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:
Wife and I bought a house in 2020. 30 year fixed 2.5%. No kids yet. We may need a bigger house, but our current rate has us “trapped.”
Job and salary:
Sales for a commercial landscaping company. $85K base plus 3% commission on sales and an annual bonus. Total comp was $200K last year.
First job:
I made $12.31 per hour verifying insurance for a hospital. It sucked.
Salary journey:
I moved to Charlotte in 2017 for a sales job with a $40K base salary. Progressed from there. Then I got laid off and decided to take a pay cut to leave the corporate world for something I cared about with good people.
Biggest piece of advice is what everyone else says — have a solid network that you can leverage.
Debt:
Just our mortgage at 2.5%. We aren’t in a rush to pay it off, but if a windfall befell me I absolutely would — even though it might not be the “best” decision from a financial standpoint.
Credit card:
AAdvantage card for the miles. But I’m considering going back to the Amex Gold to get free toilet paper, paper towels and other stuff from Amazon (with points).
Budgeting:
Yes. I could tell you every penny I’ve spent since October of 2019. I’ve got an excel spreadsheet setup that I created.
I credit tmy budgeting spreadsheet with enabling me to buy a home in 2021 — I became acutely aware of where my money was going and where I needed to cut.
If you are running your budget “mentally,” I can almost guarantee you are spending more than you are making.
Best expense:
Panthers season tickets! It’s been a dream since I was a kid. Huge fan. We have a solid core of young players and I believe we’re finally emerging from the dark ages we’ve been in since Richardson was forced to sell the team.
Splurge:
It’s cliche, but trying new restaurants. Problem is that there are 3 new ones every week!!
Restaurant pick:
La Capital on South Blvd. It’s next to Sullivan’s. Their El Burro with steak is the single-best meal in Charlotte.
Net worth:
About $800K. Breakdown is $110K cash, $120K brokerage, $350K retirement, and $220K in home equity.
That brokerage account has grown from about $10K in 2019 to $120K today!!
No financial advisor. When in doubt just look at total market funds. If your horizon is long, you aren’t going to beat the S&P 500.
Have never inherited a dime. Just diligent budgeting, taking advantage of employee stock plans and 401k, and saving have been game-changers for me.
Savings goal:
I’ve got some money earmarked for a business venture if one presented itself, or for a second property if I ever pulled the trigger.
Retirement:
I’d like to retire at 60 with $4M. Inflation and AI will impact this in a big way though.
In a perfect world I’d just buy a single-wide and become an old beach rat.
Rich in Charlotte:
$2M net worth. One of those old money homes in Dilworth, Myers Park or Sharon Road areas. Nice country club membership and kids in one of the top-tier private schools.
On your mind:
I’d like to buy a second property, but growing up in “survival mode” makes me very risk-averse, which explains my large cash balance.
Knowledge:
Self-taught after years of wasting money. 7 years ago, I realized I had no system to help me grow my money. So I made aggressive changes.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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