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 marketing leader for an insurance tech company. Base salary is $315,000. No bonus structure. Received large sum of company stock options, worth $500K to $3M if my company goes public.
Living situation:
Rent a one bedroom apartment for $2,100 per month, which includes all my utilities. I stayed at the same apartment complex in Charlotte for 7 years. I would sign the longest lease agreement I could (usually 15-24 months) to keep rent low.
I had to move out from my apartment a year ago to be closer to work. My rent skyrocketed. I’m hoping this will be my last year renting before I can purchase a townhome or house.
Family:
No kids. I’m open to children, but I’m not 100% set on having them. My top reason for uncertainty is the expense of raising children. I want to ensure my (future) husband and I can actually afford everything without foregoing retirement or the lifestyle we enjoy.
Salary journey:
I worked at a financial services company for 10 years. Each job there only resulted in minor salary bumps, so I knew I had to switch employers to reach the market rate.
My largest salary bump came from switching from my entry level role out of grad school to my first marketing job in financial services, a $30K jump.
My second large bump came from leaving the institution I was at for almost a decade, a 130% increase.
My advice is to calculate your market value every year by looking at job postings with salary range and Glassdoor. You must be your best advocate. Don’t ever be afraid of asking for a number, even if it’s outside of the range provided on the job posting.
Every time I have gone to a new company, I have been able to negotiate salary above the range they originally provided. Don’t ever let anyone dictate your value.
Other income:
Until 1 year ago, I always held at least 2 jobs. I taught fitness classes and did some side consulting work.
I think having multiple streams of income is really important, especially early on in your career when you have major financial goals.
Now, due to my salary level, I don’t have the mental capacity to take on additional work but I do speak at conferences, provide pro bono consulting for small businesses, etc.
Work-life balance:
I have a different opinion than most. I look at balance over the course of years, instead of days or weeks. If I zoom out to the last 1-3 years, my balance is great.
Some seasons work will take precedent, and other season my personal life takes more of a priority.
I ensure my non-negotiables are met every week to stay sane: working out 5x/week, eating whole nutritious food, going to the sauna, and having at least one fun social outing a month (hanging with friends, going to dinner, etc).
Debt:
I am 100% debt free as of 2023. I had over $100K in debt and decided in January 2022 that I would pay all of it off.
I worked over 80 hours a week for 13 months and paid off all my debt. This was a life changing year for me; I learned a true Need vs. Want.
I decided I will never ever go into consumer debt again.
Even with a house, I’m trying to save up as much as I can to put a massive lump sum down to pay off a mortgage in less than 7 years.
Credit card:
I have a Delta Platinum AMEX card to earn miles and the BofA Cash Rewards card, where I use rewards to buy Christmas presents.
Budgeting:
I budget every week. I even do a “goal” session with myself in early November to start laying out my financial goals for the following year and 3 year plan.
I use a manual budget I bought on Amazon. I know there’s great digital ones, but I’m still old school and like writing out where my money is going.
My best advice is start now and don’t put it off. Money is only scary if you’re not looking at it. If you want to be financially successful, you must tell your money where to go.
Also Dave Ramsey is amazing and is a great start for people. Total Money Makeover is one of my top 5 books.
Best expense:
I pay $350 for a private fitness coach, who helps me with programming and nutrition. It’s 100% worth it.
Splurge:
Mother Jeans. $250 for a pair. I have an odd body shape and they fit me the best.
If money were no object, I’d like to buy a second home in Charleston.
Charlotte money hack:
Shop at Lidl’s or Aldi as much as as you can. I spend less than $30 a week on all of my produce there. Then I go to Whole Foods for my meat. Saves me a ton of money.
Restaurant pick:
I love Superica. The margs and fajitas are my favorite.
Net worth:
$490K. I hope to be a millionaire by the time I’m 40.
I max out my Roth 401k with $24,500 each year. Total retirement accounts are $250K and the other $240K is in a taxable brokerage account and high yield savings account.
Retirement:
Age 67. I’d like to have $10M.
Rich in Charlotte:
Over $1M net worth and a paid-off house. For me personally, I’d feel financial freedom with $2M. I’d like to retire my mom.
Best money decision:
Investing in good furniture slowly over the years. I bought a Basset couch on 70% clearance over a decade ago for $1,100 and it’s still going strong.
Worst money decision:
Spending $5K on a women’s retreat 2 years ago that I should have only paid $1K for. The value was not there. I walked away feeling like I should have taken a vacation instead.
Financial goals:
- Save an additional $50K for a house by this time next year
- Attend $9K conference next year, through personal cash flow
- Save $6K for a vacation
On your mind:
Housing is out of control expensive. I feel like I have to put down at least $250K for a home down payment just to afford the mortgage.
Knowledge:
Growing up, I watched my mom manually budget each week. She would have me reconcile her statements with a highlighter when I was 6 years old.
Money was always discussed in our house, which removed the stigma. When I got to college my mom took Dave Ramsey’s “Financial Peace” course at her church and we read Total Money Makeover together. Although it didn’t change my habits then, by the time I hit $100k in debt I knew exactly where to turn and finally follow the baby steps. It changed my life.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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