I am a 24 year old male that has been making just over $100,000 a year and still struggle with my finances. Most people never make enough money in life to get into financial trouble, but I happen to be in constant financial hardship.

I know I’m not your average client, but I’m still obsessed with finding ways to make more money. I just recently started an online business and I’m making $100,000 a year and still struggling. I don’t mean struggling financially…I mean struggling with his own health. I’m a huge fitness buff and I run every morning, but I’m still overweight.

There are a lot of ways to make $100,000 a year and still struggle, but I’ve found one that works for me. It’s called “Day Trading” and it’s pretty simple — I just trade stocks. I make between $100,000 and $200,000 a year doing it.

New reader The Money Ninja emailed us that he was making $100,000 a year and still trying to make ends meet. Here is her story, what it took, and what I recommend to get her back on track.

Your story

Hi, my name is Allison (name changed to protect identity). I am a 31-year-old single woman working as a financial manager in New York and living in Brooklyn. I make a little over $100,000 a year, but I am constantly stressed and short of money, even though I make more than I thought I would at my age. I don’t even spend too much and try to save what I can. My friends find it hard to accept. They all think I’m in the dough and that I don’t need to worry because they make so much less than they do. I want to succeed, but I feel like I’m living from day to day. What should I do? Allison S.

Financial breakdown

As part of the email exchange, Allison offered to send me her financial breakdown. While each month is different, here are their monthly averages:


  • Salary = $8,500 ($102,000/year)
  • Total taxes = 25
  • Net income after tax = $6,375


  • Apartment = $3,000 (2 BR, Brooklyn)
  • Electricity/Heating/Water = $125
  • Internet/Cable TV = $160
  • Student Loan = $600 ($30,000 private loan @ 5.5%)
  • Car Loan (2019 BMW 3 Series) = $500 (36-month, $18,000 loan at 1.99%).
  • Life insurance = $750 (whole life)
  • Car Insurance = $150.
  • Gas = $200
  • Credit card debt = $150 ($9,000 at 9.99% APR)
  • Grocery = $500.
  • Restaurants = $300
  • Other = $100 (groceries, clothing, coffee)


  • 401k = $100 (offsets 100% dollar for dollar to 5%).
  • Individual securities account = $0


  • Allison owes $340 at the end of each month, which she charges to her credit card.


First: Thank you for sharing your story with us. Many people struggle with their personal finances, regardless of their income level. I think it is more useful to give them advice and guidance on what they can do to improve their situation than to punish them. You’re right that most of your friends probably can’t keep up with you. Making $100,000 isn’t as important as it used to be, but a six-figure income is still rare. In the United States as a whole, fewer than one in ten people earn $100,000 or more:   word-image-783 word-image-784 The median income is $33,706, which means 50% of Americans earn less than that amount per year. An average income of $50,413 is less valuable information because the super-rich greatly distort this figure. Today, it is common for several people to work in the same family. But even if we look at household income (i.e., the money each person earns under one roof) rather than individual income, still only one in five households earns $100,000 or more:   word-image-1797 word-image-1798 I congratulate you on your professional success. It is difficult to achieve this level of success at work. Now, for the ugly part of… You’re spending over yourcapacity. The good news is that there are many ways to save money without compromising your lifestyle. I will write down my recommendations for each of the categories you listed.



I’ve got it. New York is an expensive city. The cost of living is unimaginably high. Coastal cities like New York, as well as Boston, San Francisco and Los Angeles, are the most expensive places to live. You said you are single, but you rent a two bedroom apartment for $3,000 a month. That’s 44% of your net monthly income! You don’t want to spend almost half your money to live somewhere. Most experts say you should keep it at 30% or less. If you really love your apartment, you should get a roommate for another room. If that person pays half the rent, your cost of shelter drops to $1,500 (22% of your income). Can you move in here, please? There are many good places to go for much less. Brooklyn is a big neighborhood, and I don’t know where your workplace is. If you want to be closer to the city, there are apartments near the Williamsburg Bridge, such as Common Marcy :   word-image-1799 word-image-1800 1,875 is still below the recommended limit of 30% rent on income. Potential savings = $1,125 to $1,500 per month


