Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a 68-year-old single government lawyer in Henrico, Virginia, who vows she'll never retire.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I made my first million in my 401(k) in September 2024 after saving for 20 years, and I paid off my home (worth $950,000) just 17 months after I bought it with my savings and with the equity I made when I sold my prior home.

What are you doing with the money?

In 2020, I was driving home from work and looking for something to listen to on the radio and accidentally tuned in to Dave Ramsey's show. I was intrigued. At the time, I had two loans from my TSP — the federal version of a 401(k) — had credit card debt and car loans. Altogether, it was about $90,000.

I paid off all of my debt (I did not go down to $1,000 in my emergency fund, as Dave suggests) in about 24 months and increased my retirement contributions to 15% and then to the max by the time the debt was paid off.

After 32 years of marriage, my husband told me he wanted to be free. The housing market post-COVID was crazy, and I had been paying down our massive mortgage with extra money toward the principal.

After all was said and done, I had a nice down payment for a townhouse and money left over. I had two cars (paid for) and sold one.

Once I was settled into my new home, I ran the numbers to figure out how quickly I could pay off the mortgage. Without a husband (who had expensive hobbies and toys and a hefty yearly tax debt), I had so much more money to do this.

I started collecting Social Security at full retirement age, and so with all of those factors coming together (no car payments, no credit card debt, no TSP loans), I was able to pay off my mortgage in April 2025.

I'm planning to work for two to four more years (I say that every year!), sock away some money and plan to live off of my pension and Social Security without touching the TSP until I'm 73, if at all possible.

And I plan to do something new in the next chapter — maybe even write a book.

The Fun Stuff

Did you do anything to celebrate?

I bought a beautiful navy blue washer and dryer that has a steam feature (I love them!), and I bought four pairs of colorful, fun, somewhat expensive (to me, but not to most people) high-heeled shoes that people notice and compliment me on all the time.

They are as pretty as my washer and dryer!

What is the best part of making $1 million?

The incredible satisfaction I felt when I reached that milestone (years earlier than expected) that years ago seemed out of reach.

Did your life change?

Yes. Having more than a million in my retirement account and a paid-off home, savings and no debt made me realize that I am working because I love what I do, not because I have to pay a bill. In the end, that is real freedom.

Does anyone know you're a millionaire?

Only my daughter knows. I'm not comfortable telling people about my net worth (currently around $2.5 million), but I do love helping people when they come to me with their investment questions.

Do you plan to retire someday?

I will never stop working at something. I have been working since I was 14 years old, and the word "retirement" makes me cringe — it's just not in my vocabulary. And the expression "golden years" — even more cringe.

My next adventure is going to be whatever challenge I can dream up. I'm not done yet!

Looking Back

Anything you would do differently?

I would definitely have put more (a higher percentage) into my retirement account early on. Did I mention this is my second career? I quit my prior career after 16 years at age 34, went to college, then law school and became an attorney (prosecutor) at age 42 — all college and law school paid for from my savings from my prior work.

I also would have done a Roth as soon as it became available. I wasn't even aware that the federal government had a TSP Roth option until 2021 — and that's when I started putting money into a Roth.

I would have also bought fewer cars. I was a sports car junkie and wasted a lot of money on that obsession! But they were fast and fun (all convertibles).

What advice would you give to your younger self?

Start early, stay focused, have a plan and you will reach your financial goal.

Once you get there, set a new goal! Never stop dreaming or reaching.

Dream. Do. Repeat.

Did you read any books that helped you on your journey?

I listened to Dave Ramsey's show constantly for inspiration. I don't do what he says 100% of the time, but I do follow most of his advice.

I read a number of Dave's books at the start.

Now I subscribe to a number of financial podcasts and financial news/articles.

Did you work with a financial adviser?

No.

Did anyone help you early on?

My dad was an incredible saver. But he also had balance and enjoyed life. He retired at 62, and he and my mother were very happy.

His work ethic and financial goals were inspiring.

I think, however, that he was a much more conservative investor as compared to me.

Looking Ahead

Plans for your next $1 million?

I plan to keep building on what I have been able to achieve — and see where it goes.

Any advice for others trying to make their first $1 million?

Start early. If you can't put the max in, start with the percentage that will give you the employer match and increase it as your income increases.

