Understanding the Value of a Six-Figure Salary

What was traditionally considered a benchmark for being rich when the narrator was in high school?

• $100,000 per year

• $50,000 per year

• $300,000 per year

• $200,000 per year

What is labor market concentration?

• A situation where employees have more leverage

• A situation where there are many employers in a region

• A situation where there are few employers in a region

• A situation where wages are increasing rapidly

How much has the cost of housing increased from 1990 to today?

• Increased by 50%

• Quadrupled

• Tripled

• Doubled

What percentage of the nation's GDP is currently spent on healthcare?

• 5%

• 10%

• 15%

• 20%

What is the average monthly car payment for a new car?

• $900

• $716

• $500

• $1,000

Which city is mentioned as having one of the lowest costs of living?

• New York

• San Francisco

• Memphis

• Los Angeles

How much is the average rent for a one-bedroom apartment in San Francisco?

• $1,000

• $2,000

• $3,000

• $4,000

What is the estimated salary needed today to match the purchasing power of $100,000 a decade ago?

• $120,000

• $129,000

• $150,000

• $110,000

What is the APY offered by Sofi's high-yield savings account?

• 2.30%

• 5.30%

• 3.30%

• 4.30%

What is the main takeaway regarding a $100,000 salary in high-cost living areas?

• It is not enough to feel rich

• It is considered average

• It is considered very wealthy

• It is more than enough to live comfortably