How 24-Year-Olds Spend Their Six-Figure Incomes

This article explores the vastly different spending habits of three 24-year-olds earning six-figure salaries in New York, California, and Bali.

Bali: High Earning, Low Spending

Steven Guo, an e-commerce entrepreneur, earns $254,000 annually but lives in Bali, enjoying a high quality of life at a significantly lower cost than in California. His September 2024 spending breakdown:

• Savings and investments: $5,583
• Discretionary: $1,942
• Housing & utilities: $1,691
• Food: $539
• Subscriptions: $430
• Insurance: $223
• Transportation: $97
• Phone: $30

He prioritizes saving ($60,000 annually) and minimizes personal spending.

NYC Suburbs: Joint Homeownership

Sharon Kim, a UX designer and content creator, earns a combined $145,000. She, her brother, and his wife jointly purchased a house in the NYC suburbs for $750,000. Her July 2024 spending:

• Housing & utilities: $2,876
• Discretionary: $636
• Home upgrades: $533
• Food: $404
• Student loans: $285
• Retirement: $216
• Subscriptions: $116
• Phone: $64
• Insurance: $41

Her largest expense is her mortgage share, but she values homeownership over city apartment living.

California: Frugal Travel Nurse

Kevin Levu, a travel nurse, expects to earn $112,000 in 2024. Despite his high income, he maintains a frugal lifestyle. His June 2024 spending:

• Savings & investments: $9,063
• Housing & utilities: $1,450
• Food: $836
• Discretionary: $534
• Insurance: $379
• Gas: $174
• Phone: $162
• Subscriptions: $79

He prioritizes saving and enjoys low-cost leisure activities.

These examples highlight how vastly different lifestyles and spending priorities can coexist even with similar income levels.