Even 1% or, ideally, 2% per year will have you at 15% in just five years, and you never miss the money.

And never take money from your retirement account!! Get a second job if you need to, but that money is for your future self.

And last, don't go into credit card debt and get rid of and vow to never have a car loan! A $500 car loan that is put into investments instead of paying a car company's finance department will grow to $1 million over your working life. Stop borrowing money for a depreciating asset.

And most of all, be content and thankful for all your blessings.

Oh, and don't get married. :-)

Do you have an estate plan?

I have a will, durable power of attorney and medical power of attorney.

Also, most important, as soon as I was single, I changed my beneficiary designations in my retirement account, my bank accounts and my life insurance.

I think many people forget to do that.

What do you wish you'd known …

When you first started saving? That it's all going to unfold as it should, and it's definitely going to be worth it!

When you first started investing? To make investing for the future a priority, leave the money alone so it can grow, don't react emotionally to market swings, enjoy the ride and save as much as possible for retirement. (Whoops! Now you have me using that word!).

Anything you'd like to add?

I'm truly ecstatic with where I am in my life.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
• Being Rich vs Being Wealthy: What’s the Difference?
• These 5 Rules Separate the Rich From Everyone Else
• Can Money Buy You Happiness? Yes, It Can. However…

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it.

This time, we hear from a single 51-year-old retired associate professor of surgery who lives in North Carolina. She reports that her salary started at $210,000 and was $530,000 when she was forced to retire because of health issues.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I grew up in a lower-middle-class family and had to pay for my own education, so I went to schools that would pay at least partially for me to attend. I had less debt because of that, but still had more than I was comfortable with by the time I finished medical school.

Residency paid a pittance, but I found a cheap place to live, cooked my own meals and managed to fully fund my retirement account each year for the first two.

Then 9/11 happened and wiped out my accounts. I was so upset that I stopped contributing to them for the next two years. I didn't pull out what was there, so it all recovered, but I missed out on all those gains by not adding more.

I worked extra shifts at a nearby hospital to double my resident income for the last two years. Then I did a year of fellowship, also low pay and in a high-cost-of-living area, but I lived as frugally as I could and saved as much as I could.

My first attending salary was well below average, but as a woman in surgery, I was supposed to take what they gave me, so I did. I put a quarter of my salary into retirement accounts, which I could because I was an independent contractor, and used the rest to buy a house and a new car.

I built up cash savings, but never thought to invest it, out of fear that I'd lose it too easily.

Then I changed jobs and got sick within a year of doing so. I spent the next year recovering from four surgeries, only able to work in a limited capacity, and had my salary reduced as a result.

I got better, but I knew that I had to change some things. I stopped buying so much stuff I didn't need, changed jobs again to boost my pay by $200,000 to market rate and made a point of saving more than half of my earnings.

Then, in January 2015, I finally took the plunge and started a brokerage account. I put my aggressive savings to work there and hit my first million, between all the retirement accounts and the brokerage, after a year and a half or so.

What are you doing with the money?

I did absolutely nothing, just left it to keep growing in investments. I was still worried about not having my career for much longer. And I was right to worry — I had to medically retire at age 44 because of more complications from three more surgeries.

By then, my savings had grown to about $2 million, and I was terrified that it still wouldn't be enough for such a long (forced) retirement.

The Fun Stuff

Did you do anything to celebrate?

No. I think I was too busy still worrying about my health.

What is the best part of making $1 million?

The momentum it gives your next million. The first million feels the hardest, because it requires a lot of savings and discipline. After that, it just keeps going on its own, as long as it's invested reasonably.

Did your life change?

Yes, because it meant that even when I couldn't work, the money could keep on working. It gave me security, a safety net.

How much more would it take for you to change the way you live?

This is a question I ask myself regularly. I grew up on a routine regimen of delayed gratification, necessitated by family circumstances. If I wanted something, I had to "save up" for it, and I had to forgo something else. It was a deprivation mindset.

I see now that, while I was fine with it at the time, I missed out on a lot of amazing experiences and travel — things I can't make up for now because of my health.

I let myself spend more freely now than I used to, but only up to a limit.

