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 into the personal finances of a 40-year-old mother of two, who’s recently been laid off and is looking to reinvent herself.
Living situation:
I own my home. Mortgage is $3,500 per month.
I’ve got two young kids. I’m always thinking about how to give them a life without financial struggle. My goal is to pay for summer camp, sports, take them out to dinner, and get them new clothes if they need them. And if something were to happen to me, I want them to be set up.
Job and salary:
I’ve just been laid off from my job as a creative lead at a large e-commerce company. I had a $150K salary plus equity grants, so about $200K a year in total compensation.
I started at this company 7 years ago with a $120K salary. They didn’t promote much, so compensation has just slowly grown year over year in that time period.
Side hustles:
I own an investment property in NoDa that I purchased when I was 22. Monthly mortgage payment is $1,200 and I charge $2,000/mo to my tenant.
Currently, I’m freelancing as an art director, but also starting a side-hustle interior design business to help supplement income.
On your mind:
I am an immigrant, single mother of two who works her butt off. I would probably be in a better financial place if I had invested earlier in my career and not spent money frivolously.
Now I tend to be more intentional with money and listening to a lot of financial podcasts (e.g., personal finance Youtuber Nischa). I want to make passive income from investing.
Debt:
Two mortgages for a total of $500K. I also have a $14K loan for a new AC system for that investment property.
Credit card:
Citi American Airlines credit card. I love the travel points.
Budgeting:
I use Monarch to create my budgets, but it’s hard to stick to them. Now that I am on my own freelancing I need to be stricter and tighten up overall spending.
Best expense:
Khali Yoga membership $100 a month. I need yoga to help keep me sane in this job transition time!
Money hack:
Pins Mechanical. I hate to say this, but I go with my kids frequently because all the games are free.
Buy some sodas and be entertained for hours! Kids love it.
Restaurant pick:
Puerta in the Elizabeth neighborhood. Order the steak ($42 Carne Asada). Oh my god, so good. But also, the Parmesan Fries ($12) at Catalina are delicious.
Investment strategy:
My budgeting tool tells me my net worth is $1.1M.
I’ve got $200K in my 401(k), $25K in emergency fund, $50K in brokerage, and the rest in home equity, etc.
Retirement:
I want to retire at 55. I want a simple life in a home in Spain with a small art studio where I do not have to worry about money. I am speaking to financial advisors to get a plan together.
Financial freedom number:
$2M. Seems like this is low for most people, but I think if I was debt free this would bring me peace of mind as I age.
Rich in Charlotte:
People that live in Myers Park or even some of these new homes in Chantilly. They can afford to have pools, send their kids off to $600/wk summer camps, and private school.
Best money decision:
Purchasing my investment property in NoDa when I was 22. I bought it for $100K and now it’s worth about $340K. I’m planning on selling it soon and decided to live in it recently so I can avoid capital gains taxes.
Financial goals:
- Replace my corporate salary with freelance work, while maintaining the flexibility I need as a single mom.
- Increase my retirement account. Start contributing again and diversify my portfolio.
- Make passive income in the stock market. Continue to contribute to this account by making smarter spending decisions.
What’s next:
Since I just got laid off, I’m viewing this as an opportunity to reinvent myself and do what I really want. Of course, it’s also stressful with the financial responsibility of two young children.
Can my hard work and determination pay off? I hope so!
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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