How to Fix Your Finances If You Make $100,000 (and Still Feel Broke)

21:39That's how we come up with that. and that's why we talked through it that much. If you have no emergency fund in place, guess what high earners? That means you also, if you're living paycheck to paycheck, you also have high expenses. And so if that's the case and you have no emergency fund in place, how are you going to take care of bills if you lose your job? Or how are you going to take care of expenses if you have no cash on hand? You need to have cash on hand. And a lot of folks, the reason why they live paycheck to paycheck is because they don't have cash on hand for when emergencies pop up.

22:05Instead, they go backwards and have to play catch up all the time. You're on this hamster wheel over and over and over again because you are trying to play catch up. I don't want you to have to play catch up. Unexpected expenses should never be a stressor. Let me give you an example right now. This is paining me to even say, in 2020, I built a brand new pool at my house, okay? Is it a good financial decision in terms of long-term wealth building? Absolutely not. Is it a good financial decision in terms of lifestyle and memories and all those different things? Absolutely. We use that thing. I live in Florida.

22:35We use that thing every single day in the summer. We use that thing every single day in the spring, and we use it for most of fall. And in fact, there have been years we are swimming on Christmas in the middle of that pool. Okay? And so this is one of those things where I invested in this because I had three young kids. And so we put the pool in, spent a lot of money on the pool, way too much money, to be honest. And it was one of those areas that I was okay doing because it was a lifestyle decision. We planned for it. We saved for it. We did all the things that you should do. Okay? This month, at the time recording this, it actually happened seven days ago.

23:09My pool pump all of a sudden went out. It has been five years since that pool pump went in. So I said 2020, I guess it was 2021. So it's been five years since we put that pool pump in. Okay? $4 ,500 for the pool pump. But then I realized, oh, shoot, we got a heater. We have a little hot tub and we have a heater. And I realized the heater was not working either. And so I had them look at that. Then I had them look at the salt cell system because it's a salt water pool. So I had them look at the salt cell system and that wasn't working properly either. I got a bunch of different quotes on this. And all of a sudden I realized, oh my goodness, this is a$7 ,500 bill that I am going to have to pay to fix something that I literally just put in.

23:49It feels like I just put it in, but all of it broke. And guess why? Two of the things broke because a sprinkler was pointed right at him and just beaten up against these pool systems and actually broke some of the systems. Is that my fault? Sure. It is my fault for not checking my sprinklers. They go off in the middle of the night. I just don't check. But it is a$7 ,500 bill. Would you be able to take care of a$7 ,500 bill if you got in a car accident? Would you be able to take care of a$7 ,500 bill if you had a water leak in your house and all of a sudden you had to replace a bunch of drywall?

24:19Would you be able to take care of a$7 ,500 bill if all of a sudden you had three different things that happened to you? Maybe you had a medical emergency and then your car needed new brakes and then you needed to make sure that you took care of a couple other things. Would you be able to take care of that? Because if the answer is no, well, now we need to make sure that we have cash on hand and cash in place. That is what the emergency fund is for and why we need to take care of that. And I tell you that story as a cautionary story because I thought to myself, if I didn't have an emergency fund here, this would stress me out so bad.

24:49This is already an expense that is not a good financial decision. It's a lifestyle choice, but not a good financial decision. So that drives me up a wall no matter what. It's just my psychology and I'm working on it. But it's also one of those things where it's really, really hard to get past if you have no cash on you. The third broke tax I want you to look for is if you are not making retirement contributions or if you're not saving for future you, you need to start doing that now. There are no loans for retirement. Nobody's going to come and save you. Social Security may not even be there by the time you retire.

25:19It should be. They've been saying that for decades and decades. And if that's the case, you need to take care and focus on the things that you control, put on your boots, and get to work for saving for retirement. Because if you have no retirement savings, and you're sitting here, and I talk to high earners who make a lot of money, who have no retirement savings, and I am just in shock. Because in reality, they were never taught this stuff. They were never taught to understand this stuff. Maybe you're really good at making money, but just because you're really good at making money does not mean you're good with your finances.

