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By Ted Williams |
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Hello Thursday. Every night, I wear $28 Jambys to sleep. Think of them as the love child of pajamas and boxers, but with pockets.
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Earlier this week, I was cruising LinkedIn late night like a nerd and saw that Jambys co-founder Jack Ambrose recently moved here from New York.
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I immediately slid into his DMs and said, "I'm wearing your underwear right now! Feels so good!"
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After 48 grueling hours of reflecting on my creepiness, Jack responded, “It’s Jambys time! Big fan of Tiny Money. Let’s meet up.”
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Will I become an underwear ambassador? Only time will tell. Anyways.
đź’ĽÂ Hot Job:Â Executive Director of Digital Experience at CPCC ($120K – $137K). Key leader in their Communications & Marketing division. Hiring manager is my friend Catherine Butler.
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👨Shout-out: Tom Coker, owner of Reid's Fine Foods, for announcing that he’s coming to Ballantyne with a $1M+ build out that'll open this fall. I’m bullish. I’m also addicted to their high margin 5 O'clock Crunch.
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MARKETS: YEAR-TO-DATE
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S&P 500 |
5,599 |
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Nasdaq |
17,648 |
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GRAND OPENING
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34 year old Katie Mitchell invests $55K in Plaza Midwood romance bookshop and 1,071 people showed up
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Katie Mitchell (34), owner of Trope Bookshop
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Debut: Lines formed around the block when Trope Bookshop opened the doors to its Plaza Midwood romance bookshop 12 days ago.
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Economics: Katie invested $40,000 to renovate the space and another $15,000 for additional inventory. "You don't go into the bookselling business to become a millionaire," Katie told me.
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Independent bookstores typically aim for a razor-thin 2% – 10% margin.
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"Inventory buying is key. Books are also very cyclical, so you have to stay on top of what’s hot and trending while also guessing what the next big hit will be."
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Backstory: In 2023, Katie quit her corporate logistics job and purchased a bus for $21K on Facebook Marketplace to sell romance novels.
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Building community: Trope Bookshop has 24K Instagram followers — but it’s the engagement that's unreal. Posts commonly get 1,000 likes.
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Over 300 people showed up for Katie's book club meetup at Resident Culture in January.
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"We don't take ourselves too seriously. We are just a group of mostly ladies looking to have a night out with our book friends to relax and have FUN."
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Making the jump: "Just do it," said Katie. "If you have a great idea, capitalize on it. It might never be 'the right time' until you make it so."
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PRESENTED BY AROUND THE CROWN 10K
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Early bird pricing released for Around the Crown 10K, opening up I-277 to thousands of runners
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No. 21 largest 10K in the US, with 5,921 finishers
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Around the Crown 10K, North Carolina's largest running race, takes place on Sunday, August 31. Save money and secure your spot early!
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Pricing: $50 early bird pricing if you register in the next 8 days. Use code "TinyMoney" for an additional $10 off (valid for 24 hours).
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SAD NEWS
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JJ's Red Hots closing in Dilworth, last day is Sunday
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Personal favorite, their JJ's No. 1 Red Hot ($5.99)
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Helluva 13-year run by proprietor Jonathan Luther. 3 million hot dogs sold. 500,000 sausages. 387,000 pounds of potatoes. 1.5 million guests served.
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Reason: “We just couldn’t shred enough cheddar to keep it going,” they explained in an emotional Instagram post.
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Memories: I held our first Charlotte Agenda "Meet the editors" event there in 2015. I still take all 3 kids there after any midday soccer games at Freedom Park.
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What's next: The prime Dilworth spot hasn't been formally listed yet, but leasing agent Malcolm McLean told me he’s already received 20 inbound inquiries.
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Ideal spot for Milkbread, Harriet's Hamburgers, or Bossy Beulah's. I bet they're inquiring.
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Please no bank. I'm still upset at Fifth Third for taking the Babalu space. Boring.
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MONEY TALKS
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33 year old making $350K has arcade business side hustle producing $25K with “minimal effort”
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Bentley’s, his favorite restaurant, where he orders oysters and lamb
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Living situation: “We own. I got lucky and purchased a new townhome in 2020 with a 3.25% rate. Years later, I took out a home equity loan for a down payment on our current home where our mortgage is 6%. The townhome is now a rental.”
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Job: “I'm an operations executive. My base salary is $250K with another $100K in potential bonus.”
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Side hustle: “I own a small arcade business that makes $25K a year with minimal effort. I took some savings and bought my first machine 7 years ago. I now have machines in 6 locations.”
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Splurge: “Sports. A lot of my discretionary income goes to attending Panthers, Charlotte FC, Hornets, and Carolina Hurricanes games.”
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Net worth: "Roughly $700K right now. I'd like to have enough money to not have to work a 9-5 by the time I'm 40. Then do some consulting and get better at golf. I could see myself becoming a country club member."
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Wealth management: "I use a robo-advisor. It's much cheaper than having a wealth advisor, and while there isn't as much hand holding, the difference in returns is essentially nonexistent. I just dollar-cost average by setting a recurring investment and let it ride."
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Rich in Charlotte: "The upper echelon is probably $50M, but I imagine you could do almost everything you'd want with $10M. There are definitely tiers to being rich here."
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Full story: Investment approach of 33 year old operations executive making $350K
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MONEY SNACKS
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5 other financial headlines I’m snacking on
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Mazi opens tonight in South End. It’s a chic, 55-seat Mediterranean restaurant from the team behind Goodyear House, Folia, and Chief's.
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Thriving nudist resort for sale at $1.8M just 3 hours from Charlotte. 42 acres at the foothills of the Blue Ridge Mountains.
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PetScreening raises $80M in Series B funding. I love their pet management software niche. Woof! Woof! As CEO John Bradford says.
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Kayleigh Ruller, local food writer and influencer, debuts 17-page guide to Charlotte food. Just $10.
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Dallas country club pricing makes Charlotte clubs look inexpensive. 7 have initiation fees over $200K versus 0 in Charlotte.
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HOUSEKEEPING
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Tommy Bahama Marlin Bar opens March 21 at SouthPark Mall
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9,720 square foot space with patio
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29-year-old General Manager Seth Stokely just spent 6 months training in my home state of Florida.
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Bullish: This will definitely be the go-to cougar bar in our city. If Cheesecake Factory can do over $10M per year, why not the Marlin Bar?
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Programming Note: I’m traveling to my hometown of Vero Beach, FL next week for our kids’ spring break — so no Tiny Money newsletter!
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Happy Thursday! I love you and I will miss you next week.
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– Ted
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MONEY POLL
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Do you plan on visiting the Tommy Bahama Marlin Bar within the next 6 months?
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Last week’s poll results: Would you ever consider "overemployment" and work two full time remote jobs? (7,783 subscribers)
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