By Kimberly Tromatore | Photo Diane Helentjaris (Submitted)
A 2018 Experian survey reported that 62% of the LGBTQ+ community who were surveyed reported having faced financial challenges because of their identities. A little history on that survey, Experian surveyed 500 individuals who identify as gay, lesbian, bisexual, trans or queer to learn more about their financial behaviors and attitudes. They also surveyed 500 non-LGBTQ Americans.
Based on that quote, only 38% of us haven’t experienced any challenges like being passed for a promotion at work or not being offered a job based on our sexual identity. Honestly thinking of the conversations I’ve had over the years with peers within my community, 62% seems on the low end. I hope to change this statistic, one family at a time!
Financial literacy simply means having the ability to understand how to manage and grow your money and who doesn’t want to grow their money?!
Here are 4 tips to improve your personal financial literacy:
Budget:
It’s best to track your actual expenses vs. what we usually spend and “budget” after it’s gone! Unfortunately, the American way is to “budget” after so don’t feel bad if you fall within that category.
Credit Report:
When was the last time you viewed this report? I recommend checking your credit annually as you can update any incorrect information reported. You are entitled to these annually, for free. Here’s a perfect place to view your report here.
EveryDollar:
This APP can be downloaded for free and will assist with tracking what you spend. The first three months might be rough, but it’s an excellent system!
Credit Score:
This number is assigned to you that determines your creditworthiness. Lenders use it to estimate how likely that person would be to pay back a requested loan. Scores range from 300-850, 850 being a perfect score. Higher scores will give you access to more lending opportunities at more attractive rates.
When time allows, check-out the full details Experian reported from their study 2018 here.
Until next time, Kimberly Tromatore
Your LGBTQ+ Financial Planner
About Kimberly Tromatore
Kimberly Tromatore is a highly accomplished professional focused on offering her clients the best options to fulfill their retirement goals. Having spent the majority of her career within healthcare, Kimberly believes overall wellness includes mental health, physical health and financial health! She’s passionate about teaching financial literacy to all and loves being able to change lives daily!
