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 33-year-old working in finance.
Living situation:
I own. 30-year mortgage at 5.999%. No kids.
Job and salary:
I work in finance as a treasury manager. Overall annual compensation is $270K, including my bonus (roughly 35% of total comp).
My first job in finance paid around $80K. The next 3 years I gradually worked my way up to $100K. From there I transferred departments and have had multiple promotions, which really accelerated my pay the last 5 years. I’ve stayed curious and generally worked on high-priority projects which helped with exposure.
Work-life balance:
Pretty decent. Most weeks I work around 45 hours. There are some bad ones that pop-up, but it’s manageable.
Other income:
I own a rental property with income of $30K/yr after property management and estimated repair fees. I bought the now rental as my first home in 2018 with just 5% down. I had two roommates for the first year which covered around half the mortgage.
I refinanced the property in early 2021 to a 20-year mortgage at 2.375% compared to my original 30-year mortgage at 4.875%, which saved a ton of money on interest. I remained in the townhome until I bought my current primary property.
Debt:
I have $12K at 1.99% remaining on my car, $330K at 2.375% on my rental property, $445K on my primary property at 5.999%.
I do not carry credit card debt. I try to keep my DTI (debt-to-income) below 40% — I’m currently at 29%.
Generally I hate having debt and before my mortgages I tried to avoid having it at all cost. I lived with 3 friends my first year of employment to pay only $400 in rent so I could use my income to pay off $30K in student loans. I drove the 2004 car my parents gave me in college until 2020 to avoid having a car payment. I never go in debt for items/trips.
I’ve had a no debt mindset since I was a server in college. I think this discipline helps from lifestyle creep as you earn more.
Credit card:
Capital One Venture X as I like to travel. They had a great sign-up promo.
Budgeting:
I’ve budgeted since 2014. It’s a pretty simple system. I track each month in excel and forecast out my known bills and pay dates then plug average “fun spending” and savings. I usually keep it forecasted out a year.
Favorite expense:
My spray tan membership to Gorgeous Glo ($45/month). There’s just something about having a tan that makes me happy.
Most annoying expense is insurance. I generally find it to be a waste of funds and not helpful when you actually need to submit a claim.
Splurge:
Traveling. I love seeing new places and trying the food in different countries. Coming from a very small town I believe traveling has opened me up so much more to different ideas and views of life.
If money were no object, I’d love to go on a worldwide backpacking trip for a year.
Charlotte money hack:
Sabor Taco Tuesday specials. $1.49 per taco!
Restaurant pick:
Yunta! I’ve had everything on the menu, but love the Ceviche, Noodle Wok, & Yuca Balls.
Investment strategy:
I put 25% of my net pay into savings. This gives me cash on hand as I look to buy another rental property and provides a safety net for any worst case scenarios if I were to ever lose my job. I max out my 401k at work and plan to do so for as long as I’m able. I have a brokerage and crypto account, but I’m not very active in either.
I’d like to buy another property in late 2025. I’d also like to start adding to my ETF positions in my brokerage account.
Net worth:
About $850K. I’ve been fortunate to take my salary and invest it into assets that I can both enjoy and then later use for income. My best money decision was buying my first home in 2019 due to the increase in home value.
My advice to others is create a plan and be okay with it taking time to achieve your goals. Generally wealth isn’t built overnight unless you inherit it or you’re super lucky.
Retirement:
No plan for retirement at the moment. When I do retire, I just want enough to not have to stress about required bills and to do the things I enjoy. Who knows what that dollar amount will be in 20-40 years.
Worst money decision:
Going to Europe in 2016 instead of investing my bonus in Bitcoin.
What’s “rich” in Charlotte?
People that are free to spend their time how they choose and are not stressed about bills.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate.
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