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 at the personal finances of a 33 year old in Charlotte.
Living situation:
Own. We just purchased a new primary house, monthly payment is $3,200 (we had the sellers do a 2-1 rate buy down so we have a 4.25% interest rate for our first year), renting out our first primary house as of last month. Married, no kids.
Job and salary:
I’m a technology product manager and make $246K. My husband makes $160K.
Salary journey:
- Associate software engineer at a Fortune 500 tech company. Start $50K, end $66K (2 years).
- Senior Product Manager at a software consulting firm. Small-ish company with lots of room for growth. Start $72K, end $140K (4 years).
- Director of Product, at a financial company. Start $140K, end $150K (1.5 years)
- Principal Product Manager. Start $225K, current $246K (2.5 years+)
Salary advice:
- Switching jobs every few years early in your career can do wonders.
- Talk to people about your salary! I used to think $100k was the most I could make. Until I heard of people making $200K, $500K, $1M.
- Being a product manager is an easy way to transition into tech even if you don’t have a tech background. Look for business analyst or product analyst jobs in the field that you are in (e.g., if you are a teacher and have a deep knowledge of classroom technology, you could be a good candidate for being a PM at a classroom tech company).
- If you’re willing to work remote (which I love), and salary is a driver, then do your research to find companies that pay competitively and have a clear process for raises/promotions.
Other income:
Yes, as of recently, income from our rental property. Mortgage payment is $1,910 and rent is $2,850. Got lucky and bought in 2020 when rates and prices were low.
Work-life balance:
Very good! I work 100% remotely, my fintech company has good culture, unlimited PTO, review cycles and opportunity for raises 2x/year.
Debt:
Yes! 2 mortgages. $300K on house #1 (rental) and $550K on house #2 (new primary residence). We also have 2 car loans which total $20K. No credit card or student loan debt.
Credit card:
Favs right now are the CapitalOne Venture X, 2x points on everything, lounge access, great travel porta; Amex Platinum, love to CLT Centurion lounge access, not as good on points but like travel portal & luxury services; Chase Sapphire Preferred for restaurants, Amex Blue Cash for groceries.
Budgeting:
I don’t have a formal budget, but I know my monthly spend and track my net worth and all my expenses. I have a strategy for maxing out my investment accounts (pay myself first) and only spend what’s leftover. I use Empower to track my net worth and review my spending and expenses.
Worst recurring expense:
Palm Beach Tan membership at $15/mo that went unused for a year. Finally cancelled it.
Splurge:
Health and wellness. Charlotte Strength gym membership $175/mo, Mood House membership $92/mo, etc.
Charlotte money hack:
Buy property in growing areas.
We bought our first property in Plaza Shamrock back in 2020. Best financial decision. We wanted to be in Noda/Plaza Midwood, but we couldn’t afford it.
We recently moved over to the Camp North End area, where we found our “dream home” and have seen how quickly the area is growing. We were able to keep the Plaza Shamrock house and it’s now a cash-flowing rental.
Restaurant pick:
Ever Andalo. Order the Calabrian Chili Pappardelle ($24).
Net worth:
About 860K! Here’s a rough breakdown of asset allocation…
- Cash – $30K
- Investments – $550K
- Home equity – $300K (value minus mortgages)
Retirement:
Stretch goal is $4M in net worth (joint with my husband) by age 40 and work-optional at that point. I think I’d still work though. I’d love to run my own business, but have a more flexible work schedule and more time to travel!
$4M by 40 would enable us to live off of $200k/year, that’s more than our current spend but would help when we have children.
What’s “rich” in Charlotte?
Living in Myers Park. 🙂
Financial goals:
- Reach 1M net worth within the next year — continue investing, maxing out pre-tax accounts.
- Build cash savings back up after purchase of new house.
- Get promoted and make $300K.
Advice:
Pay yourself first! Automate everything. My husband and I both max out our pre-tax accounts (401(k)s, HSAs), and make contributions to our backdoor Roths, and after tax brokerages. These are all automated so we are never tempted to spend the money.
And know your worth. Make sure you’re paid fairly. Educate yourself about personal finance. My two favorite books are Simple Path to Wealth and I Will Teach You to be Rich.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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