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NerdWallet's Smart Money Podcast

Moving Could Benefit You: Budgeting for a Brighter, Safer Future in the LGBTQ+ Community

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2665 Ratings

🗓️ 13 June 2024

⏱️ 32 minutes

🧾️ Download transcript

Summary

Learn how moving could benefit you if you feel compelled to relocate due to safety concerns — and how to budget for a sudden move. How do you financially and emotionally prepare for relocating due to safety concerns?  What are the financial impacts of such a forced move?  Hosts Sean Pyles and Alieza Durana discuss their experiences planning finances for relocations to help you understand the complex challenges faced by individuals seeking safer environments, particularly in the LGBTQ+ community.  Alieza begins by interviewing G Chesler, a non-binary trans person, about their move from Washington DC to Portland, Oregon, providing valuable insight into the necessity of finding a supportive community, navigating healthcare and identity respect, and the emotional relief of living in an affirming environment. Their conversation reveals the deep emotional impact of living in a state that does not recognize or respect one's gender identity, the struggles with accessing appropriate healthcare, and the powerful sense of belonging found in a more accepting community. Then, Alieza speaks with Lindsey Young, founder of the LGBTQ+ focused financial planning and investment management services firm Quiet Wealth, about the financial aspects of relocating for safety. They discuss creating a relocation financial plan, managing the costs associated with a sudden move and the importance of building a supportive community in the new location. They also focus on how to minimize income loss, budget for moving expenses and strategically utilize debt. This episode addresses two pressing issues for the LGBTQ+ community: the urgency of relocating due to hostile environments and the strategies to mitigate the financial strain that accompanies such a move.  In their conversation, the Nerds discuss: LGBTQ+ relocation, financial planning, safe spaces for the LGBTQ+ community, emotional strategies, financial strategies, LGBTQ+ families, moving for safety, affordable cities, remote work, disability accommodations, community exchange networks, gender parity, workplace accessibility, hate crimes, discriminatory laws, queer community, non-binary transition costs, housing costs, sales tax savings, supportive communities, LGBTQ+ support organizations, moving expenses, financial stability, relocating for safety, job stability, moving costs, safety concerns, building connections, gender affirming care, LGBTQ+ legislation, and financial security. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:29.8

There are lots of reasons you might choose to move.

0:32.8

A new job, a desire to live in a different part of the country or world. But for some people, it doesn't feel

0:39.4

like a choice. They're moving because their states, their neighbors have made them feel unwelcome and

0:45.1

even unsafe. Today, we're looking at the financial ramifications of moving because, as a member of

0:51.1

the LGBTQ plus community, sometimes it's not an option to stay put.

0:57.5

Welcome to NerdWallet's Smart Money podcast. I'm Sean Piles. And I'm Alisa Durana.

1:02.3

Alisa, welcome to the host chair here at Smart Money.

1:05.5

Thanks so much, Sean. Glad to be here.

1:07.6

Well, today we're addressing a difficult decision that some members of the LGBTQ plus

1:12.6

community have to face, whether to move to another state because of laws that are unfriendly or even

1:18.2

hostile to them. This decision can cause a lot of financial upheaval while they search for safety.

1:23.8

Elisa, you came to us a while ago with the idea for this episode. Can you share with us a bit about why?

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