Gay men are richer than everyone else, right? After all, they’re men, so they automatically earn more than women, and they are less likely to have kids, which of course are the biggest bucks-suck of all time. Plus, just look at all the gay men you know. So, so fabulous. Right?
Not so fast, says today’s guest.
Ten years ago John Schnieder, 42, and David Auten, 45, found themselves, in many ways, typical of their peers. The Denver financial professionals were gay, young, hot, with solid incomes and a love of partying — and were deeply in debt.
With combined incomes of $70,000, they realized that clubbing, shopping and travel had landed them $51,000 in credit card debt and living in a basement apartment.
The couple realized they had to make a change — and over 2.5 years they not only paid off their debt, but bought a condo and started to build their financial future. They also realized that there was a huge need for financial education and support among their gay peers. The pair launched DebtFreeGuys, and wrote The Four Principles of a Debt Free Life and address the unique pressures and challenges gay men face when it comes to their money, including social isolation (hence, overspending on expensive clubs).
In this episode , John shares their story about his and David’s come-to-Jesus moment, their take on gay men and money, and their plans to be a unique voice in the personal finance space, speaking to their gay peers.
Emma Johnson is a veteran money writer, noted blogger, bestselling author and an host of the award-winning podcast, Like a Mother with Emma Johnson. A former Associated Press Financial Wire reporter and MSN Money columnist, Emma has written for the New York Times, Wall Street Journal, Forbes, Glamour, Oprah.com, REAL SIMPLE, Parenting, USA Today and others.
The Kickass Single Mom: Be Financially Independent, Discover Your Sexiest Self, and Raise Fabulous, Happy Children (Penguin, 2017), was a #1 bestseller and was featured in hundreds of media, including The New York Times, Wall Street Journal, Fox & Friends, Oprah.com and the New York Post, which named it to its ‘Must Read” list.
Her popular blog Wealthysinglemommy.com, and podcast Like a Mother, explore issues facing professional single moms: business and career, money, sex, relationships and parenting. Emma regularly comments on these topics for outlets such as CNN, Headline News, New York Times, Wall Street Journal, Fox & Friends, CNBC, NPR, TIME, MONEY, O, The Oprah Magazine, Woman’s Day, The Doctors, and many more. She was named Parents magazine’s “Best of the Web,” one of “20 Personal Finance Influencers to Follow on Twitter” by AOL DailyFinance, “Top 15 Personal Finance Podcasts” by U.S. News, and “Most Eligible New Yorkers” by New York Observer.
A popular speaker on gender equality, Emma presented at the United Nations Summit for Gender Equality.
Emma grew up in Sycamore, Ill., and lives in New York City with her children.