25:47And this is one of those areas where you need to learn that buying your freedom is the ultimate thing that you could do. Why? Because we're buying your time. And we don't get more of this time. Here's a great example of this. Would you trade places right now with Warren Buffett? Warren Buffett is, what is he, 96, 97 years old right now? And he is worth hundreds of billions of dollars. I'm 37 years old. Would I trade places with Warren Buffett for hundreds of billions of dollars who is 96? No. So what does that tell me? my youth is worth hundreds of billions of dollars. And that means time is my most valuable asset because there are a lot of things out there that I would trade for hundreds of billions of dollars.

26:26But time is not one of them. Time is not one that I would be willing to forego for hundreds of billions of dollars. You can even look at it another way. Would you trade places with Richard Branson, who I think is in his 70s for billions of dollars? And you can keep going down the line and realize, oh, I'm in a really valuable position because I've got my entire life ahead of me. Even if you're in your 40s, 50s, 60s, you have your entire life ahead of you. You have so much time left. And having the ability to think through life this way and realize, oh, if I buy my time, if I put my extra dollars towards my time so I can get that time back and spend it doing what I want, that is gonna help you realize that your life will be changed if you actually take action on this, okay?

27:08So that is number three, is being able to take action on this, okay? Because that is one of those areas that are really, really important. Also, overpaying on insurance if you haven't shopped it in years, that is a broke tax that you're most likely paying. You gotta make sure that you are shopping your insurance. We just had an episode on negotiating your bills if you haven't heard that one. The comments on Spotify are really cool on there where people are negotiating their bills and they're talking about some of the stuff they're doing there. If you haven't heard that one, make sure you go check that one out.

27:32Also, we talked about how to reduce your car insurance on a recent episode. So check that one out as well if you haven't done that. People are saving hundreds of dollars just by doing this. And I think it's one of the most important things that you could do. For most 100K earners, it is$5 ,000 to$15 ,000 per year in avoidable costs if you actually do this right in shop insurance and do all of these other broke tax things to make sure that you are not overpaying in some of these areas. Now, there are some other areas that you could be overpaying on. We'll talk about those later on because there's million-dollar money decisions that we need to be focusing on, but this is just one of the quick ways that you can figure out where you're paying broke tax.

28:07So step four is I want you to implement the block method. So we're going to introduce a new method that I'm going to be talking about. We're going to do an entire episode on this, but we're going to introduce a new methodology of a way to budget. And I started to think through, well, what is the easiest way for people to understand this and be able to visualize the way they're spending their dollars? And we came up with something called the block method. Now, the block method has four different squares, and I want you to visualize a square with four squares inside. Like when you play four square in middle school or high school, or like when you play four square in elementary school, I want you to visualize four squares inside of a block, okay?

28:42Block one, this is gonna be your fixed expenses. This is gonna be your baseline expenses is what we've talked about in the past. Your fixed expenses go into block one. In this area, this is where, depending on your situation, you should be spending anywhere from 50 to 60 % of your income on this fixed income. Now, what is the fixed income expenses or what are the fixed expenses? This is gonna be your housing, your utilities, your transportation, your insurance, your medical payments, those types of things. Block number two, which is going to be just below this fixed expenses, is going to be your foundation block.

29:14This is going to be your emergency fund, any high interest debt, any sinking funds for big predictable expenses that are going to keep you out of debt. That is going to be your foundation. This builds out your foundation so you have this spot to be in order to be able to build wealth. You need to have that foundation block in order to make sure that your wealth and your net worth is growing over time. Okay? Block number three is your lifestyle block. This is your fun money, your ability to go on vacations, to blow money on, you know, if you want some brand new clothes or you want to buy a designer bag and you want to go out and get something cool, this is where it is.

29:48Your lifestyle block is the money that I really want you growing this block. This is the block we want to focus on because this is where dividends are going to get paid. This is where our memories and our cores are going to happen. And so that lifestyle block is really important. And then block four is for future you. So this is your investments. This is your wealth building. And this is all about buying back more time. And so in block four, that's where future you is going to happen. And so you're going to see this shift over time because the percentages in each of these blocks will shift as you start to build wealth.

