• Five people who earn more than $100,000 annually shared how they're spending their money.
• They're trying to balance spending on big purchases with saving for future goals.
• Some have spent money on a new car or travel, while others have invested in a home or startup.

For some, earning a six-figure income can facilitate a big splurge. For others, it's an opportunity to establish additional income streams or financial security.

Abid Salahi earns about $140,000 a year from his software engineering job. The 26-year-old, based in Vancouver, said his biggest purchase over the past year was a new car that cost roughly $37,000. Additionally, Salahi said he upgraded his home workspace.

Despite his earnings, one thing has been out of his reach: owning a home. The houses in his area that check his boxes cost more than $500,000. To afford a down payment, Salahi said he's saving and being more judicious about how much he spends dining out and at the grocery store.

Reaching a six-figure salary can be a challenge for some employees. The average annual salary for US-based full-time workers was about $82,000 as of November, the latest data available, per a New York Fed survey. Some workers who earn more than six figures have used the opportunity to set themselves up for potential future success.

Business Insider asked five people who've made more than $100,000 annually what they've spent their money on in recent years. BI has verified their six-figure earnings.

Balancing spending now and saving for the future

Earning a six-figure income has also created new opportunities for John, who's on track to earn roughly $250,000 this year by balancing a full-time and part-time remote IT role.

The millennial, who's based in California, said one of his biggest expenses over the past year was his sister's medical bills, which were about $30,000, he said.

When he spends money on himself, he focuses on fun and health. He hired a personal trainer, who charges about $130 weekly for a one-hour session. Last year, he spent about $9,000 on a three-week honeymoon in Asia.

While he's trying to take advantage of his money in the present, John said he's also prioritized saving for the future.

"I follow a concept of 'pay yourself first' — where I put money into retirement and savings first, and then the rest is disposable," said John. His identity is known to BI, but he asked to use a pseudonym due to fears of professional repercussions.

Looking forward, John said he's saving money for the children he hopes to have one day, a bigger car, and a home.

Corritta Lewis is also balancing spending now while saving for the future. Last year, Lewis earned roughly $280,000 from her consulting job and a travel blog she runs as a side hustle. The 35-year-old, who's based in Orlando, said she and her wife spend most of their disposable income on travel.

"We've been digital nomads for four years, so most of our money was used to travel the world and have amazing experiences," she said.

Despite her travel expenses, Lewis said she doesn't live a luxurious lifestyle and is focused on long-term saving. She aims to work part-time hours by her 40th birthday.

"Right now, we are prioritizing savings and investments," she said.

Investing in themselves and real estate

Margaret Pattillo took home around $128,000 last year from her digital marketing and PR business. The 27-year-old, who's based in Florida, said she's on track to earn more than $160,000 this year.

Pattillo used her earnings to buy a home earlier this year and has plans to buy a second home as an investment property. She tries to use her money to create additional income streams that will set her up for future financial success.

"I don't place much value in material items and I'm lucky that I get to travel for work frequently," she said. "I'd say my biggest goal is to build up as many cash-flowing assets as I can in the next 10 years."

Christopher Stroup has put his earnings toward a different type of investment: a new business.

Stroup earned roughly $130,000 last year working as a financial advisor. The 33-year-old, who's based in California, said his income has helped him improve his relationships with friends and family by giving him the budget to go out to eat and on trips. He said his goal is to travel to Europe at least once a year.

Over the past year, Stroup said the biggest thing he's spent his money on is the financial planning business he launched in September. He said his startup costs have included marketing expenses and hiring a team. However, he hopes the investment in his business will put him in an even better financial position.

"If it works out well, achieving my financial goals on my desired timeline has a much higher probability of happening," he said, adding that two of his main goals are owning a home and starting a family.

Are you making over $100,000 a year? Are you willing to share your story and the impact this income has had on your life? If so, contact this reporter at [email protected].

• Adam Knorr left a lucrative finance career to pursue writing in Hawaii in 2022.
• Despite a growing salary and the opportunity for a big promotion, Knorr felt unfulfilled in finance.
• Knorr now freelances as a copywriter and ghostwriter and has no regrets about leaving finance.

I walked away from life-changing money in finance to chase my dream of becoming a writer. I had no experience, clients, or idea where to start.

I moved from Nashville to Hawaii to figure it out.

