The second Trump administration rapidly approaching and many members of the LGBTQ+ community are concerned about it. Living Not So Fabulously hosts David & John Auten-Schneider spoke with UBS Wealth Management Chief Economist Paul Donovan to garner some tips to help people prepare for legal changes that could impact their wallets.

First, Donovan suggested that people consider "how secure do you feel in your job? Do you need that buffer of precautionary savings? A little bit of cash stashed away just in case things go wrong and you don't have the legal protections that you think you have?"

Second, he said to evaluate "where is your career going, and what does that mean in terms of geographic mobility?" Especially in places where laws might change—under Trump in the US or under other leaders abroad—he said to consider, "Are there going to be career options in states or in countries which are going to be more friendly to you and your family in the future?"

Lastly, as a long-term investment, Donovan encouraged people with enough economic stability to contribute financially to LGBTQ+ rights. "If you are in an environment where you think your community is under threat, how can you direct your philanthropy in a way that provides a support network and is going to maximize defense of the rights of the community—at the glacial progress towards equality that we are making."

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Yahoo Finance's Living Not So Fabulously is created and produced by Rachael Lewis-Krisky.