Millionaire Reacts: How One Teacher Spends Her $69,000 Salary | Glamour

look at all of those expenses on june 18th 2018 like it just keeps going [Music] the following may be upsetting to more sensitive viewers is advised for anyone who doesn't like spending money welcome back to the graham steffen show my name is graham and welcome to my show and today we are going through the backlog of videos that i had not had a chance to watch and react to until now and this is one of those like we got such a good series by glamour and they're just not doing them anymore unfortunately so we have no other choice but to go back in time and watch these old videos this is like classic honest accounts by glamour so basically what glamour would do back in the olden days they would get people to sit in a what looks like a very uncomfortable director's looking chair sit there and they only film from the head down so basically it would be like me making videos like this the entire time i'm just doing this maybe i should react to the entire video like this uh to be on par with it but anyway so what they would do is go over people's bank accounts and people would list off how they spend their salary just based on one of your accounts so anyway we got this video it's called how one teacher spends her 69 000 salary wait for it honest accounts wait for it again even longer glamour so anyway let's watch this and see how one teacher spends for 69 000 salary elon musk loves that uh loves that salary he should just pay all of his employees either 69 000 or 420 000 a year that's it either you're making 69 or 20. that would be funny i don't even know why they just said one teacher i think it's just implied that this would be one teacher i mean it's obviously it's one teacher in the video they didn't need to say that how a teacher how this teacher spends her 69 000 how one teacher anyway let's watch the video let's give it a like first bing right there and enjoy guys let's watch this video i'm a teacher in new york city and i make 69 000 a year i have about 23 000 in savings i have to say it seems like right off the bat uh a 27 year old teacher in new york earning almost 70 000 a year she's doing well i think for that profession at 27 years old 69 000 bucks pretty good 21 000 in a retirement fund and 2 000 in a savings account good for her wow she's got almost one year of her salary saved and invested almost by the age of 30. so she's way ahead of her peers oh wait oh wait no i got that wrong that's total total savings 23. i'm sitting here thinking she's got 23 thousand dollars in a savings dollars account a retirement fund and then i saw another two thousand dollars in a save guys i'm i don't know i've i've been out of it today i don't know why it's it's one of those days i'm a little off i'm not as i'm not as sharp today as i as i normally am so it took me a second okay 23 000 savings decent new york is an expensive city i don't know how long she's been a teacher for so okay let's let's dive into this further so i've been working for a teacher for four years now and every year they put a little bit of my retirement fund so essentially took me four years to work up to 21 000. after taxes my take-home is 3534 a month yeah so she's only doing retirement accounts that's why it's really up to her at this point i think to cut back on her spending and save more money invest more on her own probably set up a roth ira and not just do whatever the teachers union whatever the teachers do you don't just rely on that whatever she's doing there you gotta do something in addition to that i spend 6.40 on rent 270 on utilities 60 on monthly subscriptions 300 towards savings that leaves a little over 2 000 to spend okay so rent 640. fantastic i bet she's living with roommates in new york city that that's good i like that utilities 270 dollars a month in new zealand why is she spending so much money in utilities is she running the washer dryer during off-peak electrical hours because it sounds like that's what she's doing then we got 60 subscriptions netflix realplans.com what is that what is real plans out we're going to find out soon personal savings 300 a month okay 22.64 a month to spend what do you spend 2200 a month on we're about to find out right now i don't pay 640 in rent i really lucked out i had a family friend who knew another friend who owns a house and she has four rooms in that house and she rents them out for very little yeah she got so lucky with that place to live that's that's your savings is any other place she'd be spending like 12 13 14 15 hundred dollars a month on rent a month so automatically she's spending 640 her goals should be okay so her goal should be going into this okay i'm gonna save a thousand dollars a month on rent i'm gonna pretend like i'm spending that money anyway put more money in savings use this time to hunker down get a savings and by the time you leave that house you're gonna be you're gonna have so much money that you're gonna that you're going to invest it and then not spend it i'm an impulse buyer i classify myself as that but just recently i decided that i had to get more serious with my savings here's my last statement i try to spend more on experiences than like actual things jetblue 161. american airlines 118 dollars i finally got my ticket to ohio to see my best friend who i haven't seen in so long yeah she just said she had a problem with impulse spending that's the thing that like she's saving so much money in her rent that i have a feeling what's happening is that because