alert—it might be worth the paperwork.
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Are you tired of fighting about money with your spouse? How can you get on the same page?
On this episode of Queer Money® podcast, hosts John and David explore a frequently asked question from members of the audience: “How can couples get on the same page about money?”
This episode features Adam Kol, the couple's money coach who discusses effective strategies for financial planning and communication between partners. Adam emphasizes starting conversations about general money attitudes rather than specific numbers initially, understanding each other's financial backgrounds, and building trust over time. He also provides practical tips on setting financial goals, managing differences, and fostering a team-like approach toward financial planning. The discussion highlights the importance of emotional and financial intimacy and offers actionable steps for couples to align their financial priorities.
Topics Covered:00:00 Introduction and Common Questions00:09 Introducing the Guest: Adam Kol01:28 Effective Strategies for Financial Communication07:17 Aligning Financial Goals and Priorities12:53 How to Work Together as a Couple Towards Goals15:20 Why it Can be Hard For Couples to Talk About Money18:33 Using Bio-Hacks to Ensure Smooth and Peaceful Conversations21:42 Finding Common Ground When Each Partner has Different Levels of Comfort with Financial Discussions26:19 Managing being in Different Financial Stages in Your Lives32:25 Building Financial Flexibility
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Want to retire outside the United States in 2025? You probably won't and here are the 5 biggest reasons holding you back from doing it.
BTW, they're not all money-related.
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Life changes aren't easy and one of the biggest, transitioning from work to retirement can cause a lot of stress and anxiety. How can you be more prepared?
On this episode of the Queer Money® Podcast, hosts John and David dive into the often daunting topic of retirement planning with retirement planner Suzanne Campi. Suzanne shares insights on alleviating retirement anxieties by envisioning a desired lifestyle. She discusses her unique retirement wheel, which helps clients consider essential life aspects beyond finances, such as health, relationships, purpose, and legacy. Highlighting the importance of being proactive, nurturing community ties, and having a flexible retirement plan, the episode emphasizes that retirement planning should encompass more than just financial stability.
Topics covered:00:00 Introduction to Retirement Fears00:23 Guest Introduction: Suzanne Campi01:38 Understanding Retirement Anxiety02:51 Redefining Retirement for Boomers and Gen Xers05:00 The Importance of Purpose in Retirement08:20 Building Community and Relationships09:59 Staying Active and Engaged14:28 Fostering New Friendships17:23 Balancing Friendships in Retirement18:13 Finding LGBT-Friendly Retirement Locations20:39 Planning Your Ideal Retirement23:13 Ritualizing Retirement Transitions31:24 Financial Planning for a Fulfilling Retirement35:05 Connecting with Suzanne Campi36:32 Conclusion and Upcoming Episodes
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Confession time! We made a big mistake on a previous episode and we're here to fix that mistake today.
What is an RMD or Required Minimum Distribution? Today we clarify the mistake we made regarding when and how RMDs must be taken in retirement.
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How do the election results impact your finances? Are you making any changes?
On episode 562 of the Queer Money podcast, hosts David and John discuss five essential post-election moves for LGBTQ+ individuals, following the unexpected political shift with Harris not becoming president. The episode underscores the importance of financial security and preparedness in challenging political climates, addressing concerns about Project 2025 and its potential impacts on LGBTQ+ rights. Emphasizing collective financial strength, the hosts recommend supporting LGBTQ+ organizations, businesses, and building personal financial resilience through savings and debt reduction. This episode serves as a call to action for the community to leverage financial well-being as a form of protest and protection.
Topics covered:
02:06 The Impact of Project 2025 04:01 Call to Action: Financial Security 07:13 Supporting LGBTQ+ Organizations and Businesses 13:51 Building Emergency Savings and Debt-Free Living 18:50 Breaking the Addiction to Consumerism 25:19 Conclusion and Final ThoughtsFollow us:
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Taxes! Love them or hate them, either way, they'll have a big impact on your retirement.
Which state you live in during retirement could seriously affect your Social Security income. These are the 10 states that could ruin your retirement.
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You've heard the adage, "Pay yourself first." So, why is that bad advice?
