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 a 32-year-old’s personal finances, who’s thinking about proposing to his girlfriend.
Living situation:
Own. I shopped my mortgage in 2021 and negotiated down to 2.75% when the market rate was about 3.2%.
I went with a 30-year fixed because I thought I could make more in the S&P. I recommend people to shop their rate, the swings were nuts between lenders. No kids. Not married (yet).
Job and salary:
Accounting and operations manager. I make $183K base with a 25% bonus and $10K in annual RSUs. So I guess $239K all-in, assuming no stock appreciation and full payout of bonus against company performance targets (hasn’t always happened).
Salary journey:
I started at a Big 4 accounting firm doing consulting. $65K out of college. 5 years later I was at $110K. Based in Charlotte this whole time. I then jumped companies and I went to $169K. Huge leap for me.
Next jumps were based on merit within my current company, delivering tens of millions in cost cuts.
Work-life balance:
While doing consulting at a Big 4 firm, it was completely unmanageable. I honestly didn’t like my career and I didn’t like myself for a while. I was disconnected from everyone while working on the road with no community.
Now it’s normal. I work more than most still, but it’s 40-50 hours, not 60-100 hours like it was doing consulting. I feel at peace.
Debt:
Just my mortgage. $481K left there. I don’t keep credit card debt or any other debt. Debt is the enemy unless interest is below market returns.
Credit card:
I just opened an AMEX Gold Card after a chat with my friend ChatGPT, haha. Given I spend a lot on eating out, I didn’t realize I could be getting more back outside the Capital One Savor card.
Budgeting:
I believe budgets are kind of a myth. I don’t do it. You should live below your means and that’s a philosophy and lifestyle.
I do track my monthly cash flow. The overall trend is what matters. It’s like counting calories in my mind. You don’t need to know the exact number, just whether you are in a calorie deficit or surplus.
Best expense:
Membership at The Health Club. It’s $259/mo. It offers yoga and relaxation, weight lifting, and recovery. For me that’s a great mix in a high-stress job with goals to remain healthy.
Splurge:
I honestly don’t care about spending money on myself. I care more for treating others with gifts, charity, and hospitality in hosting. I know that may sound inauthentic to some people.
I like treating my family to a nice dinner. I like treating my girlfriend on a trip or a nice bag. I don’t need a lot and she doesn’t demand a lot materially of me, but I like to care for those close to me.
Money hack:
The flat top lot behind Graham Street Pub is relatively cheap and nearly always empty.
Although it’s owned by Preferred Parking, which is basically the modern-day tax collectors in terms of customer experience.
Restaurant pick:
It’s been said, but I’ll say it again — Custom Shop does not disappoint. I don’t even like duck, but the duck here is *chef’s kiss* ($60 Rohan Duck Breast with sweet potato puree).
Investment strategy:
I pull money into a brokerage when I see too much money on my checking account. I manage my own portfolio. Up 31% over the last 3 years. Shout out to tech stocks bouncing back!
I used to use Intuit’s Mint tool and I LOVED it, but RIP. I now use Empower to track my cash flow, investments, and net worth.
I’ve been maxing a Roth IRA since I was 18, I bought my first stock when I was 12. I learned a lot from my mom, who worked in the financial planning industry.
I recommend people max their 401k to the match limit at a minimum and then max the Roth IRA if they qualify, and then after keep falling the “waterfall investment approach.”
Net worth:
$1.04 million. No inheritance, no business sale, just hard work and saving.
If you want to grow your net worth, (1) challenge your mindset and believe you can no matter what, (2) watch your earnings grow, (3) live below your means.
Retirement:
I’d love to be one of those early retirement FIRE people, but I get a lot of purpose through work.
If I had to guess, I’d say in my 50s would be good. I just hope I’ve lived a lot before then and didn’t wait. Travel now is key. Tomorrow isn’t guaranteed.
Financial freedom number:
To me, this means wealth without working. Either that’s owning a business and hiring a very solid GM or having so much cash you can live off just the cash flow from annual returns.
If I had to quantify it personally, I’d say $2M.
Rich in Charlotte:
Having great mental, physical, social, and spiritual wealth.
Being the wealthiest man without a family by his side is no achievement, but being a man that doesn’t provide isn’t an achievement.
As all adults learn, life is about balance. I don’t encourage my fellow Charlotteans to aim for a number but to aim for great relationships with God, family, and friends — while taking care of themselves and providing to the best of their ability.
Best money decision:
I bought a ton of META stock when Zuck went all in on the Metaverse and tanked the stock price. It’s popped since. The company had no debt and was printing billions.
Financial goals:
- Propose to my girlfriend with a ring she deserves
- Save for my future family
- Continue to accelerate my income so I can give back more
On your mind:
My top concern is a prenuptial agreement with my girlfriend, her family has a number of business interests and I think there are expectations to work through.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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