she's saving so much money she's like i could spend it i could spend it now i guarantee that if she was spending fifteen hundred dollars a month on rent she would find a way to save she would find a way to be like okay i'm gonna make this work i'm gonna cut back on jetblue expenses i'm gonna come back here i mean going and visiting your friend every now and then that's fine that's fine we don't know how often she's doing this i'm looking at her expenses here and i'm looking at look at this we're going to zoom in here we're going to we're going to do some fancy edits we're going to zoom in june 18th look at all of those expenses on june 18th 2018 like it just keeps going why is she spending so much money and we could see her like she she went to the burrito bar then she went to brownstone billiards she spent the money on billiards then she bought something on the itunes place uh then bill payment she took an uber that day she went to the beauty lounge she went to the deli she uh another trip something or other netflix came due there she 31 at staples that might have been for for teacher supplies anyway i'm getting ahead of myself here but my point is that like that's a lot of money that's all that's a busy day that that june 18th is that let's figure out is that a saturday let's discover this is that was that maybe maybe that was just like a saturday and she's just going ham going ham that day so we got june 18th it was a monday yikes that that is a monday gosh atm transaction 80 that must have been poker i've been playing for a good three years now i poker face it is flawless i scare people they don't realize it there's like 85 dudes in one girl like and one black girl at that like they don't expect it at all and then i take their money and then i make them weep so there we go how much money does she make from that she didn't tell us that that's what we want to know is she withdrawing 80 cashing out like thousands of dollars and then just not reporting that we don't know you know what i would love to do is uh jeremy financial education mentioned this and uh we gotta make it happen uh when this whole illness goes away uh a youtuber poker match make it like a thousand two thousand dollars to buy in per person we could do it for charity we could do it for keeps i don't know but but that would be so much fun get a room together of all the finance youtube guys like 10 of us in in a room playing poker together i think it would be so much fun target 62. i always spend more than i think at target fandango 35 dollars i hope that was doctor who who lost a fandango dog come on does it's been such a long time since i've spent money in on movie theaters so maybe i'm just that out of it i remember when fandango was like the number one thing anytime you go see a movie as a kid you get a fandango advertisement and the fandango the what was it that uh that that brown bag thing that would go and eat popcorn stuff like that fandango.com it was a funny advertisement realplans.com oh real plans is a budgeting website that i tried it keeps tracks of the transactions you made and you get to put it in like little buckets it's been pretty cool 32 bucks for budget planning geez is that working it doesn't look like it's working it seems like that's just another expense now that gets thrown into the next friday 22 golden cross 10 family dollar seven dollar starbucks four dollars starbucks for she's she's spending all of her money literally her savings at this point is 300 a month while she's getting a break on rent like i would be i would be upset if i'm if i'm like giving her a discount or rent if i'm saving her a thousand dollars a month on rent if i saw this i would be like we can't we can't do this because otherwise you're spending all the money that you're saving if if we could get you a discounted rent and you save all you save the difference between what you're spending and what you would have otherwise spent like then it makes she's spending it she spends more money than i do staples 31 i went out and bought a planner because i needed to get my life together so i thought that was a good idea element beauty lounge 61. element beauty lounge is my nail salon this is a very freaking purchase i probably go every other paycheck to get my nails done itunes 14 that one happens regularly uber 14 mta 32. that's my next weekly uber nine dollars i'm gonna take an unpopular opinion here but i don't think she could afford it i i think at this rate she's overspending dramatically i don't think she could afford all of this on her salary i would take honestly maybe like 500 bucks a month at the most and i'd be like that's your discretionary spending that's your money if you if you want to blow it if you want to do whatever 500 bucks a month but that's it that's your maximum that you could do but as of now it is it's i let's add this i don't know it's a lot of money right a 12 another withdrawal 41 cheapo air 15 that was insurance for the flight to ohio family dollar six dollars colonies another poker spot that's 22 dollars fisherman cloves 12 dollars fen mo 30 i lost well it's all it's like a lot of this is just one after the next after the next after the next very few days actually is there any there's only a few days here where she just didn't spend money or it doesn't show up here it's a lot she's spending a lot it's too much too much mac stores seven dollars that's makeup i buy that every couple of months or so it's funny i hear mac and i'm like oh the apple store she bought something for her mac no no it's the