I graduated with a journalism degree, but my brother worked in finance in Nashville. He told me he could get me an interview at his company. I interviewed, got the job, ditched my dreams, and chased a paycheck for six years.

I never liked working in finance, but the money made it hard to leave

I started working in 2016 and made about $50,000 as a 22-year-old. I felt rich, and the number kept climbing.

By 2021, I was making nearly $150,000 a year. Halfway through my last year, I was on pace to make $205,000. I was also interviewing for new roles in the $250,000 range.

Every day I worked in finance, I knew it wasn't right for me. I wanted to quit and be a writer, but the money was too good.

Finally, in May 2022, when I was up for a promotion, the dam burst. I remember going home one night after a final interview, and I could feel it in my gut. I knew I didn't want to get the job; it would trap me, and I'd regret pursuing it.

I printed off my two-week notice that night and quit the next day. My boss and coworkers were in disbelief when they found out, but for the most part, I had tremendous support from the people in my life.

After quitting my job, I moved to Hawaii in June 2022

I heard about a work-stay program at a coffee farm on the Big Island of Hawaii through my brother and sister-in-law, who had visited Hawaii. You can live on the farm in exchange for 28 hours of work a week. That sounded like a pretty good deal since my income dropped from six figures to $0 overnight.

I put my stuff in storage, packed a carry-on and a backpack, and flew to Hawaii, trading in my Nashville high-rise apartment and rooftop pool parties for a one-floor communal living house with six college kids.

I worked as a tour guide on the farm a few days a week. The rest of the time, I tried to figure out how to make a living as a writer.

I had never been to Hawaii before I moved

Visiting and living in a place are different experiences. Hawaii is a rock in the middle of the ocean — sometimes, it feels like it, but for any of the cons, there are more pros.

It was nice to get a break from city life and a good reminder that the world outside your immediate circle is full of people who live life at a different pace.

I had to get creative to land my first client

I wanted to become a freelance copywriter, but the industry is saturated. Many people are attracted to the opportunity to work for themselves, travel the world, and make money by pressing a few keys on a keyboard.

I spent day after day locked in my bedroom in Hawaii — just me and the geckos — sending cold emails and LinkedIn messages. I got a few nibbles but no bites.

I decided I wanted a car to explore the island. I contacted a local car rental service and noticed the owner's website needed serious copywriting work, so we struck a deal. I'd write his entire website for $500 and an extra month of my rented Dodge Challenger. I had my first client.

I started freelancing with an agency thanks to a cold email I sent. Then, I started posting on LinkedIn and picked a couple of clients up that way. Today, I'm a full-time freelance copywriter and ghostwriter.

I started writing a book in Hawaii before moving to Michigan

While in the work-stay program, I wrote some email copy for the farm. The emails did well, and one day, I sat down with the farm's CEO.

He envisioned writing a book about the history of a local church and using it to raise money to restore some of the murals that had deteriorated over the last 125 years. He asked me if I'd be up for writing the book. I agreed and started splitting my time between leading farm tours and researching for the book.

All roads lead home. I moved to Michigan in March 2023 to be closer to my family.

Quitting finance was worth it, but it's more nuanced than that

In my first full year of freelancing, I made $85,500. Through November 2024, I've made $110,000. I'm grateful to be doing as well as I am, but I can't pretend like I don't think about the money I would've made by staying in finance.

Gratitude and perspective are more important than the number on your tax returns, but it's also ignorant to pretend like money doesn't matter. I wonder sometimes if I was dumb for leaving that money behind — it's impossible not to.

But was it worth it? Am I happier? Would I do it again? Yes, 10 times out of 10.

I had to know if there was something more out there for me

When deciding whether to quit my job to pursue this dream, I heard Tim Ferriss on a podcast recommending playing out the worst-case scenario of a decision in your head. How catastrophic is it? How permanent is the impact? How bad would it really be?

Worst-case scenario 1: If I stay in finance, I'll always regret not discovering what I could've made of myself.

Worst-case scenario 2: I try to write, fail, and get another finance job.

For me, the fear of regret was greater than failure.

Now, I never have to wonder, "What if?" or think about what I could've done with my life. I know the answer.

• Natalie Fischer quit her corporate job to become a solopreneur creating financial content.
• She's generated over $150,000 from her business in 2024.
• Fischer shares 4 tips for transforming a side hustle into a career.

