High Earners Lifestyle: In the early months of 2023, a significant buzz revolved around a rather unexpected commodity: eggs. This staple, crucial in baking and breakfast routines, witnessed a staggering surge in prices, escalating up to 70% compared to the previous year. According to data from the Federal Reserve, the average cost of a dozen eggs soared to $4.82 in January, painting a startling picture for consumers.
While prices gradually receded over the year, they remained notably higher than the anticipated norm. As of November, national food prices exhibited a 2.9% year-over-year increase, as reported by the U.S. Bureau of Labor Statistics. Dining out incurred an even steeper climb, rising by 5.7% in the same period.
The approach to food shopping varies widely among individuals, even among those with higher incomes. Contrary to assumptions, not all high earners necessarily splurge extravagantly. Some prioritize restaurant indulgences, while others diligently seek opportunities to economize.
Here’s an inside look at the monthly food expenditures of five six-figure earners:
Orissa Kelly, the Foot Archer from Nashville, Tennessee
- Annual Salary: $130,000
- Monthly Food Spend: $1,110 in January 2023
Kelly’s profession as a traveling performer, renowned for her unique talent of shooting flaming arrows with her feet, entails a fluctuating monthly income due to her self-employment status. To maintain lower living expenses, she opts to rent a room in a friend’s house for a mere $300 per month, affording her the liberty to allocate more towards her passion for food. Whether for social enjoyment or networking opportunities, she indulges in culinary experiences.
Reflecting on her spending habits, Kelly admitted, “Spending money on food is a big habit of mine, and it’s probably not a great habit. But I have so many nice experiences, either meeting people or hanging out with my friends, that I don’t regret it.”
Chabely Rodriguez, Anesthesiologist Assistant from Tampa, Florida
- Annual Salary: $210,000
- Monthly Food Spend: $662 in September 2023
Rodriguez channels a significant portion of her income into savings and investments for her future. Nonetheless, her penchant for traveling and immersing herself in diverse cultures substantially contributes to her food budget. She stresses the importance of frugality in areas of lesser priority while willingly investing in food and experiences during her international escapades.
“I try to save on the things that aren’t as important to me, but I spend on the things that matter to me, like food and experiences when I go to a different country,” Rodriguez shared with CNBC Make It in October.
Ethan Nguonly, Software Engineer from Orange County, California
- Annual Salary: $194,000
- Monthly Food Spend: $363 in June 2023
Nguonly predominantly directs his expenditure toward takeout from restaurants rather than groceries for home cooking. His workplace at Google offers a pivotal perk: free meals for breakfast and lunch, allowing him to eliminate several weekly meals’ costs by attending the office thrice a week.
“The office has free food for breakfast and lunch. I go into the office three days a week and so that cuts out three or four meals a week or so,” Nguonly explained to CNBC Make It in August.
Annie Park, Business Owner from Washington, D.C.
- Annual Salary: $230,000
- Monthly Food Spend: $432 in March 2023
As a co-founder and part-owner of Sarah’s Handmade Ice Cream, Park possesses a profound understanding of how the prices of essential items like eggs, milk, and sugar can significantly impact one’s livelihood. Alongside her boyfriend, she relishes exploring the plethora of restaurants in D.C., leading to a consistent allocation of a significant portion of their budget towards dining out.
“Food is always a big expense for us. There’s just never an end of all these amazing restaurants in D.C. and we always like to go and try out the newest restaurants,” Park shared with CNBC Make It in May.
Park’s food expenses fluctuate, with dining out ranging from one to three times a week, occasionally culminating in a monthly expenditure of “anywhere from $600 to $800 on restaurants alone” during particularly expensive periods.
Aspen Tucker, Travel Nurse from Spartanburg, South Carolina
- Annual Salary: $187,000
- Monthly Food Spend: $1,440 in December 2022
Tucker, a travel nurse traversing various locations across the U.S., maintains his residence in Spartanburg, where living costs remain comparatively lower. However, substantial expenses arise during work-related travels, leading to a significant uptick in his food costs. During a stint in Fresno, California, last December, his food expenses exceeded $1,400 due to reduced home cooking.
Acknowledging the challenges of maintaining a consistent cooking routine during their demanding work schedules, Tucker and his girlfriend, also a travel nurse, often opt for dining out. Reflecting on his dining experiences, Tucker humorously remarked, “My food doesn’t even taste that good to be honest with you. So I try to eat out at different places.”
Incorporating diverse spending patterns, these insights into the food expenses of six-figure earners reveal the varying ways individuals allocate their resources amid the shifting landscape of food prices and personal preferences.
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