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How to survive the Trump era? Financial planning
Saving can be an LGBTQ+ lifesaver
In a time of renewed anti-LGBTQ+ attacks, financial planning can be a literal lifesaver. Here's five priorities to focus on.
So, uh, that happened. And to quote RuPaul’s Drag Race star Shea Coulée: “Why y’all acting brand new?” Project 2025, the Heritage Foundation’s literal playbook for the second Trump presidency, is starting to roll out, and erasing queer people is near the top of its to-do list. Have a stress cry about it, drink a glass of rosé on the porch, watch some Law & Order: SVU reruns, and when you’re ready, let’s get to work.
I won’t sugarcoat it: Attacks against LGBTQ+ people will continue for a while in the current national political landscape. And as they occur, queer people should use their resources wisely to protect their physical and mental health.
One of those resources is money. And I don’t mean that as throwaway retail therapy advice. (If you have been comfort shopping lately, though, consider buying from an LGBTQ-owned business). Money helps you cultivate safety. It can help you find queer joy and connect in-person with your community, experiences that are increasingly important right now. You have other resources too, like time and attention, and we want these resources working in your favor as well to assemble a strong defense in a hostile climate.
Consider these five financial priorities in the weeks and months ahead.
A common consideration in personal finance is deciding whether to save money or pay down debt faster. Right now, the former is probably better. Federal and state protections are evolving, your city council and school boards are too, and the misinformed “protect families” rhetoric is charged right now. Example: Last November, local officials in Odessa, Texas, passed a law permitting residents who found someone using a bathroom different from the sex they were assigned at birth to sue them for up to $10,000. (In short: Turn in a trans person, get a bounty.) As such, queer people are making hard decisions right now about whether it’s safe to remain in their current communities.
If you decide to relocate, remember that you often can’t pay a deposit for a new credit card in another state. You need cash for that. Get some cash into a savings account, preferably one that pays interest so you make a little extra spending money. Pay down high-interest debt like credit cards quickly when you can, but if you’re short on savings, prioritize building up those reserves before you put extra money toward lower-interest debts like student loans or a mortgage.
Do what’s needed to scrape together a few additional bucks each month to save. This can include picking up some extra hours at work or taking a close look at your expenses. I know you pay for 12 streaming subscriptions and only ever use four of them; put a few on pause and save those coins instead.
Not to be morbid, but estate planning documents like a will and a trust can give you peace of mind about the future. That’s a feeling we could all use a little more of right about now, and it also might also give you a kick in the pants to figure out what you want to experience in the time you do have on Earth. Two in three Americans don’t have wills, and that number is even higher for queer people; a lot of us have put this one off, and it’s adding unnecessary stress.
If something happens and you suddenly become incapacitated or pass away, the last thing you want is for all your assets to go to your homophobic parents (or worse, the government). Estates are managed at the state level, and when you don’t have estate documents set up, blood relatives typically inherit your belongings and make decisions on final matters, depending on your state of residence. If the state can’t get in touch with anyone, your assets are eventually seized.
Transgender and nonbinary people should consider naming a funeral representative as part of their estate. This person can help ensure that important end-of-life wishes are carried out, like using your chosen name on a tombstone or being buried in clothing that aligns with your gender identity. Estate planning can feel dark at times, but working on it in your younger years can help you get clarity on what you want both your current and future life to look like.
For me, the most chilling image of Inauguration Day was the front row of tech billionaires standing shoulder to shoulder to kiss the ring. It reminded me of one of the video interludes in Beyoncé’s Renaissance World Tour, when the enormous Jim Morrison quote filled the screen: “Whoever controls the media controls the mind.”
Algorithms can suppress queer content under the false pretense that all queer content is inherently sexual. Your access to LGBTQ+ sources of information might become more distorted or restricted in the future. Now is a good time to adjust not only your sources of information but also where that information gets delivered.
Consider following your favorite creators’ newsletters, websites, or other channels, and make time to read and absorb their information regularly. (Follow Out’s newsletter at out.com/signup.) If able, engage with and share pro-LGBTQ+ information from accounts more often. These actions count as engagement data points and can amplify the content’s overall reach.
While we’re on the topic of online platforms, also know that they can be a breeding ground for hot takes that are under-researched and/or overblown. Example: At the time of this writing, the Idaho legislature has asked the Supreme Court to revisit Obergefell v. Hodges, the decision that federally recognizes same-sex marriage.
A few things about this. First, the Supreme Court can’t go back and just overrule; there has to be a new case that comes forward that would reset the precedent. Second, the Respect for Marriage Act, passed in 2022, codified same-sex and interracial marriages, so if a future ruling changed the Obergefell precedent, same-sex marriage goes back to being state by state. If that happens, the RFM Act does still require states to recognize marriages that were performed legally at the time.
Third, marriage is a big decision with several considerations, finances being one of them. Know the legal nuances of what’s happening right now regarding LGBTQ+ rights, and resist the urge to make rash conclusions or decisions based on what you see on social media.
It’s important to keep spirits up right now. So enjoy life, pursue passions, and spend time cultivating queer joy and doing what you love. But do so in a way that is financially sustainable.
If you already know you’re going to go all out for Pride this year, start setting aside money now so you can really enjoy that experience. See if you can make some adjustments and bring more money into your budget each month. Then, sock that money away for those big splurges, adventures, and experiences alongside saving efforts.
It’s important to take care of ourselves right now. Build your financial foundation now, and it’ll be a little easier to stand tall as we face an uncertain future.
Nick Wolny is Out magazine’s finance columnist. He writes Financialicious, a personal finance newsletter tailored toward queer readers, and is working on his first book, Money Proud, which releases later this year. NickWolny.com @nickwolny
This article is part of the Out March/April issue, which hits newsstands April 1. Support queer media and subscribe— or download the issue through Apple News, Zinio, Nook, or PressReader starting March 20.
TERFs are totally missing the point of Sam Rockwell's 'White Lotus' monologue