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.