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By Ted Williams |
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Hello Thursday. I know I'm late to the party, but have you been to a Buc-ee's? I went there for the first time driving to Florida over the holidays. Wow, just wow.
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Live brisket chopping. Smell of roasted nuts with fudge. Spacious urinal stalls. Beef jerky for days. Fresh cookie dough balls.
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I lost my family while perusing Buc-ee’s merch where I ended up with two beaver keychains and a mini football. I currently live my life in regret for not getting the brisket tacos. Anyways.
đź’ĽÂ Hot Job:Â Community Programs Coordinator at SouthPark Community Partners ($50K – $65K). 2+ years experience. Amazing 4-person team led by my friend Adam Rhew.
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👨 Shout-out: Ben Bowen, realtor with over $540M in sales and 15K Instagram followers, for selling the Charlotte area’s largest home (in terms of square footage) for $5.6M. The 17,000 square foot home sits on an 11-acre gated Lake Wylie estate.
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MARKETS: YEAR-TO-DATE
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Nasdaq |
19,478 |
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S&P 500 |
5,918 |
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THE LEAD
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After $500K build out, Chief's opens in former NoDa mill house
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Just 38 seats inside, it’s cozy
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I stopped by Chief’s yesterday to say congratulations to my friend and owner Bob Peters. I also had to test their Boh Old Fashioned ($17).
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Misunderstood: "People often assume cocktail bars are cash cows because of the price of a single drink," Bob told me.
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Bob explained that margins are often as thin as restaurants, which typically run about 5%.
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The rule of thumb for cocktail pricing is that if the cost of goods is $3, you need to charge about $16 (this blew my mind).
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Longevity: "A lot of people don’t see bartending as a long-term career, but I’ve built my life around it," said Bob, a Charlotte native that's been doing this for decades. "It’s more than just mixing drinks—it’s about creating experiences and building relationships."
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Date night idea: Grab a cocktail at Chief’s, then walk 100 yards to Ever Andalo for dinner. Helluva combo.
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PRESENTED BY GAMBRELL CENTER
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2 billion streams push Vitamin String Quartet to the top of the Billboard charts
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They’re legit, 4 million downloads!
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Concert: Making its Charlotte debut, the Vitamin String Quartet (VSQ) performs the music of Taylor Swift, Bridgerton, and beyond on January 23rd at the Gambrell Center of Queens University of Charlotte.
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Netflix’s Bridgerton fans fell in love with VSQ’s cutting-edge string renditions of music by leading popular artists.
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From Billy Eilish to BTS to Björk to gothic metal, VSQ approaches their classically reimagined renditions with respect and care, breathing new life into music they already love.
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Buy tickets!
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HALF BAKED IDEA
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Marriott buys Postcard Cabins, including 32 luxury tiny cabins in NC
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Postcard Cabins has 1,200 cabins across 29 US outposts
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Let’s compete with Marriott’s acquisition!
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Idea: We should start Tiny Money Ranch, an outpost of 30 cabins on 30 acres within a 60-minute drive from Charlotte.
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Startup costs: 30 rural acres for $500K (needs to be near water, imo), 30 prefab tiny homes at $40K each, plus legal/operations of $100K for a total of $1.8M.
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Revenue: Assuming 70% occupancy and an average nightly rate of $125, that's a total of $958K in annual revenue.
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Expenses: Let's estimate around $250K in annual expenses with 2 property managers, cleaning/laundry, taxes/fees, tech, debt payments, and marketing.
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Bottom line: That's a profit of $708K and return on invested capital of 39%. Payback period is under 3 years. Who's in?
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MONEY TALKS
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34 year old non-profit executive making $130K tithes 10%
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Bone-in filet at Steak 48 ($78), her "splurge" spot
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Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate.
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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’d love to sell my place and make a killing, but with interest rates so high and limited inventory… wtf would I go?”
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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.”
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Splurge: “I love a statement piece to wear to work events and meetings. Tuckernuck dresses (mostly $140 – $300) are my favorites.”
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Retirement: “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.”
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Financial goals: “(1) Pay off my mortgage on my condo, (2) buy a home while keeping the condo as a rental, and (3) become more generous! It’s a wonderful legacy to give money away to those who need it and glorify God when you do.”
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Full story: 34 year old making $130K loves library e-books and Dave Ramsey
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MONEY SNACKS
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5 other financial headlines I’m snacking on
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Switchyards offering 50 free memberships to people working for nonprofits in Charlotte. Apply by January 31.
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Gen Z says they need a salary of $500K to feel financially successful. Insanity. Too much Instagram. In contrast, Millennials say $180K.
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Rally Pickleball offering free “Taste of Pickleball” 1 hour sessions over the next 10 weeks. Every other Saturday afternoon.
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Brian Moynihan at Bank of America is the top-paid CEO in Charlotte making a cool $28M. Second is Nucor's Leon Topalian at $23M.
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Finale Pizza opened in Ballantyne and serving 18-inch New York style pies. It’s from the team behind Inizio.
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HOUSEKEEPING
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Parisian bistro named Rada opens in former littleSpoon space
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White marble bar, 50-seats, soft green mint walls
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When owner Eloy Roy asked my 10 year old if he liked the lamb bolognese, my son replied, "It's delicious, I've never had pasta with meat on it!" Clearly, I've raised a culinary giant 🤦
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Legit chef: Callan Buckles previously worked at Claud, which was on The New York Times best 100 restaurants list.
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Perfect order: Meatball skewers ($5 each), clams ($19), tuna carpaccio ($21), and the lamb bolognese ($24).
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Happy Thursday! Rada intrigues me, so I'm heading back on a double date investigation next week with Hunter Kern, who coached my son's baseball team to the Myers Park Trinity quarterfinals. He's got mediocre chatter, but his wife is nice.
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– Ted
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MONEY POLL
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Would you invest in a restaurant?
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Last week’s poll results: Do you plan on switching jobs in 2025? (6,299 subscribers)
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