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.
Job and salary:
I’m a Corporate America drone, haha. I make around $120K with 15% bonus potential.
My husband is a startup exec with a base salary of $250K and unlimited bonus potential, which could reach six figures next year if their forecasting is right.
Living situation:
We bought in 2016, so our interest rate is low and our house was super cheap. We got lucky. Our value has more than doubled, which I didn’t think would be possible!
Having a low mortgage payment has definitely allowed our wealth to grow faster than I expected.
Children:
We’ve got 2. We’re on the cusp of the teenage expense avalanche — braces, phones, cars, college, etc. Are we ready? I don’t know.
College is SO expensive. There is so much uncertainty about the future job market. Is it better for my kids to get an MBA or go be an electrician?
Salary journey:
I changed companies a lot in my 20s. Each jump meant a good salary increase.
But since having kids, I’ve stayed at the same company and my salary has definitely stalled. At the same time, my husband’s salary has skyrocketed from making $26K when we met.
Work-life balance:
I’m on a hybrid schedule, which I’m thankful for. I can be present for my kids’ stuff. Sure, I’ve stalled career-wise, but I’ve never missed a teacher conference or concert. I’m okay with this trade-off.
Best money decision:
Going to a state school. I had some scholarships, so I graduated with very little student debt. My husband got a full ride, so he had zero student loans.
Side hustle:
I flip niche items in Facebook groups. I seek out undervalued items for sale and flip them. I bought one item at a yard sale for $2 and flipped for $75. It adds up to a fun little side income stream!
Debt:
Just the (cheap) mortgage. No student loans, we buy cars in cash, and pay off credit cards.
Credit card:
We’ve got an airline card and a hotel card. We haven’t paid for a hotel room in like 15 years!
Best expense:
Botox. It makes me look at least 10 years younger.
Worst expense:
Summer camps! HOLY CANNOLI they are pricey. Last summer we spent almost $8K on day camps, but it’s still cheaper than a nanny.
Splurge:
Laundry service. Sending away dirty laundry and having it come back folded super nicely fuels my mental health! Especially bed sheets. Looking at a linen closet full of folded fitted sheets is an elite experience.
I’d also love a vacation home, but with current prices, that feels out of reach. We do want to travel a lot with the kids before college. I get kind of panicky thinking of all that I want to fit in while they’re still in the nest!
Restaurant pick:
You know what? I love Reid’s. I know it’s not the fanciest, but I’ve never had a bad meal there. Every location is great and that can be rare when a restaurant starts expanding — you can lose the culture and what made the original location successful.
Net worth:
Just shy of $1M. I’m so proud of how we’ve saved to get there. We could definitely afford a far fancier lifestyle, but it’s important that we avoid lifestyle creep.
Retirement:
We’d like to retire when we’re still in good enough shape to travel and enjoy good health.
I like working and probably won’t ever fully retire. I’d go be a substitute teacher or work at a museum.
On your mind:
I worry about the coming AI revolution for white-collar workers. We’re prioritizing saving in case the next 20 years in the workforce aren’t great for our generation.
Financial freedom number:
Honestly, I feel financially free now. No real debt, good jobs, and we could probably live off just one of our incomes (though I may have to give up the Botox – ha!).
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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