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 own a home in East Charlotte. 3 bedroom, 2 bath with a 3.25% rate. Bought in March of 2021 for about $240K. Mortgage payments are $1,400. Single, no kids.
I chose to have roommates for 3 years before buying and that helped save each month. Also, I was lucky to be able to buy in the craziness of 2020-2021. I worked hard for it, I’m aware that things worked out for me.
Job and salary:
Financial analyst at a large bank. $105K base. 10% bonus, mostly stock focused and rarely cash.
Salary journey:
I moved to Charlotte in 2016 making $56K. My two largest jumps were an employer switch that got me to $75K and a promotion that brought me to $85K. Then I got laid off in 2022, but found a new role at around $100K.
Work-life balance:
Great! Each month, there might be one or two later nights at the office. Maybe 7ish. I choose to do 5 days in the office as I prefer the separation between home and work, even though my employer offers 2 remote days per week.
I make time in the mornings for reading. I work on the house and yard in the evening.
Debt:
- Mortgage: $199K at 3.25%
- Car Loan: $19K at 2%
I use credit cards but do not carry a balance. Paid down to $0 every month for 10+ years.
I wish I was better prepared to pay cash upfront for my car and not have this payment (~350/month). I plan to double up my payments after my emergency fund hits $20K in April of 2025. Will cut 2 years from the life of the loan. I already double up my mortgage payments.
Credit card:
Citi American Airlines. I was traveling like crazy for my first job in Charlotte. It’s okay. Not amazing, but fine. Not looking to change or take on a greater annual charge. $99 a year is fine with me.
Budgeting:
I love to budget. I’m a firm believer that if you have a goal, it MUST be measurable. Or else it’s just best intentions and those are written in smoke.
Due to my career, I am Excel focused. Love it. So I manage everything on my own. Found it helpful to list as many known expenses as possible. Categorize and quantify emergency details. I track my investments as a percentage of net income.
Goal is that 20% of my net income will always go to longer-term DO NOT TOUCH investments. I then have short-term travel savings as well ($100 bi-weekly to annual travel and $35 weekly for international travel every 3 years).
I invest in index funds only. About 2% sits in Bitcoin because I got curious one day.
Favorite recurring expense:
NFL+. I just LOVE watching RedZone.
It’s $16 per month during the season and I split it with 2 friends. My buddies live all over the country, so the NFL stuff is a fun way to stay in touch with them. We gamble a little bit, but mainly just make time to be together and enjoy the nonsense.
Splurge:
Kitchen items and coffee shops. I love cooking. I will prioritize long-lasting items to add to my enjoyment.
Recently I added 2 pieces of stainless steel from Cuisinart. Nobody needs a full set from All-Clad. Work on your skills and add pieces as needed. Each piece you buy is adding to the specialization of your kitchen.
Money hack:
Use the library. I read every morning and night. The Charlotte Mecklenburg Library System is excellent for physical books, e-books, audiobooks, TV shows, and movies.
I still buy new books from authors I love. Gotta support their art. But 90% of my reading is from the library. I still get excited leaving with a new book. They’re just letting me borrow this?! FOR FREE?!
Restaurant pick:
I rarely eat out, but when I do, it’s for items I cannot make at home. I like Lam’s Kitchen where I order the curried soft shell crab and seafood pancake.
Net worth:
$250K. All generated entirely from savings in my career. I do not include my home in the calculation. Yes it is an asset, but I use it for living, not as an investment. This helps me enjoy it.
Comparison is the thief of joy. Work hard to understand what is actually important to you. Not what society wants you to have.
Wealth breakdown:
Emergency fund at Wealthfront. I allocate $840 per month. Will get it to $20K in April of 2025. That’s about 8 months of emergency for me.
Vacation (short-term). I allocated $200 per month. Keep this at my bank for easy access. Used it for quick planning items.
Vacation (long-term). My goal is a 3-week international trip every 3 years. I allocated $35/week into SPY index fund. That’s $1.8K/year. And $5.4K after 3 years.
Retirement/Long Term/DO NOT TOUCH. I allocate $1,500 per month into active investments. Index funds again. Plan to increase this once my emergency fund hits desired threshold.
$200 per paycheck into a Roth that company matches at 5%
So here are the totals:
- $118K from previous 401(k) (I should look at a Roth conversion but I am lazy)
- $100K in index investments
- $17K in emergency
- $16K in HSA
- $9K in Bitcoin
Retirement:
The dream is 50, but the reality is 55. $2.5M and I could make that work. I live a pretty quiet life. Kids are not in my future.
I’d feel completely personal financial freedom with $5M. The 4% rule gets you about $200K. That’s a high-quality life with loads of free time.
Rich in Charlotte:
$100K with limited debt and you can do whatever you want here. Maybe you’re not ‘brag about it’ rich, but you can do it all.
Worst money decision:
Binge drinking in my 20s.
Financial goals:
- Travel. Saving for these trips helps me enjoy them fully. I’m not worried if I spent too much money today. This is money that is planned to be enjoyed. Spend it.
- Take my parents on a trip. Big or small. Spending time with them is critical. It’s a way for me to show them my appreciation for all they have done for me. Carving out time to be together is a top investment goal.
- Still working towards that first million. That’s my goal. Keep going with my current plan. Increase principal investments as my earnings increase. Keep spending minimal and predictable. I don’t need many things. I just want to accumulate wealth and keep to myself.
On your mind:
Home repairs. The house isn’t old, 1984. But the appliances are dated. I could use a new water heater, fridge, gutters, and retaining wall repair.
There are a lot of things I cannot control there. I can be prepared though. I am proud of my home and I enjoy taking care of it.
Knowledge:
I have two friends and we have decided to talk numbers with each other. We remind ourselves that comparison is the thief of joy, but it helps to demystify finances and encourages us to consider what each wants to prioritize.
It took me until 31 to consider what I could be doing better. The best time to plant a tree is 10 years ago. The second best time is right now. It’s never too late to set a goal and build a habit.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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