Fifty years ago this month, we will celebrate the seminal event that brought the LGBT rights movement to the forefront: the Stonewall Riots. Even though the LGBT rights movement began decades before the riots, this event catapulted LGBT people into the national spotlight. It is because of these brave men and women that people like myself can live a freer and fairer life.
LGBTQ Rights: Progress! (And Work To Do)
I’ve been reflecting on how the fruits of their labor have made a great impact in my life: I’ve been able to enter into marriage with my partner with full rights, and we’re able to begin our journey of having a baby. But while there is undoubtedly progress for the LGBTQIA community (even more letters have been added since Stonewall!), we are a long way from enjoying completely equal status. Transgender people cannot (again) serve in the armed forces with the dignity and recognition they deserve. Employers can still discriminate based on sexual orientation and gender identity. Same-sex adoption is not legal in all 50 states. Conversion therapy is being used nation-wide to the detriment of LGBTQ people’s health and well-being. The fight to be treated the same way as our heterosexual counterparts continues year-round, not just during a single month. You can take a look at the collaborative resource-guide, Equaldex, to see how LGBTQIA rights are affected all over the world.
Many of the laws created impact the type of work I do. Windsor v. United States, the landmark Supreme Court case that made marriage legal, was in fact about the inability of Edith Windsor to inherit her wife’s assets — just like any heterosexual couple! We can see how financial planning is affected when a person is part of the community: there’s a higher chance of being unable to claim the wealth of a partner when they pass away. Having children through adoption or IVF or surrogacy is prohibitively expensive. LGBTQ people can be discriminated against when looking for a job, which delays earning potential and thus, saving and investing. Planning for typical life goals can become a seemingly insurmountable task in the lives of LGBTQIA people — and it shouldn’t be.
Why do I work with an LGBTQ Specialty?
When I opened my business, I wanted to create an environment that was specifically welcoming for those in the LGBTQIA community. I believe my own personal discomfort as a gay man working in finance inspired this goal. While I had wonderful and welcoming co-workers, I felt squeamish just about everywhere else in the finance world. People assumed I had a girlfriend or wife, which meant I had to explain my personal life to them, or, depending on the situation, dodge their questions altogether. The normalization of heterosexuality impacted how fully I could express myself; I always felt like I had to explain who I was, while the majority of people around me didn’t have to. I never wanted anyone walking through my door to experience those feelings. I wanted my work to create a space where everyone could think big about their finances, regardless of who they were. That became my inspiration for helping the LGBTQIA community with their financial lives.
On a personal and societal level, I’ve discovered how meaningful it is to create an environment that just feels normal for people. To be treated like you deserve the same things as everyone else is a powerful motivator for creating a solid financial future. There shouldn’t be any awkwardness about relationships or lifestyle when it comes to managing your money. At the end of the day, what I set out to do is put that stuff aside and get to what really matters: you.
Here’s to another 50 years of advancing rights! Have a happy and safe Pride month.
For more reading on LGTBQ financial planning topics, check out my blog here. Interested in Financial Planning? Learn more about LGBTQ Financial Planning.
Jim is a financial advisor and owner of Thinking Big Financial, Inc. Thinking Big Financial is a fee-only registered investment advisor offering financial planning and investment management services. Specializing in working with the LGBTQ Community.
Please read my legal disclaimer here.