Improving Financial Security for the LGBTQ+ Community

LGBTQ Finance

Reflection of the Week
Improving Financial Security for the LGBTQ+ Community
Happy Friday, all!

This week on MDB, I got to catch up with two of my favorite LGBTQ+-focused financial guys, David and John Auten-Schneider. John and David host of the Queer Money podcast and are the founders of the Debt Free Guys. They have more than a decade of experience helping the queer community thrive financially through their podcast, website, and emails.

In the episode, they discuss the importance of being intentional with how you choose to grow and engage with your audience. They also open up about some setbacks they’ve experienced as entrepreneurs and tips they’ve learned in their decade-long entrepreneurial journey.

 

Episode Highlights

Mission-driven businesses have a purpose beyond profit.
David and John define a mission-driven business as focusing on a greater purpose than just making a profit. Whether using the business’s income to contribute to a cause or running the business itself to create an impact, mission-driven entrepreneurs know they are putting in the work for a reason higher than just financial success.

“What is the motivation behind getting up and putting in the 16-hour days or 60-hour weeks?” David asked. “Everyone should have the right to be able to achieve financial success and be able to have fulfillment with that, but when you have another mission that is contributing to the reason that you get up and do what you do, that is what makes your business a mission-driven business.”

For David and John, the mission of Queer Money is to try and improve the financial security of the LGBTQ+ community.

“The stronger we are as individuals, including our financial strength, the stronger we are as a community, and the more time, money, and resources we have to be able to protect and fight for our rights,” John said.

 

Build your audience before your product.
 

Before David and John started their Debt Free Guys brand, they wanted to write a book but were told by agents that they first needed to build an audience. They launched the Debt Free Guys blog to share smart debt management advice while also growing an audience. In doing so, they realized the need for LGBTQ+ voices in the personal finance community, which in turn led to the Queer Money podcast.

“‘Build it, and they will come’ only works in the movies,” David said. “You will not survive if you create a product and you don’t have a built-in audience who has a desire and need for it.”

 

Don’t forget to create an email list.
In the fast-paced world of modern entrepreneurship, it’s easy to get distracted by new opportunities or social media trends as a way to grow a business. Unfortunately, success on most platforms is determined by the current algorithm, and chasing success on every platform is a losing game.

“There are so many shiny disco balls to go at,” David said. “Find out what you can do to stay in the center of your world, or your business is going to look like a scribbly mess because you keep chasing after everybody else’s center of the world instead of your own.”

David and John recommend focusing on one or two platforms that connect with your mission and your audience. They also tout building a good, old-fashioned email list as a consistent and reliable way to reach your audience.

“What has consistently been a great money driver for most folks over the greatest duration has been growing your email list,” John added. “I would suggest that anybody who’s going to go down the virtual business path focus as much energy and attention on growing your email list. That’s your list. You can take that list anywhere.”

 

Questions of the Week

  • Have you connected with your “Why” lately?
  • How are you building your audience and email list?
  • Do you have any shiny disco balls it’s time to let go of?

 

Tool of the Week

John and David give so many great nuggets of wisdom. In addition to listening to the episode, you can find out more about John and David at the links below:

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