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:
Own. Bought in 2020 in Plaza Midwood. 30 year fixed 2.99% interest rate. I wish I had bought in Barclay Downs and maxed my budget. But I am thankful to have a home and be building equity.
One child. Daycare costs $400 per week.
Job and salary:
Independent financial advisor. $200K. My client book is small, just $25M in total assets under management.
Going independent:
I was a cog in a machine at a big brokerage house beforehand. Don’t let anyone tell you that you can’t or shouldn’t go Independent. There is more flexibility in portfolio options, insurance, indexing, SMAs, and private equity.
Additionally, I enjoy having no income ceiling.
Work-life balance:
It’s good. I work around 40 hours a week.
Retirement:
By the time we are 60, I figure inflation will be so high that the new $2M will be $10M. I plan to always work in some capacity.
Credit card:
I use Wells Fargo because I’ve always used it.
I use Bank of America for my business bank account and credit card. I do this to keep personal and business separate for write off reasons.
Budgeting:
I’ve tried tools, but it’s better for me to look at my weekly expenses. I know my income and expenses well.
Splurge:
I love going to Panthers and Charlotte FC games.
Money hack:
Be an expert in one career area. Focus on it completely.
Philosophy:
I believe in indexing. Constantly save and increase your savings rate to the point it’s uncomfortable. I don’t buy and sell. Buy, hold, and buy more regardless of price.
Restaurant pick:
Calle Sol. Everything is so good!
Net worth:
$600K. Mostly in retirement and taxable brokerage accounts. And home equity. I max out my 401k every year with $24,500. I put around $2K a month into brokerage index funds.
Financial goal:
It would be cool to have a nicer home. Plaza Midwood homes are small. But I’m not big into goals-based investing. I will continue to invest aggressively and if the proceeds go up I will buy a home, if they fall substantially I won’t.
Rich in Charlotte:
$10M. I see people in Charlotte with nice cars and nice homes and wonder their net worth compared to the quiet rich who live modestly.
Knowledge:
Working at big brokerage for 10 years. You really know 80% of the investment world being there that long.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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