ABOUT US
Our Money Journey
My wife graduated college in 2016 and I graduated in January of 2017. We graduated with over $144,000 dollars in debt. When I started my career in I was making $38,000 a year and my wife was in advertising making $45,000 a year. It became clear rather quickly that we couldn’t cover our living expenses, including our 1-bedroom apartment $1,400 per month, while also managing our student loan payments of $1,381 per month. The transition from college life to adult responsibilities proved challenging, and we made both good and not-so-good financial decisions.
Over the next couple of years, we secured better jobs with higher pay, but we also had lifestyle creep and our credit card debt continued to increase, while our student loans stayed the same. It was during this period that we discovered Dave Ramsey and his financial principles. We immersed ourselves in his books and podcasts and eventually decided to enroll in his course, a decision that would change our lives forever. Through this course, we realized how little we knew about personal finance and how our lack of financial literacy kept us trapped in a never-ending cycle of debt.
As our our incomes grew, we made a conscious decision to prioritize our financial well-being. We began saving for retirement, got married, purchased a house, and welcomed a child into our lives. It’s been five years since we took our first steps toward understanding personal finance, and it has truly transformed our lives.
For me, as a transgender immigrant by a single mother, financial discussions were never part of the family dinner table conversation. The lack of financial knowledge led to accumulating significant student loan debt and maxing out credit cards by the time college graduation arrived. Without the determination to educate ourselves about finances, we wouldn’t be where we are today.
LEAF Survey Insights
The LGBTQI+ Economic and Financial (LEAF) Survey report, based on data collected between December 2022 and January 2023, reveals concerning financial disparities within the LGBTQI+ community. A staggering 57% of LGBTQI+ individuals earn less than $50,000 annually, compared to 36% of non-LGBTQI+ individuals in the same income bracket. Furthermore, 53% of LGBTQI+ respondents had to rely on federal student loans to finance their education.
Additional costs related to family planning and gender-affirming care further exacerbate the financial challenges faced by LGBTQI+ individuals. As a result, 51% of LGBTQI+ respondents have less than $5,000 in savings, with 20% having no savings at all. These statistics underscore the need for increased financial support, especially given the unique challenges and discrimination that many LGBTQI+ individuals face.
Our Journey and Goals
We consider ourselves fortunate to have good jobs in a supportive, LGBTQI+ friendly company. We live in a city that embraces diversity and inclusivity, with a thriving LGBTQIA community. Our journey so far has been made possible by the kindness and acceptance of those around us. We remain deeply grateful for these circumstances, and they drive us to continue working hard and striving for our financial goals.
While we’re not where we want to be, we’ve made substantial progress. After selling our house and reducing our debt, we’ve achieved a positive net worth. We’ve also established an emergency fund equivalent to four months of living expenses, providing us with a safety net during unexpected situations, including a period when neither of us was working.
Now, after years of back and forth, we’re ready to embark on our FIRE (Financial Independence, Retire Early) journey. This blog will chronicle our path to financial freedom through the lens of a 29-year-old transman and a 30-year-old queer woman. We’ll share our experiences, financial strategies, and the joys and challenges of building wealth while raising our family. This blog will serve as our accountability platform.
Have Any Questions?
Whether you have questions, feedback, or simply want to get in touch, we’d love to hear from you.