Welcome to Money Talks! New approaches to money have exploded. Yet, money remains taboo. Less than half of you share personal finance information with your friends and family.
But that’s all changing. Now more and more of you are talking about money because it leads to better outcomes.
In an effort to provide personal finance insights through transparency (and have a bit of fun), I’ve created a series titled Money Talks that showcases how real people in Charlotte approach money.
It’s an anonymous way for you to share your money experiences and insights with our city. Answers are lightly edited for clarity and privacy (ex, exact age). Want to participate? Take the Money Talks survey.
Here’s a look at the personal finances of a 29-year-old making around $150K.
Living situation:
I rent. It’s right around $2,000 a month for a 2 bedroom apartment.
Savings goal:
I’m frantically trying to save for a down payment on a house. Sadly, it is a little out of reach for me at the moment, especially on a single income in the Charlotte area. I’m just continuing to try to work hard and save.
Job:
I’m a project manager at a financial institution. My salary is $130K plus an additional $15-$20K annual bonus, depending on performance.
I started my career making $35K at a non-profit, then I switched industries to financial services when I was in my mid-20s and moving to Charlotte. Compensation has steadily increased for the past 5 years.
Work/life balance:
I’m pretty happy with it. I don’t need to be online after my work hours on most days, but occasionally I’ll have weekend travel or calls at night or early morning.
Credit cards:
I got into the credit card game a long time ago. I love having different cards for different purchases. The Chase Sapphire Reserve is my go-to card, as I enjoy using those points for travel purchases, and the travel protection on anything purchased with the card is great. I also use the basic American Airlines card for work travel booked through American.
Budgeting:
I’d consider it almost like a hobby of mine at this point. I’ve been budgeting ever since I graduated from college. I used to use Mint (RIP), but now I’ve switched over to Monarch Money.
I also have a spreadsheet that I keep on my own with all expenses categorized since 2015. It’s cool to go back and see historical spending. As income increases, it helps me keep lifestyle creep (at least minimally) at bay.
Best recurring expense:
My YMCA gym membership. The Ys around the Charlotte area offer so much at a relatively inexpensive price.
My most annoying recurring expense has got to be Netflix. It still has me hooked. I keep telling myself I’ll cancel it and read more, but that dopamine hit when the Netflix sound launches has a stranglehold on me.
Splurge:
A nice cocktail from a bar like Idlewild and a good candle.
Charlotte money hack:
Spending time with loved ones and friends doesn’t have to always mean going out to drink at a bar and overspending. There are so many inexpensive or free activities in Charlotte where you can spend quality time with people.
Don’t cancel me, I still love a good IPA at the breweries too — but you get better quality time with friends when drinking isn’t involved.
Restaurant pick:
Alexander Michael’s, no question. In a city with new things popping up all the time (which is great, no shade), Al Mike’s is a much-needed spot of history with great food, service, and environment. I hope it’s around for a long time.
The ‘What It Is’ pasta is the bomb. And I can’t go in without getting an order of the Cajun Fries.
Investments:
I just try to max out my 401k and an IRA each year. Set it and forget about it. No financial advisor. As for portfolio allocation, I’m basic and just have everything in index funds.
My total net worth is about $100K between liquid cash and investments.
I didn’t take it seriously enough when I was younger, so now I’m playing a little catch up. My biggest piece of advice for anyone else is START YOUNG, compound interest is your friend.
Financial freedom:
If I made about $200K annually, I would feel more free to buy a house and have more leeway for things like discretionary spending and charitable giving.
What do you consider “rich” in Charlotte?
I’m not sure if there’s a dollar amount to this, but I see ‘rich’ in Charlotte as being able to afford living in one of the more expensive, walkable neighborhoods in the city where you can easily get to things around the city (looking at you, Dilworth).
Best money decision:
Keeping a budget. Once I made the decision to track the flow of my discretionary money, I was able to make a few easy changes that allowed me to gamify savings — for example, I’ve done “$0 spend weeks” as a budgeting game.
Financial goals:
Right now my top 3 financial goals are as follows…
- Buy a house
- Buy a house
- Buy a house
As you can tell, I’d like to buy a house!
On my mind:
Finding a way to continue to increase my income while trusting the investment process and letting assets grow.
Additionally, I want to focus on being in the present — it’s so easy to get distracted by money and what I don’t have. I have to constantly remind myself that money is just a tool, and putting too much focus on it makes me unhappy and unable to be a good friend.
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