30:17And it's going to get better and better and better as time goes on. We're at the beginning phase one. You may be spending, you know, X amount of percentages on your 50 to 60 percent on your baseline expenses. these fixed expenses. And if it's less than that, then you're doing great and you can increase the amount in all the other blocks. But in block one, when you're doing this, you may be thinking through, okay, I'm spending 56 % on housing and utilities. If it's above 60 % and you're a high earner, then you are most likely overspending on fixed expenses and you're spending too much. The foundation block number two should be an area where if you're working on your emergency fund or you're working on building wealth or you're working on paying off debt and you haven't done those areas yet, then 20 % will most likely be coming out of that all.

30:59Then the lifestyle block or the fun block, this is going to be the area where you are going to be spending, you know, 20 to 30 % in that range at the beginning and trying to figure out exactly where you need to be. Now, if you are trying to get a high interest debt or credit card debt, you're going to want to reduce that percentage based on that timeline. Okay. And then future you, when you are done with the emergency fund or the high interest debt, then this is where 20 % at a minimum should be going. If you're working on an emergency fund, for example, and you're in the 136 method and you're looking at this and saying to yourself, okay, well, I've got 10 % going towards my emergency fund and 10 % towards investments.

31:34You may be doing that. It may be split 10 to 10. But at some point in time, we want this to gravitate towards at least a minimum of 20%. And that's where we're really going to start cranking. Why? Because if you save less than 20 % towards future you and into investments, then you're going to be working for over 30 years. If you save 20%, you'll work 28 years according to some of our savings rate data that we have shown you in past episodes. If you wanna check out those episodes, you can check out the episode why your savings rate is important. That is gonna be one that'll help you dramatically.

32:02We can link it up down below in the show notes as well. So these are the four blocks that I want you to think about. And these are the four blocks that'll help you manage your money. And the reason why we broke these off into four, because you've heard something like the 50, 30, 20 rule, which is 50 % fixed, 30 % lifestyle, and 20 % future you. The problem with that is if you are paying off debt or you are building an emergency fund, all the 20 % is not enough to honestly be able to do all of those things. And so in order to make sure that you split this off correctly, we need to have four different areas of four different sections in order to block this off properly.

32:33And so this is something I'm excited for each and every one of you to test out so that we can think through this block method and make sure that you are going through this step by step. If you guys have questions on that, please let me know. We're going to be doing a lesson on it in Master Money Academy as well, and it's going to be one of those areas that can really, really help you, I think, moving forward. But it's a great way to think about the foundation of your finances and how to manage your money. Think about it in four different blocks. All right, we're going to jump into break, and we'll get right back to it.

33:00All right, so step five is now we kind of have an understanding of where our money is going. We have an idea with the block method of how we're going to manage our dollars. Now we need an attack plan. Now, with this attack plan, I want us to focus on the biggest areas first, because this is what's going to make the most impact when it comes to fixing our finances. Now, we have an episode talking about million-dollar money decisions. If you haven't heard that episode yet, we will link it up down below in the show notes. Would love for you to check that out, because this will change the way you think about money and the big decisions, where it's not all about cutting out lattes and these small things and even the subscriptions.

33:32It is more so thinking through some of the biggest lifestyle things first, cutting those out, especially for you high earners. You most likely took on way too many big payments. And so because of this, we want to make sure that we are looking at this and reducing some of these areas. So I want you to rank your spending by size and think through the top three offenders. What are the ones that are really, really having the high impact on? For most people, it's going to be three things. Housing, food, transportation. For those of you with kids, most likely daycare or childcare is going to run into play as well.

34:04There's not much you can do with childcare, to be honest, right now, because if you are trying to price the lowest price daycare, you are going to do that most likely at the expense of your child's safety and at your child's care. And I don't want you to do that. That is not an area that is worth cutting back on whatsoever. And so for most of you, you may be stuck with paying a little more at childcare. Now, if there's a comparable place that has just as good childcare, just as good teachers, just as good folks in the area, you can definitely shop around and save a few hundred bucks a month. Absolutely, if that's the case.

