Garrett Ramela, a 24yearold former Marine, earns $120,000 a year as a defense contractor in the Washington, D.C. area. He owns three properties that bring in nearly $40,000 a year in rental income, but nets far less since this income pays off mortgages on the properties. Here's how Garrett makes and spends his money.
This is the latest installment of Millennial Money, which profiles people across the U.S. and details how they earn and spend their money.
Read more about Garrett's budget breakdown here:
https://cnb.cx/37MEt5O
Sitting on his new West Elm bed in his twobedroom condo in National Harbor, Maryland, 24yearold Garrett Ramela flashes bill after colorful bill: bright red from Singapore, pale purple from England, teal and brown from Sudan.
He started the collection during his years in the Marine Corps, when he spent time stationed across three different continents and traveled to more than a dozen countries. In a nearby box, a collection of coins and medals shine in the midmorning sun.
Ramela’s collection of foreign currency symbolizes more than just his past. Money is part of what motivates him to work so hard, pursue multiple graduate degrees and invest in real estate. He’s working toward a future where he can enjoy a comfortable lifestyle and the flexibility to travel or live anywhere in the world.
Today, he’s employed fulltime at a tech company as a defense contractor (where he earns a base salary of $120,000). He owns three properties (which bring in another $38,000 a year in rental income). And he’s meticulous in his daytoday financial decision making, which is reflected in his carefully curated budgeting spreadsheet.
“I joined the Marine Corps because I graduated high school and fell on my face,” he admits.
Balancing online college courses with a string of odd jobs left Ramela both overwhelmed and directionless. The military not only provided structure but offered him tuition benefits and the ability to travel, so in 2013, he enlisted. He went to boot camp in 2014 and was stationed in Virginia Beach, Virginia.
From there, he volunteered for an assignment in Okinawa, Japan, and later another deployment in Djibouti, Africa, where he spent a year before returning to Japan.
» Subscribe to CNBC Make It.: http://cnb.cx/2kxl2rf
About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money.
Connect with CNBC Make It. Online
Get the latest updates: https://www.cnbc.com/makeit
Find CNBC Make It. on Facebook: https://cnb.cx/LikeCNBCMakeIt
Find CNBC Make It. on Twitter: https://cnb.cx/FollowCNBCMakeIt
Find CNBC Make It. on Instagram: https://bit.ly/InstagramCNBCMakeIt
#CNBC
#CNBCMakeIt
#MillennialMoney
Living On $120K A Year In The D.C. Area | Millennial Money