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 3 years ago. My spouse is a doctor, so we were eligible for a doctor backed mortgage, which gave us benefits like 0% down, no PMI, and a discounted rate (5.5% at the time). Went with a 7/1 ARM mortgage, about $3,500 per month.
Definitely explore and research what type of first-time homebuyer programs are available, because not every bank offers them.
Married, no kids. But we do have 2 dogs. When we go on vacation, it costs about $500 per week for a dogsitter on Rover.
On your mind:
Childcare costs are insane. We’re debating moving from Charlotte to be near our parents for a few years when we start a family.
Job and salary:
Analytics manager at a healthcare company. $150K base with a 20% bonus.
Salary journey: Salary jumps by age and title
- 22 – $48K supply chain analyst
- 23 – $60K analytics specialist
- 25 – $120K energy trader
- 27 – $115K senior marketing manager (got my masters)
- 29 – $180 analytics manager
Salary advice:
Find mentors. I have 5 that I frequently consult. All of my growth opportunities have come from networking. I’ve never found that blindly applying to jobs works.
Other income:
None currently. In the future, I’d love to start or acquire a small business and eventually leave the corporate world.
Work-life balance:
Great! It hasn’t always been this way though. I’m lucky. My current employer is very family oriented, so coworkers have flexibility for sick kids or running midday errands.
Credit card:
American Airlines Citi card for status with AA. Before that, I found a good combination was Amex Gold for restaurants and groceries at 4x points and then Capital One Venture for everything else at 2x points.
Automations:
Yes. 15% of our income is automatically transferred from one account into our 401k (5% company match) and HSA. Fixed expenses are also set up automatically.
We budget, but we don’t stick to it religiously. It’s more of an outline. Our incomes are stable so we know we’re in good shape if we spend less than $3K on our credit cards each month.
Best expense:
$400 monthly budget for DIY home projects at Lowe’s and Costco. My spouse works a lot, so I’ve used my extra time to build a back deck and patio. Costco is a borderline addiction, haha!
Splurge:
Vacations. We love a good ski trip in the winter. We went to Austria last year and surprisingly, it wasn’t that much more expensive than traveling out west.
Restaurant pick:
Foxcroft Wine! Great atmosphere. Order their $10 signature donuts for dessert.
Savings goal:
Lake house. Would love to relax by the water on the weekend.
Net worth:
$250K. Consists of about $150K in a savings and taxable brokerage account, with the remaining $100K in retirement and home equity.
We have a financial advisor, but we just own index funds. We typically invest in index funds. Performance has been at or a bit above market. I’d love to find someone who could grow our investments faster, but I know that’s a long shot.
Retirement:
My spouse says I’d get too bored! I think my ideal retirement would be running my own company where I can focus on the macro strategies and networking.
Rich in Charlotte:
Honestly, the people who live in all these multi-million dollar South Charlotte homes. And more continue to be built! Everything seems so overpriced but the market continues to support it. Wild.
Worst decision:
I left a company for another job right before bonuses were paid. I didn’t read the policy thoroughly and lost $10K. I also fell for a scammer in college and sent them $2K. Long story.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate
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