Wealth might be different for LGBT people.
Intergenerational wealth is defined as the transfer of wealth from one generation to the next. For LGBT people, intergenerational wealth is critical for building financial security and reducing economic disparities. However, LGBT people are less likely to have access to intergenerational wealth due to a variety of factors, including discrimination, lack of legal recognition, and societal stigma.
The lack of intergenerational wealth has significant long-term economic consequences for LGBT people. Without access to intergenerational wealth, LGBT people are less likely to own a home, invest in retirement accounts, or build a financial safety net. This lack of financial security can have serious consequences in times of economic hardship, such as job loss or medical emergencies.
Heteronormative hegemony
The traditional approach to intergenerational wealth has long been rooted in the idea of having children and passing down assets to future generations. This heteronormative approach assumes that having children is the default and only way to continue one’s legacy and ensure the passing down of wealth.
Diverse worldviews
However, this approach does not account for the realities of many individuals and couples, particularly those who identify as lesbian, gay, bisexual, and transgender. For many people having children may not be an option due to societal and legal barriers, infertility, or simply a personal choice.
Cost of exclusion
The lack of alternative approaches to intergenerational wealth can lead to a sense of exclusion and inequality for LGBT people and collectives. Without a clear path to build and pass down wealth, LGBT people may find themselves at a disadvantage compared to their heterosexual counterparts.
Alternative Futures
One alternative approach to intergenerational wealth for LGBT people is through the creation of chosen families. Chosen families are networks of close friends and loved ones who support each other in ways that traditional families do. This approach recognizes that family is not limited to blood relations and that non-traditional families can also provide the support, love, and financial stability needed for intergenerational wealth building.
Another approach is through intentional community building and collaboration. LGBT people, collectives, and organizations can come together to form cooperatives, community land trusts, or other community-based economic models that prioritize collective ownership and mutual support. By working together, LGBT people can pool their resources, knowledge, and skills to create sustainable economic systems that benefit all members.
Furthermore, LGBT people can also pursue intergenerational wealth through entrepreneurship and financial planning. By starting their own businesses, LGBT people and collectives can create wealth that can be passed down to future generations. Additionally, LGBT people can work with financial advisors who understand the unique challenges and opportunities facing the community to develop personalized financial plans that align with their goals and values.
It is important to acknowledge the role of systemic discrimination and inequality in hindering the accumulation and passing down of intergenerational wealth among marginalized communities, including the LGBT people. Discrimination in employment, housing, and access to financial resources can make it harder for LGBT people to accumulate wealth in the first place, and limit opportunities for intergenerational wealth building. This is an opportunity cost and only adds to the rich cultural surpluses of LGBT people.
Future pride
In conclusion, the traditional heteronormative approach to intergenerational wealth assumes that having children is the only way to build and pass down wealth. For many LGBT people, this approach may not be an option or may not align with personal values. Alternative approaches to intergenerational wealth building, such as chosen families, intentional community building, entrepreneurship, and financial planning, can provide a path to building wealth and passing it down to future generations. It is important to address systemic discrimination and inequality that can make it harder for LGBT people to accumulate and pass down wealth, and work towards creating more equitable economic systems that benefit all of society, towards viable futures. The future is equity. The future is queer.
