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:
My fiancé and I are fortunate. We live in a home his parents purchased. They bought it for just $50K in 2017. It needed work and my fiancé did it himself.
Job and salary:
Marketing strategist at a local ad agency. $95K base plus bonus opportunities for client growth. Another nice perk is a $2K new hire bonus and a $5K new business referral bonus.
Salary journey:
It has changed A LOT. My first job out of college was $15/hr for a contract job capped at 30 hours/week. I still had to bartend on weekends to pay the bills.
For the next job, I negotiated a $32K offer up to $35K. Then COVID hit. Unemployed for 7 months.
Next role was $50K. Stayed there for 3 years. I left at $76K to take on my current $95K job.
Biggest tip: don’t settle and know your worth.
Work-life balance:
At an ad agency, it ebbs and flows. Especially in Q4 when you have to work weekends and holidays.
On average, I work about 45-50 hours a week, but we have unlimited PTO, which we’re encouraged to take advantage of.
Debt:
No. I’m admittedly very lucky. My dad paid for college so I graduated without student loans. That, of course, gave me an advantage out the gate, but even when I was bringing home $35K/year, I’ve always been smart with my money because I’m terrified of financial insecurity.
Because I have no rent or mortgage (very blessed), I saved enough to purchase a new car. Car loan was $15K (after an $11K trade-in and a $12K down payment) that I paid off in 17 months. The interest rate was over 8% because I had no loan history!
Credit card:
Wells Fargo Platinum Card. My dad got me a credit card when I turned 18 so that I could start building credit as soon as possible. Cash back rewards are nice.
Budgeting:
Yes. I budget because I’m terrified of being financially insecure — especially working in an industry where layoffs are rampant.
I put 10% into my 401k. From my take-home pay, I put nearly $1,000 of every paycheck into savings. My bills are limited and most of them are split with my fiancé.
After savings and bills, I don’t tell myself “no” to anything I want (within reason).
Worst expense:
A freakin storage unit. I have so much stuff I just can’t get myself to part with from the last place I lived by myself. $96/mo.
Restaurant pick:
Flour Shop. Pappardelle Bolognese is on point. Get the chorizo croquettes if they’re available.
Food is my splurge. I love trying new types of cuisine or new restaurants. Bonus points if they have a good cocktail menu. Food is more than just fuel — it’s a way to bond with others.
Savings goals:
Wedding and home purchase. Our current home is 750 square feet (cozy!!), but we’d love something bigger.
Net worth:
I honestly don’t know. I have $35K in a savings account and $65K in my 401k. I own my car, but I don’t own our house and have no investment account.
Retirement:
I want to retire at 60 with between $1M – $2M. When I retire, I don’t want to just sit around and grow old. I’d love to travel and start new hobbies.
Rich in Charlotte:
At least $5M. This place is expensive. A dinner for two will easily run you $100 at not even fancy restaurants. Even modest houses cost $1M or more.
I’d personally feel financial freedom at $2M. That should adequately cover all expenses and still have some leftover for discretionary spending without going crazy.
Worst money decision:
Renting for as long as I did. It’s basically lighting money on fire.
On your mind:
How can I become more comfortable increasing my savings and 401k contributions?
Knowledge:
My dad! He grew up dirt poor and became a successful lawyer. Coming from nothing, he’s always been comfortable living an average lifestyle so he never bought fancy cars or anything like that. He instead put it into savings, stocks, retirement, and mine and my sister’s college funds. I’m very thankful.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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