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 3 houses in Charlotte, 1 primary residence and 2 rentals. Bought our first home pre-COVID. APRs on the homes are 2.5%, 4%, and 5.5%.
For our primary home, we paid 50% down and our mortgage is $3,500 per month.
Charlotte is a red-hot market. We’re still early. Buy something now or you won’t be able to in 10+ years.
On the family side, we’ve got a newborn. I’m lucky my company provides 4 months of 100% paid parental leave.
Job and salary:
I’m a sales consultant at a big tech company. Fully remote since 2018. Annual compensation is roughly $75K base, $175K commission, and $200K equity grant.
Salary journey:
I started in sales with a $20K base. Made $120K in commish at my first tech company and noticed the glass ceiling. Jumped to $50K base, $150K in commission and $85K equity. Rest was up from there.
My advice is to keep honing your craft and stay on the lookout for that next opportunity, especially within your own network.
Other income:
The 2 rental homes generate $60K per year.
Debt:
$500K left in mortgage. One car paid off. The other car is a baby wagon where I’m paying $2K per month in order to pay it off 3x faster.
I have a FIRE mindset on a single income. Retired wife back in 2020.
Credit cards:
- AMEX Platinum. Best lifestyle perks and credits on shopping, dining, travel, status, etc.
- Delta Reserve. Annual first class ticket, Delta Medallion Status, free upgrades to Delta One (saved $7K on one trip to Hawaii).
- Costco Citi Card. 5% back on gas and EV charging.
- BankAmericard. Online purchase categories at 5.125% (bonus multiplier).
- AMEX Gold. 3x points on groceries/restaurants.
Budgeting:
I’m focused on avoiding lifestyle creep. It’s the biggest killer of early retirement.
Back in 2017, I bought a new car instead of investing in Bitcoin. Car payments were $1,100 per month. If I were to have invested that in Bitcoin, it would now be $4M. Instead, I was left with a $20K car with 120K miles by the time it was paid off.
Also, buy the espresso machine — it’ll pay for itself vs buying coffee daily in the first year alone.
Favorite expense:
$500 per month in country club dues. Our neighborhood is just 5 minutes from the golf course and pickleball courts.
I’m hoping my newborn will be a future Masters champion, so I see it as an investment of a lifetime, haha!! It also doesn’t hurt to play a few quick holes before work.
Retirement:
I’m a FIRE guy (Financial Independence, Retire Early). My goal is 40 years old and $10M or bust. If I can hit this milestone, I’d retire and spend time as a youth golf coach.
Restaurant pick:
131 Main. Go with a double order of grilled artichokes (when in season), jalapeño cornbread, rack of ribs, peanut ginger slaw, kale quinoa salad, and banana cream pie.
My splurge is coffee and food, hands down. I workout to maintain body composition. I definitely “live to eat and eat to live!” I love sushi, Korean BBQ, pho, and 131 Main.
Investment strategy:
I have a paycheck-to-paycheck mentality.
I only keep a few thousand in the bank and invest 80% of my income into BTC, ETH, and our stock portfolio. Seeing a low balance in the mobile banking app gives you that healthy anxiety to help rethink if you need that Starbucks or guac from Chipotle.
Net worth is about $2M.
I hedge virtual assets (e.g., BTC and ETH) with hard real estate.
Rich in Charlotte:
$10M with no debt. These people have the freedom and time to pursue whatever interests them.
Financial vice:
Definitely sports gambling. I hit a $35K 6-way golf and F1 parlay, which paid $125K. But then I did a $75K Super Bowl parlay and only hit one leg.
Financial goals:
- Pay off all debt using the snowball method
- Increase income by 20% YoY through investing and full-time job
- Decrease spending by 5% YoY through budgeting and cutting back on areas that aren’t gratifying (e.g., premium luxury brands).
On your mind:
Diversification. How can I reduce risk, while increasing earning potential across all sectors and building a real estate portfolio (can’t make more land)?
Knowledge:
Self taught. I saw my parents incinerate an 8-figure net worth in the 2000s by not managing and tracking spending. Lavish private jet trips, daily private shopper hauls at Hermes, Chanel, Dior, LV and Gucci.
Stop chasing material possessions and invest in the flesh that is you and your family.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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