$100,000 Salary = BROKE (here's why) | Summary and Q&A

93.6K views
May 6, 2019
by
Ryan Scribner
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$100,000 Salary = BROKE (here's why)

TL;DR

Earning $100,000 per year may not be as financially secure as you imagine, once you consider average expenses and taxes.

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Questions & Answers

Q: Why is earning $100,000 per year not as much money as it seems?

While $100,000 may sound like a high salary, expenses such as taxes, mortgage, car payment, health insurance, retirement contributions, and student loan debt significantly reduce the amount of disposable income.

Q: Can someone with a $100,000 salary save money?

Yes, but with limited leftover income. After essential expenses, there is only around $740 per month left for groceries, utilities, savings, entertainment, and other expenses.

Q: Are there any additional expenses not considered in this analysis?

Yes, the analysis does not include expenses like clothing, house repairs, gym memberships, streaming services, or other random expenses that can quickly reduce the remaining disposable income.

Q: What is the main point of the video?

The video aims to challenge the perception that earning $100,000 per year is a wealthy or comfortable salary, emphasizing the importance of setting higher financial goals.

Summary & Key Takeaways

  • Earning $100,000 per year may not leave you with as much disposable income as you think, due to taxes and average expenses.

  • Major expenses include mortgage ($1,030), car payment ($530), health insurance ($440), retirement contribution ($400), and student loan debt ($390).

  • After accounting for these expenses, you're left with only $740 per month for groceries, cable, gas, utilities, cell phone, savings, and entertainment.

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