At 24, Raymond Zeng earns upwards of $300,000 a year working as a software engineer at Meta. But despite his high salary and posh Bay Area address, his apartment is almost empty by choice.
Zeng told Business Insider that he does not own a car, a TV or even a couch. Friends often describe his lifestyle as “Spartan”, he revealed, adding that the stripped-down setup is intentional rather than financial necessity.
Different priorities
“I could afford more furniture if I wanted it, or expand my lifestyle to be more spendy,” he said. “I think a big part of personal finance is choosing where to spend money and where not to.”
Instead of spending heavily on material comforts, he said he prefers to focus on investing, travelling and hobbies.
“Right now, I’d rather prioritise investing, travel, and hobbies over filling my apartment with things I don’t use very much,” he said.
Income as Meta engineer
“I work as a software engineer at Meta, earning $306,500 ( ₹2.9 crore) a year, and I live in the San Francisco Bay Area, where I moved about 8 months ago after spending 2 years in Dallas,” said the 24-year-old.
{{/usCountry}}“I work as a software engineer at Meta, earning $306,500 ( ₹2.9 crore) a year, and I live in the San Francisco Bay Area, where I moved about 8 months ago after spending 2 years in Dallas,” said the 24-year-old.
{{/usCountry}}Although his monthly income fluctuates because a large portion of his compensation comes from bonuses and stock options, Zeng said he typically earns between $7,000 and $8,000 a month, excluding bonuses and stock options.
He manages to save between $5,000 and $20,000 a month.
He maxes out his 401(k), Roth IRA and health savings account every year, while also investing additional money in brokerage accounts. His portfolio is currently split around 80% into US stocks and 20% into international markets.
“My goal is to retire around age 30,” he said, while acknowledging that retirement planning involves “a lot of moving parts”.
Expenses in Bay Area
The Meta engineer pays $2,600 a month for a one-bedroom apartment in San Francisco Bay Area, which he considers relatively affordable for the area. He deliberately chose a neighbourhood close to public transport, cafes and grocery stores.
“My living room doubles as both my workspace and hobby area,” he said, explaining why he never felt the need to buy a TV or additional furniture.
His bedroom is equally sparse, containing little more than a bed, pillow, blanket and a filing cabinet that also functions as a bedside table. One purchase he does not regret, however, is a high-end bidet.
“One thing I did splurge on, though, was a $400 bidet, which felt worth it as a quality-of-life upgrade,” he said.
Zeng also avoids owning a car, dramatically reducing his monthly transport costs. He mostly walks, uses public transport or relies on his company shuttle service. In some months, he spends almost nothing on commuting.