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:
Rent. South End 1BR apartment for $1,650. I lived with a roommate after college until this year.
If you don’t mind the hassle of moving, there are some great deals for apartment hoppers. My current apartment gave me 2 months free, a $1,000 Visa gift card, AND a pair of AirPods Max.
Job:
I’m a management consultant. $160K base and variable bonus of around $20K.
Salary journey:
Started as a Big 4 consultant out of college at $72K. Big 4 offered consistent raises—from $72K to $120K over 3 years—but job hopping made the largest difference.
Work-life balance:
Better than I’d expect. I work around 50-55 hours per week.
Advice:
Set it and forget it. Set up recurring contributions to sinking funds, your portfolio, whatever.
It’s easier to track growth and progress, and at least personally, bringing extra money just into your savings account can slip away easier than you want, wiping away some hard-earned process.
Sinking funds and brokerage accounts feel a lot more “secure.”
Debt:
None. I recently paid off my first car!
Credit Card:
Amex Gold is my go-to. Let’s be honest, as a 26-year-old, food and drink is my biggest expense category (outside rent).
Budgeting:
I budget using Monarch. I don’t hold myself to every dollar in every spending category. In my opinion, having a general idea of monthly inflows and outflows is more valuable. No need to stress about spending $10 more than usual on coffee if you trim spending in a different category.
Best expense:
CrossFit gym membership. $200 per month for unlimited use. It’s all class-based, which is a great way to make friends and find community.
Splurge:
Golf (although a bit cliche…) so let’s go with my girlfriend!
Money hack:
Sabor has $1.49 tacos on Tuesdays. They’re about what you’d expect from a $1.49 taco, but you can’t beat the price.
Restaurant pick:
Prime Fish. Best sushi in Charlotte by a large margin. Get the spicy Crispy Tuna, it comes on a hash brown instead of your typical crispy rice.
Net worth:
Around $175K. Breakdown is roughly $25K cash, $40K taxable brokerage, $10K crypto, $75K retirement (401(k) + Roth), and car.
No advisor. I’ll likely take one later once my situation becomes more complicated (home ownership, children, etc).
Automation:
During college, my internship was canceled due to Covid-19, and as consolation, they gave me a $3K check. I used the free time to read Benjamin Graham’s Intelligent Investor. I invested the $3K, and decided to set up a Robinhood account with a recurring weekly $25 VOO investment.
Every time I get a raise, I bump up the weekly allocation a little bit. I’m now contributing $250 per week to my taxable brokerage ($150 into VOO, $100 into Bitcoin).
I let the automation run its course, and I’m grateful I’ve been doing so. Start early! Even if it’s $25 per month! Things add up quicker than you think.
Retirement:
I’d love to retire in my 50s. If I accumulate enough wealth, I’d be willing to take a pay cut to do something a bit more rewarding like being a teacher or professor.
On your mind:
As you advance in your career and make more money, it’s really easy to keep moving the goal posts. Not really fair to anyone involved. More is not always better.
Rich in Charlotte:
Whoever is buying those $2M 1,000 square foot bungalow homes in Dilworth.
Transparency:
There’s a lot to be learned about saving and salary progressions from talking about money. It can be uncomfortable at first, but if you have friends you trust, you’ll be surprised by what you learn.
Knowledge:
Books, YouTube, and I hate to say it, TikTok.
Don’t take investment advice on TikTok – but there are some great resources (if you look in the right places) that can provide “big picture” advice (order of operations when setting up an emergency fund, 401K, Roth, etc.)
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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