Exploring How Three 24-Year-Olds Utilize Their Six-Figure Salaries Across New York, California, and Bali

It's fascinating to observe how diverse spending habits are, even among individuals earning similar, sizable incomes.

A $100,000 annual income, although not opulent, surpasses the median personal earnings of $50,310 for 2023 in the United States. Yet, variations in living costs for crucial necessities like accommodation, sustenance, and commuting make personal monthly budgets distinct, regardless of being in the same income percentile.

Let's delve into the financial habits of three young individuals, all 24 at the point of their CNBC Make It profiles, as they navigate life worldwide with their six-figure earnings.

Thriving on a Budget in Bali

A young e-commerce business owner, residing in the idyllic Bali, Indonesia, projects his company will gross nearly $2 million this year, earning himself $254,000 in 2024.

His relocation from California to Bali was motivated by the desire for a superior lifestyle at a significantly reduced cost. "Living in Bali brings me much joy due to its excellent lifestyle," he shared in a conversation with CNBC Make It earlier in the year. Keeping living expenses modest allows him to allocate a substantial portion of his earnings for investments, with a goal of saving $60,000 annually.

Spending on personal luxuries isn't a priority for him. "I try not to indulge excessively," he mentioned. He often reserves expenditure for essentials like food and occasionally gifts for loved ones.

Here's an overview of his expenditures in September 2024.

Strategically Buying Property Near New York

Many from the millennial and Gen Z generations face well-documented challenges with homeownership. However, one individual, alongside her brother and his spouse, collectively funded a home purchase.

"Co-living with my brother and his wife in a joint property purchase wasn’t what I envisioned post-university," she shared with CNBC Make It, citing the burden of student loans and the early career stage hurdles she faced.

Working as a UX designer, she secured a $94,000 annual salary in 2023, supplemented by $51,000 earned through her YouTube channel.

Initially residing in a cramped one-bedroom apartment in New York City, shared with her brother and his wife post-graduation in 2023, space constraints led them to pursue a shared property purchase. After multiple obstacles, they acquired a suburban house near New York City—a three-bedroom, two-bathroom home costing $750,000 in early 2024.

Kim's mortgage share stands as her biggest financial commitment at $2,500 monthly. While she could opt for city living with roommates at a similar cost, having homeownership stakes "feels more valuable," she reflected.

Here's a snapshot of her financial outlays in July 2024.

Living Simply as a Traveling Nurse in California

After joining the army in 2017 and earning vocational nurse credentials, one individual planned to advance his nursing qualifications once out of military service. However, observing the booming demand for travel nurses during the Covid-19 pandemic, he paused his studies in 2023, taking up a role in a county jail in Placerville, California.

Currently, engaged in a fresh contract at Pelican Bay State Prison in Crescent City, California, he anticipates an annual income of $112,000 by 2024's end.

"Earning over six figures is a new experience for me, and it's notably distinct," he expressed to CNBC Make It.

Despite branding himself a 'thrifty individual,' the rise in earnings has endowed him with more financial leeway, which he's welcomed.

During downtime, he mentioned, "I mostly stay indoors, engage with video games, or unwind at the beach, aiming to keep expenses minimal."

Here's a record of his spending in June 2024.