34:36Maybe you're in some bougie daycare and you realize, oh, shoot, I could take my kids to the local church down the street and they're going to take really good care of my kids as well. Well, that could be a situation where maybe you want to change it out. But if you're at a stable daycare that is good, that is priced relatively the same as everybody else in the area, but you know that they're in the class with the best teachers, for example. Like my son right now is in the class with two of the best teachers that I have ever seen. And so even if it was more expensive, I wouldn't pull him out of that day.

35:03So that's one of those areas where when it comes to daycare, I would not do that at the expense of your child's safety or their care. But this is the area where housing, food, transportation, we can make a big difference here. So let's first look at cars. Too much car, paying too much in loans means that you are overspending in that area and we may want to reduce that. That's something where we can make a change if we want to. Now, it's a lot harder to go backwards once we already took on an expense. If you already bought the nice, fancy car and you realize, oh, shoot, I am overspending. And if I got for the longest time, our outdoor space just wasn't it.

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36:06They've got over 20 million verified five-star reviews, so you're not just guessing. And with Wayfair Verified, their team is actually vetting products so you know you're getting something with quality, no matter your budget. Everything showed up fast and setup was simple. So get prep for patio season for way less. Head to Wayfair.com right now to shop all things homes. That's W-A-Y-F-A-I-R.com. Wayfair. Every style, every home. Summer's right around the corner, and this is the time of year where I want to be planning trips, not stressing if we can afford them. And the goal is to actually enjoy the summer, knowing everything with our money is already handled.

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39:40Checking account ranking based on a JD Power survey published October 20th, 2025. For more information on APY rates, my pay, spot me, and travel perks, go to chime.com slash disclosures. A reasonable used car, I could save myself$500 to$1 ,000 every single month. It's very hard to make that choice and actually do it, though. If you're serious about this, you will do it. But if you're not as serious about this, or you just think maybe I'll downgrade slightly, and you want to save a few hundred bucks, you can absolutely do that. But cars are the first place I want you to look at. Go outside, look at your driveway, take a good hard look at those two fancy vehicles in your driveway.

40:12And if you're looking at two vehicles that are costing you two grand a month or$1 ,500 per month in car payments, we most likely need to start there. And take a look at those and decide what you want to do. Number two is housing. Housing is one of those areas that most people really get themselves into sticky situations. And in 2026, housing is more expensive than it ever has been in the past. And so that is one where if we reduce our housing expenses and make sure it's below 30 % of your income, that is going to help you tremendously. Because if it's above 30 % of your income, you are most likely house poor.

40:48And you guys are bickering about eating out or who's spending on Amazon packages, when in reality, the problem is the roof over your head. You need to make sure that you are looking at your housing. Number three is food. Food is one of those areas that is the easiest to cut back up front. Groceries and dining out. You can look at those two specific areas. and realize very, very quickly that, oh shoot, I am spending way more than I ever thought they would. So a lot of people out there, like they'll have a family, for example, and they'll say, okay, I spent$800 a month on groceries. We do the math, we run the numbers, all of a sudden it comes back at$1 ,600.

41:20It's double the amount that they thought it was. I see this happen time and time and time again. But then we run the numbers on eating out and they're spending another$500 and they realize very quickly, I'm spending over$2 ,000 per month just on food. So this is a very easy one. If you're not putting any dollars towards future you, you can look at and you can reduce the overall expense. Also, taking a look at your insurances, taking a look at your bills and negotiating those bills is the next thing you can do. Because when it comes to housing, if you're renting right now and negotiating with your landlord and say, hey, I'll sign a longer lease to stay in this location.

41:53If you give me a reduced rate, you can save yourself hundreds of dollars a month just by going through that. We actually have an entire episode talk about how to negotiate your rent. If you haven't checked out that episode, I highly recommend it. We will put it down below in the show notes as well. Now, step six, once we identify those leaks, we save some of this money. Now we need to make sure that we are maxing out our tax advantage accounts. So things like our 401k, we need to make sure we are getting dollars in there, specifically your 401k match first. So we're going to go 401k match and make sure we get money in our employer match first.

