David and John Auten-Schneider, Hosts of Yahoo Finance's Living Not So Fabulously podcast, join Wealth! to break down the importance of personal finance for the LGBTQ community.

"One of the important things to remember for financial services companies is that not all of their clients are a monolith. John and I like to say that, that as individuals, when it comes to engaging with our money, it's almost like the Pareto Principle. There's an 80-20 split and that 80% is one side, is the finance side, where it is very much the same for everybody. I swipe my credit card the same way you do. I pay with a dollar bill the same way you do. But the 20% is the personal side of personal finance, and that is affected by where I was raised, the color of my skin, my sexual orientation, my gender. All of that has an overshadowing effect as to how we either use or don't use money, and I think financial services companies need to remember that and speak to that when they're working with clients," David tells Yahoo Finance.

John explains that the number one step for the LGBTQ community to take in order to attain financial security is to use available tools, like retirement accounts and mortgages. He adds, "We don't have life insurance the way the general population does. We're also not using wills and trusts, and we all need to have a will or a trust."

David also stresses the importance of planning for retirement: "When we look across the country, we look for places where we feel like we are safe and welcomed. Oftentimes, they are in states or cities that are very expensive. So we need to have that honest conversation with an advisor about where we're going to retire."

You can check out the Living Not So Fabulously podcast here.

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This post was written by Melanie Riehl