Between electricity, heating and hot water… I have no suggestions. An average expense of $160 for these tools is very reasonable. Savings potential = $0

Internet and cable television

Paying $160 for internet and TV is a bit expensive. The way we watch television has changed dramatically in recent years. While most of them can set more than 200 channels, we see that has an average of 12 channels. Here’s how to save money in this category in just two steps:

  1. Cancel the cable TV and Internet package and get Internet only for $ per month with Comcast (or with Verizon Fios).
  2. Get Hulu + Live TV for $54.99 a month – Hulu is a streaming service just like Netflix, but it offers live streaming with over 60 popular channels.

Hulu has some excellent original series like The Handmaids Tale : word-image-1801 word-image-1802 From the $160 you first paid, you are now at $95, a difference of $65. Potential savings = $65 per month

Student loans

The average debt for graduates in New York is $37,753 , so you’re more or less on par with other undergraduate graduates. While your total student loan debt of $30,000 is not a problem for me, you can do better with an interest rate of 5.5%. You pay $600 per month and receive 5.5%. By my calculations, you pay it back in 57 months, or just under 5 years. This means you end up paying $34,200 ($30,000 principal and $4,200 interest). You need to refinance your student loans. For example, one of the most popular lenders, SoFi, offers an interest rate of 3.75% on a 5-year loan. If you take such a loan, you reduce your monthly payment by $25 to $51 :   word-image-785 word-image-786 Over the 5-year term of the loan, your total savings is $1,204. Not bad! Why do I like SoFi? There are no application fees, opening fees or early termination fees. And because we partnered with SoFi, you can this link and SoFi will give you an extra $300 just for transferring your loan payments to them! Potential savings = $25-$51 per month

Car loan

Honestly, I’d keep the car and keep paying off the loan here. Before you buy a 2019 BMW 3 Series, I would recommend looking at cheaper, higher rated cars. Honda Accord, Toyota Camry or Mazda 6 are good cars that are about the same size as your Beemer. But that’s water under the bridge. It will cost you more to sell your car and buy one. The interest rate on your car loan is also very good – 1.99% is great. It will be difficult to find a lower interest rate for refinancing. Savings potential = $0

Life insurance

The life policy you have now is too expensive. Whole Life is not pure life insurance, but life insurance plus an investment component that the insurance company invests and manages for you. I’m a fan of simplicity. You should buy life insurance only as life insurance and put the rest of the money in more appropriate accounts (see below). I recommend that you get what is called term insurance. It is a 100% pure life insurance without any unnecessary hassle. You choose an insurance period (10 years, 20 years, 30 years, etc.) based on your family’s needs and pay a monthly premium of , which is much less than . I recommend the , get a quote for thefabric. Fabric offers term life insurance that can be purchased online without having to meet with anyone or take a blood test (oops, I hate needles).   word-image-787 word-image-788 Requesting a quote is so simple that the request literally consists of 7 questions to be answered in less than a minute. I used your information (female, 31, lives in NYC) to get an estimate. I thought you needed a 30-year policy that would last until you retired:   word-image-1803 word-image-1804 Based on this information, your estimated premium will be between $49 and $103 per month:   word-image-1805 word-image-1806 Stop paying $750 a month for life insurance and switch to term life insurance today. This is one of your biggest opportunities in my analysis. Potential savings = $647 to $701 per month

Car insurance

I don’t know if $150 a month in New York is a good deal or not. That’s $1,800 a year, which seems high for a 31-year-old woman. I don’t know if Allison was looking for other auto insurance quotes. Most people don’t. Get several quotes with similar coverage amounts. If it’s cheaper, change it. I usually shop every other year and can save 10-15% that way. Ninja Council: Most auto insurance companies give discounts to college graduates. It’s the only way to save 10%! Here are some reliable car insurance companies from whom you can get a quote: Potential savings = $15 to $23 per month


