I actually still had the show on Tivo. I watched that part again and what he actually said was the standard setup (I assume two sidearms, lever rifle, and shotgun) a modern day shooter uses would have cost more than a years wages to even the higher paid cowpokes and that the lesser paid ones would shell out a few months pay for a good sidearm alone...not to mention the cost of leathers and such.
He said good pay was $35 a month and low was $15-$20 so that adds up.
He went on to say must cowboys could only afford one because they were always so in debt to the company store and that an inherited piece was a real treasure.