Yes, Dorothy, It Is Possible to Be Gay Fabulous Frugal all at the same time. 5 Ways to be Gay Fabulous and Frugal. Handling money with aplomb and living well while looking good doesn’t have to be mutually exclusive. You just have to be smart about it.

By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™

Gay Frugal Fabulous 5 Tips to have it all

One of the great pleasures of coming out is that you don’t have to hide your inner fabulousness from the world. But there is a catch . . . and that is that fabulousness often doesn’t come cheap. We all know stories of gay men living so large they end up driving their BMW x6 convertibles right into the poor house. Who knows, maybe this is even happening to you as we speak.

Many people mistakenly think that you can’t possibly be both fabulous and frugal at the same time. Listen up, I’m here to set the record straight, I’m living proof that you can live a fabulous gay life and be fiscally responsible at the same time.

Here are a few insights to get you started to be Frugally Fabulous:

Cost versus value to be Gay Fabulous Frugal

I’ve just had the pleasure of seeing Hamilton on Broadway. I know there were people there who paid $4000 per ticket sitting behind people who paid $150. (I previously wrote about a person who paid $42,500 for two tickets to Hamilton read more here). Same production but obviously a better deal for the person who paid the smaller price. But since the show is a ginormous hit – having won 11 Tony awards and set box office records – and sold out seemingly forever, both parties felt it was worth every penny, they got their value’s worth. My husband and I paid somewhere in between those two figures, and I’m so happy we did because it was amazing. For us, it was worth the cash outlay because the value of the experience exceeded what we paid for it. Fabulous seeing the show, frugal getting a great deal on tickets.

Smart choices, smart planning to be Gay Fabulous Frugal

I’ve seen too many people – and gay men are over-represented here, unfortunately – over the years be fabulous without being frugal. They often dig themselves into a big hole of debt. Picture the glamourous (aka expensive) leased car, revolving credit card debt, bottle service, designer clothes and so on. But then, the whole house of cards collapses with the first “life happens” moment such as a job loss, serious illness or demise of a relationship or even just a smaller than normal bonus.

So what to do? It’s all about the strategy and it’s all about the plan, my dears.

If you don’t have a plan you will never know where you are going. The smarter financial choices you make along the way, the easier and faster you’ll reach your specific goals and dreams. Smart choices mean budgeting and spending on purpose according to plan rather than on impulse. Smart choices are the opposite of random.

Here’s how to do it. Prioritize your fabulous wish list and recognize that staying on track for your financial goals will mean picking and choosing some of these things, but not all. Trust me, a little moderation won’t kill you and may indeed keep you alive longer, healthier and richer. Big ticket fabulousness in one area (say, a dream vacation) may mean scaling back in a few other areas (as in the new car.)

I was talking with a person who just sold a tech start-up and was rolling in it. Fortunately, he doesn’t care much about cars or fashion; quality jeans and tee shirts are fashionista enough. But he really enjoys flying first class, wants to buy a vacation home in Palm Springs, and maintain the financial flexibility to make his next start-up happen. A moderate but fun electric vehicle frees him up financially to get the vacation home, and still have the cash flow to pursue his dreams. In other words, he spends on fabulousness true but he just doesn’t spend everything on it.

Get on it to be Gay Frugal and Fabulous

The early bird special gets the worm . . . and the best deals. Procrastination is not your friend if you want to be either frugal or fabulous. And it can really wreak havoc on our financial house if you want to be both. (Procrastinate on your workouts, btw, and watch your abs get absolutely flabulous in no time.) Picture your next vacation to Hawaii. Booking ahead of time can often translate in the paying 30-40% less for hotels, and dramatically less for flights. Planning ahead gets you the same fabulous vacation but at a frugal and friendly price tag. Look for ways to put time and money on your side by booking in advance and getting more bang for your buck. You will look way more fabulous on the Waikiki with extra money to spare for cocktails.

Here’s another downside to putting off the inevitable. People often look for a Financial Planner when they are in transition or some financial catastrophe rears its ugly head. Many times new potential clients come in and sheepishly say “Um, by the way, we haven’t filed taxes in three years,” or something similar. So procrastination makes taxes, already a misery for most, and compounds them to a bigger pain in the booty with the levy-happy IRS primed to do its worst. Make sure to capitalize on the great financial opportunities life gives you, rather than just reacting when the cards don’t fall in your direction.

Finders keepers- Fabulous and Frugally.

When up on my LA Certified Financial Planner soapbox I roar time and again, “It’s not what you make but what you keep.”

“It’s not what you make but what you keep.”-David Rae

Take taxes for example. There is nothing fabulous about a big tax bill, and there is nothing frugal paying more than you owe. While we don’t specifically handle taxes as financial planners, (tax planning) helping you keep more of the money you make is a big part of a comprehensive financial plan. Being proactive rather than reactive, and implementing tax-deferral strategies, and making sure you are getting all of the tax deductions you are eligible for will help you keep more of the money you have worked hard to earn. Smart tax planning is both Fabulous and Frugal.

Rewards miles and other perks help you Gay Fabulous and Frugal

My husband and I flew to Europe last summer in lie-flat seats, being fed well with a six-course meal and top-shelf wine. This is a truly fabulous experience, but one that I’d recommend you never try because you will be spoiled. These tickets are expensive, to the tune of $12,000 each per round trip. While I’m arguably fabulous enough to fly first class to Europe, my frugality precludes me from spending $24,000 on two airline tickets much to my husband’s chagrin. Luckily we planned ahead and made smart decisions accumulating airline miles, and were able to get these seats with a just few bucks out of pocket. How frugally fabulous was that??!!

I’m one of those people obsessed with miles, perks and, oh yeah, and saving money. Not all frequent flyer programs or buyer incentives are all that fabulous, but what do you have to lose? Most are free and at least potentially can add some value. If you pay attention and play your cards right, they’re another way to stretch your dollars without actually having to cut back. One restaurant I frequent gives you 10% off your bill, and then 10% gift card every time you spend $200. So essentially that equals 20% off your purchases. I just have to give my phone number to link to my account each time I dine. Not a big deal. Other places like hotels often have members-only exclusives or other money saving deals.

“Remember a dollars saved is better than a dollar earned (no taxes are owned on a dollar Saved!”

Gay Frugal and Fabulous need not be mortal enemies.

Paying attention to ways to manage both can mean you end up paying yourself. If the streets were paved with gold but you didn’t notice because you weren’t paying attention, where’s the benefit? Look around you, there are literally millions of opportunities to help you stretch your dollars. Honing your radar may take a bit of practice, true, but stick to it. Diligence and frugality go hand in hand. And that’s just fabulous.

Related to Gay Frugal and Fabulous:

How to become a Financially Savvy Gay

Gay Financial Planner – Right for You?

Until next time stay Gay Fabulous and Frugal. Remember Gay Money Matters!

DAVID RAE, Certified Financial Planner™ Accredited Investment Fiduciary™ is a Los Angeles-based retirement planner with DRM Wealth Management, a regular contributor to the Advocate Magazine, Huffington Post Queer Voices, Forbes, and proudly serving friends of the LGBT community for over 15 years. Follow him on Facebook or via his website, www.davidraefp.com.



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