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 rent an apartment in South End with my boyfriend. It’s $2,600 per month and we split it down the middle.
We’re considering buying in the next year or so, but we can’t beat our current location because we both can walk to work. Buying would likely mean moving farther from the city. We’re torn.
Job and salary:
I’m a graphic designer. $85K base with a 10% annual bonus. I’ve worked for different retailers over the last 10 years.
Salary journey:
Right out of college, I made $45K working at a screen printing shop.
After going corporate and job hopping a couple of times, I reached $95K in 2022.
2 years ago, I took a pay cut for a hybrid position and better work-life balance. Totally worth it.
Rental income:
I own a duplex with my best friend. We used to live there. Buying in 2021 was rough, but we found a place at a good price and went all in. It’s a steady secondary income although it’s all being saved in case we have a big expense to cover.
We have long-term tenants who have been here for 3 and 4 years respectively, so the day-to-day management is relatively low-lift. If it was in a better location I would still be there.
This has been my best money decision.
Side hustle:
I teach a couple of yoga classes each week. I’m paid $40 per hour. This goes into a separate checking account called “Yoga Fun Money” that I draw out of when I want to make a dumb or impulsive purchase.
Work-life balance:
Good. 30-40 hours a week, total. About 16 of those hours are in office.
Debt:
I’m lucky. Just a mortgage on my rental property. I drive a second-hand car purchased with cash, I have no student loan debt (thank you Mom and Dad), and I have never paid a penny in credit card debt, ever.
I even bought my phones outright as to not take a “loan” from T-Mobile.
Credit card:
Chase Sapphire. I joined for the sign-on bonus. I am in the market for a new one, sign-up bonuses are worth a lot if you don’t mind the hassle of switching. My next one better have airport lounge access.
Budgeting:
I loosely budget by just being aware of where my money is going. I could get better at this for sure.
Annoying expense:
Parking. I pay $100 a month to park in my building. Annoying but necessary.
Splurge:
Travel. I have friends in NYC. I’ve visited them over 20 times in 9 years.
I almost never said no to a trip, I’d always rather cut down on daily expenses. A few years ago, I spent 4 weeks in Bali. It changed my life. Ready for the next adventure!
Money hack:
Walking to work. I pay a little bit more in rent for my apartment location, but spending less on gas and parking makes it all worth it. Also, get your steps in!
Restaurant pick:
Haberdish for brunch. Not too fancy, but delicious. Get the $8 Full Thermos of Coffee and $9 Biscuits & Fixings.
Automations:
I invest 15% of my paycheck into a 401(k). My company matches the first 5%. I also put a total of $500 per month across my other accounts (IRA, Brokerage, and HYSA).
I’m currently at my savings goal, so I’m considering remixing my allocations to put more money in the market.
Net worth:
$200K and growing.
My advice is to set up savings and investments automatically. when you start small you don’t even notice it’s gone.
Retirement:
Ideally before 65. Hell, ideally tomorrow.
My boyfriend and I are trying to align our perspectives. He’s convinced that with inflation, we will never be able to retire. I’m trying to be more optimistic than that and plan for the best.
Rich in Charlotte:
Wealth means freedom, not stuff. But I would love a Myers Park home and someone to clean it for me. Lol. I’d feel financial freedom with a net worth of $2M.
Worst decision:
Investing in the Beyond Meat IPO. I bought a lot of individual shares when the price was around $200 per share. Today, it’s at $0.96. Now I only invest in mutual funds.
Financial goal:
Provide for my future kids and be able to pay their college tuition so they can graduate debt-free.
Knowledge:
My parents. They were always frugal, but never excessively so. Sometimes it goes too far and can disrupt your quality of life. I’ve been working to find that same balance.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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