Gay guys and their $$$

  • Posted by a hidden member.
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    Apr 25, 2011 1:21 PM GMT
    Gay guys seem to be very responsible with their money. They pay their bills on time. They save money. We do spend money on vacations/travel a lot, but I dont find that we spend too much money on clothes. I tend to buy very nice clothes, but then take care of them so they last a long time. And I never pay full price.

    Is this just a biased opinion or is this largely true? Are there studies on this or reasoning why this is/seems true?
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    Apr 25, 2011 1:29 PM GMT
    Maybe true in your circle. But so not true in mine. The very few I know are more concerned about what they have on or in there garage than the fact there one paycheck away from welfare.
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    Apr 25, 2011 1:33 PM GMT

    "but I dont find that we spend too much money on clothes."

    Where did you get THIS information? I think you just might be wrong on this one. I believe that gay men DO spend a fair amount of money on clothes and are usually the leaders, if not the trend setters, for the men's fashion industry.
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    Apr 25, 2011 1:34 PM GMT
    Speak for yourself. I'm terrible with money, but I have no debt except student loans.

    I splurge on clothes and my face. If it comes to food or clothes/face. I will always choose the most important. . . clothes and face.

    I did really well the last year with budgeting. I only spent $2,220.20 on my face. Some of it's a tax write off.
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    Apr 25, 2011 1:57 PM GMT
    Friendsrbetter said
    "but I dont find that we spend too much money on clothes."

    Where did you get THIS information? I think you just might be wrong on this one. I believe that gay men DO spend a fair amount of money on clothes and are usually the leaders, if not the trend setters, for the men's fashion industry.


    I have no data. I dont claim to. And I dress well, but I never pay full price for men's clothes.... there is never a need to do so. And I buy good clothes that last a long time and go a long way. Like men's shoes cost 100's of dollars, but last for years.

    Women tend to spend a lot of money on crap that they barely wear.... at least the women I know. Gay guys certainly spend more than straight guys (Grey Sweatpants are $5 at Wal-Mart), but I find that many of the gay guys I know spend responsibly.

    From the reaction, maybe I am wrong about this. Maybe it is just the guys I hang out with?
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    Apr 25, 2011 2:30 PM GMT
    Please send me your excess money.
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    Apr 25, 2011 2:34 PM GMT
    I'm actually saving for a Gucci suit to wear to formal functions, and just spent (undisclosed 3-figure amount) on clothes last week. icon_lol.gif
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    Apr 25, 2011 2:40 PM GMT
    paulflexes saidI'm actually saving for a Gucci suit to wear to formal functions, and just spent (undisclosed 3-figure amount) on clothes last week. icon_lol.gif


    No, Paul...please don't!! It's gotta be Armani !!!
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    Apr 25, 2011 2:47 PM GMT
    Friendsrbetter said
    paulflexes saidI'm actually saving for a Gucci suit to wear to formal functions, and just spent (undisclosed 3-figure amount) on clothes last week. icon_lol.gif


    No, Paul...please don't!! It's gotta be Armani !!!
    One or the other...gonna try them both before making up my mind.
  • awm55

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    Apr 25, 2011 3:07 PM GMT
    Gay men are really irresponsible with their money most of the time time, not why you thought any different.
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    Apr 25, 2011 3:13 PM GMT
    awm55 saidGay men are really irresponsible with their money most of the time time, not why you thought any different.
    I th ink it has a lot to do with location.
    When I was in Savannah last summer, I did notice the gay crowd there seemed more responsible with their money than the cash-throwing "30-thousand-dollar-a-year millionaires" down here. I've even adopted the cash-throwing lifestyle, but most of my cash-throwing is for things that I can use to make more money (mostly photography equipment or aviation materials).
  • SomeSiciliano...

    Posts: 543

    Apr 25, 2011 3:43 PM GMT
    paulflexes said
    awm55 said
    30-thousand-dollar-a-year millionaires" .


    I spat my coffee out over that one Paul....LOVE it!!!!!!! icon_biggrin.gif

    dustin_K_tx saidMaybe true in your circle. But so not true in mine. The very few I know are more concerned about what they have on or in there garage than the fact there one paycheck away from welfare.


    That is EXACTLY what I thought when I read the opening thread!! icon_eek.gif

    I don't know if I can back up any blanket statement like gay men are good/bad with money or gay men age better than straight men or gay men have better taste than straight men (well....kinda). Based on my experience, allot (not all) of my under 45 gay friends qualify for a TARP style bailout...no matter how much they make. My friends in their early to mid 40s and beyond have moved past the 'live in the moment' phase and tend to think long term.
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    Apr 25, 2011 3:51 PM GMT
    most people i know want to present as if they have more than they do. it's actually a way to oppress people to make them think this is necessary. so long as they are constantly striving to out do each other, they are less likely to unite and approach larger issues of oppression.

    OTOH, since we're legally 2nd class citizens in the US, it's easy to feel like you are outside the system, do not matter and not think long term.

    i live way below my means. the material things that make me happy are few and far between. so i have odd tastes. i buy my clothes at thrift stores mostly
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    Apr 25, 2011 5:03 PM GMT
    paulflexes said
    awm55 saidGay men are really irresponsible with their money most of the time time, not why you thought any different.
    I th ink it has a lot to do with location.
    When I was in Savannah last summer, I did notice the gay crowd there seemed more responsible with their money than the cash-throwing "30-thousand-dollar-a-year millionaires" down here. I've even adopted the cash-throwing lifestyle, but most of my cash-throwing is for things that I can use to make more money (mostly photography equipment or aviation materials).


