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.
Living situation:
My partner and I have owned our townhouse since 2022. We split the housing costs, which has been great! I opted to put down 5% because I wanted to keep more cash liquid rather than tie it up in the home and potentially pay to access it later.
The Charlotte housing market has been booming, so we’ve seen strong appreciation.
Job and salary:
I’m a mortgage loan officer. My income is entirely commission-based, so it fluctuates. On the low end, I earn around $110K per year, but in a strong year, it can reach the $300K range.
My earnings are closely tied to the economy and mortgage rates, which haven’t been favorable over the past couple of years.
I’ve been in the mortgage industry since I graduated college in 2019. I was fortunate to start my career as a loan officer during a time when mortgage rates were at record lows, which led to a very strong income early on. Being a natural saver, I took advantage of that opportunity and built up a substantial savings foundation early in my career.
Side hustle:
I used to flip vintage clothing and streetwear on the side, but I stopped because the time-to-pay ratio is much better with my full-time job.
Work/life balance:
It’s great. I get bored if I’m still for too long, so after a long weekend, I’m usually ready to dive back into work.
Debt:
The only debt I have is a mortgage at 5% and an auto loan at 2%. Credit cards are paid in full before the payment is due.
I use the S&P 500’s average annual return as a benchmark (10%) to decide whether to take on debt or pay cash. If the interest rate is lower than the S&P’s average return, I’m comfortable financing!
Net worth:
Approximately $300K.
I split my liquid cash between a checking account (low balance, mainly for bills on autopay), an Ally high-yield savings account (HYSA), and a Fidelity brokerage account.
I prefer managing my investments myself. I used to keep most of my cash in a HYSA but shifted the majority into index funds this year. I maintain 12 months of living expenses in a HYSA plus some extra funds for a potential future house down payment.
I’ve also set up monthly recurring investments in FSKAX (total market index fund) through Fidelity, which makes it super easy. I don’t even have to think about it!
Credit cards:
I love playing the credit card game! I focus on cash back rather than points and keep track of my spending categories to maximize rewards.
My strategy is to use cards that offer the highest cash back percentages for my top spending areas. My go-to cards are the Capital One Savor (3% back on groceries and dining), Citi Custom Cash (5% back on top spending category), and Citi Double Cash (2% back on everything).
Budgeting:
I mainly budget to track and split shared expenses with my partner, but I also keep an eye on quarterly cash flow and my savings rate.
I used to use Mint, but switched to Monarch Money last year, and I love it. Having your transaction history, spending trends, and investments all in one place makes managing finances so much easier!
Best and worst recurring expense:
Best is ChatGPT Plus at $20/month! I use it for work, organizing grocery lists, brainstorming for gifts, writing poems about my dog and creating custom memes to share with friends.
Worst are my HOA dues at $275/mo. Our complex doesn’t have a pool, gym, or anything tangible to justify the cost. At best, I get the leaves blown off my front porch!
Charlotte money hack:
Yafo’s Family Meal ($45) is hands down the best bang for your buck. Got family coming to town? Yafo Family Meal. Too lazy to meal prep? Yafo Family Meal. Seriously, give it a try!
Restaurant pick:
Supperland! Start with the Wood-Fired Onion Dip, then go for the Wood-Fired Poulet Rouge as your main. And whatever you do, don’t skip dessert—the S’mores Cobbler with burnt ember ice cream is absolutely insane.
Splurge:
Travel and experiences. I read Die With Zero by Bill Perkins really changed my perspective on splurging.
The book emphasizes creating “memory dividends,” which are like investments in experiences that pay happiness over time. The idea is that the value of these memories grows as you reflect on them later. I bet you can think of a few moments from years ago that still bring you joy today!
Savings goal:
My partner and I plan to buy a bigger house when we’re ready to grow our family.
Until then, I’m focused on investing any spare cash into the S&P 500 and letting compound interest do its thing.
If money were no object, I’d love to have a mountain house on a lake. There’s just something so rejuvenating about being in the mountains with friends and family.
What’s “rich” in Charlotte?
My perspective on being “rich” has evolved over time.
Now, I see it as having close friends and family, a healthy body and mind, a stable income, and enough savings to enjoy life without stress — whether it’s splurging on a date night or taking a spontaneous vacation.
Financial goals:
Maximize my income, keep increasing my savings to support a future family, and potentially purchase another home down the line.
On your mind:
I’m focusing on being content with what I have. The things that bring me the most joy can’t be bought, so I’m working on mindfulness and appreciating what I already have instead of constantly chasing the next thing.
This mindset also helps keep my savings and investing goals on track, allowing me to consistently fuel my investments for maximum long-term growth.
Knowledge:
My parents laid a great financial foundation for me growing up, which I’m really grateful for.
In college, I got into self-help and personal finance books, which broadened how I think about money.
- My top three favorites are A Simple Path to Wealth by JL Collins, Die With Zero by Bill Perkins, and The Psychology of Money by Morgan Housel.
And shoutout to Tiny Money for creating a space for Charlotteans to share their money stories! I love learning and talking about money. It’s such a shame it’s still considered taboo by many. I really enjoy seeing how everyone approaches their finances — and their go-to restaurants. I actually tried Oshen after seeing it in Tiny Money, and it might just be my new favorite sushi spot!
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate.
New to Tiny Money? Join 7,529 Charlotte money nerds and subscribe to the 1x/wk newsletter 🚀
