David Auten and John Schneider, husbands who say they love dining out and going to concerts, at one time realized they were facing $51,000 in credit-card debt.
“We realized that for the past few years, we were spending beyond our means to make ourselves feel better, in part, to make up for being bullied and picked on for being gay when we were younger,” they said.
“We were living naively and unconsciously and doing it all on credit.”
They were financial professionals. Auten started out in mutual funds, then worked in advisory and as a 401(k) record-keeper, and Schneider started out in brokerage, then moved on to advisory. But they were handling their money like amateurs.
Their spending needed a makeover — or as they call it, a “fabulous comeback.”
They consolidated their credit-card debt onto 0%-rate cards. They cut back their food spending, from $400 per week to $150, on groceries. They stopped going out as much and started finding free and cheap things to do with friends in their spare time.
Now, they run a website called “The Debt Free Guys” and host a podcast, “Queer Money,” to share what they’ve learned along the way.
MarketWatch will interview them on video Aug. 17, and now is your chance to ask them any question you might have about your own money.
Are you in debt?
Are you a member of the LGBT community experiencing financial challenges?
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