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. We bought it two years ago, so the rate is high at 7.5%. We wanted to rent out our home at the time, so we were looking to move.
We have 3 children. All are under 5 years old.
Job and salary:
I’m a teacher. I make $56,000. My wife is a fantastic stay-at-home mom. She was a nurse for about 5 years beforehand.
Salary journey:
My worst money decision was becoming a teacher. 8 years ago, when I became a teacher, my starting salary was $46,000 — so it’s gone up $10,000 in that stretch.
Side hustle:
I make most of my money from our rentals. Gross revenue is $350K. We’ve got a total of 4 rentals. It started when we purchased our first home in 2017. We fixed it up, bought another house, and rented it out. HELOC for financing.
Recently, we purchased a home in Hilton Head as we’ve continued to develop equity.
Work-life balance:
I try to spend as much time as possible with my kids. I struggle with it being countercultural and conflicting with my drive to achieve. Trying to develop the skill of being present. God’s at work.
Debt:
$3M in combined mortgages, ranging from 3.25% to 7.75%.
Credit card:
My main card is Citi Double Cash. I usually have at least 8 cards in my wallet at all times. I use specific cards for specific expenses to help budget and maximize cash back.
I actually struggle with spending. It’s a muscle I’m trying to learn to use.
Budgeting:
I use “pay yourself first” as my budgeting strategy. I use Empower to track expenses and net worth.
Splurge:
Giving. We know we are called to give. It develops our faith when we see how He uses it for His good.
Charlotte money hack:
Buy a house in a growing area. Don’t sell when you move. Our best decision was buying our first home in Starmount.
Restaurant pick:
Nothing fancy, but we like Paco’s Tacos. My wife and I share the 3 taco platter. That’s plenty for us with the chips and a margarita.
Net worth:
$2.3M. 80% real estate equity and 20% brokerage. I don’t add to my Roth anymore. The extra goes into our brokerage account. Mainly filled with ETFs. I have a high risk tolerance so I have at least 50% in individual stocks or 3x leveraged ETFs.
Buy when others are fearful. I started our brokerage during Covid — that was a cheat code for making a lot of money quickly.
Retirement:
I’ll do it when my wife needs my help at home. Right now, the impact I can have on students is greater than the need to always be with my kids.
Financial freedom:
To me, it means earning enough to cover expenses. We do that now so I feel comfortable. I continue so that I stay productive and my kids see my hard work.
Rich in Charlotte:
Queens Road West. Those houses are beautiful. We like Providence Plantation, as well.
Financial goals:
- Lake House. I need prices to come down in Lake Wylie or a good spot that needs work. It’s tough for a teacher to qualify for anything.
- Extended Travel. We want to spend weeks in a single location while on vacation. I would love to not feel rushed.
Knowledge:
Started with Rich Dad Poor Dad. Learned many skills and business owner mindset from being in Amway. Continued education through podcasts like Bigger Pockets and My First Million.
I’m trying to share more of my financial journey. I’m experimenting with AI and trying to improve my writing. It’s a learning process.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
New to Tiny Money? Join 13,369 Charlotte money nerds and subscribe to the 1x/wk newsletter
