By Brandon Miller, CFP–
To many people, the idea of generational wealth may seem like something only the capital “K” Kardashians can achieve. But as members of the LGBTQ+ community, we face a unique set of challenges that make building, and sharing, what we have extra important. Whether it’s due to social discrimination, healthcare costs, or lack of family support, building assets can be a game-changer for our community.
Being gay is an identity, and not something we are traditionally taught. We have to learn the culture. We also have some freedom to define what that means to us. But we also have a responsibility to pass it on. Again, this isn’t about money; well, not only money. Nor is it about traditional family structure. It’s about sharing your assets and values with your chosen family and cherished causes.
Back in 1999, when my former business partner and I decided to start Brio, one of our goals was how we could help the community at large. Part of that is arming you with the information and tools to live your best life and get the most life out of your money. Hopefully, after all of that, you’ll still have some to spare. So, let’s explore the benefits of building balances and how we can start investing in our collective financial futures.
Be part of the solution.
Many of us in the LGBTQ+ community have faced financial hardships due to societal discrimination. Building wealth and financial stability can help break the cycle of struggle and open up opportunities for future generations. By investing in our financial futures, and causes that serve our community, we can foster a more stable and secure community for everyone today and for future generations.
About those future generations … a lot of us don’t have kids. Who is the next generation if you don’t have kids? As usual, the default settings on life don’t work for our community all the time. If you have offspring, it’s a little more straightforward. You can set up retirement accounts and get them involved in the family business and follow the more traditional path that defines generational wealth.
For the childfree among us, maybe this means you may have more to share with your chosen family and favorite organizations. We can have a hand in impacting our community and culture, so let’s vow to collectively do a better job of handing off to the next generation.
Invest in our dreams. My motto is dream big!
We’ve been told time and time again that we can’t achieve our dreams. What better revenge is there than building generational wealth, where we can create the financial freedom to pursue our passions and ambitions? Whether it’s starting our own businesses, traveling the world, or supporting our communities, investing in our financial futures can be the key to achieving our dreams.
Create a safety net for our community, whoever they are.
When disasters, health emergencies, layoffs, breakups, or other unexpected events happen, being able to throw a loved one a life preserver can make all the difference. By building up our financial reserves, we can create a safety net for ourselves and our loved ones.
Leave a legacy for future generations.
As members of the LGBTQ+ community, we often create our own families and support networks. Giving back to those who gave us so much helps leave a legacy for future generations of our chosen families. This legacy can include financial stability, education opportunities, or even community support programs. Leaving a positive impact on our communities can be one of the most rewarding things we can do with our wealth and time on this earth.
How to start building generational wealth?
That’s the big question, right? It starts with making a plan and sticking to it. Whether it’s investing in the stock market, real estate, or our own businesses, creating a financial plan and sticking to it can be one of the most important things we do for our financial futures. By working with financial advisors, setting realistic goals, and staying committed to our plans, we can start building generational wealth and creating brighter futures together.
Practically, though, here are some things you can do:
Generational wealth is a powerful tool that can create positive change for our community. By breaking the cycle of financial struggle, creating a safety net, investing in our dreams, leaving a legacy for future generations, and working towards a financial plan, we can start building a brighter future for ourselves and our chosen families. So, let’s commit to investing in our financial futures and creating a more secure, stable, and thriving LGBTQ+ community.
Brio Financial Group is an SEC registered investment adviser. SEC registration does not constitute an endorsement of Brio Financial Group by the SEC nor does it indicate that Brio Financial Group has attained a particular level of skill or ability. This material prepared by Brio Financial Group is for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Opinions expressed by Brio Financial Group are based on economic or market conditions at the time this material was written. Facts presented have been obtained from sources believed to be reliable. Brio Financial Group, however, cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Brio Financial Group does not provide tax or legal advice, and nothing contained in these materials should be taken as tax or legal advice. Please consult with your tax professional regarding your particular situation before implementing any strategies discussed.
Brandon Miller, CFP®, is a financial consultant at Brio Financial Group in San Francisco, specializing in helping LGBT individuals and families plan and achieve their financial goals. For more information: https://www.briofg.com/
Money Matters
Published on February 22, 2024
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