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 home with my ex-husband. 2.4% interest rate. The only reason I am able to afford it is alimony and child support.
Job and salary:
Community college professor. Annual salary is $50,000 with an additional bonus of $1,000.
In the past four years my salary has not changed significantly, just around $150 per paycheck with a merit raise last year.
Career advice:
Do not become a professor in higher education in Charlotte, NC. I deeply regret my career decision to get into higher education. I’ve been applying for other positions in EdTech, communications, marketing, and others for two years trying to get out.
I should not be a college professor with a MFA making what I make. It’s criminal. It’s wrong.
On your mind:
I’ve got two kids. I do not make enough as a community college professor in Charlotte to support them month-to-month without working another job and several side hustles.
Saving for emergencies and their futures is just not possible in my current scenario.
Side hustles:
- $1,500 from being an author. But expenses from marketing the book cancel the profit out entirely.
- $700 modeling.
- $500 running community writing workshops.
- I’m also interviewing for a part-time catering position next week to make ends meet.
Work-life balance:
None. I’m obliterated as a single mother of two children.
Debt:
- $4,000 in credit card due to home emergencies at a 7% interest rate. I pay it off (nearly) every month as it’s all of my expenses.
- $67,000 student loans. “Thankfully” I don’t make enough (and have dependents) to owe anything on them. I pay interest monthly on my undergrad student loan.
- $400,000 left on my mortgage.
- $784 in medical debt. I got a diagnostic mammogram and my insurance didn’t cover it.
Credit card:
I use a Wells Fargo visa credit card. Low interest rate, rewards, and ease.
Budgeting:
Yes. I use AI to help me analyze my money leaks, budget, and create savings plans for the future.
I track everything and have check-ins every 3 months. I wish it were more frequent, but I don’t have the energy. I need to make it a priority.
Sometimes it’s honestly better for me to go old school and print out my bank statements and highlight unnecessary or “out of alignment with my values spending.” My values are my home, my kids, and our well-being. Many things that falls outside of that- does not get spent on (new clothes, shoes, haircuts at salons, dinners at restaurants, movies, etc).
Splurge:
Quality food at markets and grocery stores.
It’s my favorite thing to spend money on because my kids love my cooking and it makes me feel like I’m doing everything I can to nourish them and create memories with my meals.
Money hack:
The quickest way to be poor in Charlotte, is to act rich when you’re not.
I may not make a lot of money, but I am quite good at managing it. I ask a lot of questions about finance and taxes.
Best accountant is Kellians Accounting, they don’t treat any question like they are stupid. They speak English and Spanish. They are seriously the best.
Always park on the street — not a garage (arrive early to do so). It’s safer and cheaper.
Grow your own food if you can because it’s a lot cheaper than $6 Basil from Harris Teeter (no shade to HT). If you don’t have land to plant your herbs, fruits and veggies do it in a nearby park. No one will steal it from you. Or join a community garden — a win for your wallet and soul.
Restaurant pick:
Showmars. Order the $13 Chef Chicken Salad, fries and fruit punch.
Go to the one on Freedom Drive, the staff and patrons are the nicest people you’ll ever meet.
Financial win:
I saved $1,000 in a HYSA this year to help pay for my kids’ $3,500 summer academic programs. They got accepted into an elite program and I’ll be damned if I don’t try to give them every opportunity I can.
I hope they’re better off than me some day.
Investment strategy:
Savings is sporadic! I deposit $20-$50 into a Wealthfront HYSA when I can. They have a nice referral program that can up your return rates.
I use Fidelity and Vanguard for investments. I’m new to both. I just play around and add money sporadically.
I have a SEP IRA (Simplified Employee Pension), non-managed. You do not want anyone managing your portfolio. You can do it yourself. It costs too much to have someone manage your portfolio and your returns will be much smaller.
I’ve a 401k at work with like $20 or something minimal going into it because I need all the money I can to live every month.
Savings goals:
Kids extracurricular programs, a car for them, a trip for us to Paris or Italy, and more emergency savings for my house.
Net worth:
Unfortunately, it’s negative. Below $0 with my student loan debt.
Retirement:
I’d love to retire by 55. But not fully. I’d love to still write and work on whatever business ventures capture my attention.
I have no idea how much money I’d need to retire. I have tunnel vision on survival and have not thought that far ahead. I need to.
Rich in Charlotte:
It’s going to sound strange, but me. I know where I want to go. I’m smart. I’m ambitious. I’m not giving up on getting myself out of my situation.
Family decision:
When I was married, I stayed home with my kids which threw me off the tenure track, and of course I didn’t pay into social security or a retirement fund — terrible idea.
Financial goals:
- Save for my kids’ extra academic needs.
- Save for emergencies.
- Save for traveling, which I’m trying to figure out how to make happen.
Knowledge:
I taught myself through reading finance books. My personal finance journey actually started with money challenge from To Be Magnetic.
I recommend reading Your Rich BFF and The Psychology of Money if you’re just getting started with saving and investing. And listen to The Burnouts Podcast for investing and business acquisition tips.
Parting words:
I just hope my situation inspires someone to do something about education pay in Charlotte. We really can’t afford to be teachers. We should not have to work second, third jobs to survive.
Much appreciation for Tiny Money, I learn a lot from these.
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