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 bought a home last year with 5% down. It’s a renovated property near South End for $350K. 30-year fixed mortgage. $2,400 per month. I’m house hacking (renting bedrooms) to cover part of it.
No kids yet, but I would love to have some in the next 5 years.
Job and salary:
I’m a VP at a mortgage company. Commission only. Pay ranges from $0 to $20K per month. I made $90K in my first year. Now looking to increase this as I build my book.
I started as a financial analyst making $67K out of college. But I knew I needed to take more risks to make more, so I got into the lending business.
Other income:
Crypto staking (the process blockchain networks use to validate transactions).
Work-life balance:
Some weeks I golf on Wednesdays and other weeks I work all weekend. In the mortgage business, success really depends on the strength of your systems and having strong partners.
Debts:
$330K mortgage and $16K car loan.
Credit card:
Chase Sapphire Preferred for its points transfer to travel partners and Bilt Palladium to capture points on my mortgage payments.
Budgeting:
I use Rocket Money to track monthly expenses.
The reason I was able to afford my home was due to my savings rate being close to 60% last year. There is a fine line between saving every penny and enjoying life while young. I cut out all recurring expenses that don’t improve my life, like TV packages.
Best expense:
YMCA membership and recreation leagues at about $100/month.
Splurge:
Golf. Ever hit the 18th green on Trump National while 20 boats in Cocktail Cove are honking and watching?! Worth the investment. It’s a sport that I’ll use as a business tool.
Money hack:
Try your best to lock down a home or land within 30 minutes of the city. With a top 5 real estate market in the country and 60,000 people moving here each year, the investment will pay dividends down the road.
Restaurant pick:
Yafo. Schwarma chicken bowl with all the toppings is easily 2 meals and so flavorful.
Net worth:
$325K. Made up for brokerage, Roth IRA, home equity, and high-yield savings accounts.
Started with a $70K inheritance. I’ve been investing money in the stock market ever since I started working at 15. I feel very fortunate for scholarships that helped pay for college.
I contribute $400 per month to my HSA because of its triple tax advantage. And $100 per month into my brokerage account, where I stick to index funds that track the S&P 500 and a few tech stocks with a strong market share in the AI space.
Retirement:
Seems like a bit of a facade. I don’t want to golf at the country club everyday and waste away into the sunset. I do want to have enough money to cover my family’s needs and focus on serving others.
Financial freedom number:
$5M. Using the 4% rule yields $250K annually.
But the financial goalposts always move, and the happiest people I’ve met enjoy how they make money, not how much money they make.
Rich in Charlotte:
Country club membership at Quail Hollow. Pristine golf and connections there.
Best money decision:
I opened a brokerage account at 16 and invested what I made from each job. It’s compounded nicely over the past decade. My goal is to help others start that journey earlier.
Financial goals:
- $2M net worth by 30. Then buy business doing $2M in sales and scale it to $5M.
- $5M by 40. Sell the business or continue scaling while investing in commercial real estate deals.
- $20K in monthly cash flow, so I can buy NY Butcher Shoppe steaks without regretting the price tag.
Knowledge:
My parents instilled in me a saving and investing mindset. Investment strategy came from my financial degree in college.
Right now, I’m trying to learn how to generate cash flow from assets instead of just investing in stocks and real estate.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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