In Queer Money episode 560, hosts John and David debunk the traditional 'pay yourself first' advice and provide a comprehensive approach to managing finances tailored for the LGBTQ+ community. They explain the importance of prioritizing savings and retirement accounts before spending on discretionary items. The episode introduces a new strategy of allocating funds to your future self, past self, and present self in that order. This approach aims to enhance financial well-being and ensure long-term financial security while still enjoying present-day pleasures.
Topics Covered:
00:00 Introduction: Busting the Myth of 'Pay Yourself First' 00:12 What Does 'Pay Yourself First' Really Mean? 01:33 The Reality of Paying Yourself First 03:07 A New Approach: Paying Yourself in Three Ways 04:39 Why This New Approach Works 06:43 Conclusion and Upcoming EpisodesFollow us:
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Will your retirement rock or suck?
Depending on if you qualify for social security you may already know the answer to most of that question.
On this week's Queer Money Fabulous Gay Retirement bonus episode, we break down how social security will affect your retirement and show how to check to see if you're set to receive it as well as how much you may be getting.
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Changes to 401(k)s are coming in 2025!
In this episode of the Queer Money Podcast, hosts David and John talk with LGBTQ+ financial advisor Jake Skelhorn about significant 401k changes coming in 2025. They highlight five key changes, including updated catch-up contribution limits for those aged 50 and above, mandated Roth catch-up contributions for high income earners in 2026, and automatic 401k enrollments. Jake also explains the Secure Act 2.0’s rules on inherited IRAs and the implications for the LGBTQ+ community. They delve into strategies for investing in retirement accounts and the potential benefits for younger and late-start savers in making the most out of these new rules.
Topics Covered:
00:00 Introduction to 401k Changes in 202500:15 Meet Jake Skelhorn: LGBTQ+ Financial Advisor03:39 Catch-Up Contributions Explained05:26 Investment Strategies for Near-Retirees07:55 Changes for High-Income Earners17:57 Automatic Enrollment in 401ks22:07 Inherited IRA Changes26:57 Conclusion and Final ThoughtsFollow us:
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Will you get Social Security benefits when you retire?
For many of us, Social Security benefits will make up a sizeable portion of our income in retirement. Are you sure you'll get it?
On this Queer Money, we break down the steps you need to take to not only find out if you qualify but to see what the Social Security Administration estimates you will get.
This episode is visually intensive. If you would prefer to watch the steps we are outlining, you can do so here.
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Would you like to have benefited from recieveing generational wealth from within the LGBTQ+ community?
In this episode of the Queer Money podcast, hosts and married Financial Power Couple David and John dive into a crucial conversation about generational wealth within the LGBTQ+ community, noting that for many LGBTQ+ people, traditional family paths to wealth, mentorship, and inheritance simply aren’t there, and that it’s time to break the cycle. David and John outline five impactful ways in which you can foster wealth for future queer generations, even if you’re not a millionaire yourself. They go over everything from establishing scholarships and grants for LGBTQ+ students, creating family or community trusts, offering low-interest loans or microfinancing for LGBTQ+ entrepreneurs, and investing in LGBTQ+ startups or small businesses.
Topics covered:
00:00 Introduction: The Challenge of Generational Wealth in the LGBTQ+ Community01:12 The Impact of HIV/AIDS on Wealth Transfer03:11 The Importance of Creating a Wealth Transfer System05:59 1. Building Wealth Through Scholarships and Grants09:15 2. Establishing Family or Community Trusts12:45 3. Offering Low-interest Loans and Microfinancing14:25 4. Investing in LGBTQ+ Startups and Small Businesses17:39 5. Supporting LGBTQ+ Real Estate Co-ops 20:19 Understanding Different Financial Support Options21:59 Recap and Final Thoughts22:46 Outro and Upcoming EpisodesFollow us:
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Where can I live that is accepting of me as an LGBTQ+ person?
The political climate in the United States is difficult right now for many folks, but especially for LGBTQ+ folks who feel like we're being attacked right and left by media, politicians and in some cases even family.
So where can we live that is better for us, whether that's a place to go to college, a city that has protections or states that historically have been on our side?
This week on Queer Money, we break down the top 10 states based on several factors.
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- Visa fler
