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:
Own. 30-year fixed. Charlotte real estate is exploding, own something!
Job and salary:
Sales lead in the construction industry. $350K – $400K, mostly commission.
Salary journey:
Out of college I made $45K. I stayed in this specific industry and learned the ins and outs of it. I’ve been able to advance as people retire.
Other income:
I own 2 rental properties that net about $30K/year.
I love real estate. It can both cash flow and appreciate in value.
Knowledge:
My parents went bankrupt when I was a kid. I learned a lot of what not to do.
I recommend having a money mentor you can talk to about financial situations. It’s important. I know most people are super secretive about their money, but it’s helpful to be able to talk it through.
Read these 2 books to build wealth — The Total Money Makeover by Dave Ramsey and Money: Master the Game by Tony Robbins.
Debt:
I have 2 mortgages, both below 3% interest rate. It’s as close to free money as it gets. I love me some Dave Ramsey, but these mortgages are okay by me.
Budgeting:
I budget savings, not expenses. It’s a little backwards, but it works for me. I’ve also used the Debt Snowball Method. It’s a great way to start.
Net worth:
About $4.5M.
My wife and I both work and make good money. We started investing early and let time do its work. The S&P 500 has averaged 10.9% over the last 20 years!
Each year, my wife and I max out our 401(k) with $23,500 each.
I’m a big saver. I like Empower for tracking net worth and I like Fidelity for investing.
Financial freedom number:
$10M.
Advice:
Start saving early. Do it consistently. Automate it! I started maxing my 401k out when I was 26 years old. I now have over $1M in my retirement account.
Don’t overcomplicate it; use low-cost index funds. Watch expenses on funds. Don’t do annuities or whole life insurance.
Best recurring expense:
Church offering of $500/month. Worst is DoorDash, it’s expensive being lazy!
Restaurant pick:
Del Frisco’s. It’s got the best Old Fashioned ($35) in Charlotte.
Financial goals:
- Generate $100K in passive income with rental properties.
- $10M in retirement savings.
- Be able to give money away as we’d like.
Rich in Charlotte:
Net worth over $1M.
On your mind:
I’ve got 3 kids. How do I teach them to save early and save often? Compounding interest is magical over time.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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