    Savannah is my hometown... and I live in SC outside of Charlotte... a banking city.

    Maybe it is just here. I dont see guys spending excessively.

    Oh well, I dont mind being told I am wrong. Especially when I am wrong!!
  • Posted by a hidden member.
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    Apr 25, 2011 5:08 PM GMT
    gay guys have money because they normally dont have the spendings that the normal families have with 1-2 kids and a big mortgage on a house to pay.
    They just have a condo in the heart of the city and thats it.
  • awm55

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    Apr 25, 2011 5:23 PM GMT
    snowboarder saidgay guys have money because they normally dont have the spendings that the normal families have with 1-2 kids and a big mortgage on a house to pay.
    They just have a condo in the heart of the city and thats it.


    This is true to a certain extent, but you see a ton of young gay men in urban environments trying to live way outside their means. Its a fallacy that gay men tend to be wealthier and more successful than straight men, most gay men do not have the conventional high paying job (Banker, Lawyer, Doctor, etc) but they do have an opportunity to save more because they don't ever have kids.
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    Apr 26, 2011 7:52 AM GMT
    I don't think having good spending habits or being financially responsible has anything to do with someone being gay or not. It's basically an individual thing and how you were brought out up in life.
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    Apr 26, 2011 8:23 AM GMT
    The book "the velvet rage" actually discusses this in detail.

    Gay men grow up feeling something is wrong with them: they are different, and somehow not like the other boys. So they basically spend their life trying to be validated for many types of things in order to fit in and feel that acceptance and validation from others, as they were never able to authentically validate themselves.

    Hair dye, teeth whitening, tanning beds, looking eternally young, designer clothes, the appearance of being "rich", plastic surgery, a sculpted perfect body, outrageous sexual escapades, extremely high standards for a mate, being widely recognized in their occupation, throwing lavish parties, taking over the top vacations.... basically the pursuit of "perfection" and being given praise by all in order to feel accepted and validated because they never truly accepted or internally validated themselves.

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    Apr 26, 2011 4:54 PM GMT
    Unfortunately, as a financial advisor, I have to disagree with you. While it's clear that gay men have much higher disposable income because they don't have to support a family, almost all the gay clients I've seen and everything I hear from my colleagues shows me that gay men are terrible with money. As one of the few gay men I know who's good with money, I can provide two potential explanations: First, gay men worry they won't live long because of AIDS. Second gay men are in a frantic competition in terms of cars, trips, eating out, etc. Three, gay men are treating themselves to compensate for the way society treats them.

    (PLEASE NO FLAMES OR HATE-MAIL, but genuine thoughts and disagreements are most welcome!)
  • awm55

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    Apr 26, 2011 5:00 PM GMT
    shredcutback saidThe book "the velvet rage" actually discusses this in detail.

    Gay men grow up feeling something is wrong with them: they are different, and somehow not like the other boys. So they basically spend their life trying to be validated for many types of things in order to fit in and feel that acceptance and validation from others, as they were never able to authentically validate themselves.

    Hair dye, teeth whitening, tanning beds, looking eternally young, designer clothes, the appearance of being "rich", plastic surgery, a sculpted perfect body, outrageous sexual escapades, extremely high standards for a mate, being widely recognized in their occupation, throwing lavish parties, taking over the top vacations.... basically the pursuit of "perfection" and being given praise by all in order to feel accepted and validated because they never truly accepted or internally validated themselves.



    The funny thing is most middle aged gay men who do everything above end up looking old, fake, leathery, worn out, and used. These same people are normally the ones who live an extremely hedonistic lifestyle which is often the reason they end up aging less gracefully.
  • needleninja

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    Apr 26, 2011 5:01 PM GMT
    yeah i totally have the monies right now to travle a lot and pay bills......
  • Posted by a hidden member.
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    Apr 26, 2011 5:04 PM GMT
    I think single guys in general are poor at managing their finances, and gay guys can be even worse as there seems even more 'keeping up with the Jones's' going on, in terms of wanting to have the designer clothing, gadgets, holidays etc.

    I've always been very careful with money and not lived outside my means but from what I've seen that's not the norm amongst gays.
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    Apr 26, 2011 5:09 PM GMT
    I expect this is one area where the heterofawkers and the homofawkers are no different. We are all just a sampling of people who happen to be gay.

    My gay gene doesn't make me spend more or less on my insecurities than other folks and ll the crap I buy is just as useless.

    That reminds me; F-U, Dell.
  • awm55

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    Apr 26, 2011 5:10 PM GMT
    Gay men tend to have more expensive tastes than straight men, there is nothing wrong with this as long as you can afford it but I am guessing most can't.
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    Apr 26, 2011 5:14 PM GMT
    awm55 saidGay men tend to have more expensive tastes than straight men, there is nothing wrong with this as long as you can afford it but I am guessing most can't.


    Where's the evidence to be able to say that?