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:
We own a house in an up-and-coming neighborhood near Uptown. Very fortunate to buy in 2017 when rates were low with a VA loan — no down payment, low transaction costs, and locked in a mortgage rate under 3%.
Job and salary:
I work in corporate strategy at a Big 4 accounting firm. Annual compensation is about $195K.
Salary journey:
I started out in the Marines making dog shit from E-1 through E-5 and got out as a Sergeant.
After leaving the Marine Corps, I attended Chapel Hill on the GI Bill. I took a $40K job in the Research Triangle upon graduation.
Then I job hopped to a Big 4 accounting firm making $75K. I got my MBA on the GI Bill while working my job, which allowed me to land a M&A job making around $100K. Have since continued to move up.
Credit Card:
I use the Marriott Bonvoy credit card. I like to think the hotel stays are worth it, but there may be better cards out there.
Budgeting:
I keep a spreadsheet, but I don’t update often enough. I just make sure we are investing enough each month and otherwise don’t stress too much about it.
Splurge:
A nice vacation rental for a beach trip with the family. I don’t mind dropping the extra cash for a nice place to stay.
Charlotte money hack:
There are parking decks all over Uptown where you can leave a car in for a shockingly long amount of time and just pay the “lost ticket” amount.
Restaurant pick:
I really like the char-grilled oysters ($16) from The Cellar at Duckworth’s.
Investment strategy:
I contribute 15% of my salary to my 401K and allocate it to 100% low vol stocks and never look at it.
After that, I’ve set up an ultra low volatility investment portfolio that is a split between low volatility stocks (my largest position is Hershey), crypto, gold, and bonds (owned through an equity shell, where I’m basically buying stocks in bond insurers, not owning the bond directly).
I’ve made ridiculous financial decisions at times like getting crushed on soybean futures, but I’m much more level headed these days (hence the ultra low vol portfolio)
I get returns of 15-17% per year and enjoy volatility lower than beta 1. I also make $22K a year in VA disability income and use that money for the kids’ 529 accounts.
Total net worth is around $1.2M.
Savings goal:
I need to fix the deck at my house and repair a retaining wall. Total costs across those two projects will probably be north of $60K.
Longer-term, I need to be ready to supplement my kids’ 529 money since college tuition won’t ever stop increasing.
Retirement:
I’ll retire after I’ve accomplished everything I want to get done in the corporate world. I’m genuinely interested in the work I do and would like to keep going until around 60.
Financial freedom number:
I don’t worry about that. I’ve had literally negative money and net worth before and honestly that was a fun and interesting time in my life. I want to be able to continue to provide a nice life for my kids.
What’s “rich” in Charlotte:
The answers you get to this question are wild to me. There are people here who are struggling through crushing debt, increasing inflation, job loss, and home foreclosures.
I am rich in Charlotte simply by virtue of owning a home. I could argue that one is rich in Charlotte by simply having a non zero number in a bank account.
Best decision:
Serving in the Marine Corps and earning the GI Bill. If you want to instantly go from low income to middle class in this country, raise your right hand and serve.
Financial goals:
- Buy a beach house
- Pay off my current house
- Fund the kids’ college
My plan to achieve all 3 is to simply keep climbing the corporate ladder and not die.
On your mind:
I’ve got two boys under 5 years old. My biggest concern is schools. The public schools on the West side aren’t great. Private schools are insanely expensive (Kindergarten over $23K). Hoping we either find a good charter school or win the CMS school selection lotto.
Anything else:
If I could create some prediction markets for Charlotte, here is what they would be…
- Will the Panthers relocate by 2050? They are here at least through 2045, but I could see Tepper or the NFL pulling out of this market if a new stadium build doesn’t seem to be in the cards.
- Will Charlotte be awarded a MLB team by 2035? No. They can’t figure out a stadium and Nashville/Raleigh are likely better candidates.
- Over/Under 3.5 new skyscrapers (over 300 feet) by 2050? Give me the over.
- Will the Panthers or Hornets get a new arena by 2040? I hope so.
- Michelin starred restaurant by 2030? No.
- Zoo built by 2050? No.
- Will city council be a full time position by 2030? No.
- Comprehensive light rail by 2040? No.
- Will a Charlotte based university achieve a top 50 ranking by 2040? No.
I’m not bearish on the city, by the way. I’m just predicting that increased capital intensity makes stadiums and light rails hard.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
New to Tiny Money? Join 9,862 Charlotte money nerds and subscribe to the 1x/wk newsletter
