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:
I’ve been doing my own form of “house hacking” for 5 years. Lived for 2 years with roommates from a Facebook group in a comfortable Uptown townhouse for $700/month each. Then I bought a townhouse in Plaza Midwood in 2021 with 6% interest; I have rented out my additional bedroom for over a year.
My best financial decision was living well below my income for my first couple years in Charlotte, then leveraging that money to buy a townhome and rent out the extra bedroom.
No children, but always a forethought with every tiny money article saying child care costs two Hope Diamonds a month.
Job and salary:
Civil engineer. My total comp is roughly $170K.
My base salary is very average for an engineer with 5 years’ experience, if not below average.
But my job has plenty of perks that help inflate my take home. 40% bonus, free high-deductible medical plan, company pays for parking pass ($2,500/year), small spot bonuses throughout the year, HSA contribution, and my favorite — 401(k) matching and profit sharing.
I put the minimum 4% in my 401(k) and my company puts in 17%. Yes, you read that right.
Salary journey:
My first engineering job paid $80K in total comp. So in 5 years, it has roughly doubled.
Base salary consistently increases by 5-10% a year, but larger YoY jumps come from end-of-year bonuses.
The key in my field, and I’m sure like many others, is to obtain certifications and licenses as quickly as possible — and grow your network.
Consistent quality work paired with a personable approach will never go out of style.
First few years in my career I said yes to everything and it led to some unhealthy working patterns, but with my current role I am able to make decisions a little more selfishly on what I think will help my career best.
Work-life balance:
Great as of a year or two ago when I obtained my Professional Engineering license and thus have more flexibility to create my own schedule.
Debt:
- $300K left on my mortgage (6%). I make one extra payment a year to eat away at the interest. The goal is to refinance in a couple years and lower the payment enough to rent it out profitably.
- $15K car loan (4.5%), which I’m letting run its course given investments are providing a better rate of return.
- $0 left in student loans, thankfully. I aggressively paid these off with jobs in college and after graduation.
- $5K in medical debt. I hurt my elbow playing volleyball last year and had surgery (HSA funds will cover this).
Credit card:
I recently started a joint card with my long-time girlfriend to receive travel miles for future trips. I personally don’t play the credit card game.
Budgeting:
I religiously budgeted my first year out of school and was tracking to save 50% of my income. Ever since then, I have a pretty good gut on how my monthly spending is going.
I use Empower solely to track personal net worth. I take a deep dive once a year to see growth and areas to improve.
My goal was to be a millionaire by 30 but this obviously feels quite ambitious at this point.
Money hack:
Charlotte is a young and growing city. No shame in having a roommate or two! Luxury apartments are overrated. You should only be home to sleep in your 20s.
Restaurant pick:
Bricktops! Go with the Deluxe BBQ Ribs served with coleslaw and french fries ($30).
My splurge is eating out. I’m a lazy cook.
Savings goal:
A dog. I’d love a roan springer spaniel. Also saving for some much needed travel after a season indoors following surgery.
Net worth:
$350K. Breakdown is $150K in investment/HYSA account, $100K in 401(k), and $100K in home equity.
Retirement:
I’m wired to ‘work’ most of my life, but would like to ditch a desk job by 50.
Rich in Charlotte:
The 30-year-olds that own $2M townhouses in South End. Where do they work?!
Worst money decision:
Thinking I could pick stocks. I’m now an index fund believer.
Financial goal:
I’d love to develop a property given my engineering background. Whether it’s a building, my own home, or townhome community — this would bring me a lot of joy.
I’ve also begged 7-Brew to let me franchise but they are completely out of franchise agreements for North and South Carolina… maybe next year.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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