Positive life aspirations among adolescents and young adults have been associated with greater wellbeing in the future. However, belonging to a stigmatized minority may jeopardize this process. In this work, we sought to understand the role of sexual and gender identity in the life aspirations (desires and expectations) of adolescents and young adults (14-19 years), attending secondary education in Portugal (N = 888). Two MANOVAs with sexual and gender identity as a between-subjects factor (LGBTQ+ vs. Cis-heterosexual) were conducted to inspect differences in future desires and expectations in three life domains: family, social, and material. LGBTQ + youth expressed lower desires and expectations regarding all future life domains, when compared to their cis-heterosexual peers, with greater effect sizes detected for the family domain. In general, results suggest that when contemplating their future, LGBTQ + youth may be at a disadvantage. The findings highlight the need for parents, teachers, and policymakers to recognize the adversities LGBTQ + adolescents and young people still face in the present which and might extend to their future.