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 26-year-old’s personal finances.
Living situation:
I rent a townhouse. Rent is $2,200/mo. I split it 60% him and 40% me. Private landlords are the way. Your luxury apartment is scamming you!
Job and salary:
Events manager at a financial company. $83K base with a 7% bonus and overtime available (about $10K last year).
Salary journey:
After graduating college as an accounting major, I landed a $62K job with a 5% bonus at a smaller company as an account manager. I identified a gap in their business and pitched myself for a role that didn’t exist. It took about a year of conversations, but I finally got the job offer. Genuinely so grateful that their executive team at my firm saw my potential and gave me a chance.
My biggest advice is to talk to everyone. Be friends with everyone. There’s a lot of rhetoric now about completely severing your work life from your personal life, but I don’t find that to be totally true. It’s a give and take. If you want to go far and level up quickly, you have to build rapport and trust.
Side hustle:
In college, I did marketing work for local businesses. It’s now a $30K side business that I continue to operate.
I started off pricing my services low, but over the years I’ve raised them. A few of the businesses I work with sold to larger companies that retained me, which has led to more opportunities.
Work-life balance:
I’m pretty happy with it! I work a standard 9-5. 4 days in the office and 1 day remote. I travel a decent amount but I still find it really rewarding and manageable.
I work out in the mornings most days. I’m available to make dinner, hang out with friends, or whatever else in the evenings.
I am pushing myself to take longer amounts of PTO this year. Since graduation, I’ve only taken 1-2 days at a time. I think that sacrifice has been valuable early in my career. People need to see you, or they’ll forget about you.
Debt:
None. Super grateful for parents that provided me with a car that I’ll drive into the ground. My college was paid for between a D1 sports scholarship and my dad, who graciously gave me his GI Bill. The GI Bill also covered my living expenses through college. I think it paid me like $1,600 per month.
Credit card:
Chase Sapphire Preferred. Great travel card. It’s super easy to accumulate points in my line of work (3x dining, 5x travel). I also joined when they had the 100K bonus going on.
Budgeting:
Yep! I started using the YNAB app (You Need a Budget) in college. I was making decent money from internships and my marketing work, but I had no clue where it was all going. They had a lot of good resources and I’ve maintained a zero-balanced budget since.
My biggest tip is that it doesn’t really matter what method you choose but you have to stay consistent. YNAB sort of gamifies the experience which definitely helps me stay on top of it.
Best expense:
My Solidcore membership. I go at least 5x/wk and pay $225/mo. I will live and die by those blue lights.
Splurge:
It’s cliche, but clothes and accessories. I’m 26 and starting to really understand who I am. I want that to translate to my outward appearance. I dream of being a really cool eclectic mom one day with the best outfits and interesting style.
I also really believe that people’s perception of you does matter, not as much as your own, but it matters. Dress for success.
If money was no object, I’d buy an old mid-century modern house and restore it to all of its glory.
Restaurant pick:
Catalina Kitchen & Bar in Elizabeth. Everything I’ve had there is a 10/10. Do not leave without trying the whipped ricotta dip and rigatoni with sausage. It’s not an Italian restaurant but their housemade pastas give Mama Ricotta a run for her money!
Investment strategy:
Net worth is about $70K. I put 8% into a Roth 401(k) (company matches 6%) and I max out my Roth IRA. Other savings are currently split between brokerage, emergency fund, and savings for a down payment on a house and a wedding.
Work hard and save what you can while you’re young, but still live your life. No fear mongering over here!
No financial advisor. Self-taught. My Mom was terrible with money and my Dad was too proud to disclose details. There’s a lot of good resources online.
Savings goals:
House and a wedding. No particular order.
Retirement:
I haven’t really thought about this question before, but maybe in my late 50s. Hopefully eat, pray, love-ing my way through retirement!
Financial freedom number:
It’s hard to say. Probably $500K. I’d want to be able to make purchases without worrying or reallocating funds. I think that number changes significantly if you have kids and a house.
Rich in Charlotte:
Owning a house on Queens Road West. No explanation needed.
Financial goals:
- Buy (and restore) a fixer upper or build my dream house
- Break up with convenience fees (DoorDash, Amazon Prime)
- Travel extensively. I think I’m doing the best I can for now. I plan to scale as my income scales.
On your mind:
I’m scared I’ll never be able to afford to own a house, have kids, and pursue a lifestyle I want. Just feels like a lot of uncertainty in the economy right now.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
New to Tiny Money? Join 11,249 Charlotte money nerds and subscribe to the 1x/wk newsletter