makeup place mac popeye's eight dollars family dollar two dollars another old navy purchase eight dollars i forgot something and i had to go back for it amazon market five dollars shake shack seventeen dollars seventy dollars shake shot what are you getting seventeen dollars a shake shack maximum that's like an eight dollar meal unless she's going paying for other people it's too expensive cko kickboxing 2089. this is the beginning of my summer and i just got off of work and i was an optimist that's what the kickboxing was for i was gonna kickbox all summer and i was gonna love it and i went to a class and i said nope not for me that's fair that could be part of your discretionary spending but you know what i'm gonna i'm gonna go and try to add all this up we're gonna see how much this really is that is my monthly money breakdown okay we're gonna add this up uh you know what let's let's see i'm gonna add i'm gonna do my own adding on this let's see what we got there's some of these by the way that are that are kind of like censored out so i'm going to do my best to add just roughly i'm not it's not going to be exact because that's going to take too long but i'm just going to add some of these up all right so i added it up roughly to june 29th i came to 2267 that's how much i don't know if it's focusing that's how much i came to on this i just rounded up some of these numbers some of them i rounded down like a hundred dollars 84 cents i was like okay 101. some of these 18 and 18 cents i just made that 18. so she's basically spending everything that's left over besides her three hundred dollars a month which again twenty two hundred dollars is way too much she should only be spending 500 of that even 600 so she should be able to save of this about sixteen hundred dollars a month is really how much she should be saving on her salary with the spending and uh that would work out to be twenty thousand dollars a year that's it twenty thousand dollars a year is really how much she needs to be saving let's let's see your ending here success in budgeting is um i want to say happiness even if it's not like a like a grands life i don't have like a lavish lifestyle i don't want to worry so much oh she has a lavish lifestyle with that spending with with twenty two hundred dollars a month in discretionary spending like that sh i think she has a lavish lifestyle she i i barely go out and spend anywhere close to that and uh maybe taking a little less ubers i probably own a car by then yeah i would say my biggest thing is that is there's just too much spending going on there's there's too much discretionary spending and she's not budgeting properly i think i don't know how much of that is just impulse purchases versus how much of that is is essentials but i would really say the best thing for her to do is just limit herself even just make it 600 a month be like 20 a day on average is how much i have to spend on whatever i want without thinking about it i could go five days and blow 100 bucks if i want to without thinking about that that's my money spend however however i please the rest of it i gotta save that would do the best for her or she could do the opposite she could be like okay fifteen hundred dollars a month is how much i have to put away no matter what anything over that i'll spend it on on foot peels or whatever whatever it is that's what i think the the biggest issue is it's just it's a spending problem for base lifestyle is fine her salary is decent it's just you got you gotta not spend that much money that that's what i think so yeah that's what i think of that and again i think my only my only suggestion on this is just don't spend so much money that's it too much discretionary spending and maybe she's winning a lot in poker maybe that's going on and we just don't know she's got like a 69 000 teacher sally and then a hundred grand a year playing poker we don't know that we don't know how much she's making from this i'm assuming she's making something or maybe it's enough just to break even she has a great time doing it but anyway that's my thoughts on this one i really hope you guys enjoyed it thank you so much for watching i really appreciate it as always make sure to destroy the like button subscribe button and notification bell also feel free to add me on instagram i posted pretty much daily so if you want to be a part of it there feel free to add me there as in the podcast the iced coffee hour new episodes being posted every single sunday at 9 a.m pacific standard time and lastly if you guys want two free stocks use the link down below in the description and weeble is going to be giving you two free stocks when you deposit 100 on the platform with one of those stocks valued all the way up to 1 400 so if you want those two free stocks use the link down below let me know which two free stocks you get thank you so much for watching and until next time

Channel: The Graham Stephan Show

Views: 709,608

Rating: 4.9166932 out of 5

Keywords: investing, investing for beginners, how to invest, how to invest in your 20s, how to invest in stocks, how to invest in real estate, how to save money, how to save money fast, how to be a millionaire, best stock trading apps, stock market investing, stock market investing for beginners, investing 101, real estate investing, robinhood, how to build wealth, how to build wealth fast, millionaire reacts, millennial money, glamour, honest accounts, passive income, invest

Id: WYbHw7vPiLM

Length: 15min 48sec (948 seconds)

Published: Tue Aug 04 2020