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. Our approach to mortgage length has always been as short as we could afford. First was 10 years on a duplex. Next one was 15 years.
Job and salary:
Former software executive. Made $450K when I retired. Now I’m doing real estate investing full-time.
Income grows as projects come online. Right now I’m making $400K, which we’re forecasting to double when we complete existing projects.
Salary journey:
Started out making $9 per hour. Finished my corporate career at $450K.
What worked for me was taking risks along the way, like buying property. I knew that if we didn’t get it rented, we were screwed, but we did it anyway.
Several real estate investments barely broke even for many years while we held mortgages on the properties.
Work-life balance:
It’s always been good because my wife and I prioritized balance. I believe an imbalance in either direction hurts both sides of the equation.
Debt:
None. We worked hard to pay it all off. No mortgages anymore.
Since we have been married, we’ve never carried a balance on credit cards.
Credit card:
AA Citi for the “free” access to the Admirals Club, and for collecting miles for trips that keep work-life balance!
Budgeting:
Yes. I update my Excel spreadsheet 2-3x per year. I’ve been using the same sheet for 25 years. My wife also runs all of our financials through a small ERP to categorize all expenses.
Best expense:
Gym. Anytime Fitness. Can use it almost anywhere we travel.
Worst expense:
Insurance. We have 18 insurance policies. And that was after a broker helped us consolidate.
Splurge:
Travel. Favorite cities are Boston, Rome, Charleston, and anywhere we haven’t been.
Philosophy:
We’ve always saved about 50% of our income. Maxed our 401(k)s. Keep a 50/50 ratio between the stock market and real estate. Always being a buyer, rarely a seller.
Restaurant pick:
Customshop. We went there last Friday after reading about their $200K additional investment!
Net worth:
Fairly high. We built it through our savings rate, dual-income household in tech careers, investing in real estate — and taking risks that many people don’t or won’t take, like accepting a salary cut mid-career to take a chance on working for a small software company that did really well.
Neither of us grew up with parents who had any money.
Retirement:
We don’t need any more money, but I don’t want to retire. We are building things. My wife just got her general contractor license and I just got my real estate license.
Freedom to me is not having to work for anyone but myself, ever again and knowing I’ll be fine.
We have thought about buying property in Charleston. Always wanted one on the peninsula.
Rich in Charlotte:
I had a friend describe me as the “poor” rich. He’s wealthy.
Best money decision:
Starting to buy property in the 2005 timeframe.
Worst money decision:
Buying a property in Florida right before a major hurricane. Damage was minor, but the property has not appreciated in the last 5 years because of market headwinds and exploding insurance premiums.
Financial goal:
We have 6 properties to bring online and get cash flowing.
On your mind:
It’s crazy how much we are trying to do at once. The other day, we took a break and drove up to Blowing Rock to walk the trails at Moses Cone Park on the Blue Ridge.
Knowledge:
Basic financial concepts should be taught in college no matter what your major. I’ve seen people without a financial clue because no one’s ever taught them.
Children:
We’re trying to be transparent with our kids about money, but we’ve had to unlearn that money is something you just don’t talk about. I hope they make good, thoughtful financial decisions.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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