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.
Here’s a look into the personal finances of a 62 year old father of three.
Salary:
I’m a managing partner at a technology consultancy and will make over $1.4M this year.
Also, I have several affiliate relationships where I am paid a commission for referrals. I’m paid residual for any services we sell a client (for length of the period the client continues to use the service).
First job:
Sales rep on a $1,200/mo draw against commission. Netted just over $30K that year.
Work/life balance:
What is that, haha?!
I’m trying to adjust to more freedom, but I love what I do so much that I just started two new companies and I’m teaching two of my kids how to replicate what I have done. Watching them grow and succeed is much more rewarding than leisure activities to me!
Living situation:
Our home will be paid off at the end of next year. We refinanced on a 15 year at 2.125% and currently paying an extra $5K/mo. My advisor tells me just to put that $5K into the market, but I just want it paid off. The only debt we have is $100K left on this mortgage.
I’ve got 3 children. In terms of money, I think about getting them to LISTEN and begin investing NOW while they are young.
Credit cards:
Amex (tied to Delta), MasterCard (tied to American) and Bank of America Visa (primary where I get nearly 4% back). I put every expense I can on these cards and I always pay balances in full the day each month.
Budgeting:
I used to track every penny I spent in an Excel spreadsheet. I’d allocated accordingly and adjusted where needed. I no longer do this.
Charlotte restaurant:
I love the filet at Beef N’ Bottle.
Savings goal:
I’m beginning to look at lake houses. Looking everywhere from Wateree to Lake James to Lake Lure.
Net Worth:
Roughly $10M. About $2M of this is liquid and the rest is invested. My advice is to start early, take risks, find referral opportunities, find residual opportunities — and always expand your network because it’s your most valuable asset other than your character.
I already feel personal financial freedom, but I’d like to 3x my wealth and structure my will that will make it generational for my family.
Noteworthy investments:
I’ve invested in some early phase biotech drugs which have “grand-slam” potential — but could also be a total loss. Ultimate risk reward. One is pending final FDA approval and my liquid number would be 10-20X my original investment!
I do have a longstanding financial advisor relationship. He’s very conservative and I am willing to lose it all, so we balance each other out. Since I work in technology, I normally pick a handful of individual NASDAQ stocks as investments and he balances out the portfolio with investments in banking, healthcare, manufacturing, etc. I also go rogue and do my own things through some connected friends on the early stage stuff.
Retirement:
I always joke that I am the guy who will get wheeled away from his desk when 911 is called. That said, I do plan to cut back on the 60 hour weeks and begin to travel more (I can work remotely).
Additionally, I plan to start my own 501(c)(3) charity to help local community members who just need a little help, like getting their car fixed, or getting power turned back on, etc. I’m passionate about everyday needs for everyday people who are living paycheck to paycheck and have an unforeseen event that they have no way to circumnavigate.
Charlotte Money Hack: Buy land just outside 485 between 74 and Harrisburg. It is going to explode over the next 5 years and beyond.
What’s “rich” in Charlotte?
There are so many multi-millionaires in Charlotte that to be “considered” rich here, you’d likely need to be in the $50M net worth range.
Worst financial decisions:
I got behind on my taxes when I first started my business. The compounding interest and fines nearly broke me. I had to borrow $100K from my Mom (God bless her!). Happy to say I have never missed a quarterly payment since then! Second worst was getting a 7 year balloon mortgage. At the 7 year mark, the interest rate on the mortgage was so high that I had to seriously cut back on my lifestyle.
Financial goals:
- Guiding my kids to financial freedom
- Investing in a tract of land
- Purchasing a lake house
On Your Mind:
FDA approval, FDA approval, and FDA approval!! Also cheering for NVDA and SMCI to 100X!
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