Skimm Money: Cheap Flights, LGBTQ+ Financial Planning, and the Summer Slump

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Happy Pride. To learn more about how financial planning may look different for LGBTQ+ folks, we tapped Carolina Silva, a financial advisor at Morgan Stanley who works with BIPOC, LGBTQ+, and female clients. Ahead, she explains how family dynamics and health care can impact LGBTQ folks’ personal finances. Plus, she shares her tips for how to build wealth.

What unique money issues do LGBTQ+ folks face?

Having an intersectional identity — being a woman, Latina, and LGBTQ+ — means I have the opportunity to connect with a variety of different clients. When I reflect on the LGBTQ+ identifying folks I represent, there are two distinct financial planning considerations: family dynamics and health care. Ex: It is common for caregiving to fall on LGBTQ+ individuals, especially if they are the only ones in their family who choose not to have children. Likewise, LGBTQ+ folks who do not have children and/or are estranged from their families may not have someone in their family to assist them with their own caregiving. We also have to think about how we start our families — whether it is via adoption, fertility planning, and/or surrogacy — which may or may not be covered by employer benefits or health insurance. Planning for health care expenses is especially important for our trans and non-binary community, as they look to access gender-affirming care. It is common for our community to have to finance surgeries out-of-pocket.

What are three tips you would give to LGBTQ+ folks who want to build wealth?

1. Know your goals. What does money mean to you? What do you want your wealth to do for you? You should know where you want to go in your financial future.

2. Know your numbers. Know what you own (your assets) and what you owe (your liabilities). Look into how your debt is structured and what your interest rates are. Look at your cash flow on a monthly and annual basis, and refer to the 50/30/20 rule.

3. Know your game plan. Once you know what your goals are and what you are working with, you can create a game plan on how you will get there.

Answers are edited and condensed for clarity.

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“This year, I decided to dive into voice-over acting as a side hustle and am currently training with a coach and recording a demo. I’m looking forward to establishing another revenue stream that I can do from anywhere in the world to sustain me through turbulent times if/when my full-time job isn’t an option.”

— Amanda H (FL). We’re in our side hustle era.

Scored a raise, saved up for a big purchase, or reached another money goal? Tell us about it here. Quotes are edited and condensed for clarity.

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investment piece

Sometimes spending big can get you the exact right piece for your home. Below, Emily Henderson, a stylist, New York Times bestselling author, and design blogger, tells us about a piece of art that’s made every space she’s lived in feel like it’s truly hers.

What's an investment purchase you’ve made?

Back in my twenties, when I was broke, I'd been eyeing this piece of art for months at a flea market. It was special, vintage, and one-of-a-kind. Not to mention HUGE! But definitely not in my budget then, so it felt like a real investment piece to me.

How much did it cost?

It was around $350.

Why do you consider it a good investment?

This piece of art has come with me across the country and has been hung in every home I've lived in, making that space instantly feel like "me." It brings me as much joy now as it did then. It's 100% a "save from a fire" item.