Skimm Money: Showing Pride at Work

How the news affects your finances.

Showing Pride at Work

With parades, drag shows, street fairs, and tons of rainbow merch, there are many ways to celebrate the LGBTQ+ community right now — even at work. While there have been strides in workplace equality in recent years (federal law now prohibits employment discrimination based on “sexual orientation or transgender status,” and guidelines from the Equal Employment Opportunity Commission strengthened employee rights against misgendering), policies and parties only go so far. In a recent LinkedIn report, 75% of LGBTQ+ workers reported “code-switching” (or changing behaviors, mannerisms, or speaking habits out of fear of standing out) while at work. “I was so frustrated because I wasn’t able to do my best work professionally,” says Blix Coughlin, an account executive for DEI training firm Paradigm Strategy, about their early work experience as an LGBTQ+ employee. “I was distracted by things happening that had nothing to do with work.”

Here, Coughlin and their colleagues share best practices for LGBTQ+ folks to navigate workplace culture, plus how allies can support their coworkers — not just during Pride, but every day of the year.

Your Move:

• Seek out inclusive workplaces. Talk to LGBTQ+ professionals in your field, and research the reputations of organizations. Do they offer LGBTQ+-specific benefits, such as transgender healthcare coverage, inclusive fertility services, or even help with legal consultations and notary services (key for name changes or second-parent adoptions)?

• Have a plan for problems. Unfortunately, microaggressions at work, including misgendering or inappropriate and invasive questions, can be a part of the work landscape. Find others you can confide in. If your company has one, an LGBTQ+ ERG, or employee resource group, is a great place to start. The ERG can be a helpful resource for elevating complaints, and help you develop community, says Kae D’Apice, a senior consultant for Paradigm Strategy.

• Know your rights. You have legal protections against discrimination. If you’re feeling marginalized, and it’s impacting your performance, paycheck, and/or mental well-being, talk to HR. If that goes nowhere, consider if you should consult a lawyer.

The money stories everyone’s talking about.

Looking for a man in finance … with a trust fund? Better look for a lawyer who knows how to read the fine print. #prenup

Have you considered “rentvesting”? That’s renting where you live and buying an investment property in a lower-cost location. Love where you live, buy where you can afford.

Before you swipe your credit card on those first class flights to Europe, ask: Is this the high life — or are you living the "HIFI" life?

How much is everyone else putting into their 401(k)s? See for yourself, and learn how to catch up. 

If your mortgage + childcare = 100% or more than your monthly income, how are you supposed to afford literally anything else? The math ain’t mathin’ — and voters are taking note.

We asked you to vote on a question you’d like answered. The winner was:

I have a 401(k). Should I open a Roth IRA, too?

FEATURED EXPERT:

Samantha Garcia

Certified Financial Planner,® Accredited Investment Fiduciary®, and Senior Wealth Advisor at Halbert Hargrove

Yes — with some considerations. A 401(k) is employer-sponsored and funded with pre-tax money taken directly out of your paycheck (and oftentimes, your employer will match those deposits up to a certain amount). A Roth IRA is an individual account funded with money you’ve already paid taxes on, and income limits apply ($161,000 if you’re single; $240,000 if you’re married).

“I'm always a fan of having as many buckets to pull from in retirement that you can,” says Samantha Garcia, a CFP and senior wealth advisor at Halbert Hargrove. “One of the big benefits of having a Roth IRA is that you pay the tax now. [So,] the money comes out tax-free when you retire, which can be hugely beneficial, especially if you’re in a higher tax bracket [post-retirement] than you were when you made the contribution.”

That said, if you already have a 401(k) plan through an employer that offers a match, you shouldn’t open a Roth IRA until you’ve hit some other financial milestones, like paying down high-interest debt and building an emergency fund. You should also make sure you’re contributing up to the employer match on your 401(k). If you’ve checked those boxes, it might be time to consider adding a Roth IRA, too. “A CFP who knows you and your situation can guide you [on] works for you and your goals,” says Garcia.

One act of financial self-care you can do in five minutes.

Don’t Be Afraid to Negotiate (Almost) Anything

Price negotiating isn’t just for buying a car. As it turns out, most things — from vet bills to your farmer’s market haul — don’t necessarily have a set price. But you have to ask for that discount to get it, and you should have realistic expectations for what a reasonable price would be.

A few ways to bargain: Ask if a merchant offers a discount for paying in cash, inquire about price reductions for damaged items, ask for a price match with a competitor, or ask if they have deals for frequent customers. When it comes to expensive, ongoing costs for things like therapy, ask if your provider offers a sliding scale rate based on your income. Tip: Facebook Marketplace is a great platform to practice your negotiation tactics, and Reddit has some “I tried it” haggling tips, too.