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.
Here’s a look into the personal finances of a 29 year old working in finance.
Living situation:
I own my place. I bought it in 2021 during the COVID craze. It was my best money decision. I put in an offer sight unseen — above asking — because I knew the location was great and it was move-in ready.
My mortgage is about $1,200 plus $340 in HOA fees for my condo. One day, I’d love a yard and more space to host, but a 2.5% mortgage is hard to give up.
Job:
I work in investment management. I’ll make $170K this year, $140K in base pay and the rest as a performance based bonus tied to my company’s success.
Salary journey?
I started in a licensed customer service role (think Series 7) making $55K fresh out of college, answering phones at a call center.
About a month in, I attended a panel with senior leaders. I was 22 and ambitious so I walked up to one of the speakers and told her I wanted her job in 10 years — having no idea what she actually did.
She suggested we grab coffee, followed up, and she’s been a great mentor ever since. That one bold moment completely changed my career trajectory. She became an advocate for me and helped me navigate the corporate ladder.
Lesson learned: Sometimes, you just have to be crazy enough to ask the big boss for coffee. Turns out, she reports directly to our CEO. If I had realized how high up she was, I probably wouldn’t have said it — but she took it in stride.
Other income:
I decorate cakes as a hobby and occasionally sell one for $50-$100. I might make around $500 a year. Nothing meaningful.
Work/life balance:
It ebbs and flows. I’ve been promoted four times in 8 years, and each one came with a steep learning curve—meaning 9-10 hour days for about six months instead of the usual 8. But I’ve never worked weekends.
Debt:
Just my mortgage. Right out of college, I followed Dave Ramsey’s advice and aggressively paid off my student loans and car debt. I was already used to having no money, so I didn’t miss it.
In two years, I was debt-free, saved for a down payment in another year, and now I’m in a financial position I never imagined.
Credit card:
No credit cards! Thanks, Dave.
Budgeting:
I use EveryDollar to track my budget.
I once read that every multibillion dollar company keeps a budget, so why shouldn’t I? That idea stuck with me.
Best recurring expense:
My housekeeper. I love hosting but hate cleaning, so having my bathrooms, windows, and baseboards deep cleaned for $110/mo is worth every penny.
Worst recurring expense:
My $340/mo HOA fee. I know they do a lot, but man I hate paying for it! I don’t have any subscription services, just Spotify with ads and no Netflix!
Splurge:
Honestly, good ingredients. My grocery bill is not for the faint of heart. I love to host, so buying the best ingredients is important to me.
As I have had more margin in my budget I’m more intentional about grass fed meats and organic produce. Fresh, top quality ingredients make a difference. A homemade tomato soup with fresh tomatoes is infinitely better than the Campbells stuff!
Charlotte money hack:
The little sugar creek greenway! I have spent COUNTLESS hours on the greenway and it’s FREE. I’ll call a friend to walk and catch up, or I’ll even bike or rollerblade on it after work. I have even made friends on it because we always walk at the same time.
Charlotte restaurant?
Copain. It’s a coffee shop, but it has the best pastries. I usually get a butter croissant and hot cappuccino (simple foods with great ingredients for the win!).
As for a sit down restaurant – Kid Cashew. They have delicious food and top tier ingredients at a great price. Also did I mention they are right off the greenway!
Savings goal:
If I ever get married and have kids I’d love to stay home with them, so I want to be in a good financial situation to do that.
I would also love a kitchen remodel. If money were no object, I would probably buy a house with a pool, top tier kitchen, and plenty of room to host!
Total Net Worth:
About $370K. All of it has been through savings and investing.
- $270K in my investments (401k, HSA and brokerage account), and the remaining $100K is just the equity in my condo.
- I max out my Roth 401k. I also max out my HSA and try to save an average of $800/mo on top of all that.
- I keep my emergency fund in cash and a full year’s worth of out-of-pocket expenses in my HSA—just in case. Everything else goes into an index fund. Set it and forget it!
My top 3 pieces of advice? LIVE BELOW YOUR MEANS, LIVE BELOW YOUR MEANS, and LIVE BELOW YOUR MEANS.
Retirement?
If I have kids, I’d love to stay home with them. If not, my goal is to retire from corporate America around 45 and maybe even open a café.
Beyond that, I have a dream of making a one-time $1M donation to charity. I don’t know which one yet (or have the money for it), but I know it’ll take years to get there. Still, being able to make that kind of impact would be a dream come true.
How much money would you need to feel complete financial freedom?
I honestly feel very financially free. I could pay off my remaining $170K mortgage and still have money left over. I stay at my job because I enjoy it, but I truly believe I could maintain my lifestyle working at Chick-fil-A—though my savings rate would take a hit! But hey, compounding interest would save the day (right!?).
22 year old me, who moved here with nothing but what fit in her Nissan Altima and slept on a mattress on the floor for four months, would have never imagined that in just 8 years, I’d be making what I make and have the financial security I do. I feel abundantly blessed.
What’s “rich” in Charlotte?
I think a lot of people live above their means and are barely making it in Charlotte. Including most people who live in the nicest neighborhoods.
I don’t feel ‘rich’, but objectively I think I am. I would consider someone rich to be someone who has no debt, and is content with their life. So not quite me, but I’m on my way!
Worst money decision:
Wallpaper. I spent way too much on wallpaper for my half bath, only for it to end in sweat, tears, and somehow, blood. The half bath remains un-wallpapered. Lesson learned—NEVER buy wallpaper.
Financial Goals:
- Pay off my mortgage.
- Buy a house perfect for hosting—must have two ovens.
- Get a pool.
On Your Mind:
Should I remodel my kitchen or will I move in five years, making it not worth the money and time? I use my kitchen a ton, so I don’t want to cheap out if I do it.
Where did you learn how to manage your money?
My parents were terrible with money, so I was determined to be better.
They had so much debt and it was a huge stress on their marriage and our family. When I heard about Dave Ramsey I thought it was so novel and so simple so it peaked my interest.
I studied finance (which barely helped) and read everything I could. There’s so much information out there, but most “hacks” just seem like ways to stress yourself out. Simplicity works—let me be an example of that!
Giving back:
There is so much power in being generous with your money. After I paid off my debt I decided it was time I started being serious about donating money.
I’ve donated 10% of my gross pay since then. It’s been the best.
Sometimes it hurts, but I’m incredibly fortunate—good career, a roof over my head, and a stocked kitchen. Giving feels like the least I can do. I remember Arthur Brooks (look him up!) talking about how people who give tend to get $1.60 back for every dollar donated because they stay engaged in their community and work to make a difference.
So far, it has been true in my life. Truly, so blessed.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate.
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