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 a savvy 24 year old’s personal finances in Charlotte.
Living situation:
Rent. I have a roommate. We each pay $1,250/mo. Just moved from a South End apartment to a house in NoDa. Rent went down and I love the yard.
Job:
I’m a marketing manager. Salary is $55,000 a year. I only make what I bring in for the company through monthly managed services.
Salary journey:
I took a huge salary cut to join a startup that was just a year old. The company initially focused on IT, but I joined to expand its services by offering marketing to our clients. My income is solely commission-based, and it took a full year to reach my current position.
While I worked to build this, I briefly took a second job as a dog park supervisor at a dog bar to make ends meet.
Thankfully, I was able to leave that role and focus fully on growing the company, though I did take on a bit of debt along the way.
I’m now on track to surpass my earnings from my previous job and I enjoy it so much more.
Work-life balance:
Probably work 40-55 hours a week. I’m putting some extra time in now hoping it will pay off in the future when I decide to settle down.
Debt:
Borrowed some money from my family to pay rent while starting out at the new company. No interest rate and slowly paying them back monthly over the next couple of years.
Credit card:
2% unlimited cash back card from Wells Fargo. I originally got the 1% college card to build credit and they upgraded me once I graduated. I also have a 2% Citi cash back card that I got in college when my other card was still only 1%.
I chose these cards because they had no fees or limits.
Budgeting:
Yes, I use Empower to track my spending. Does a great job at telling me my net worth (even if it’s really low) and my spending.
Favorite expense:
SportsLink Passport membership for $50. It’s a great way to play adult sports in Charlotte. I’m always in a kickball or volleyball league.
Most annoying expense is yard service. Because I rent, I don’t want to buy a lawn mower, so I have to pay.
Splurge:
Travel. I don’t want to wait until I’m older to travel. I think there is something special about seeing the world while young. I just got back from Peru. I did the entire trip for under $1,500.
Charlotte money hack:
Don’t renew your lease without checking first, even if you plan to stay in the same place.
Our last apartment tried to increase our rent from $1,200 to $1,400 each when it was time to renew. After we found a new place, we saw our old apartment listed on Zillow for $1,100 each.
Restaurant pick:
Aria. I can only afford to go during restaurant week. I try to change my order each time.
Investment strategy:
No financial advisor. I listen to my brother who is really into finances and reads a lot of Reddit.
I put 10% of my paycheck into a 401k. I hope to max that out once my salary increases. I currently have $24k in my 401k. I then put $400 a month into VTSAX (Vanguard Total Stock Market Index Fund) as my savings/emergency fund.
I want to save more but it has been hard with my current salary. I’m hoping I can save more this year as earnings increase.
Net worth:
$25K. It was increasing year over year at my first job out of college. When I switched jobs, it took a dip. Hoping to bounce back as my salary grows as I bring in more revenue.
My No. 1 advice is to do automatic withdrawals into investments and savings so you never see the money.
Retirement:
I don’t really see myself retiring. I hope by the age of 60 I’m only working 10-20 hours a week but I get bored easily.
What’s “rich” in Charlotte?
$5M. That would let you live in almost any neighborhood.
Financial goals:
- Max out 401(k) and Roth every year
- Earn $100k salary before I’m 25
- Buy a house before I’m 28
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate.
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