The Balance Sheet: April 16, 2023

In this week's Balance Sheet I'm thrilled to introduce you to Chen-Chen Huo, the co-founder of Nexus: the first bank account that earns returns for people, not banks.

The Balance Sheet: April 16, 2023
Courtesy of Nexus

April is Financial Literacy Month, so in this week's Balance Sheet I'm thrilled to introduce you to Chen-Chen Huo, the co-founder of Nexus: the first bank account that earns returns for people, not banks. Nexus allows users to keep 100% of their money invested in diversified funds, earning as much as 9% annually for themselves.

As a queer founder, Huo wants investing to be simple and effortless, especially considering that the LGBTQ+ community faces challenges in so many other areas of personal finance.

Check out my profile of Nexus below. (And FYI, if you sign up for Nexus using my affiliate link, I may receive a small commission).

Have a great week!


Top Line

Stories with Main Character Energy

This Queer FinTech Founder Wants Your Money to Work for You, Not Banks

Chen-Chen Huo, co-founder of Nexus, grew up as a first generation immigrant in San Francisco. Chen-Chen and his family lived frugally and strategically, fitting a family of six into a 650 sq ft. apartment close to his mom’s research lab. As they grew accustomed to life in America, both of his parents became fascinated with the wealth building mechanisms available stateside. Every lunar new year, Chen-Chen would receive a red envelope with a crisp hundred dollar bill that would be immediately placed into a CD at the credit union down the street.

When the opportunity arose to build a product to help others benefit from the potential of investing, it was a no brainer. Nexus originated from a simple problem: there is way too much money sitting in checking accounts earning returns for banks instead of people. Chen-Chen and his co-founders believe that money should be working for the people that earned it, and built Nexus to democratize investment returns for their users.

How it works: Nexus gives users everything they need from a checking account while keeping the entire balance invested in diversified funds to earn returns.

  • Traditional banks take checking dollars and invest to earn returns for themselves - Nexus instead gives the returns to people.
  • Users can choose exactly where their money goes, from low-risk treasuries and bonds, to higher risk, higher yield stock funds.
  • Users also retain liquidity of their funds. Instead of waiting days for transfers between checking accounts and brokerage accounts, money is provided instantaneously at no cost to the user, whenever it is needed.

Try out Nexus here

Read more about Chen-Chen at Queerency

Trans Journalist Imara Jones Named One of Time’s Most Influential People of the Year

On Thursday, Time magazine revealed that Imara Jones, founder of the nonprofit organization TransLash Media, is among those honored in this year’s Time 100, which honors influential figures in areas such as the arts, government, journalism, and activism. To honor Jones, artist and activist Tourmaline wrote for the magazine about Jones’ history in journalism and her pioneering LGBTQ+ activism.

“In a world where we are inundated with anti-trans bills and violent rhetoric, Imara Jones offers a vision of the world we deserve,” Tourmaline wrote, adding that Jones’ work “takes the media narrative beyond where it usually goes by cultivating our awareness of and desire for Black trans futures.”

Read more at Them

Check out TransLash Media's award-winning series The Anti-Trans Hate Machine: A Plot Against Equality 

Gay Pride Apparel Will Soon be Carried in Walmart

Until recently, some of Sergio Aragon and Jesus Gutierrez's biggest moments as the founders of Gay Pride Apparel involved seeing their designs out in the wild, including being worn by the likes of actors Lili Reinhart and Frankie Grande.

Now they can add another milestone to the list: launching an exclusive collection at Walmart stores across the country in honor of Pride Month in June.

Read the full story at AZ Central


Queer-Owned Businesses In the News

As the LGBTQ community seeks safe spaces, ICONS in Colorado Springs provides just that
Since the Club Q shooting in November, the downtown bar ICONS has filled the shoes as the only official gay space in conservative city.
Inside the Black and Queer-led Movement of Regenerative Winemaking
For Kalchē Wine Co, wine is so much more than expensive grape juice. It’s a vehicle for solidarity.
Sis Got Tea: New LGBTQ-Friendly Tea Business Opens In Germantown - LEO Weekly
Sis Got Tea, a specialty tea shop, opened their first brick and mortar location on Sunday, April 9, in the Germantown neighborhood.
Visit queer-owned thrift shops - Daily Trojan
Five vintage stores and safe spaces curated to support the queer community.
In Between: Creating “brave” spaces for queer people of color in San Luis Obispo County
Having safe spaces is important for queer people of color to be able to live safely, comfortably and authentically. But what does it mean to be in a safe space? Reporter Erick Gabriel talks to LGBTQ+ people of color in SLO County about what it means to them, and how the community can go beyond safe…
Queer-Friendly Gyms Provide Welcoming Places to Work Out
Body positivity, respect for pronouns, gender-neutral restrooms, a sense of community, and more: that’s what you’ll find at these gyms.
The emerging collectives shaking up Bristol’s LGBTQ+ scene
They are driving a revival in the city’s queer creative landscape
‘Pioneering’ gay pornographer David Hurles dies at 78
San Francisco legend David Hurles reportedly died on 12 April due to complications from a stroke in 2008. He was 78.