42:22Then let's look at an HSA, a health savings account. If you have a high deductible health plan, you can get after that HSA, get money into there with some tax advantages. Then we want to look at a Roth IRA. But what I highly recommend is for you to run the numbers. Go get an investment calculator and say to yourself, okay, if I put$500 per month into my Roth IRA, what would it grow to over the course of 30 years? And once you run those numbers, we're going to run it right now. Let's pull up one. So to max out a Roth IRA every single year, it's$7 ,500 in 2026. It's$625 per month, okay? So if you started at zero, you had$0 in your Roth IRA, okay?

43:01And let's say you had a lot of time and you had a lot of time to be able to do this. And we did$625 every single month. All of a sudden, over the course of 30 years at a 10 % rate of return, you would have$1.2 million in your Roth IRA. But let's say you kept investing a little longer. You had a big timeline. You're young. You had a longer timeline that you could handle this. You'd have$3.4 million. Of that$3.4 million, your contributions would be$300 ,000. But of those contributions, the amount of money that your money made would be$3.1 million. And guess what? You pay$0 in taxes on that$3.1 million, which is why the Roth IRA is so powerful, because the growth of your money is not taxed.

43:44It's only your contributions have been taxed, but the growth of your money has not been taxed, and this is why it is so powerful. But let's think about this another way. What if you did a Roth 401k, and you found a Roth 401k out there where you did$24 ,500 per month at a Roth 401k. You're a high earner. You can handle this. That means it's$2 ,041 every single month, okay? So$2 ,041 at the end of every single month means that in a Roth 401k, at the end of 30 years, you'd have$4.2 million in a Roth 401k if you did that over the course of 30 years and maxed it out. Your total contributions would be$734 ,000 and you would have$3.4 million inside of that Roth 401k.

44:25If you get over the course of 40 years, you have$11.3 million in net Roth 401k and 10.3 of that would be completely tax free. Unbelievable stuff when you think about this in a long term time horizon, which is why you want to get to investing as early as you possibly can, because this shifts dramatically on the last 10 years when you are investing your money. This is why you want to get the ball rolling no matter how much it is. Just get money invested into these accounts. The longer you wait and the longer you are prioritizing your lifestyle over future you, the less wealth you will have the ability to build because time is your greatest asset when it comes to wealth building.

45:00Another one is to look at a taxable brokerage account. If you're going to retire early, a taxable brokerage account is really an account that you want to be prioritizing pretty highly. Because if you want to retire in your 40s or your 50s, it'll make a huge, huge impact on your bottom line. We have episodes on all these different accounts. So if you want to check those out, I highly, highly recommend. in. Also, step seven is to make sure we have that emergency fund in place. How do we build out that emergency fund? The 1-3-6 method is the way that we do this. So you're going to save one month of expenses.

45:28Then you're going to pay off any high interest debt. Then you're going to get it to three months of expenses in a high yield savings account. Then you're going to split it off 50-50 and invest and get the other half going towards six months of expenses. Six months of expenses is the minimum amount you need in the emergency fund. And in the age of AI, where it is taking jobs left and right. We want to make sure that we have a minimum of six months and maybe even seven, eight, nine months, depending on what your SWAN number is. What is a SWAN number? That is your sleep well at night number. If you lost your job today, how much would you need in the bank in order to feel okay and to sleep well at night that you would be able to go and find another job?

46:05Is it six months, seven months, nine months, 12 months? Doesn't matter what it is. You need to make sure you have enough cash on hand to protect yourself based on this. And so we put this in a high yield savings account. It is one of those things that you can use Ally, you can use SoFi, you can use Betterment, you can use Wealthfront. There's so many different options out there, but you want to make sure that you're always, always, always doing this. Now you may be saying to yourself right now, Andrew, this is a lot of work. There's a lot of things moving parts right here. I don't know how I'm going to remember how to keep moving this money around and putting it in these different accounts and kind of understanding of where this money goes, well, that's okay because that's why we're going to create an automation system.

46:44See, willpower is not a financial strategy. Trying to rely on your memory or relying on your willpower to make sure that you get this stuff done, that's not a strategy whatsoever. Instead, we need to make sure that we are automating our finances. We want to automate our spending and automate how we pay our bills. So every single bill should be set on auto pay. If it's not already, as a high earner, you need to make sure that you are doing that. Number two is every single time that we get paid, we need to start to set up automatic transfers to the places we want that money to go. So you can think about money as a flow.

