What's Happening?
Corey Retell, a 29-year-old Army Reservist and nonprofit membership manager in Washington, D.C., earns an annual income of $82,000. Retell's financial journey began with a privileged upbringing in Buffalo, New York, followed by a debt-free graduation from the University of Pennsylvania. However, after withdrawing from law school due to health issues, he found himself with $23,000 in debt. Retell's career path included driving for Lyft, an internship, and serving in the Peace Corps in Ukraine. Currently, he works at a small economic nonprofit and serves in the Army Reserve, where he hopes to deploy to Eastern Europe. Retell manages to save 21% of his pre-tax income, despite living in an expensive city like Washington, D.C.
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Why It's Important?
Retell's story highlights the financial challenges and strategies of young professionals balancing multiple roles. His ability to save a significant portion of his income despite high living costs in Washington, D.C., reflects broader economic trends affecting millennials. The narrative underscores the importance of financial independence and strategic planning, especially for those with student debt and aspirations of further education. Retell's experience also illustrates the potential benefits of military service, such as enlistment bonuses and student loan forbearance, which can be crucial for financial stability.
What's Next?
Retell plans to continue his dual career path, with aspirations to return to law school and deploy with the Army Reserve to Eastern Europe. His financial strategy involves maintaining a disciplined savings plan and managing his expenses carefully. As he progresses in his career, Retell's financial decisions and military service may influence his future opportunities and financial security.
