Meet ‘The Trans Capitalist’ which focuses on financial education for the LGBTQ+ community
K. Kenneth Davis, a financial educator known as The transcapitalistis on a mission to help the LGBTQ+ community understand money.
His passion stems from his own experiences: Ten years ago, Davis says he found himself on the brink of financial disaster. Credit card bills piled up, he risked being expelled and he risked losing his car.
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He was also in the process of making the transition, which can cost tens of thousands of dollars. “I felt like I was never going to be able to transition into fully living my truth,” says Davis, who is now 33.
“Everything started falling apart,” he says. “I just hated myself for getting into that situation.”
At this low point, he read “Rich Dad, Poor Dad” by Robert Kiyosaki and Sharon Lechter. Davis says the book helped him realize he had the tools to gain financial freedom – and to empower other members of the transgender and LGBTQ+ community with this same knowledge.
“For me, it was just like, ‘How can I defend myself against capitalism, especially as a transgender person of color in America?'” he says.
Transgender people face many setbacks and obstacles, including financial.
In the United States, the poverty rate for transgender people is 29.4%, or almost double the rate that cisgender heterosexual adults experience, 15.7%, according to a 2019 study by the Williams Institute, a think tank based at UCLA Law School. Poverty rates are even higher for LGBT people of color.
Other studies have shown that transgender people are twice as likely to be unemployed like their cisgender counterparts, and four times more likely to have a household income below $10,000. For perspective, the federal poverty guideline for a one-person household was $12,880 in 2021.
If there was inclusion and pay equity for the millions of people who identify as transgender in the workforce, a recent article from McKinsey & Company estimated, it could generate $12 billion in purchasing power per year.
Through The Trans Capitalist, Davis offers financial workshops and one-on-one coaching sessions starting at $250. It offers a digital binder for $25.
Since 2016, he has worked with more than 100 people, he says, and sold more than 100 of the textbooks. Going forward, Davis hopes to expand The Trans Capitalist’s reach by uniting more financial coaches under his brand.
“In finance, they have their own language, and they purposely make it confusing to keep people out,” Davis says. “But once you’re able to decipher their language…things won’t be out of reach.” Education can make a big difference.
A client, Ashanna Wong Wing, 39, met Davis for the third time via Zoom in early February. As they went over his budget together, the two noted that Wing was no longer living paycheck to paycheck.
Working with Davis, says Wing, “has made me a lot more confident about my finances.”
The article “Meet ‘The Trans Capitalist’ who focuses on bringing financial literacy to the LGBTQ+ community″ was originally published on Growth (CNBC + Acorns).