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 home that we bought 10 years ago and refinanced in 2022. Our mortgage is 2.5%.
I’ve got children. I’m worried about having enough money to continue to keep the family living comfortably with rising costs.
Job and salary:
A few months ago, I decided to quit my job, which paid $196K salary (plus 35% bonus and 25% equity). My work-life balance was horrific. I saw my children for less than 1 hour per day.
I’m now picking up a few jobs as a consultant. Additionally, I’ve got an Etsy store, picked up gigs on Upwork, and have done some reselling.
Credit card:
Amex Platinum Card. My advice for anyone with debt is to focus on paying off the debt with the highest interest rate first.
Worst expense:
Healthcare. I’m Canadian, where healthcare is free (publicly funded). Sure Canada has higher taxes, but the US cost of healthcare negates any of this. I make less here when you look at the cost of health insurance.
Best expense is my Pilates membership and swim lessons for the kids. Investing in health always has the best return.
Restaurant pick:
Steak 48 and Counter. Tied for best. Restaurants are my splurge.
Net worth:
$1.1M. No financial advisor. We put money into the kids’ college plans each month. About $600K of this is in my former employer’s 401(k).
Savings goal:
Travel and a backyard makeover.
Retirement:
Our goal is to hit $3M. Ideally, we’d love to have a cash-flowing side hustle, live near our kids, and travel 4X per year.
Rich in Charlotte:
$10M given the cost of housing. We’re from Toronto and I’d say rich there is $25M.
Financial goal:
Exit the rat race and work part-time doing something that I love.
On your mind:
I wish they taught our kids how to manage money as part of their school’s curriculum!
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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