This 24-year-old former Marine earns $120,000 a year and owes $47,500 in debt—here's how he spends his money. (via CNBCMakeIt)
and provides a monthly housing allowance. It covered around $46,000 per year in tuition and fees at American University, where Ramela earned a master's in finance, completed in December 2019. He receives about $28,000, or just over $2,300 per month, to put toward housing as well.A former Marine, Ramela poses with military statues in National Harbor.Ramela isn't done with school yet.
That's OK, Ramela says. He cares more about keeping his cash flow positive than turning a huge profit right away. "The point of having passive income is to have it rented and not worry about it," he says. His tenants are paying off the mortgages on the homes, which builds equity for Ramela. His credit card balance sits at about $28,000, mostly from renovation materials for the house in Pittsburgh and furnishings for his newer place in National Harbor, all racked up over the last year. He was able to finance some of the furniture with an interest-free credit card, but as the intro period comes to an end and his debt becomes subject to interest, paying those balances off as quickly as possible is Ramela's top priority. He puts $4,500 a month toward this.
"I try to be anywhere between two and four weeks ahead of my necessary bills," he explains. "In the unfortunate event something happens to my primary job at TITANONEZERO, I'd have at least two-to-four weeks float before needing access to the extremely liquid capital which would cover approximately one to one-and-a-half months."
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