Redefining Debt: How One Nonbinary Entrepreneur Found Freedom Through Financial Strategy
For many, the concept of debt often feels like a burden or a dead end. However, for Charly Stoever, a trans, nonbinary former stockbroker turned financial coach, it’s become a bridge to freedom and empowerment. Stoever’s unique journey sheds light on how a fresh perspective on finances can unlock opportunities, particularly for first-generation queer individuals.
From Stockbroker to Money Coach
Stoever has dedicated their career to helping first-generation queer folks navigate the complex world of finance. By leveraging debt as a strategic tool, they’ve built a thriving coaching business that aligns with their values and personal goals.
Practical Choices Lead to Growth
Instead of anchoring themselves to long-term housing contracts—often a significant financial commitment—Stoever opted for a lifestyle of house and pet sitting. This decision not only minimized their living expenses but also allowed them to explore multiple cities across Mexico, Thailand, the U.S., and Europe.
“I love traveling, and as a single person, it made sense not to pay tens of thousands in rent,” Stoever explains. The companionship of pets adds emotional support during their travels, fostering a sense of stability while also keeping isolation at bay.
Debt: A Tool, Not a Stigma
Stoever’s approach to debt diverges from traditional narratives that often label it as a moral failing. “I was taught that debt was evil,” they share, noting that many personal finance conversations overlook systemic barriers—like job discrimination or lack of generational wealth—that make it hard for marginalized communities to build wealth.
Recognizing this gap, Stoever began to see debt as a form of startup capital rather than a burden. By accessing business credit cards designed to protect personal credit, they financed business needs strategically.
Strategic Spending Pays Off
For example, Stoever invested $9,000 into a business coaching program, using debt as a means to amplify their business growth. The result? They earned $40,000 in sales within six months.
When considering debt, Stoever emphasizes a few key practices:
- Run the Numbers: Use debt calculators to understand total costs.
- Assess the Return: Factor in both financial and emotional returns on investment.
- Plan the Payoff: Align repayment strategies with expected income.
Empowerment Through Community and Self-Definition
Stoever encourages other queer and trans entrepreneurs to redefine what financial success means to them. They stress the importance of community and support, reminding us all that we don’t have to navigate financial challenges alone.
Practical Tips for Financial Empowerment
If you’re a queer entrepreneur looking to grow your business, consider these tips:
- Invest in Growth: Borrow when it enables you to access valuable resources or services that can enhance your income or reduce stress.
- Define Your Success: Establish your own standards for financial security—be it through travel, personal time, or the ability to escape toxic environments.
- Lean on Your Community: Surround yourself with supportive individuals who share similar values.
For Stoever, financial security isn’t just about money; it’s about freedom—the ability to choose a fulfilling life that aligns with one’s dignity. As they continue their journey, Stoever aims to inspire others to see the potential within their financial decisions.
By viewing debt as a strategic ally rather than an anchor, you too can pave your way to financial freedom and empowerment.
Writes about personal finance, side hustles, gadgets, and tech innovation.
Bio: Priya specializes in making complex financial and tech topics easy to digest, with experience in fintech and consumer reviews.