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THE MONEY ISSUE With Articles Covering Presonal Finance, Queer Aging, Marriage, Real Estate, The Pink Dollar, and the Power of the Pink Dollar. Pride Foundation’s Katie Carter Talks about Community, Our Challenges, Giving, and Making a Difference4 EDITOR’S LETTER Dear Readers, The term “pink dollar” encapsulates the economic power wielded by the LGBTQ+ community and its allies. It represents the purchasing power and economic influence of individuals who identify as lesbian, gay, bisexual, transgender, pink, and other diverse sexual orientations and gender identities. This demographic group has emerged as a significant market segment, prompting businesses to cater specifically to their needs and preferences. The pink dollar reflects not only the buying power of LGBTQ+ individuals but also their commitment to supporting businesses and brands that align with their values of diversity, inclusion, and equality. Companies that actively embrace LGBTQ+-friendly policies, representation, and marketing strategies often enjoy greater loyalty and patronage from this community. Furthermore, the pink dollar contributes to societal change by fostering economic empowerment within the LGBTQ+ community and advocating for greater visibility and acceptance in the marketplace. As more businesses recognize the economic potential of this demographic, they strive to create inclusive environments and offer products and services that resonate with LGBTQ+ consumers. Ultimately, the concept of the pink dollar highlights the intersection of economics and social progress, emphasizing the importance of recognizing and valuing the diverse perspectives and experiences within the marketplace. Real estate with a focus on LGBTQ+ individuals and couples often prioritize inclusive neighborhoods, legal protections, and amenities catering to the community’s needs. Gay real estate agents may specialize in understanding these unique considerations, fostering a sense of belonging and safety for buyers. Planning ahead for LGBTQ seniors involves addressing unique challenges such as legal rights, healthcare discrimination, and social support. It includes estate planning, choosing LGBTQ-friendly retirement communities, and establishing healthcare proxies. Financial and legal advisors with expertise in LGBTQ issues can provide invaluable assistance in ensuring a secure future. Building a better future for LGBTQ citizens in the Pacific Northwest (PNW) involves advocating for inclusive policies, healthcare access, and anti-discrimination laws. It requires fostering supportive communities, promoting LGBTQ representation in leadership roles, and addressing disparities faced by marginalized LGBTQ individuals, ensuring equality and acceptance across the region. Onward, Michael Montgomery, Editor-in-Chief Anthony Polimeni | Publisher & Co-EditorMichael Montgomery | Editor-In-Chief5 Table of Contents The Pink Dollar Out NW | Oregon Out NW | Washington Making Queer Progess Katie Carter Interview Pride Foundation The Biggest Purchase Rent or Buy? When and How? Out NW | Idaho Quickies 2024 Calendar Money 101 Basics Love, Death and Taxes BOYCOTT Out NW | Montana Out NW | Northern California Queer Aging Out NW | Alaska Call to Action & Masthead Page 6 8 9 12 15 18 21 29 32 35 39 42 45 49 52 54The Pink Dollar A Historical Powerhouse in the LGBTQ+ Economy by Dr. William Kapfer Global Head, Supplier Diversity - Community Engagement JPMorgan Chase & Co.7 I was taken aback when I came across an article touting “the pink dollar” as a newly prominent economic force, a testament to the LGBTQ+ community’s purchasing clout. It made me pause and ask out loud, “Really?” The economic clout of the queer community has been a topic of conversation since the 1990s. To me, this is far from a new revelation. The gay consumer demographic isn’t just a footnote in economic history; it has been a powerful player across travel, entertainment, fashion, and technology sectors for years. Understanding the pink dollar goes beyond just acknowledging financial influence; it’s a recognition of how essential diversity and inclusion are to the fabric of a prosperous, vibrant economy. To put it simply, the pink dollar represents the financial might of the LGBTQ+ community, and it’s something that savvy businesses and marketers have been paying attention to for a while now. For instance, Absolut Vodka began targeting this market in the early 1980s by placing ads in gay publications — a bold move that set it apart from its peers. This particular consumer group is known for its strong brand loyalty, above-average disposable income, and willingness to spend on travel and high-end products. It’s clear from research that LGBTQ+ people often choose to support companies that mirror their personal values, particularly those that stand for inclusivity and LGBTQ+ rights, and for freedom. The impact of the pink dollar is especially palpable in the travel and tourism sector. Organizations such as the International Gay and Lesbian Travel Association, founded in 1983, have played a pivotal role in advocating for and promoting safe and equal LGBTQ+ travel experiences globally. Statistics underscore that LGBTQ+ people tend to travel more frequently and spend more money per trip than their heterosexual counterparts, contributing significantly to the global tourist economy. With the growing popularity of Pride events, LGBTQ+-friendly cruises, and travel packages, these have become more than just celebratory experiences — they’re also substantial economic contributors to regions that celebrate and embrace diversity. The reach of the pink dollar, however, goes far beyond economic metrics. It’s about the message businesses send when they cater to the LGBTQ+ market. It’s a message of acceptance and inclusion that helps to chip away at prejudice, fight discrimination, and build a culture steeped in respect and mutual understanding. I’m convinced that the pink dollar is more than just a current trend — it’s a significant and growing segment of our economy. The gay consumer is not a niche to be sidelined; they’re movers and shakers, driving progress, setting trends, and igniting change across industries. Companies that authentically embrace diversity and inclusion are poised to not only enjoy economic benefits but also to contribute to a more inclusive and equitable society — a kinder society that sees and honors the differences among us. As the global economy evolves, the importance of the pink dollar only stands to grow, emphasizing the need for businesses to engage with the LGBTQ+ community in a meaningful and respectful manner. $ $ $ $ $ $8 Many in the LGBTQ+ community face unique financial challenges and opportunities that differ from those of their heterosexual coun- terparts. Some think that we earn outrageous incomes. Unfortunately, that has not been proven. Yet our community does tend to incur higher expenses, such as those for housing, travel, entertain- ment, and healthcare. We can also face discrimination, harassment, or violence in the workplace, which can affect our career prospects and earning potential. When it comes to saving, invest- ing, and planning for retirement, if one is single or childless, or has recently left a relationship, financial success or failure can be terribly impactful. Without adequate re- sources, life becomes far more challenging. It is essential to develop a solid un- derstanding of money management and financial literacy. Here are some tips and resources to help you move toward financial wellness and security: •Budget carefully: A budget is a plan that helps you track your income and expenses, helping you to allocate your money according to your needs and goals. Get a budget app and list all your sources of income and all your fixed and variable expenses, such as rent, utilities, food, transportation, en- tertainment, etc. Don’t have one? Get one. If you are old enough for Grindr, you are the right age to start managing your budget. Seek out those who you believe have a han- dle on managing their expenses. •Insure adequately: Insure yourself against risks, harm, or loss. Getting the right amount of insurance to cover where you rent, what you drive, or the income you are earning is important. Seek out a friend, financial advisor, or insur- ance agent to learn more. •Save strategically: Set aside money for emergencies, goals, or opportunities. Savings can protect you from financial shocks, impacts from illness, or homelessness while providing peace of mind. Choose a safe and accessible place to store your money, such as a bank or money market account. Save for yourself too: have an account that only you can access and is yours alone. •Invest wisely: Investing can help you achieve your long- term goals. To invest wisely, you need to have a clear objective and a suitable risk tolerance for your investments. Diversify your portfo- lio across different asset classes. Use tax-advantaged accounts, such as 401(k)s, IRAs, or Roth IRAs to save for retirement. Don’t wait to start investing. These are basic principles and practices of money manage- ment for our community. There is much more to learn and explore in the world of LGBTQ+ person- al finance, however. There are numerous online tools, apps, and spreadsheets to help you create and monitor your budget, evaluate insurance, track savings, or re- search and manage investments. Money 101 is not just about numbers and calculations but also values and choices. It is about finding your own path and living your best life. Remember, money is a tool, not a goal. Use it wisely and enjoy it responsibly. 101 Basics An Expert’s Take by Eric Brown, CMFCOregon The LGBT Community in Oregon By SeanPavone via EnvatoNext >