A 24-year-old who relocated from California to Bali earns $254,000 annually while working just 30 hours a week: "I'm definitely much happier."

The Millennial Money series by CNBC Make It showcases how individuals worldwide manage their finances, including their income, expenditures, and savings.

How does a 12-year-old spend $10,000 they earned from a videogame by chance?

Steven Guo rapidly completed the task, which marked the beginning of his entrepreneurial journey and the establishment of successful brands that generated substantial revenue.

Guo began his entrepreneurial journey at the age of 12 with a summer project centered around the popular game Minecraft. His goal was to create servers where he and his friends could play together. To his surprise, others started joining in, and eventually someone offered him $50 for his services.

That transaction altered my perspective completely. I was ecstatic and overjoyed, Guo recalls. I had no idea that one could generate income through the internet.

During the summer, Guo continued to develop his server and sold in-game perks to players, ultimately earning $10,000 by the end of the season.

Guo failed miserably in starting a game development company with his $10,000, but he learned a valuable lesson about the importance of marketing for any business.

Since I earned my first money at 12, I knew I didn't want a traditional job and became obsessed with running a business as my career.

This year, Guo, who is now 24, is on track to bring in a combined $1.7 million from multiple e-commerce businesses he founded.

Guo recently relocated from Southern California to Bali, Indonesia, where he shares a villa with friends and spends his leisure time surfing. As his own boss, he is projected to make approximately $254,000 this year.

Here's how he spends his time and money.

From a 2.7 GPA to founding businesses that bring in millions

As a teen, Guo was preoccupied with starting businesses but neglected his college studies.

Guo's focus on entrepreneurial endeavors led to a 2.7 GPA while studying business economics at the University of California, Irvine.

His poor grades motivated him to become a successful entrepreneur because he knew that getting a high-paying job was unlikely.

Guo graduated in 2022 and now operates several e-commerce businesses, including an online retailer that sells dates (the fruit), a K-pop inspired merch store, and a company that sells premium car covers for people with luxury cars.

In 2022, he sold one of his first companies, a jewelry brand that generated over $2 million in revenue within a year.

He helps grow, operate, and invest in 8- to 9-figure direct-to-consumer brands across health, beauty, automotive vehicles, and more through his main venture, Manifest Five, a venture-capital studio.

Guo has mastered the art of managing his time and expending minimal effort.

He admits that at the beginning of his career, he devoted a considerable amount of time to managing every aspect of the business, which eventually led to him feeling overwhelmed and exhausted.

"One of the greatest perks of online businesses is the ability to hire remotely and have the best of the best employees from anywhere in the world," he says.

Guo typically works from Monday to Friday for six hours a day, or 30 hours a week, and spends approximately 40% of his time researching the markets and products and services of his clients.

Bali: 'A destination where my work and personal life harmonize perfectly'

A change in scenery also helped him find better balance.

Guo, who graduated from college, resided in Southern California but traveled to 15 countries. He found it affordable to live a comfortable lifestyle in many of them. In early 2024, he decided to relocate to Bali, where he first visited after high school and has always felt a magnetic pull.

"Bali is the place where Guo finally makes sense of his work-life balance," he says. "Mornings are dedicated to running his business, while afternoons are spent surfing, exploring the scenery, or immersing in the vibrant culture."

Guo states that he is significantly happier in Bali due to the exceptional lifestyle he experiences there, which he describes as being of high quality and affordable, costing him only a fraction of what it would in California.

"I am fortunate to have ample time with my friends and engage in my favorite activities, such as surfing," he remarks.

Guo resides with two of his closest friends and ex-college classmates, who are also entrepreneurs and have similar lifestyles.

Overcrowding and development concerns have arisen due to the influx of tourists and digital nomads in Bali.

Guo and his peers, as long-term digital nomads, strive to be mindful of tourists' negative stereotypes and actively contribute to the local community and economy.

How he spends his money

Here's how Guo spent his money in September 2024.

• A Robinhood brokerage account and a Roth IRA are the recipients of $5,583 in savings and investments.
• Discretionary: $1,942 for shopping, gifts, travel and health expenses
• The monthly Airbnb rental, Wi-Fi, and utilities cost him $1,691.
• Food: $539 on takeout and restaurants
• An annual Amex fee of $430, an Amazon Prime subscription, a YouTube Premium membership, a personal assistant, and a storage unit were all paid for by him.
• Insurance: $223 on health and travel insurance coverage
• Transportation: $97 on a scooter rental and taxis
• Phone: $30

Although Guo primarily uses U.S. dollars to pay for expenses on his credit cards, he covers utilities and transportation in Indonesian Rupiah.

Guo's monthly expenses mainly go towards his investment accounts. He plans to invest $60,000 annually, or $5,000 monthly, in index funds, and currently has around $340,000 saved up. Additionally, he contributed the maximum $7,000 to his Roth IRA this year and has a total of over $17,000 saved in it.

Guo and friends share a four-bedroom, four-bathroom Airbnb in Canggu, a popular resort village on Bali's south coast known for its excellent surfing conditions.

He spent just over $500 on food for the month of September. He rarely cooks and instead prefers to dine out with friends at nice restaurants or local "warungs," which are small family-run shops.

Eating high-quality food in Bali is worth the expense, as it makes you feel healthier and better overall, says Guo.

In September, he went on a trip to Portugal and booked future travel to Australia in December. He also paid for a few subscriptions, a personal assistant, health insurance, and a scooter that acts as his main mode of transportation.

Guo, being an entrepreneur, has become aware of the instability of business, so he lives frugally to ensure he can weather any ups or downs.

"He usually prefers not to spend a lot of money on himself, and the majority of his expenses are related to food. However, when he does spend money, it is usually for gifts for his family or girlfriend."

Guo says he refuses to spend money on depreciating items like luxury goods.

Experiencing the challenges of being an immigrant: I 'got to see what it was like to grow up as an immigrant'

Guo, who has been building businesses for over a decade, considers one of his greatest achievements to be taking his mom and her boyfriend on a fully paid vacation to Hawaii.

Showing appreciation to his mom, who raised him and taught him the value of hard work, was a full-circle moment.

"Guo recounts how, at the age of 7, he immigrated from China to Canada with his mother and experienced firsthand the challenges of growing up as an immigrant. He observed his mother's tireless efforts to support the family, including working multiple jobs to make ends meet."

My mom's hard work and dedication to our family taught me the importance of hard work and financial responsibility. As a result, I am determined to ensure that my family never experiences financial difficulties again. My mom is a constant source of inspiration for me.

Recently, Guo has strengthened his bond with his father, a former architect residing in China who is also venturing into business. "Our relationship is being reignited because we are both entrepreneurs now," Guo remarks.

Looking ahead

By the time he's 30, Guo aims to have a $50 million e-commerce portfolio.

He states that his plan to accomplish that is through nurturing a diverse range of businesses by collaborating with students, guiding them, and financially supporting them.

Guo intends to divide his time between Bali and Australia, where his girlfriend resides, until she can permanently move to Indonesia in his personal life.

"Bali is more than just a home for Guo; it's a place where he can live, work, and flourish on his own terms."

Using the OANDA conversion rate of 1 IDR to .00007 USD on Sept. 30, 2024, all amounts were rounded to the nearest dollar.

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