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:
We own our home in Plaza Midwood and have 2 waterfront rentals on Lake Norman. We actually bought the lake houses before our primary home. Our goal was to build some income producing properties, before settling down.
In 2021, we purchased the first lake house with a $700K mortgage at 3%. A year later, we purchased another house with a $550K mortgage at 6%. Lived in both while we renovated them, ultimately turning both into short term rentals. The rental properties produce about $180K/yr in gross revenue and about $80K/yr profit.
We finally bought our longer term home in Plaza Midwood with a $650K mortgage at 6% before completing a large renovation on it as well.
We’re self-taught real estate investors and have learned a lot from BiggerPockets.
Job:
I’m a director of partnerships at a tech company. Base is $170K with an additional $20K bonus and $10K equity grant.
My wife is a chief of staff at a tech company. Her base is $150K with an additional $20K bonus and $100K equity grant.
Salary journey:
I graduated from a reputable university and landed a $65K job. My wife started at $40K, but saw the opportunities in tech and transitioned into that industry.
We both did a lot of job hopping early on, using those transitions to increase base comp. Eventually both of us settled down into current jobs which we have consistently grown at over the last 5 years.
Work-life balance:
Right now, mine is amazing. I work 30 hours per week, max, and often play golf 3x/wk.
My wife has the opposite and regularly works 50-60 hours/wk. Does not play golf 3-4x/wk.
Debt:
Just the 3 mortgages, 2 of which I see as “good debt” since they’re income producing. No car loans.
Credit card:
AMEX. Lot of travel and the lounge is my best friend. I’ve got a free Chase card on backup where AMEX is not accepted.
Budgeting:
We honestly don’t budget. We both have a good sense of where we are financially through monthly check-ins, and neither of us makes rash or poor financial decisions.
We do what we want, and buy what we want, within reason. This hasn’t caused any problems in our 8 years, even when our income was MUCH lower.
Splurge:
I love golf and bourbon. My wife loves rugs. No idea why.
If money was no object, a luxurious sports car would be nice. I’m obsessed with cars. I’d love a XB7 BMW.
Charlotte money hack:
Sifford for golf. $25.75 for 9 holes. CSA box for groceries.
Restaurant pick:
Local Loaf. Everything is good there. Get the $15 Orange Chicken.
Net worth:
$3M. Breakdown is about $1.5M in home equity across our properties and $1.5M that’s liquid. 40% index fund, 40% wife company equity (which we convert into index), 10% BTC, and 10% cash.
We fully fund IRA/401(k) every year for the past 4-5 years.
Recently, we haven’t been saving much as we’ve been investing in all 3 properties, traveling, and getting married. But we plan to start again soon.
No inheritance, but parents paid for both of our public colleges. Net worth has been built by salary growth, investment growth, Bitcoin growth, and rental profits.
Rich in Charlotte:
$5M – $10M. Should be enough for a prime property, vacation home, and regular high quality activities.
Financial goals:
- Retire by 40 with $5M – $10M (or choose fun work after that). On pace here.
- Not “worry” about money.
- Provide for future kids (at least college, first car, etc). Wrestling with how much we need to budget and save for them.
On your mind:
I wonder whether I should be saving more for later, or if we will have plenty then and I should enjoy life more now? Like, can I get the pasta dish that’s $10 more? I think so, but I usually don’t.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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