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. I sold my townhome in 2024 for $255K. I purchased it in 2017 for $119K. Moved into my husband’s townhome in 2024 when we got married. 2.2% interest rate, $1,100-a-month mortgage, $250 HOA.
We’re looking for more space given our current townhome is 1400 square feet, but it’s hard to beat this rate and mortgage. Married, no kids.
Job:
Strategy Consultant. $151K, plus about $40K in bonuses. My husband makes $90K with a $15K bonus. So all-in, our household income is $296K. We are extremely blessed.
Salary journey:
I started working in 2010 making $36K a year. It was painful, but I consistently lived below my means.
Don’t be afraid to change companies for more money and, most importantly, keep up with your professional network! I’ve gotten several job opportunities from former colleagues.
Also, do the hard stuff at work that no one else wants to do. People will notice and it’s a surefire way to build your professional brand.
Side hustle:
I make $40 a week as a group fitness instructor. The money is terrible, but the free membership and the number of people I get to meet make it worth it!
Work-life balance:
Pretty good. I work 50 hours a week. I love the company and the work. I can’t complain.
Debt:
None. I paid off my car late last year. I was very blessed to have received academic scholarships to college and grad school. No student loans.
Credit card:
Chase Sapphire Reserve for the hotel points. I get free hotel stays every few months using points so it’s well worth it.
I also have an American Airlines AAdvantage card. I used to travel for work every 6 weeks, so I would rack up miles.
Budgeting:
I used to budget, but stopped when I got married in 2023. Now that we have 2 incomes, a low mortgage, and no children, we are finally living and not tracking expenses.
Best expense:
ClassPass. I’m big into group fitness. I love being able to try classes all throughout Charlotte at a fraction of the monthly cost.
Splurge:
Annual girls’ trip with my girlfriends from grad school. We are on Year 11 and have done Greece, Spain, and Costa Rica.
If money were no issue, I would buy a house in the ritzy parts of Charlotte like SouthPark, Dilworth, or Myers Park. And I’d only buy first-class tickets when I travel!
Charlotte money hack:
Either pay for parking or the event–don’t pay for both. If I have to pay to park, the event needs to be free.
Restaurant pick:
Catalina. All of their pastas are phenomenal!
Money system:
I put $2,000 into my taxable brokerage account every month, $200 into my HYSA, and max out my IRA and 401(k) annually — then spend whatever is left.
Net worth:
$735K. I started working at 23 and contributed 3% to my 401(k) to get the company match.
Eventually I’ve been able to max out my 401(k) and my IRA, which has been instrumental in growing my net worth.
My advice would be to invest something, ANYTHING, and don’t worry about market timing.
Retirement:
I plan to retire at age 55 and need about $2.5M. I plan to travel more in retirement, but I still travel frequently now since health is never guaranteed. I don’t believe in postponing joy when it comes to life experiences!
Rich in Charlotte:
Being able to afford townhomes in Dilworth and SouthPark with HOAs over $500 per month. Absolute madness!
I still can’t wrap my head around houses in Charlotte that are over $500K and only 1500 square feet. Unreal.
Worst money decision:
Picking stocks. In 2020, I bought Peloton and lost $5,000. I never picked stocks again. You will lose 99.99% of the time. Slow, boring investing is the way to go. Index funds!
Financial goals:
- Buy a house in a nice area
- Pay for grad school for my younger sister
- Pay for full-time care for aging parents
Knowledge:
I grew up poor with a single mom who made $30K per year teaching special needs children at a public high school. You learn how to manage money very quickly when you grow up without it.
My cousin is a big data nerd and a recluse. He spends all of his time at home, researching investments. He recommended the book Simple Path to Wealth to me back in 2018. It completely unlocked money management for me.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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