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. I have a standard 30-year fixed-rate mortgage.
I rented for years, but bought right before the pandemic. By 2023, the value increased 38% ($200K) and I sold the home and used the cash for the down payment on my current home.
I have one child who I co-parent with her father.
This is the last year before my child starts public school. I’m beyond excited. Paying for daycare and then private pre-k has been my second highest monthly payment after my mortgage.
Job and salary:
Marketing Director. $150K salary, plus 10-15% annual bonus.
Salary journey:
I started out making pennies! I think it was $27K. I didn’t start making real money until my 30s when I job-hopped 5 times in 5 years to reach a salary of $95K.
It took another 5 years or so to get to $150K. I’ve stayed in that range for the past couple of years.
Work-life balance:
Incredible. I honestly couldn’t ask for better. I’m ready for a new challenge, but cautious about my next role because I can’t go back to my former life of all work and little to no balance.
Since becoming a Mom, being present for my child far outweighs my desire to increase my pay or title.
Debt:
I grew up relatively poor. I’ve always lived with the mindset that if you can’t pay for it, you don’t get it.
I’ve never had credit card debt. I was lucky to pay off my student loans about 6 years ago. And paid off my car a year ago. No debt. I consider my home/mortgage an asset since I have a good amount of equity in it.
Net worth:
About $700K. All from savings over my career.
My biggest advice is save while you’re young, don’t get into unnecessary debt, and if you get legally married, have a prenup.
Credit card:
I have a few. My oldest is a Bank of America cash back card. I very rarely use it and keep it due to the length of time it’s been open and the fact it has no annual fees.
I have the Target RedCard because I’ve been “that mom” but since their DEI rollback nonsense, I spend significantly less money there and may cancel the card.
I also have a Chase Marriott Bonvoy card and Chase Sapphire card. I have those simply for the travel perks.
Budgeting:
I don’t have a strict budget. I’ve found I don’t do well with limitations. But, I’m very mindful of what I spend money on.
I value experiences over things. I’ll forgo buying clothing or eating out for lunch in order to have more money for travel and concerts.
Favorite expense:
Peloton membership. $50 per month. It more than pays for itself when it comes to my physical and mental health.
Splurge:
Definitely travel! The freedom I feel while exploring new places (usually solo) has been paramount to my growth as a human. The memories are priceless.
Restaurant pick:
When it comes to food, I’m indifferent, but Flower Child is my go-to.
Investment strategy:
I contribute 6% into my company’s 401(k) program. They match up to 4%. I have an IRA with Morgan Stanley that houses all the money from previous 401(k) accounts and a 3.3% high yield savings account with Ally Bank that’s my emergency fund (6 months of bills).
Once I’m done spending a small fortune on childcare, I plan to invest significantly more and have my financial advisor help me.
I’m still learning how to use money to make money.
Retirement:
I want to retire around 60 with the ability to live comfortably, but not outrageously.
I want to be able to travel, be as present in my daughter’s life as she would like and volunteer for things with animals or mentoring young women.
Financial freedom target:
Around $1.5M. I’d pay off my mortgage, put $500K in savings for my kid’s future and invest the rest with the interest earning enough to pay my monthly expenses.
At this time in my life, I’d still work because I enjoy what I do, but it would be nice to not need the salary and have it be play money.
Rich in Charlotte:
Wealthy people are the ones you’d never guess because they don’t feel the need to show it off.
New “rich” money are the obnoxious people and they probably have an annual income of over $550K.
Financial goals:
- Maximize my annual retirement contributions.
- Have a year’s worth of bills in a savings account.
- Manage spending enough to be able to take 2-3 vacations a year.
On your mind:
How much is this shitshow of a government going to ruin the future of this country and my ability to provide a comfortable life for my child?
Knowledge:
If you didn’t grow up with money, you may have a scarcity mindset — this can prevent you from making smart choices with your money.
Don’t be afraid to seek knowledge and adjust how you approach managing your money. If you simply don’t have the time or desire, pay an expert to do it for you.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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