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. Purchased last year. 30-year mortgage. Most houses for sale now aren’t going to sell because there’s a lack of motivation on both sides — the current owner doesn’t want to give up a good rate, and the buyer doesn’t want to pay an extensive amount.
Married, no kids, but we do plan on having children.
After being in a house for 2 years, my advice would be do not rush anything. Buying a house is a lifestyle choice. It is shelter, a place to raise a family, etc. It is not strictly an ROI optimized investment.
Yes, houses can appreciate over time, but that should not be your priority. It is no fun being house poor.
Job and salary:
Treasury manager at a large bank. $130K base and a $20K bonus.
Salary journey:
- Year 1 – $65K salary and $5K bonus (1st year out of college)
- Year 2 – $75K salary and $5K bonus
- Year 3 – $110K salary and $10K bonus (new job at new company)
- Year 4 – $125K salary and $15K bonus (internal promotion)
- Year 5 – $130K salary and $20K bonus (merit increase)
Work-life balance:
Very good. Mostly a 9-5 job with the rare night extending to 7pm.
3 days in office per week. 2 days from home. Hybrid is really, really nice.
I work out in mornings before work. Most nights, dinner at home with my wife, walk the dog afterwards and watch a show before bed.
Credit card:
Chase Sapphire Preferred! Points and perks are really good.
Budgeting:
Yes, but I’m pretty hands-off. I target saving $1K-$3K per month depending on big expenses like travel. I’m a natural saver.
Splurge:
Travel. My wife and I traveled to Italy via first-class plane tickets for our honeymoon.
Seeing different countries and cultures is a huge ROI.
Money hack:
- Get a roommate in your 20s.
- Shop at Aldi and meal prep.
- Drive a crappy used car like my $5,000 Honda Accord.
Net worth:
$350K. Made up of $140K in retirement accounts, $100K in a brokerage account, $70K in home equity, and the rest in savings and alternative investments.
Portfolio:
50% QQQ (Nasdaq ETF), 40% IVV (S&P 500 ETF) and 10% bitcoin and personal stock picks. I’ve been lucky with a ton of market appreciation since I started investing in 2020.
My advice is to get to $100K in investable assets as soon as you can. Then let it compound.
Retirement:
I’d like to work a less intense job in my 40s, then retire at 50. If we’re blessed to have children, I want to prioritize being extremely present in their lives. I’d still want to do work that matters to me, just not a corporate job LOL.
Financial freedom:
My target is $5M. At a 4% withdrawal rate, that’s $200K.
Regret:
Not meal prepping earlier. It’s healthier and much cheaper.
Rich in Charlotte:
$500K annual household income. Multiple vacations. Luxury car for the wife. Private school for kids. Home over $1M.
But I aspire to be wealthy, not rich. Rich is what you can spend per month. Wealth is what you have accumulated.
Financial goals:
- Retiring my wife to be a stay-at-home mom when we have kids
- $1M net worth, then $1M in investable assets
- Become work optional
On your mind:
Inflation and the rising cost of living in Charlotte. Will a starter house cost $1M here within 10 years?
I worry about reaching the later stages of my life and not being able to afford things like a daughter’s wedding or kids’ education. I want to be able to provide for my family.
Knowledge:
I saw money come and go with my parents. I worked 2 jobs in college. I’m a natural saver. I’ve always had this feeling that I was behind financially. I still do to some degree.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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