I still can't fly business class and feel OK with it, though it would make a huge difference to my comfort when flying, given my medical issues. I think it would take having $10 million to make that change.

$1 million is not all that much in this world, in the sense of it not being enough to radically change one's life, unless you had nothing before.

But $10 million throws off more than enough to live on without touching the principal, and I think that's what real wealth probably means. A 4% withdrawal would be $400,000, as opposed to $40,000 for $1 million. So, eight figures instead of seven. I could change for that kind of cushion.

Did you retire early?

I had to retire at 44 because of medical issues. I didn't want to; I loved my work, and if my body could take it, I would gladly have continued until at least 60.

How do you define being wealthy?

When I was working, I used to tell myself that I'd know I was "wealthy" when I felt no hesitation paying to fly business or first class.

That day has never come, but maybe it would have if I were still making the kind of money I used to. I don't feel I have that kind of leeway now.

But I am also no longer as scared of running out of money, despite my prolonged retirement, so that is wealthiness of a kind.

Maybe "wealthy" is when I can live off the interest and dividends of my money, without touching the principal. I'm not there yet.

Looking Back

Anything you would do differently?

I'd have started investing earlier, instead of just saving. And I'd have negotiated my salary from the start, instead of only doing that after I was afraid of a shortened career. Negotiating got me a boost that took me to that first million faster.

I'd also have spent a lot less in the early years, if I had known then what I do now, and wouldn't have bought a bigger home than I needed.

I'd have more discipline from the start about spending.

What advice would you give to your younger self?

It seems far away when you're a student for so long, in debt while your friends are already working in good careers, making real money, while you are nowhere close. But you'll get there, if you just stay frugal a bit longer.

Did you work with a financial adviser?

When I first started my brokerage account, I put the money into a managed portfolio run by (a firm that) had a guarantee of your fee back after a year if you weren't happy. They didn't even beat the S&P 500 in my first year, so I left and got my fee refunded.

I did much better on my own, with leaving things in index funds and just continuing to contribute steadily.

I haven't been willing to seek out an adviser after that.

Did anyone help you early on?

My dad, in a way. Mostly, he was an example of what not to do. He lived in fear for years, didn't invest because he was afraid to lose.

He was the one who believed in saving every penny in a bank for the meager interest. It took him even longer than it took me to risk investing on his own, but he has embraced it and done well for himself, starting from a low salary and never even cracking six figures, despite having a PhD. He started investing seriously 25 years ago.

But he never taught us to do any of that — my sister and I had to figure it all out for ourselves and pushed ourselves to do it far earlier than he did.

Looking Ahead

Plans for your next $1 million?

I've passed the next already. Again, the money is doing it on its own. I need it for my long-term future, because my retirement is so much longer than expected.

Any advice for others trying to make their first $1 million?

For some, it's slow and steady. For others, like me, it had to happen quickly because I was running out of time in which to earn.

Either way, the secret to getting there is discipline. Steady, regular contributions, whatever you can afford.

Pay yourself first. Instead of saving "what's left over" at the end of a paycheck, count a definite amount from the start of each check and directly deposit it into savings or a brokerage account. Invest that money right away — automate it.

It is better if you're not looking at it, or the numbers, too closely for a while. When you do after several months, it will be a nice surprise how much closer you are to the goal.

Do you have an estate plan?

Yes. A revocable trust and will, plus DNR, etc.

Revocable trust because I'm single, and I want to make it easy for my family to inherit my home and be able to pay for it from my accounts.

Will, because after two separate near-death experiences, I needed to make sure someone had custody of my dog in the event of my death. I wanted that person to have money for her care, but also for themselves.

And I wanted to divide up my valuable smaller possessions, ensuring they'd go to friends and family who would appreciate them.

What do you wish you'd known …

When you first started saving? That banks are not places to earn money. There are so many better uses of your money than a savings account. It took me way too long to be brave enough to go elsewhere with my funds.

When you first started investing? That it's scary, but it's also kind of simple. Don't try to be an expert stock picker. Just let the rising tide lift your boat (index funds, ETFs).

I do wish I had paid more attention to the tax consequences of different types of investments early on so I would have bought them in the correct accounts.

And I wish I had known more about investing my early retirement accounts myself. I only started doing all that after I converted the workplace accounts to IRAs upon retirement.

