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:
I rent a 2-bed, 2-bath apartment with a roommate. We each pay $1,000 per month. If you’re in your early 20s, having a trusted roommate is 1000% worth it. We found each other through a Facebook Group.
Job and salary:
I’m a recruiter at a Fortune 500 financial services company. $77K base plus a 7% annual bonus.
Salary journey:
My first internship, I made $30 per hour recruiting for a SoCal tech company. This was amazing, but the company was volatile and ended up going under a few years later.
Next internship was more realistic at $17 per hour.
My first full-time job out of college paid $72K, plus a $10K relocation bonus and a $7K signing bonus.
I feel lucky to have positioned myself well early in my career through networking. And my advice to others is ALWAYS negotiate.
On your mind:
Having multiple streams of income. Right now 100% of my income is tied to Corporate America. I see online creators with 6-10 different income streams. I’d love to get there.
I’d love to start selling digital products and creating content. The creator economy is insane. I don’t think it’s too late.
Work-life balance:
Amazing. 26 days of PTO, 10 sick days, and 11 company holidays. I take wayyy more time off now than when I worked at a company with unlimited PTO.
I travel a lot during recruiting season, then I have down periods throughout the year so it levels out. I get to WFH whenever I want, which is a game changer.
Debt:
I’m lucky to be debt free. This is not something I take for granted. I hope to set my kids up for success the same way my parents were able to do for me.
Credit card:
Chase Sapphire Preferred. I use this to book all work travel and have racked up 200,000 points pretty quick. If your company lets you use your own card vs. their corporate card, that’s a cheat code.
I also have a Citi American Platinum Select since American is a Charlotte hub. Annual fee is $95, but it pays for itself quickly with a free checked bag for you and anyone traveling with you.
Budgeting:
Yes. I use Google Sheets and the zero-based budgeting method. Every dollar is allocated somewhere.
Best expense:
$10 Planet Fitness membership. At some points I’ve paid $150 a month for bougie gyms, so there’s nothing like a $10 charge.
Splurge:
Traveling home. I’m not from North Carolina. I fly home 4-6x a year. Nothing like spending money to be with family and make memories!
Money hack:
Live in LoSo (neighborhood with OMB). Both LoSo apartments I’ve lived in are brand new and offer 10 weeks free, plus additional credits.
Savings approach:
Right now, I save over 50% of my income. I plan to do this for as long as possible before starting a family when expenses will be much higher.
I’ve got $17K saved in a HYSA, broken into different buckets. I’ve got a $12K emergency fund and the rest allocated in different sinking funds for travel, weddings/bachelorettes, gifts, car expenses, and healthcare.
Having these sinking funds is a game changer for me because unexpected (or expected) expenses don’t catch me off guard.
Investing:
I put 8% of my paycheck into my Roth 401(k) with a 6% employer match. I currently invest $150 per paycheck into my taxable brokerage account. I max out my Roth IRA. I also max out my HSA and use it as an investment account while paying health expenses out of pocket.
HSA is super underrated, especially for my age group because it’s triple tax-advantaged. I wish more people used it like an investment account if they have the means to pay health expenses out of pocket.
Portfolio:
I have $48K invested. I use my free financial advisor I get through work. I wouldn’t pay for an advisor unless I ran into a complicated tax situation. I buy low-cost index funds. I don’t try to time the market. I just invest and forget about it.
I want to recognize my extreme privilege. My parents set me up to be debt free. I had an amazing education that set me up for success in my career.
I’ve also learned to live below my paycheck and have resisted lifestyle inflation. For example, when I got a raise earlier this year, I only increased my 401(k) contribution.
Savings goal:
I’d like to go to Europe for a couple weeks next year. If money was no object I’d build my dream home.
Retirement:
My parents sold their business to private equity and retired in their 40s. So, the bar is high! I would also love to retire young. Witnessing the freedom that time gave them when I was younger made a big impact on me.
Rich in Charlotte:
Million-dollar home and sending kids to private school. I grew up going to private school my whole life and worry about being able to provide that level of education to my future kids.
Best decision:
Having a roommate. When I first graduated, I lived alone and paid $1,700 per month. The extra $700+ in cash flow has been a game changer.
Knowledge:
Reddit’s personal finance community, TikTok financial content, and conversations with friends where we share our finances.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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