47:15It flows into your checking account. Once money hits your checking account, then it's going to flow into all these other areas. So what are these other areas? One, you want to automate to your investments. That's the first place you want your money to go. You want to pay yourself first. So all the accounts we just talked about, getting your money invested, that's the first place. Two, we want to automate to our high yield savings account for our savings goals for our emergency fund. And money can automatically flow from your checking account to these accounts without you having to lift a finger.

47:41It just happens. How many of you high earners out there have a 401k right now? And you have this 401k in place and you go back and look and you realize, oh, the company has been contributing to my 401k over the course of the last decade. And I have way more in that 401k than I ever thought I could. That's automation. That's what it's like to automate your money. And all of a sudden your accounts are going to grow more and more and more every single month. And if you have a plan in place, this will change your life for real. Now we have a full automation checklist that you can download that we will link down below in the show notes.

48:10And in that automation checklist, that'll give you the ability to be able to know what you need to automate next. So I highly recommend that you check that out if you haven't done so already. Now, step nine is I want you to set a 12 month net worth target. When it comes to your net worth target, I want you to think through, okay, well, right now my assets minus my liabilities. Maybe you have a negative net worth. Maybe you have a positive net worth, but it's not where you want it to be. Let's shift this metric from how much did we spend last month? That's what we want to get out of. And instead, we want to see how much did my net worth grow last month?

48:44We want to say how much did my net worth grow last year? How much did it grow over the course of the last five years? Because this is our financial scorecard. And this is really what we want to be basing our thought process on. And so I want you to set this 12-month the net worth target. So over the course of the next 12 months, I want you to commit right now. And if you're committed, if you're in, I want you to comment down below YouTube, Spotify, wherever else you're watching this. I want you to comment down below that you are committed to doing this, that you want to make a transformation with your finances.

49:11And you're going to do this step by step. And over the course of the next 12 months, you're going to see a positive impact on your net worth. And I want you to comment, what is your net worth goal over the next 12 months? What drastic change do you want to see? Because this is the time. You are 12 months away for absolutely transforming your finances, where it's going to be a completely different financial picture from where it is today. You can be the person that absolutely changes your family's financial tree. If you have been the first person in your family to actually start to have a high-earning job, and you're the first person in your family to actually get your finances run, what if you're the first person to actually become the first millionaire or the first person to actually build wealth?

49:50Or you were never taught this stuff, and forever your family is well-off, but they never taught you this stuff. What if you were the person who transformed your finances and you bought your freedom on your own? This is what I want for every single one of you. So if you're going to commit, I want you to commit, hey, I want to see my net worth grow by$12 ,000 in the next year. Or I want to see my net worth grow by$6 ,000 in the next year. Or maybe if you're a really high earner, you want it to grow in the next 20, 25, 50,$100 ,000 in one year because you're going to make these drastic changes. They're going to absolutely change your financial life.

50:19Tell me down below. I want you to commit publicly. What change are you going to make? And what is the difference in your net worth going to be? And let's do this and let's set up a goal and set up a plan. Because once you set up that goal and once you set up a plan, it'll absolutely change your financial life for real. Listen, if you want help to transform your finances over the course of the next 12 months, we have something called Master Money Academy. In Master Money Academy, we give you the exact step-by-step system on what to do with your next dollar. And if you're a high earner, especially you need to have that step-by-step system to make sure that you know what to do with your next dollar.

50:53When you get stuck, I am live on coaching calls every single week to answer any of your questions. So I would love to invite each and every single one of you to join Master Money Academy. It costs less than your latte every single week. And we're giving you a seven-day free trial for podcasts as there's down below where you can see behind the curtain and see what it's all about. Would love to have you inside and really, really hope you join Master Money Academy. Listen, thank you guys so much for listening to this podcast episode. I truly appreciate each and every single one of you. I hope you got tons of value out of this.

51:19A lot of action steps here and really, really excited for every single one of you to go through this process and take control of your finances. If you guys have any questions, leave them down in the comments below and we'll see you on the next episode.