Good News in Queer Business, Politics, and More

Circuit Court Rules Teachers Don’t Have a Religious Right to Misgender Trans Students
“Court victories keep rolling in for trans people,” said transgender activist Erin Reed of this decision.
Brittney Griner, Aubrey Plaza among queer heroes in TIME 100 influential people list
TIME’s list of 100 most influential people of 2023 has named LGBTQ+ legends and allies including Brittney Griner and Jennifer Coolidge.
5 Ways Michigan’s Commitment to LGBTQ+ Civil Rights Is Good for Business - Pride Source
When Michigan Gov. Gretchen Whitmer signed off on the Elliott-Larsen Civil Rights Act Amendment, enshrining LGBTQ+ discrimination protections into law in
Gayety Gamers is Fighting Bigotry By Fostering Queer Connection
The group has remained a beacon of positivity, supporting members through COVID and the heightened legislative attacks against the trans community…
Mike Pence in pink boots, Ron DeSantis in a big ball gown. Here’s how the ‘RuPublicans’ Instagram account uses AI art to call out GOP lawmakers — by dressing them in drag.
“Our hope is these images spark conversation and capture the hypocrisy of the GOP,” the account’s creators told Insider.
Ex-gay porn star Antonio Moreno runs for mayor of small Spanish town
Antonio Moreno has left the adult industry behind him, and now hopes to become mayor of Carcelén, a Spanish town with 483 inhabitants.

Facts & Figures

LGBTQ Data to Digest

Southern Queers: New Study Reveals the Reality of LGBTQ+ People in the South
While bucking some stereotypes, the study emphasizes the need for LGBTQ+ safe spaces in southern states.
Survey finds many LGBTQ+ Americans are struggling with high rates of economic insecurity
Only half of more than 2,500 survey participants reported they were able to pay their monthly bills in full.
Young queer people still being forced back into closet at work, study finds
A new survey shows that one in four young, LGBTQ+ people feel unable to come out in the workplace, choosing not to be open with co-workers.
Gay Youth Twice as Likely to Experience Sleep Troubles
Gay, lesbian, and bisexual youth are more than twice as likely as their straight peers to experience sleep-related disorders.
Study Finds A Big Difference Between How Queer And Straight Kids Use Their Phones - IN Magazine
A new study has found that queer kids are spending significantly more time on their smartphones than straight young people. The recent study, published in the Annals of Epidemiology, reveals that queer kids aged 10 to 14 in the US are spending an average of four hours more each day looking at screen…


Challenges to Overcome

Missouri AG introduces ‘exceptionally cruel’ limit on life-saving trans healthcare
Missouri’s attorney general has introduced an anti-trans rule that severely limits gender affirming care for people of all ages.
Is the Sunshine State Safe for Queer Travelers? Florida LGBTQ+ Advocacy Org Issues Warning - Pride Source
Equality Florida (EF), the state’s largest LGBTQ+ advocacy organization, has issued a travel advisory declaring the Sunshine State may no longer be a safe
Lego Store Customer Harassing Staff Over LGBT Pins Goes Viral
Some social media users have criticized the customer and accused him of behaving inappropriately in front of children.
LGBTQ-affirming Coffee Shop in The Woodlands Faces Backlash - OutSmart Magazine
Owners are determined to build bridges in the community with their business.
Florida bill gives doctors the right to refuse treatment to LGBTQ+ people
Florida is reportedly considering a bill that would give doctors and insurance companies the right to deny care to LGBTQ+ people.
Texas judge who refused LGBT weddings wants her religious rights lawsuit revived
A Texas judge on Monday asked the state Supreme Court to revive her religious rights lawsuit against a judicial ethics panel that sanctioned her in 2019 over her refusal to officiate at same-sex marriage ceremonies.
North Dakota governor signs trans athlete bans into law
North Dakota’s Republican Gov. Doug Burgum has signed two transgender athlete bans into law. Transgender girls and women are now prohibited from joining female sports teams in K-12 and college. The House and Senate had passed the bills with veto-proof majorities. At least 19 other states have impose…
Queer TV shows are disappearing — just when we need them more than ever
Inclusive, kid-friendly animated series ‘The Owl House’ is ending at a time when queer and trans people are under attack. Worryingly, it’s not alone.

Future Outlook

Opportunities & Events to Know About

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