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:
I own my primary house that I also use as an Airbnb. I rent it from myself at fair market value (tax benefits, etc.).
I am divorced and have a young child, where I pay child support. I don’t have a ton of money stress as my business allows me the financial freedom to take risks.
Job and salary:
Property management. I manage nearly 50 Airbnbs across the Carolinas.
Additionally, I own a handful of these properties, which I completely manage from booking to cleaning on a day-to-day basis. It’s not for everyone. People need to be smart about buying. For me, it made sense because of my experience.
All in, I make roughly $350K a year.
Salary journey:
It’s been up and down given the nature of my business. I’ve worked hard to build a nest egg and never let that nest egg dip below 2 months of what you need.
Side hustle:
I’m a content creator and generate $200 per month across social media platforms. Not a lot, but it’s growing.
Work-life balance:
I don’t feel like I work. I am my own boss. I never plan on retiring.
Debt:
Yes. It’s significant, but it’s an investment. Rates are standard and with the current market situation, I will likely be able to refinance soon.
Credit card:
AmEx Platinum when on dates, but day-to-day I use airline credit cards.
I churn cards often for the points/benefits.
Budgeting:
I use a Google spreadsheet. It’s never been a big issue for me.
Best expense:
My BMW X7. I love it. It’s $1,400/mo, but I am a bit of a car nut. It’s easily my prized possession, second only to my child!
Women love a good car in Charlotte, even though it might sound shallow, it’s true.
Money hack:
Cook at home. You’ll save thousands. And then you can splurge on cars and date nights.
Restaurant pick:
Suffolk Punch. I love the $18 burger, no cheese.
Net worth:
Nearly $4M if you include property equity and business. Obviously, that isn’t cash on hand. My goal for cash is to hit $500K. I’m close.
My advice to others is that you’ve got to take a risk. You can’t get rich without taking risks.
Rich in Charlotte:
Members at Quail or Charlotte. The other country clubs simply aren’t worth the bang for their buck. I’d love to join one of these.
Knowledge:
Self-taught. I started college at UNC Charlotte, which has been a big boost for me, but I didn’t finish.
Don’t get down on yourself! Any day you can go from worst to first. It just takes commitment.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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