Queer Money with the Debt Free Guys
On today’s podcast, I’m talking to my friends David and John, the Debt Free Guys, about the challenges of managing money as a gay couple. While their lifestyles are often fabulous, the LGBT community is not immune to financial problems. David and John racked up over $50,000 in credit card debt and had nothing to show for it. Once they came together on a plan, they paid off all the debt and now live a debt free, money conscious lifestyle. I think there’s lots of great learning lessons in this episode no matter what your sexual preference.
What are we drinking?
David & John — Bonterra Organic Cabernet
Shannon — Cavit Pinot Grigio
- David and John met on a gay disco dance floor 15 years ago.
- After a year and a half of being together and having fun, they had accumulated $51,000 of credit card debt.
- David says they were living a life they felt they deserved.
- Once they had the realization they were spending too much, they sat down together and itemized all of their spending and were shocked at how much they were spending on certain areas of their lives.
- They spent the next couple of weeks having serious conversations with each other about life, money, and their goals.
- These conversations led to establishing a strategy for achieving their goals, so they set a target date and began paying off their debt.
- They consolidated all of their debt and paid off all of their debt in 2 and a half years.
- By 2008, they were debt free and acquiring money and assets instead of debt.
- David and John say they definitely lost friends during their journey to a debt-free life.
- Queer Money, their podcast, aims to show the great life the LGBT community can have if they live fiscally responsible.
- They believe the more fiscally responsible their community is, the better chance they have of achieving equality, which they do not believe happened just because same-sex marriage was legalized in all 50 states in 2015.
- Shannon discusses the members of her family who are part of the LGBT community.
- While many in the LGBT community do not have the same number of financial responsibilities as others, the community as a whole is not saving their money.
- David and John’s message is — let’s be strong together as a community so we can support each other and help other people.
- TAKEAWAY: It is so important to set goals as a couple if you want to live a debt-free lifestyle!
Random Three Questions
- If you could live anywhere else in the world, where would you live and why?
- What is your favorite movie?
- If you won a million dollars, what would you do with it?