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 34-year-old MBA who works at a large consulting firm.
Living situation:
We bought a home in 2020 in Beverly Woods. Sold it 3 years later for double our purchase price!
Then we bought a new house for $850K. We put $300K down, at 7.125% APR with a 2% buydown for 2 years. Looking to refinance in the next year. Our mortgage balance is only $100K more than our first mortgage; however, the payment is almost double 🙁
Job and salary:
Data scientist at a Big 4 consulting firm. My base salary is $180K with an annual 15% bonus. My wife works at a startup with a $140K salary and no bonus.
So together, our household income is about $350K, not including some equity grants and retirement benefits.
Salary journey:
I started in public accounting making $55K. Then I moved into a client-side role making $75K. After 3 years, I made the jump to Big 4 where I really started making money.
My salary is a direct reflection of the hard work that I put into the role and my relationship with my boss. Big 4 praises loyalty (Big 4 is a common term that refers to Deloitte, PwC, EY, and KPMG.)
Work-life balance:
Eh, I said Big 4. It’s OK, but I find myself working nights all the time. I never work weekends, and my calendar is respected if I have obligations.
Debt:
$650K mortgage at 7.125%, $60K in student loans from my MBA program, $42K for our two cars, and $8K on a Lowe’s credit card that I need to pay off, LOL.
Credit Card:
I have Amex Platinum and Chase Sapphire Reserve. I’m cutting the platinum card soon. I used to travel quite a bit for work, so it only made sense for lounge access.
Chase Sapphire points have paid for our vacations for the past 4 years.
Budgeting:
Yes, we do budget but we’re not great at it. We use the Chase budget tool integrated with our banking. We set a monthly budget and track expenses against it.
Best expense:
Lawn Care. New house is on 1 acre in the city of Charlotte!! I pay $365 per month, but that includes grass cutting, blowing, edging, fertilization, seed/aeration, and leaf removal.
Splurge:
Wine. I like expensive wine. If money were no object, I would buy oceanfront on Martha’s Vineyard.
Money hack:
Discounted parking for Blumenthal shows. We see 4-5 shows every year, and I think the parking setup is so nice.
Restaurant pick:
Albertine and Kindred. So good. Kindreds know what they’re doing.
Investment strategy:
Our net worth is around $700K. Consisting of home equity, retirement accounts, and investments/cash. Literally all from saving annual bonuses and maxing out 401(k)s.
- $85K in Joint Brokerage. Invest mostly in Apple, Oracle, Microsoft, Nvidia, and Meta.
- $110K in Big 4 401(k). Invested in Index/ETFs (80% US / 20% International)
- $80K in Big 4 Pension. That’s the cash value. I’d get $2,600 per month if I retired with the firm.
- $85K in wife’s Startup 401(k). Invested in Index/ETFs, 80% US and 20% International.
- Startup equity, which I’m not able to value.
- $150K Rollover IRAs. From our previous jobs. It’s not diversified, 50% Apple, 30% Microsoft , 10% Oracle, and 10% Nvidia.
I use Fidelity. I previously worked there and I really like their investment platform.
Our balances are starting to get high enough to qualify for a personal contact at Fidelity, but I haven’t reached out. I probably wouldn’t follow their advice, because they want you to invest in managed ETFs which have higher fees. I used to invest a lot in SaaS/Software companies 2018-2022.
I pivoted my portfolio to companies that leaned toward hardware right at the beginning of the AI rise. I’ll probably pivot over to Agentic AI stocks once they start becoming available… I think Salesforce will lead this movement.
Savings goal:
We’re not in saving mode right now given the high interest rate on our mortgage, but I’d like to start saving for property in the mountains.
Retirement:
I’d like to make partner at my firm, which has a mandatory retirement age of 65. I wouldn’t mind retiring a little early, but I do not want to retire at 50. I think I would get very bored.
Rich in Charlotte:
The “Quiet Millionaires” with nice homes in South Charlotte with cars that are 2-3 years old, no flashiness, and stacks of cash.
For example, my grandma lives in a paid-off home with a paid-off car, and the other day was asking me what she should do with a $1M CD that she has maturing next month. That is better than Myers Park rich all day long.
Financial goals:
- Refinance to 15-year mortgage when rates drop.
- Invest $10K per year for our child, split between 529, custodial brokerage account, and Roth IRA.
- Pay off all debt, which I know will take time.
On your mind:
I need interest rates to fall. I bet against the interest rate market last year with my mortgage, so I need them to drop to really boost my savings. Also, daycare is so damn expensive.
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