Gas is gas. You need it to drive in different places. I don’t care what $200 the gas station gets from you. I would use gas price search sites like Gas Buddy to find the cheapest gas in your area. If it’s not convenient, I wouldn’t worry about it because you might spend more money going to a gas station further away than the one you usually use. But benefit from other applications as well. For example, with the GetUpside app, you get a refund for every gallon you fill up. I recently reviewed the application and gave it two thumbs up.

Credit card debt

You pay $150 a month in credit card debt. This seems to be the minimum payment (or close to it) – which is not good, because your credit card company will charge you an interest rate of 9.99%. It will take you 7 years (84 months) to pay off this balance! You can use the credit card repayment calculator, which is similar to the one on the Credit Karma site, to see the results clearly:   word-image-789 word-image-790 Not only do you pay off a $9,000 balance, but you also pay off $3,500 in interest:   word-image-791 word-image-792 You should try to pay off the balance sooner, but if you can’t, it’s best to transfer the balance to another credit card with a 0% introductory interest rate. Here are some examples of credit cards with 0% interest wire transfer and 0% term: The benefit is that when the introductory 0% APR expires, you can transfer the balance of and to another card with a 0% interest rate! You can use this strategy until you have paid off all your credit card debt. Potential savings = $42 per month


While $500 a month for groceries for one person seems high, I don’t have enough information to recommend saving here. You may have dietary requirements or special needs. You may be a fan of Whole Foods. I don’t know, so I won’t say anything here. Potential savings = $0


Some will disagree, but $300 a month for restaurants is not excessive. That’s about $69 a week. A meal and a few drinks gobble up the entire budget, especially in New York. But since you’re in New York City, there are plenty of ways to save money when you eat out. For example, with the Seated app, you can get 20-40% back at many restaurants just by taking a picture of your receipt. You can use rewards from many popular partners like Amazon and Target. word-image-1807 word-image-1808 Technically, you’re not saving anything, but you’re at least getting a reward for what you’re already spending. Potential savings = $0


I have no problem with , if you spend $100 a month on entertainment. This is The Money Ninja , not Scrooge McDuck, we are not here to take all the fun out of life, but to help you be smarter about your money. Potential savings = $0


The 401k account is a -superannuation for your retirement. I know it’s hard to think more than 30 years ahead, but believe me, you don’t want to panic at 65. By then it will be too late. You don’t want to work until you’re 90 because of the mistakes you’ve made today….. you may not be able to work after all for health reasons. The $100 you invest now is better than nothing, but it won’t be enough to meet your future needs. In addition, you will lose FREE the money your employer gives you as compensation. Here try to set aside at least 10% of yoursalary, or $850 per month. That seems like a huge number, but with all the ways you can cut costs, you can do it with ease. Your employer also matches 100% of the first 5% of your contributions, which amounts to an additional $425 per month for your 401k. Go away! Your $850 + $425 from your employer = $1,250 a month for your future.

Individual brokerage account

Remember when I advised you to get rid of life insurance and switch to term insurance? Instead of asking a life insurance company to invest your money in suboptimal options, you can now do it yourself – at a lower cost and with a higher return. All you need to do is open a share account. Where should you open an account? I recommend Webull. Webull is a user-friendly trading account that you can use on your desktop or mobile phone.   word-image-1809 word-image-1810 And if you create an account through my referral linkyou can get 2 free shares up to $1,650. Once you have a Webull account, you can do one of two things (or even a combination of both):

  1. If you don’t know much about stocks, I suggest you buy something like the S&P 500 (ticker symbol: SPY). It tracks the general market, so your account will perform as well as the general stock market.
  2. If you want to buy individual shares of publicly traded companies such as Facebook (ticker symbol: FB), Google (ticker symbol: GOOG) or Amazon (ticker symbol: AMZN), you can also do this through Webull.

