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. 5-bedroom home in Plaza Midwood. It’s our 3rd home in 7 years in Plaza. We first bought in 2018. Sold in 2020 into the stress. Bought another home in Plaza. Made some updates and sold for 100% more than we bought it for in 2022. We bought another new build in Plaza, are selling that one now, and moving to Cotswold.
Mortgage is $3,900 a month at a 5.9% rate with a large down payment.
Real estate is the fastest way to generational wealth. Buy when others panic.
Family:
We’ve got 4 kids under 6. College largely seems to be on the verge of obsolescence with vibe coding and AI. But our grocery bill is a massive expense.
Job and salary:
C-suite sales leader at a CPG firm. $282,500 with a 35% bonus.
I also started a consultancy in this same space. Brands pay us $10,000 – $20,000 a month to manage their sales teams and 5% commission on sales.
Previously, I was lucky to be a part of two startups, one IPO’ed and has a $2B market cap. The other sold to Keurig Dr Pepper.
Early career:
It has really been all God’s grace. When I got out of college in 2007, I started as an overnight inventory manager at Lowe’s making $18 an hour.
I realized I couldn’t make real money this way, so I got lucky and joined a startup that became successful. They paid us in stock. God also aligned me with a NASCAR pit crew opportunity at the same time. I worked both jobs 7 days a week for 8 years.
GOD, work ethic and keeping relationships fresh have set me up for success.
Work-life balance:
Amazing. Work from home. I do travel A LOT for work (250,000 miles a year) but my wife is my rock and so supportive. I’ve never missed a vacation or school performance.
Credit card:
Wells Fargo Platinum Cashback. I also use it for $60K+ of annual work expenses. Overall, we get about $4,000 cash back annually.
Budgeting:
Yes, we use a Google Doc to track our spending. We mostly just budget for utilities and groceries.
Splurge:
My favorite thing to spend money on is food. I enjoy breaking bread and the full experience of spending time with family and friends at great restaurants. Charlotte’s food scene is booming.
Money hack:
Kids eat free at Hawthorne’s on Tuesdays!
Restaurant pick:
Bricktops. I love their sushi.
Savings approach:
I save about 20% of my monthly income. I do earmark money for 4 annual family trips. And I’m always looking to reinvest into my business.
Net worth:
Around $1.5M. Took advantage of two startup company exits. And I work multiple jobs. Real estate has elevated my net worth exponentially, much faster than I could imagine.
No financial advisor. 401(k) is high risk in stocks. I max it out each year.
No. 1 piece is to work multiple jobs and take calculated, high risks.
Retirement:
I don’t plan to retire. It’s a soft way out. I want to keep growing. I hope to hand my business to my kids and work with them until I die.
I’m financially free. I have everything I could ever ask for. I have no specific net worth goals.
Rich in Charlotte:
$10M net worth. But to me, rich means a loving family, a place to lay our head at night, and food to eat every day.
Money decisions:
Best was using my 401(k) to buy a home during COVID. It quadrupled in value in 2 years. Worst was when I was up $17K in Las Vegas, put it all on black, and lost.
Financial goal:
Scale my consultancy to $100M in revenue and create generational wealth so that none of my 4 kids have to work for anyone else but themselves.
Knowledge:
I didn’t come from money. My mom grew up in a trailer off West Boulevard. Growing up, my family lived in apartments or small modest homes in East Charlotte. My parents were always scared to take risks, so I promised myself that if I had the opportunity I would go for it.
On your mind:
My relationship with Jesus Christ, who died for our sins. Give your life to him. Seek his kingdom and he’ll give you the desires of your heart.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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