Being an investing influencer started as a hobby for Natalie Fischer during the pandemic. Now, it's her full-time job.

Like many people, Fischer started seriously getting into the stock market in 2020. The pandemic was a prime entry point: markets were volatile, rates were low, and she had built up a healthy level of savings.

She began sharing her investing journey on social media through Instagram stories and received an outpouring of feedback and questions from family and friends. Fischer couldn't keep up with the barrage of DMs and started a TikTok account, @investwithnat, to create videos answering common investing questions.

In 2023, Fischer took a leap of faith and quit her corporate job to focus full time on finance content creation as a solopreneur, or a one-person business. Now, Fischer creates videos about financial independence on social media platforms and partners with different brands to create user-generated content.

She's been quite successful: so far in 2024, Fischer's brought in over $150,000 in revenue, contracts viewed by Business Insider show. And that's in an increasingly cutthroat creator economy — according to Goldman Sachs, only around 4% of content creators globally generate over $100,000 a year.

If you want to transform your content creation side hustle into an actual career, Fischer has the following advice.

Take the transition slowly

Fischer's success didn't emerge overnight. She started creating TikToks in 2020 but didn't actually start money until a year and a half later, primarily through producing user-generated content for companies. From there, Fischer began getting more sponsorships. She did this while working her full-time job as a data analyst.

"The best way to transition is to actually just start that project on the side while you're working a full-time job and basically wait to see how it goes," Fischer told Business Insider in an interview.

It's helpful to collect data on how your content is performing and monitor progress. Fischer waited until she had a year and a half of revenue data from her side hustle before deciding to take the leap.

"If I just quit my job not knowing how much money I was going to make, that would just be so stressful," Fischer said.

Once Fischer realized the paychecks from her side hustle were at the same level as the paychecks from her corporate job, she felt confident enough to go all in.

Prepare your emergency fund(s)

It's standard budgeting practice to have an emergency fund that can cover three to six months of living expenses. As a solopreneur, Fischer made sure she had not one, but two, emergency funds: one for personal use and one for her business, with enough money to cover six months of expenses for each.

Having a backup plan gave Fischer more bandwidth to focus on growing her business. A business emergency fund also ensured that Fischer would be able to sustain her business even if it encountered financial challenges as she transitioned to becoming a full-time content creator.

If being a solopreneur didn't work out, Fischer's backup plan was to go back to the corporate world, and the emergency fund would help Fischer weather the financial transition.

"That gave me a lot of comfort knowing that if worse comes to worse, I can always get another job," Fischer said.

Monthly income fluctuates, so diversify your income streams

Part of the reason why Fischer wanted to prepare emergency funds was because, unlike receiving a steady biweekly check in the corporate world, her monthly income as a solopreneur fluctuates.

The unpredictability of her income can make financial planning more challenging. Fischer makes sure she has a variety of income streams so she's not overly reliant on a single source of revenue.

Fischer built her baseline income around user-generated content by signing contracts to create content for companies' social media pages, websites, or advertisements. These contracts are month-to-month and easy to project. On the other hand, the frequency of sponsorships are more variable and therefore harder to forecast.

Fischer is also looking to upskill and expand into interactive events. She recently completed her certification in financial education and hosted a money workshop at a conference. Thinking ahead about new business lines, Fischer has her eyes on being a speaker at universities and schools.

You can do both

Being a solopreneur and working a corporate role aren't diametrically opposed.

A year after quitting her 9-to-5, Fischer is now considering getting a part-time corporate role in addition to running her own business.

"I'd be interested in a part-time project management or marketing role to diversify and expand my potential," Fischer said.

Not only does a part-time role provide more predictable income streams, it also provides exposure to new work environments and skills. Fischer has found that as a full-time content creator, she has a lot more flexibility with her time than she did at a traditional office job. Fischer has seen fellow solopreneurs balance a content creation business, a corporate role, and even write a book at the same time.

Fischer's takeaway from the last year of running her own business is to not limit your options as a solopreneur — there are countless ways to build your brand and business.

"I found that I have a lot more time on my hands, and so I'm able to explore different avenues," Fischer said. "I can do it all."

Are you a successful solopreneur looking to share your story? Reach out to Christine Ji at [email protected]