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:
I bought a home in 2021 at a 3% mortgage rate. I live with my partner, who pays half the mortgage, but the house is under my name. Best decision we ever made, given the rent prices we were fighting in Charlotte.
My mortgage now is equal to a one bedroom apartment in South End. I can finally land and grow roots while not having to worry about MOVING again.
Job and salary:
Marketing Director. Salary is $147K base with a 12% annual bonus. I get to work from home 3x/wk.
Salary journey:
I was really lucky to move to Charlotte and start a career at an ad agency that really cared about me personally and professionally.
When I moved here 10 or so years ago, my starting salary was $40K. Without changing employers, I got that up to $130K, which I feel is hard to do at the same spot. Then a few years ago, I switched to my current company for a salary bump and something different!
Always fight for yourself and know your worth. Within reason, I take every opportunity to prove my worth and ask for more money when the time is right.
Side hustle:
I sometimes freelance on the side, which is easy money.
I’ve learned to take taxes out though so I’m not screwed at the end of the year! I leverage relationships from my previous job and can charge anywhere from $100-200/hr.
I would LOVE to do this full time on my own one day, just trying to find the courage to make the jump.
Work-life balance:
It’s hit or miss. Social media management definitely creates an always-on feeling. I’d be lying if I said I didn’t get burned out from time to time.
Credit card:
I have a ton of credit cards, but I don’t use them all.
I have 2 hotel credit cards (IHG/Marriott), 1 airline credit card (American), 1 Capital One travel card, and my tried-and-true Discover Card.
I typically use the travel cards on big purchases for that specific company so I get the points. My go-to is my American card right now.
Budgeting:
I wish I was better. I’m not great at saving money. My partner and I both love to travel and pay for experiences (concerts, festivals, etc).
Being young and able to afford those adventures makes it hard to save.
Charlotte money hack:
Buy the concert tickets either as soon as they go on sale (presale!) or at the very last minute as you’re headed to the venue. My motto is buy the tickets, figure it out later. Earliest is usually cheapest!
Also, I sign up for all the rewards accounts at local restaurants (ex: Yafo, Giddy Goat, etc.). You’d be surprised how often you get freebies!
Restaurant pick:
Steak 48—but I’m on a Beef and Bottle budget, so I typically go there for a splurge and order their filet, creamed spinach, baked potato, and side salad.
Investment strategy:
This is my greatest downfall… saving. Right now I typically just take some of my paycheck and put it into a savings account. No specific amount each month, just try to do it. I do however have a 401(k) and an investment account. It’s on my list to get an advisor to help me elevate my finances.
Overall, I’ve got $15K in savings, $100K in my 401(k), and $10K in a brokerage account.
Retirement:
I would love to aim for 50s. I would also like to find a passion project before retirement to keep me busy once I leave my full-time career.
“Rich” in Charlotte:
Truly rich people here are subtle and frugal. You probably own a house in Myers Park but you might drive a Prius. $10M is my number for complete financial freedom.
Financial goals:
- Get smarter about budgeting
- Hire a financial advisor and educate myself on investing
- Buy a rental property
On your mind:
I need to spend less and save more. I need to learn to say NO to at least some of the adventures that come across my plate.
Knowledge:
My dad was really frugal, almost to a downfall, but in the long run he taught me a TON about saving, investing, and not going into credit card debt. He also taught me the value of a good coupon.
My mom on the other hand was an adventurer/traveler, say “yes” to everything gal, so as an adult I’m learning to find a good balance between the two of them.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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