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. Downsized to townhome from country club living. Put 60% down to keep bills lower. Learning that HOAs are like former execs on a power trip without a required “kindness period.”
We’re got 1 teenager in private school. He’s my biggest investment. Life with a teenager feels like “banking” on Bitcoin — volatile and not for the faint of heart.
Job:
Head of a department for a PE backed FinTech firm. 100% virtual. Salary is $235K.
Side hustles:
I have several. Coaching, teaching, consulting bringing in $100K – $150k depending on the year.
Salary journey:
First job paid $33K. Best advice? Be humble. Arrogance doesn’t win prizes – but a willingness to roll up your sleeves and do whatever is needed will be noticed.
Insight:
Everyone is human so stop walking around like those at the highest levels are untouchable. They have issues and kids, house headaches, family drama, etc. Build human connection first and the rest will follow.
Pay cut:
I was paid $450K at my previous job, but I was a shell of a human. I changed jobs and took a $215K pay cut. My life is much better now.
On your mind:
Charlotte’s rat race is hardly the real world. Financial aspirations here are unlike anywhere else I’ve lived. Don’t fall for it. Know when you have enough.
Debt:
Just a small mortgage balance. I don’t believe in rotating credit of any kind.
Credit card:
Amex Platinum. The perks are great (lululemon quarterly credit!) and based on my activity, it pays for itself.
Budgeting:
Yes! I prepay things before they’re due – but not actually. I set it aside and earmark it, pretending not really there until that bill is due. I have several different bank accounts to hide money from myself. If it works, don’t fix it.
Splurge:
Vacations. Memories always stay with you. Cars and luxury nonsense are truly disposable.
Charlotte money hack:
Happy hours and half price bottles of wine nights. Track them. You get the good stuff without the full price tag while dining out.
Restaurant pick:
Definitely Little Mama’s. It’s not luxurious, but it’s consistent. Their mozzarella presentation is what foodie dreams are made of.
Net worth:
$2.5M or so. I’ve been pretty lucky with investments and rolling retirement accounts together. I have $1.5M in retirement accounts, $200K in cash, plus home equity and other assets.
Savings goal:
I’d like to pay for my child’s education and buy a second home within 5 years. I’d love to be a a northern summer resident and southern winter resident!
Retirement:
I have no idea. But I’m not relying on social security or working until I can’t enjoy the money I’ve earned.
Rich in Charlotte:
I’m not rich, but I’m also not poor. Rich here is $5-8M in assets with at least $1M readily accessible.
Financial freedom to me means enough to take the occasional vacation, live simply, donate time, and coach/help others starting their journeys in “life.”
Worst money decision:
Cashing $400k out of a retirement account and paying the penalties just to buy stupid things like cars.
Knowledge:
My hard working dad taught me to plan plan plan and pay yourself first. I didn’t always listen, but it stuck with me.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
New to Tiny Money? Join 13,498 Charlotte money nerds and subscribe to the 1x/wk newsletter
