Pay It Forward: Report #1

Hello to the 1,516 hotties who subscribe to this newsletter! Thank you for being here.

Two weeks ago, I shared a new project on Instagram called Pay It Forward that provides free financial coaching for queer & trans folx living in states where anti-trans/anti-LGBTQ legislation has been introduced.

98 people have applied for free financial coaching and we have raised $2,310 so far! (Donate here.) Your donations have funded 12 free sessions, and I’m able to see a total of 17 lovely people from the list of applicants!

Here’s the full report:

Demographics

Of the 98 applicants:

• 50% are people of color
• 29% are Black
• 6% are Indigenous
• 11% have children

Income & debt payments

Average monthly income: $2,980

Average monthly debt payments: $767

26% of the average applicant’s income goes toward paying off debt

20% of applicants make $1,000 per month or less

Location

• 36% live in Texas
• 25% live in Florida

Here’s the full breakdown below:

Financial concerns

• Applicants’ top financial concern is moving to a safe state (26%)
• 81% said they need an emergency savings fund
• 67% said they need help paying off debt
• 64% said they need to earn more to meet their basic needs

We raised $2,310 for free financial coaching sessions in 2 weeks!

Here’s how your money is being spent:

• $187 in administrative costs
• 12 free financial coaching sessions

There was a total of 20 donations.

• The average donation amount is $115
• 40% of donations are under $100
• We have 1 monthly donor who gives $150 per month

We’d love to get 5 more monthly donors by the end of January. You can also make a one-time donation using this link.

Friendly reminder: You can fund financial coaching sessions for a loved one. The donation page lets you write in their name and email address. It looks like this:

If you go this route, your loved one does not need to apply for the scholarship. We’ll contact them directly.

Reach out to leo@queerandtranswealth.org if you have any other questions.