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 finances of a 34 year old non-profit executive.
Living situation:
I own my condo. No kids or spouse. I bought it brand new at the end of 2018 for $205K. Mortgage is $1,000/mo and $225 HOA.
I bought it at the perfect time before it was a madhouse. I’d love to sell my place and make a killing, but with interest rates so high and limited inventory… wtf would I go?
Salary:
I make $130K plus a bonus. I was previously in consulting making a similar compensation but working 80 hours/week. Life is difficult with those hours.
At age 29, I left my career in consulting to pivot to a government job. It’s changed my professional and personal life for the better. Take risks!
Work/life balance:
I prioritize my faith and always go to church on Sunday. It’s my weekly re-set day. On Sundays, I find solace in taking care of my home and re-charge by cooking a great meal and reading a book.
Debt:
Just my mortgage. I paid off my car in 2020 and recently purchased a new car with cash. Taking the Dave Ramsey Financial Peace Class ($99.99) really helped me to understand my budget.
Credit card:
I’ve gotten myself into trouble with credit cards, so I stick to using my debit card these days.
Budgeting:
I should do better! I tithe 10% of my income to my church and have money added to my savings account. Other than that I just try to have a nice cushion should something happen.
Best recurring expense:
I struggled with acne for years. I started going to Infinity MedSpa years ago and have a monthly custom facial with them ($119/mo)! I love supporting a small, woman-owned business and they’ve changed my skin completely.
Splurge:
I dress up for work most days. I love a statement piece to wear to work events and meetings. Tuckernuck dresses (mostly $140 – $300) are some of my favorites because they’re flattering and most travel so well. You can ride in the car, hop on a plane, or walk miles — and still look great!
Money hack:
Charlotte Meck Library card!! I LOVE to read. When I do my Sunday shopping at Target, I always stroll through the book aisle, jot down their book picks, then I reserve them for my kindle at the library and save money (and space on my bookshelves).
Charlotte restaurant:
Steak 48 is my favorite splurge. But ANY of Jim Noble’s restaurants are my go-to’s for out of town guests or family. I love his mission for serving our city, the way he utilizes local farmers, and every dish is 10/10 spectacular.
Investments:
I max out my 401K. When former employers didn’t have matching programs, I had a Roth IRA.
I suggest setting up your savings as an automatic withdrawal that you don’t see so you won’t miss it!
Retirement:
I’ve never thought about retirement much! I always thought I’d get married, have babies to raise, and spend my life doing that, like my mom. Those chapters haven’t unfolded yet and I love working. At this point I’m not sure that I would want to retire. I love being active and serving others!
What’s “rich” in Charlotte:
A home on Queens Road West! And anyone who goes to Five Guys at the mall and doesn’t immediately have financial anxiety at the checkout…
Financial goals:
- Pay off my mortgage. I’ve owned my condo for 6 years and if I could pay it off by year 15 I’d feel incredibly accomplished.
- Purchase another home and keep the condo as a rental property.
- Become more generous! A few years ago we read The Blessed Life at church. I want to be known as a generous person. I believe it’s a wonderful legacy to give money away to those who need it and glorify God when you do.
On your mind:
Just how expensive everyday life is. And the teenage girls at SouthPark Mall with Sephora and Lululemon bags… what do your parents do for a living and how can we get rich like them??
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