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:
During COVID and before we met, my fiancée bought an Uptown condo and I bought a suburban home from my grandmother at appraisal value. My current 20-year mortgage is under 4% and the payment is around $1,200/month.
Needless to say, we lucked out with low interest rates and generating equity rather quickly — talk about timing!
Now that we are together, we plan to sell her Uptown condo and live at my place. Then we plan on buying something larger together.
We don’t currently have or want kiddos.
Job and salary:
I work in marketing at a large bank. $180K base salary with a 25% bonus.
Salary journey:
I started my career in sports, but quickly realized it was grueling long hours and low pay. So I decided to get my MBA and pivot to digital marketing.
Keys to increase my compensation have been to (1) never be afraid to expand/take on something new and (2) consider bouncing around companies. It hasn’t been a popular way of achieving salary bumps in the eyes of my elders, but I truly believe the ability to market yourself is more important than loyalty to a corporation.
Work-life balance:
It’s great! I’ve now worked for startups, mid-sized firms, and large corporations.
While I might not have the same impact as I would at a smaller firm, I do get fulfillment being able to spend more time doing other things.
Debt:
I come from a relatively middle-class family, so I had to finance 99% of my education through student loans. This includes undergrad and MBA, which left me with over $150K debt at just 23 years old.
This has been my primary reason for reaching for higher and higher salaries.
Now after 10 years of paying it down, I am a little over halfway. My approach to debt is to pay it down as fast as possible – I rarely let my credit card statements settle before they’re paid off. I also lucked into my home, buying it from my grandmother at appraisal cost and doing a 20-year fixed mortgage.
Credit card:
I am the “Credit Card gamer,” always signing up for 1-2 per year for new perks and then rarely use them again.
Right now I’m on the Chase Sapphire Reserve but will likely be downgrading before the new annual fee goes live this year.
Budgeting:
I have tracked every dollar I’ve spent for 10 years now in an Excel spreadsheet.
Every quarter I analyze where my money is going and make adjustments. I sort of gamify it and have enjoyed seeing my net worth grow.
Splurge:
Sports betting. As a huge sports fan, anytime I am watching a game or getting ready for a football weekend, I likely have a little coin on the action and have been doing pretty well since it was legalized in March of 2024.
Charlotte money hack:
Public transportation. We drive, park, and ride the light rail. It saves us parking, gas, car maintenance, and traffic headaches.
Restaurant pick:
Passage to India. Order the Tikka Masala. Anytime it’s cold/rainy or if I’m playing the nearby par-3 golf course, I always stop by to pick it up and bring it home!
Net worth:
About $300K. It’s in savings, IRAs, 401k, and home equity. I moved my savings to Wealthfront for their 4% interest and my IRAs to Robinhood to capitalize on their 3% match.
Retirement:
My target retirement age is 65 with a $4M net worth. This of course depends on how much stress I have at work and my health at the time.
Rich in Charlotte:
Quiet millionaires with at least a few million. In the suburbs, it’s very different.
Worst money decision:
Going to a college out of state. As an 18-year-old, I didn’t understand the financial impact student loans would have on my long-term wealth.
Financial goals:
- Buy a home. We are on track for this, both financially and timing. Also, paying for a small wedding!
- Max out retirement accounts. Currently maxing out IRAs and contributing to 401k but need to increase my % to reach max.
- Pay off student loans. I’d like to pay this off early using bonus/savings funds when appropriate.
On your mind:
Learning to do personal finance with a significant other. I’ve been solo financially and have certain habits. I wouldn’t say it’s stressful, but just a learning experience to ensure we’re in sync.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
New to Tiny Money? Join 12,459 Charlotte money nerds and subscribe to the 1x/wk newsletter
