Paycheck Breakdown: 24 year old engineer (Surprise bonus???

@financebynick

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Why it worked

The video provides a relatable and transparent look into personal finance, specifically a paycheck breakdown with a bonus, which appeals to viewers interested in budgeting, salary, and financial planning. The "surprise bonus" element adds an element of intrigue, and the detailed breakdown of expenses and savings offers practical insights.

Summary

A 24-year-old engineer breaks down their paycheck, including a surprise bonus. They detail their expenses like rent, credit card payments, car payments, student loans, and investments in a Roth IRA, ultimately showing how much of the bonus they were able to save and spend after accounting for all financial obligations.

Structure

1Introduction and bonus announcement
2Rent and credit card payments
3Car payment and Roth IRA contribution
4Student loan payment
5Final bonus amount after taxes
6Donations, personal spending, and additional Roth IRA/car contributions

Product placement

The video discusses the engineer's paycheck breakdown, including a bonus, and details their expenses and savings. No specific product is promoted or shown.

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On-screen text

Original caption

Budget my paycheck with me, and yes this was a completely unexpected bonus #salary #engineering #budget #PersonalFinance

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Paycheck Breakdown: 24 year old engineer (Surprise bonus???) ANOTHER DAY, ANOTHER LET'S BUDGET. MY THE YEAR AS OLD ENGINEER. THE LAST TIME SURPRISE SALARY INCREASE. AND SURE ENOUGH, GOT A SURPRISE BONUS. I WAS AWARDED BONUS FOR MY CONTRIBUTIONS OVER THE $5517 SO THIS TIME 5,517 DOLLARS. THIS, BUT THE BONUS IS TAX, OF THAT MONEY UNTIL THE VERY END. SO PROCEEDING WITH I'M GONNA MOVE $4717 -$800 (Rent) $800 IN MY PAY HALF OF THEN I PAID CREDIT CARD SPENDING TWO WEEKS. WAS $2,792, 13 AND SIXTY DOLLARS SAVED UP SPECIFICALLY FOR A THAT BRINGS THE ACTUAL AMOUNT TO $3285 -$800 (Rent) -$1432 (Credit cards) 1,400 AND THIRTY TWO DOLLARS. FOR MY BILLS, JUST BUY A I OWE 5 SEVEN DOLLARS A MONTH. SO MY PLAN 600 DOLLARS EVERY SINGLE TIME I GET PAID. $2685 -$800 (Rent) -$1432 (Credit cards) -$600 (Car) AFFORD A CAR CAN STILL INVEST. SO TO KEEP I ALSO MOVED $2085 -$600 (Roth IRA) $600 TO MY MATCH MY CAR PAYMENT WITH THE REMAINING $1948 -$600 (Roth IRA) -$136 (Student Loans) $136 I PAID DOWN ON SOME AFTER ALL THAT, MY BONUS AMOUNT CAME OUT TO ONE THOUSAND NINE HUNDRED FORTY EIGHT DOLLARS. $1648 -$300 (donations) I'M GONNA DONATE $300 AND THEN SAVE $1400 -$300 (donations) -$248 (Personal) FORTY EIGHT DOLLARS FOR PERSONAL SPENDING. CONTRIBUTE 1,000 MORE $400 -$300 (donations) -$248 (Personal) -$1000 (Roth IRA) ROTH I R A. AND THEN ADD $0 -$300 (donations) -$248 (Personal) -$1000 (Roth IRA) -$400 (car) $400 TO MY ULTIMATELY, I DID MORE THAN I BUT SOMETIMES LIFE FOLLOW FOR MORE FINANCE TIPS

Transcript

Another day, another dollar. Let's budget. My third paycheck of the year as a 24-year-old engineer. The last time I got paid, I got a surprise salary increase. And sure enough, this time I got a surprise bonus. Ultimately, I was awarded a $3,000 bonus for my contributions over the last year. So this time I got paid $5,517. I already knew this, but the bonus is taxed. So I'm not gonna use any of that money until the very end. So proceeding with my normal steps, I'm gonna move $800 in my rent savings to pay half of my rent for the month. Then I paid off all my credit card spending two weeks. This time it was $2,792. But I had $1,360 saved up specifically for a large purchase. That brings the actual amount to $1,432. So that's it for my bills, but I did just buy a new car. I owe $587 a month. So my plan is to pay $600 every single time I get paid. Like I told y'all, you can still afford a car payment if you can still invest. So to keep true to my word, I also moved $600 to my Roth IRA to match my car payment. With the remaining $136, I paid down on some student loans. After all that, my bonus amount after taxes came out to $1,948. Out of that, I'm gonna donate $300. And then save $248 for personal spending. Then contribute $1,000 more to my Roth IRA. And then add $400 to my car. Ultimately, I did spend a lot more than I wanted to, but sometimes life happens. Follow for more finance tips.