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 on the job hunt.
On your mind:
We’ve got a daughter. Childcare costs are so stressful.
I see so many “parent hacks” about investing $300 per month into brokerage accounts, 529, etc. and I’m like… well, shit, I only have a simple credit union savings account for her where we put her birthday dollars.
Living situation:
We own and have a traditional 30-year mortgage. I wanted to buy something “with character” that I could work on and ended up buying a builder-grade in a newer neighborhood.
Honestly, no regrets. We love our house, and we’ve already done some projects.
Job:
A few years ago, I left a $180K tech job to start a company. Now I’m a semi-unemployed tech product strategist with $4K/mo in consulting contracts. I’m looking for a full-time job.
Why is it so unbelievably hard to break through and just get to an interview? I have a badass resume, but something is getting caught by the ATS tools that’s just not breaking through.
Salary journey:
I started in an hourly role out of college and was promoted to my first management role paying $50K. By the time I left that company I was still at the bottom of the pay range for my role at $75K.
In tech, switching companies can really improve your salary. At 26, I went from $75K to $105K. I worked my way up for about five years and left my full-time role when my base was $140K with a $40K bonus.
Side hustle:
I’m never not doing one. Whether it’s teaching yoga and spin or small construction projects or rehabbing furniture to sell. I’m currently on the hunt for my first STR property in the NC mountains.
Work-life balance:
The line between the two barely exists anymore — and I think it’s okay. It’s fluid and flexible and will continue to evolve.
We’re more connected than we’ve ever been so it’s not as reasonable to assume we can just turn work off.
For me, it’s more about being intentional about concerted focus time with my kid when I can be and making core memories while also showing her how empowering work can be.
Debt:
Just a couple credit cards sitting at $3K and our mortgage.
Credit card:
I use an Amex for anything that could be written off for my LLC. And hubs and I use Discover for anything else.
Amex for the perks, Discover for the cash back and ease of redemption.
Budgeting:
We try. When I’m in “work mode,” I’m much better at keeping my budgeting worksheet updated.
My worksheet helped us pay off nearly $30K of credit card debt in 2 years before we moved back to Charlotte, bought a house, and had a kid.
These days, the budget is in my noggin, but I’m ready to get back to regularity with a consistent paycheck.
Favorite recurring expenses:
DashPass ($10/mo), Drift car freshener ($11 starter kit plus refills), and annual gym membership.
Splurge:
I love finding a “life hack” product on TikTok. Travel mini vacuum? Yes, how cute, I’ll buy it.
Charlotte money hack:
For parents that live in Mecklenburg county, MeckPass is only $65/mo for the whole family (list as many adults in your house as you’d like and each one gets a barcode tag), and now you have access to indoor pools year round.
The warm pool at the MAC is awesome for winter swimming on Sunday afternoons. Marion Diehl is also great. And then there’s Ray’s Splash Planet.
Restaurant pick:
Little Mama’s. I’m an absolute sucker for some fresh mozz and handmade pasta.
Finish the meal with a coffee and Frangelico.
Net worth:
About $500K.
Total savings and investments are around $300K. I have rolled 401(k)s from previous employers and a personal Roth with an Edward Jones advisor, a personal brokerage account through the Treasury App (Her First 100K), and a few small investments in local startups.
Favorite tool:
Rocket Money. We get it with our mortgage, but it’s so helpful to see trends across all of our accounts.
Savings goal:
When people ask me what I would do if I won the lottery (and it can’t be something ‘adult-ish’), my answer — I’d get my private pilot license and buy a small plane.
Retirement:
I doubt I’ll really ever retire. I honestly love working and contributing my skills, insights, and effort.
But I hope one day to be able to do a minimal amount of fulfilling work and keep my bills paid and my family happy and healthy. I think that’s all any elder millennial could ask for the future for now.
Financial freedom number:
My income goal is $180K, plus my husband’s income.
That would keep our bills paid, help us grow our cash savings, and give us a little cushion for travel and other fun things for our family.
Rich in Charlotte:
Buying one of the palatial old homes in Myers Park or SouthPark. If you can afford one of those comfortably and still have a social life, good on you.
Best money decision:
Buying our house in Steele Creek. We were looking in Cotswold and Matthews, but love it here. Our home equity is now ridiculous.
Wedding:
As much as I enjoyed my wedding, we spent $40K of our own money on it and looking back on it, it was so stressful and caused so much tension.
I wish we’d saved that money and just went on a trip with our closest friends and family. It would have allowed us to invest in a real estate property sooner.
Financial goals:
- Find full-time work. I’m applying like a crazy person to anything that piques my interest.
- Build my consulting/fractional offering. I’m connecting with as many founders and small businesses as possible to validate the need and budget.
- Close on an STR (short-term rental) property. We’re working on finding our first STR property in the mountains, and I think we’ll try to find a second one quickly in the Raleigh area.
Knowledge:
Mostly my parents. They worked their asses off to get out of insane debt, put my sibling and I through private school, and retire with plenty of savings to live off of.
It wasn’t always easy, but they made it work.
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