Start with small contributions, for example. B. $100 a month until you get the hang of it. Would you like more information? You can read my Webull review here. Contribute to an individual checking account = $100 per month for your future.

The conclusion

Let’s see what we get when we revisit all these categories with a before and after analysis:

Apartment $3,000 $1,500 – $1,875 $1,125 – $1,500
Utilities $160 $160 $0
Internet/Cable TV $160 $95 $65
Mobile phone $80 $40 $40
Student loans $600 $549 – $575 $25 – $51
Car Loan $500 $500 $0
Life insurance $750 $49 – $103 $647 – $701
Car Insurance $150 $127 – 135 $15 – 23
Gas $200 $200 $0
Credit card debt 9.99% APR 0% APR $42
Power supply $800 $800 $0
Other $100 $100 $0

Total savings = $1,959 to $2,422 per month

If you subtract the $950 that Allison contributes to her 401k and share accounts, those s and s are left with an additional $1,009 to $1,472 per month for her! Ellison’s monthly cash flow is going from negative to positive. Instead of living from paycheck to paycheck (and being in debt at the end of each month), she will have over $1,000 in her pocket and to help her retire! Allison, I hope this helps you improve your personal finances. Keep me posted on your trip. It’s nice to make $100,000 a year, but it doesn’t matter much if you can’t keep anything. Other ninjas, if you are in financial trouble and want a free analysis, email me (you can find the email link by scrolling down) and I will try to help you. There are ways to improve your financial profile, whether you make $35,000 a year, $100,000 a year or $250,000 a year. I hope this has been helpful to you.You might think that if you work hard enough you can earn a large amount of money. After all, at least in the United States, that is the general trend. As a country, we spend our whole lives working to earn more money and attain more wealth, as if we have no other goal or purpose in life, which we actually do. In reality, our purpose is to seek meaning in our lives through the fulfillment of purpose. It’s not about the money, but about what you do with the money.. Read more about how to make 100k a year online and let us know what you think.

Frequently Asked Questions

Can you live comfortably on 100k a year?

If you are thinking about earning 100k a year, you have two choices: Either work your ass off or scam people. I am not saying that you can’t live comfortably on 100k, but if you are thinking that you can easily earn 100k without any effort on your part, you are wrong. Everyone wants to be able to afford to live comfortably, without worrying about paying bills, especially when you have a family to support. But with the average Canadian household income hovering around $75,000, how can you fit all the daily expenses into your budget? Here are some ways you can live “comfortably” while earning $100,000 a year.

Is making over 100k a year good?

If you’re making over $100,000 per year, then you’re probably financially comfortable right? Wrong. Our society has created a delusional impression that if we make more money, we must be happy.  But, is making over $100,000 a year really good, or is it just something that the people who make an incredible amount of money are told to pay attention to?  For example, I make over $100,000 per year, but I’m far from being happy.  First off, I have to pay off all the student loans I racked up over my life, and I’m still going to college, so I might not ever be able to quit working, which is a huge shame because I actually like my job Over $100,000 a year? That’s easy money. And if you can do it without any of the “trouble” that comes with making that much money, then that’s the best kind of money. It’s not how much money you make but how you make it, right?

Is 100k a good salary for a single person?

The average salary for a single person in the United States is just over $40,000 a year, according to U.S. Bureau of Labor Statistics . But, there are plenty of people who make significantly more. For example, Buzzfeed recently shared the story of a woman who made over $100,000 a year, while living in a small apartment in Brooklyn. The question of whether a single person should aim for a salary of 100k is a timely one. The pay gap between men and women is larger than ever, and the same applies to the pay gap between men and single people. Here’s the thing: you can make a lot of money being independent in the 21st century.

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