Nina Smith: Queercents

Queercents, founded and headed up by Nina Smith, is a personal finance blog serving the LGBT community. Launched in April 2006, Queercents is produced by a variety of writers, including Nina.
Nina has a strong background in finances and financial planning. By day she sells software and conducts her own real estate investments–fixing and selling properties for hefty profits–and by night she runs Queercents. Nina started blogging because she was looking for a creative outlet in her life.
Here’s Nina…

What particular challenges do members of the LGBT community face when it comes to maintaining their personal finances? Are there certain things we should be saving for or keeping in mind?
I always like to say that money is money. Of course gays and straights experience many similarities with money issues but there are differences for queers and this often revolves around marriage and children. Everyone should work with a gay-friendly financial advisor who understands how to “plan your future� and not just your finances.
The only thing worse than being young and poor is being old and poor. Start now. Do whatever it takes to get your finances in order. We offer a lot of encouragement on this topic at Queercents. For example, John Montesdeoca is writing a series called, “Almost Debt Free� that chronicles his success with debt reduction. If you’re queer and cash-strapped then you’ll relate to the rocky path he’s endured and benefit from his money mantra.
Considering the many anti-same-sex marriage laws that are out there on the federal and state levels, how do these laws affect same-sex couples who consider themselves committed and partners for the long haul financially? And do you see any activism around tax rebates for these imposed financial losses in the distant future?
Well, only marriage will finally guarantee equality. Even civil unions fall short as a separate but unequal system. In my opinion, we should all be fighting for marriage. For legal issues and most current news, I always direct readers to Marriage Equality.
I’ve heard of Tax Day protests, but not the rebate idea. I like that. People have tax advantages based solely on their marital status and this is just unfair to those of us in committed partner relationships. I once asked an unmarried woman with a male partner to write a guest post on the topic and her personal protest for straight couples is to just say no to marriage. It’s a fascinating read in my opinion.
Hollywood often depicts members of the LGBT community as white-collar workers rather than blue-collar workers. Do you think there is often a classist stereotype imposed on the LGBT community? And how much of this stereotype is true and where do you think it comes from? Do you think LGBT is still associated with white people and as a result white people with money? In terms of income levels, from the research that is available, how much of this is true? How do LGBT women and men generally fare on a national level in comparison to heterosexual women and men?
A number of studies refuting the myth of “gay affluence� have been cited in the past by The National Gay and Lesbian Task Force. I’ve previously posed some of these same questions to Bob Witeck and Wes Combs, authors of Business Inside Out: Capturing Millions of Brand Loyal Gay Consumers, and they explain it better than I can.
They write, “It is definitely a myth and perhaps the most misunderstood fact about gays and lesbians. We are not wealthier. We make about the same amount of money as our non-gay counterparts. Because only about 20 percent of gay and lesbian households have children in them, we tend to have more discretionary income. What others spend on child care related costs we often spend on ourselves (or save.) In many cases we are also dual income households, which coupled with no children gives us more money to spend than the average consumer.�
Regarding the stereotypes, I don’t think it has anything to do with color… although saying this prompts me to disclose that we’re all white writing for Queercents and that in and of itself feeds this so-called stereotype. This isn’t intentional and we welcome a person of color to contribute to the site. Email me here if you’re interested!
You’ve interviewed many interesting people for Queercents’ “Ten Money Questions� section, including famous women—actor Megan Mullally and writer/famous feminist Rebecca Walker. Who has been your favorite woman to interview so far?
It’s embarrassing to admit, but I still get star struck. Perhaps it has something to do with my Midwestern roots. That said I’m always giddy when a celeb accepts my interview request but the best ones tend to be the people who are writers. Just read Rebecca’s answers… she’s brilliant and so articulate. Her words are a pleasure to read. But since you have already mentioned her, I’ll pick another one.
Abigail Garner had some original thoughts about finances that I liked. Her name is synonymous with the Queerspawn movement and as the author of Families Like Mine: Children of Gay Parents Tell It Like It Is, she provided poignant views on family finances and how to reconcile the label “rich and famous� with reality.
On a final note, Erin Hamilton’s interview gets my vote for being the most authentic with her candid answers about money. Worth clicking over to read.
It’s PRIDE this weekend in New York City. Happy PRIDE! Do you have any special PRIDE financial wishes?
Party with PRIDE, but don’t drink your paycheck! A credit card hangover lingers longer than the real kind.