I rarely get the chance to go shopping but two weeks last Saturday I found the time to spend two hours in the Carnaby Street area of London to find something to wear for the weekend. I was walking from one busy outlet to another when I noticed a definite increase in the type of gay men that my boyfriend and I call HVQ's. These High Velocity Queens move at high speed between Compton, Oxford, Regent and Carnaby Street locations with more than a sense of urgency. They pose a physical threat to anyone intent on stepping in their way. Their mission in mind, they strut with purpose and strength with an uncompromising list of purchases to complete. This self indulgent list can include underpants, jewellery, compact discs, and of course the purchase of that all important new frock for the weekend. The trail of destruction weaves its way all through the West End, invariably culminating at the gym, unless it started there.
The economy has enjoyed a period of steady 'prudent' growth that is adding to the feeling of wealth. Interest rates have been steadier than you and I can remember which in turn gives us more money to spend. There has never been so much disposable income to buy ourselves self indulgent gifts and presents.
The amount of money in our pocket has created an upturn in activity in the housing market and is currently fuelling house price increases. More of my clients are considering purchasing their own property. Don't get me wrong, these recent increases in our lifestyles are warmly welcome and I like the idea of being able to spend money on myself and my boyfriend.
I want you to stop and think for a moment. Think about if things were maybe a little different. Imagine if you were stuck at home struggling to pay the bills, with barely enough money to pay for your food let alone an expensive shopping trip in the West End. Forget all of those fancy underpants, necklaces, rings and frocks. Your priorities would soon change.
I know what you're saying, "make hay while the sun shines". I'll think about these issues when they happen, or even, "it won't happen to me". We don't like to think about these things of course. Admittedly recession is something that we all can do little about as it normally hits so hard and so fast when it comes. But what if the recession was self imposed? What if there were some financial affects that could be guarded against? What if, for a small investment now, you could safeguard your future for tomorrow?
I'm talking about accidents, long term or even critical illness. How many of you have got mortgages or loans and how would you pay for them in these events? When I make a recommendation for a mortgage, I always recommend some form of cover for the eventualities of sickness and/or accident. For a few extra pounds each month it can be worth investing in.
You could adopt the foresight to take some form of protection that will allow you to keep your independence. If you were to protect against losing your income I'm not going to guarantee a lifestyle fit for a king. But maybe you'll still be able to live as a queen!
Two of the most common ways of protecting yourself or your mortgage are with Permanent Health Insurance (PHI) and Critical illness (CI).
PHI is aimed at providing long term accident and illness protection in the event of you not being able to do your own kind of work. This is normally designed to pay a percentage of your salary tax free and commences payment to you after a deferred period of 2,3,6 or 12 months. dependent on your needs. This will commonly continue until retirement if need be.
CI is designed to provide a lump sum benefit should you suffer one of a long list of specified serious illnesses, such as cancer, MS, stroke and heart attack. The definitions of these illnesses can vary widely and it would be advisable to speak to a gay independent financial adviser. The lump sum is again paid tax free upon diagnosis. If you were to recover, the insuring company does not expect its money returned.
Applying for these types of cover can present the familiar personal questions that gay men get asked when taking life cover. I advise that you speak to one of the growing number of financial companies specialising in gay advice. They will be able to advise on avoiding these tick box questionnaires and also identify cover at the most cost effective premium.
©2001-2002
Please note that the articles contained within this site were written for Pink Finance and are subject to copyright. They may not be reproduced in any form without prior written permission from the editor@pinkfinance.com.