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 36 year old dad working in technology sales.
Living situation:
We own. We refinanced in 2020 when rates were at the bottom.
In 2022 we took out a HELOC to do some renovations and the interest on that has been brutal. We are slowly paying it down but look forward to hopefully refinancing when rates get lower soon.
In hindsight, I wish we had saved a little more and paid more out of pocket on the renovation. Based on houses in our neighborhood we will definitely get what we put into it but I hate having the monthly HELOC payment.
Children:
I’m married with three young kids.
My biggest stressor is being in a city dominated by private schools. We have no problem with Charlotte-Mecklenburg Schools but with so many of our friends’ kids going to private schools it is absolutely something we feel we need to consider.
Our oldest is at a private school, but I worry about being able to afford it for the other two.
Salary journey:
I work in technology sales for at a Fortune 500 company. My base is $120K and my performance based compensation ranges from $130K to $180K based on the year.
In 2023 I made a total of $290K, but in 2024 it was more like $250K.
My first job in technology sales was around 10 years ago and I made $36K. It’s steadily increased over time.
I hit $200K in total compensation for the first time in 2018 and have crossed $300K twice since then, but $250K – $300K seems like the sweet spot for my role. I’m currently considering making a career move to jump to that next level.
Work/life balance:
It’s decent. I work 50-55 hours a week and my weekends are rarely bothered.
I do have to travel for work a couple times a month. Luckily I have plenty of flexibility during the day, I just have to make sure that I’m “always on.”
Debt:
Our mortgage is about $2K/mo. The interest on the HELOC is about $1K/mo.
We own one car and have a $500 monthly payment on another. So about $3.5K in recurring monthly debt payments. I don’t mind a car payment but the HELOC feels like throwing money out the window.
We don’t mess with credit card debt and pay the balance every month.
Credit card:
Chase Sapphire Reserve. Great points and we use it for travel.
Budgeting:
Ehhh, we try but honestly not well. We were using Mint for a while. We’re good at keeping our spending and saving consistent which always makes a budget feel redundant.
Because of the flux in my monthly bonuses, a lot depends on that. If it’s between $9K and $10K then the majority will be spent on monthly payments and living expenses. Anything over that goes to paying down the HELOC and savings. It’s critical we don’t overspend in the good months.
Best and worst recurring expense?
The best recurring expense is SiriusXM. Worth every penny. Live sports, great music, etc.
The worst are all these cable subscriptions. Peacock, Disney Plus, ESPN, Paramount Plus. It kills us with a thousand pin pricks. I try to cancel them when we don’t use them but with the kids it can be tough.
Splurge:
Travel and exercise. My spouse and I quickly realized we love to travel and create new experiences.
We love taking our kids places and allowing them to see things outside of Charlotte. I enjoy running and cycling gear. It’s helping me be healthy and it’s always fun trying the latest in technology.
My spouse and I agree that it’s always good to have at least one hobby and be willing to spend a little bit on it. I think it keeps us from spending in other categories.
Charlotte money hack:
Free activities with the kids. I love taking the kids to walk around Uptown, the Whitewater Center or a stroll around Camp North End.
Charlotte has plenty of great spots to explore and enjoy that don’t cost a dime.
Restaurant pick:
We love CustomShop. If it’s on the menu, get their Heirloom Tomatoes and Fish Succotash. The menu is always changing, which I love.
Check out Pizza Baby next door too! Best Pizza in Charlotte!
Savings and investments:
We have our emergency fund which is housed in a high deductible AMEX savings account. Pre-renovation we had $180K in there. Now we have closer to $50K – we’re working on growing it.
I also contribute consistently to my 401(k) with my employer match. I’ve been doing that since day one in the corporate world. I have about $150K in there last I checked. I had a Roth at one point but ended up exceeding the income limit.
Savings goal:
Right now we just want to build back our savings to over $200K. Then I’d like to start using that to invest in property or a small business venture or two.
On a small scale I’d love a new fast bike worth around $8K and hope to make that happen at some point in 2025. I could easily buy it on credit right now but don’t want to play that game.
Net worth:
I’ve actually never thought about this.
Based on some quick math it’s probably around $700K. Most of that is in our home which has grown in value quickly over the years. We bought at a great time and have made some massive improvements to the property.
Retirement?
At 36 I truly haven’t thought much about retirement. I just keep putting money away and will cross that bridge when I get there.
Maybe this is the wrong way to look at it but at this moment I’ve got more short term goals I’m focused on as I raise my family. Expenses are constant with kids.
I enjoy working and now is the time to make money and not think about sitting back. I’m sure that will change as I get older.
Personal financial freedom:
I say over $1M. However, with my personality I don’t know if I would ever feel truly free.
I’m competitive and always want to push for more. I have trouble sitting still and settling down. It’s less of competition with others though and more just improving on myself. I just want to improve and grow.
I really want to leave something for my kids when I’m gone. I want THEM to have Financial Freedom, not me.
I’d also love to be able to be more charitable. Like giving 25% of my yearly income. We definitely aren’t there yet, so I try to give back with my time when I can.
What do you consider “rich” in Charlotte?
Sending your kids to private school, living in a $2M house, and driving the latest SUV with all the gadgets.
I don’t necessarily want that but it seems like everyone else around me wants it.
The amount of family money floating around Charlotte is crazy.
I grew up in a great spot financially but my wife and I realize many of the people we live life around grew up incredibly wealthy. Sure they have great jobs but how much help did they get to get where they are? That’s a game you will never win. That’s why I try to stay away from comparison and focus on improving what I have now.
Sometimes my wife (she grew up elsewhere) says the Charlotte environment makes her want to move, but we constantly remind ourselves it’s all about perspective.
Best money decision?
My best money decision was staying away from credit card debt in my early 20s.
I waited a long time to get a credit card and while I had friends out of school trying to keep up with the Joneses, we got married young and tried to live simply.
Worst money decision:
Not investing in real estate when I was younger. I had a friend in college who bought a cheap house in the University area. Today he now owns two properties plus his own home. He’s paid them off completely as rental properties and makes passive income he can then invest elsewhere.
Financial goals:
- Rebuild our savings to over $200K.
- Be able to invest in property or other ventures.
- Buy a small basic condo abroad for our vacations in our later years. We’d love to be in Spain or Portugal. I’d even love to be able to work remotely from there at some point but still have a home here.
On your mind:
The HELOC. It’s the only bit of debt we have at a higher interest rate. It’s floating and currently around 8%. I don’t necessarily regret using it, I just hate that my lower comp year (by $40K – $50K) has made paying it down harder.
Where did you learn about money?
I have family members who are financial advisors. I call them frequently. The biggest thing they always stress about is managing and limiting your debt, which has made me take less risk.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate.
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