Spot what's wrong in this video

https://www.cnbc.com/video/2019/10/03/172000-a-year-in-nyc-millennial-money-drake-pooley.html

Probably a reason you shouldn’t trust consulting firms…

Glimpse of a charter, I think? Maybe his, maybe not?

I dunno, looked this guy up on linkedin… something about him.

I’m glad someone didn’t follow me around in my 20s to see how I spent my money…

I’ll give you a hint - it has to do with roth IRA.

Oh the income limits… he looks like he works overseas, from snooping around, do they count all of that? Isn’t the first $x amount tax free?

I was restricted but let’s bring in some expertise advice. Greenie - what’s the ruling for roth IRA in 2019 if you make more than then threshold?

he prolly counts his reimbursements as income. lol

or he is married to his job/himself.

They need to do a series on nerdy and his friends, on where and what they spend money on

i have a budget. i spend about 60k after tax per year. what yall spend?

https://www.financialsamurai.com/the-average-household-budget-is-huge-in-america/

compare to that.

  1. Why did they blur out his Platimun amex name? His name is given in the video, and the number is on the back. This is too much. 2. I’m calling totall bullshit that his money is invested 100% into a social impact mix. 3. food - $565 a month on food? CHILD PLEASE. We crush that in one weekend at the bars. I thought they lived like kings in NYC. Quality italian usually sets me back like $400 in one dinner (I mean it sets my mom back - duh).

That’s a diploma.

Hear, hear to the social impact investing - once i saw the fraud with the roth ira im tempted to say this kid is a pathological liar. To his defense on food, he is a consultant so he’s likely expensing everything.

Didn’t watch, but you can contributed after tax to a traditional IRA and convert to a Roth IRA (i.e. execute a backdoor Roth). Could that be it?

no. he said 500 bucks a month or 6kk a year. so he meant roth ira.

he also said he converts to the roth 401k. which means that he doesnt even try to lower his magi, which he would need to, to get even remotely close to the 120k roth ira limit.

he prolly counts all his reimbursements as income if i ahd to guess. hotels / car rentals / flights / and per diem. could pretty much be a salary esp if you are out traveling 80% of the time.