Four Tips For LGBTQ Couples Who Are Investing Together
Every commitment a couple decides to make together can be hard, especially a financial one. It becomes a whole new partnership for those two people, which takes patience, trust, being ready to take risks, and reevaluating priorities, values and goals. However, if it is done right, it can be very rewarding.
When that couple is also a part of the LGBTQ+ community, things get a bit more complex. There are different factors that also play a role, many of them coming from outside sources such as the law situation in their country, the community they live in, families, etc. This is why, according to one survey, only 43% of LGBTQ+ couples are feeling at ease with their financial future.
Nevertheless, there are ways to overcome all the obstacles, if the will is strong enough. In this article, we will talk about some of the moves you can make; hopefully, it will put you on the right path.
Set your mutual goals
When you have your goals specified, you are well on your way. This takes a lot of talking, then putting thoughts to paper, which turn into plans, which leads you to making a financial plan and steps to making it the best couple partnership there is.
Thinking over a mutual financial plan is key. First, decide on a minimum amount you two can handle investing. Go from there. Then the maximum. If possible, apply for a mutual loan, although it is difficult in countries where same-sex marriages are still not possible. If not, then make an agreement on who will apply.
Once you have your financial plan settled, move on to your goal.
Pick the best place to invest
If you have your investment goal settled, seek the right location and social circumstances.
Let’s say you want to invest in real estate as a couple. This is always a sure thing if you have the money ready. Take your time. Research the locations you both like. Europe is always good for buying houses in tourist cities. This way, you have a great place to rent out or maybe retire and live there eventually.
Since the Mediterranean area is loved by so many LGBTQ community members, try a place not completely exploited. For example, Montenegro is still growing tourist-wise. With good real estate there, you can eventually earn high. Try renting first. There are lots of properties in Montenegro which you can turn into something amazing for you two or for curious tourists, exploring this fresh territory.
If, for some reason, this is not your thing, try investing in a fleet of vehicles, which is also a great opportunity to make a big profit. Day-to-day rentals, company long-term rentals, party vehicles – the list is endless.
Anything you set your mind to is okay, just research the location and demographics, and the investment is solid.
Always have a backup plan
Every investment has to have a backup, insurance or at least some savings put aside, in case the plan flops. Not only that, an LGBTQ+ couple usually faces prejudice and man-made obstacles, especially in countries that had not yet completely accepted their LGBTQ+ community.
Have at least some money saved for rainy days. Find good insurance for every business you start or house you buy, with reliable insurance companies. Besides that, try to avoid every area that is known for prejudice and homophobia; you certainly don’t need that while starting your new business journey.
Think of retirement savings
According to some research, only 20% of LGBTQ+ people can rely on their family and/or friends after they have come out. The percentage of LGBTQ+ people that can do that in their old age is usually, unfortunately, not higher than that. Therefore, until same-sex marriage is normal everywhere, that kind of couple can experience problems when it comes to old age, retirement, illness, or death.
Seek advice from your lawyer and financial advisors. See that you save into a private fund, of which you are both beneficiaries. Save for private caretakers. See that both of you have written each other in a will.
Every couple has their ups and downs, business-wise or not. So, trust is what you need the most, as well as the will to make it together. When you have that, you are well on your way to success.
About the Author
Peter Minkoff is a lifestyle editor at Queer Voices (www.queer-voices.com). Originally from Australia, he's currently living in Europe. A fashion styling graduate, he's a true craft beer and soy latte aficionado, loves spending his days at the beach, and visiting second-hand stores on a daily basis. Follow Peter on Twitter (www.twitter.com/minkoffpeter)