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 27 year old in Charlotte.
Living situation:
I purchased a condo in 2023. My boyfriend lives with me and splits half the mortgage. My loan officer told me about first-time home buyer grants, which made affording the down payment easier. That said, purchasing a property wiped out my savings — but I feel really lucky to be gaining equity through the property and taking care of something that is mine.
My mortgage rate is a bit higher than I’d like at 6%, but I purchased on the low end of my budget. The mortgage is less than my boyfriend and I paid to live in a South End apartment.
Job:
I work in marketing. My base is $100,000 with a $20,000 annual bonus.
Salary journey:
I started my first corporate job in 2020 and made $42,000. Career opportunities were limited with the pandemic in full swing, so I took something to get me started. But I didn’t hesitate to jump to another role in my current field when it became available.
To people early in their career, I would recommend pushing yourself to apply for roles you feel unqualified for. Chances are, you’re underestimating yourself. I felt unqualified for my current role when I was initially hired, but have had some amazing learning opportunities.
My advice would be to continually push to learn new skills, form good relationships with your coworkers, and ask questions, even when they feel stupid.
Work-life balance:
Great. I work 8-5 and rarely check my work phone once I’m home.
I wake up around 4 a.m. to exercise before work, which allows me to invest time into some local community groups that I enjoy after work or meet with friends for dinner or do other weekday activities.
Debt:
Other than my mortgage, I just have a car loan for $12,000. I’d love to pay it off quickly. I should mention that my dad paid for my college education, something that I have become increasingly grateful for as I’ve become older.
Credit card:
I primarily use the Chase Sapphire Preferred and Delta Amex Platinum. Both are great for travel benefits, which is important to me.
The Delta card has a relatively high annual fee at $350, but I was upgraded on nearly every flight last year, which made it worth it. Very much looking forward to Delta’s growing presence at the CLT airport.
Budgeting:
I will occasionally fill out a budgeting spreadsheet and try to budget, but I never maintain it.
I meal prep all of my food, which helps keep my grocery bill low, and I rarely purchase new clothing and other non-necessity items.
I also don’t drink, which keeps me from spending a lot on the weekends (although some mocktails are not cheap!). My expenses stay relatively the same, so I like to think I know what I am spending.
Best expense:
Coaching. I love endurance sports and pay $200 a month for someone to create my workouts, give me feedback, and coach me. Having a planned workout schedule keeps me motivated and gives me a challenge outside of work that really gives me purpose.
My least favorite expense is Invisalign. I started Invisalign last year (shoutout Lineberger Orthodontics, they’re great!) and I’m on a payment plan. I’m loving the results, but hate to see the charge.
Splurge:
Travel. I always purchase economy plane tickets and try to source the cheapest Airbnbs and hotels.
The experiences I’ve had while traveling have enriched my life greatly and taught me so much about other people’s cultures, history, and customs. I’d like to see all 7 continents by 30, I’m at 5 right now.
Charlotte money hack:
I take the CATS bus to my office in Uptown. It’s reliable, cheap, and clean. The bus drivers are always incredibly friendly. I take the express bus, so it costs $3 per ride (compared to $2.20 for the local bus), and it is so worth it.
I have time to read, catch up on texts and emails, and just settle before and after my work day. The cost of parking in Uptown is astronomical and only seems to increase.
Charlotte restaurant pick:
Calle Sol. I prefer the Plaza Midwood location, but the food at the Southpark location is still great.
My OG dish was the pollo a la plancha, but it is unfortunately no longer on the menu. The shrimp mojo is also great as well as any of their sandwiches or ceviche.
Every friend and family member that has visited me in Charlotte makes a trip to Calle Sol with me.
Net worth:
Including the equity in my condo, I’m guessing my net worth is about $200,000.
Investment strategy:
I save about $1,200 per month, which is split between a regular savings account and a high yield savings account that I treat as a no-touch emergency fund.
My boyfriend and I also have a joint high yield savings account that I put $500/month into. He puts the same amount into a joint checking account.
I have a 401k and Roth 401k that I contribute to each month that is employer-matched. I maintain an investment portfolio through Fidelity and try to focus on investing in mostly ETFs. I also have a robo-advisor Fidelity account.
My tip would be you don’t need to be investing hundreds or thousands of dollars at a time. Even if you only have $10 to invest at the end of a month, it’s still something. A Fidelity Go account only requires a $10 minimum deposit to get started.
Savings goal:
My boyfriend and I would like to purchase a house in the next couple years, which is what we intend to use savings from our joint high yield account.
I would also love to have a home gym with all the works (bench press, squat rack, full dumbbell display, treadmill, cable machine).
Retirement:
I feel far from retirement at 27, but I’d like to have several million. I’d love to travel in retirement like my grandparents. I plan to live a long life and worry that I won’t have enough to sustain myself into old age.
How much to feel financially free:
Maybe a million dollars? It’s hard to say. If my condo and car (and the Invisalign) were completely paid off, I’d feel pretty financially free.
What’s “rich” in Charlotte?
Owning a house in Myers Park, Foxcroft or Dilworth and simultaneously sending your children to Charlotte Latin or an equally expensive private school.
While we don’t plan to have children, I’ve looked at the prices of the local private schools out of curiosity and was shocked to know people that have sent 2-3 kids through these schools and still live in such nice properties. More power to them!
Best money decision:
Purchasing my condo. Although I get jealous when I hear of people with the low 2020 mortgage rates.
We enjoy no longer living in an apartment complex and getting to do home projects. Unfortunately, the home projects never seem to end, but are usually too costly to do back to back, so it takes time.
How did you learn about money?
My dad. He took me to get my first debit card when I was in high school. He’s always been my go-to for questions about big financial purchases, things like buying insurance for the first time and savings.
He and my mom live a very comfortable life by living simply for the most part but indulging in their hobbies and experiences with loved ones. It’s a lifestyle I see myself repeating.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate.
New to Tiny Money? Join 8,556 Charlotte money nerds and subscribe to the 1x/wk newsletter