Also, I wish I had understood account fees more clearly before choosing certain investment products.

When you first started working with a financial professional? Men think they know how to invest. Women think they don't. The truth is, no one is all that great at it! Luck matters as much as research.

When you first retired? That I really would be OK. I was absolutely terrified of ending up destitute or having to depend on my parents, who didn't have much themselves.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
• Being Rich vs Being Wealthy: What’s the Difference?
• These 5 Rules Separate the Rich From Everyone Else
• Can Money Buy You Happiness? Yes, It Can. However…

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it.

This time, we hear from a single 52-year-old healthcare administrative director in El Paso, Texas, making $178,000 a year. She's originally from Long Island, New York, and has lived in El Paso for two years.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

Investing in work retirement plans — started with the match. As I worked more side jobs and overtime, I increased (contributions) until I was saving 15% (mine and employer contributions combined).

Adopted an aggressive, long-range mindset. I never saw the 401(k) as available for short-term needs like loans. It was only to be accessed at retirement.

It took me about 25 years to save up and make the first million. We also sold my New York home in 2021 (paid $250,000, sold for $430,000).

What are you doing with the money?

It was in workplace 403b/401(k) funds. I've worked a couple of places and had money in different accounts. I wanted to consolidate. I'm rolling into an IRA.

Decided to work with a financial adviser — 20% actively managed and 80% passively managed. Passively managed using a RILA. Actively managed includes stocks, options, ETFs, etc.

The Fun Stuff

Did you do anything to celebrate?

My celebration was working with an adviser.

What is the best part of making $1 million?

Stability. We don't have a safety net. Neither my partner nor I will inherit money, so it's up to us to have enough … or more than enough.

Did your life change?

No, we're still living below our means. We drive paid-for used cars, cook most meals at home and find ways to invest more from our budget.

We still spend money — it's more about making memories than having things.

Does anyone know you're a millionaire?

Yes, my partner knows and a couple of select friends. I told people who I knew wouldn't treat me differently.

I don't really think it's something you put out there to family or friends. Wealth can change relationships quickly. Those that need to know, do.

Any plans to retire early?

No, I'm not retiring early. I enjoy my role and am focused on continuing my career. I'm also working to reduce debt (student loans) and bolstering investments like cash, Roth and brokerage accounts.

I haven't really thought much on what (retirement) will look like yet. I'm worried I'll be bored.

Looking Back

Anything you would do differently?

Start earlier, max out earlier and open more investment vehicles (Roth, brokerage). Take the opportunity to invest in more real estate.

What advice would you give to your younger self?

Don't be afraid to buy stocks and invest more. I spent a lot of money on frivolous things. I would have been better served to invest that money.

Read all you can and ask for help.

Just get started — don't succumb to "analysis paralysis."

Did you read any books that helped you on your journey?

I've read Kiplinger magazine for years, Rich Dad Poor Dad (by Robert Kiyosaki), Personal Finance 101 (by Alfred Mill) and Jim Cramer's Real Money.

Did you work with a financial adviser?

I did not work with an adviser for the first million. I read about the funds available to me and went from there. I stayed aggressive and put away as much as I could.

But now that I have over $1 million, and I'm easily 15 to 17 years from retirement, I want to continue to be aggressive.

Did anyone help you early on?

My dad got me started with a 401(k) and investing. He was a civil servant with a pension, and he knew that wasn't going to be my life. He wanted me to be self-sufficient.

Looking Ahead

Plans for your next $1 million?

Increasing active management of current assets and building more. Goal is to have more than we need so we can give to organizations or people we love.

Any advice for others trying to make their first $1 million?

You really need to help "future you" by investing now. When you're younger, you can work more — either optimize overtime or get weekend jobs.

We all suffer from lifestyle creep, but you have to resist and instead focus on wealth, frugal living and stability. It will give you peace of mind in your later years, especially when time isn't on your side.

Do you have an estate plan?

We don't have an estate plan, yet. We are working on all our legal paperwork and will be creating a trust. We do have wills and medical power of attorney, though.

What do you wish you'd known …

When you first started saving? Learn to live on 10% less and fund your investments. Don't compare yourself to other people, just stay focused on being the best version of yourself (career, wealth).

When you first started investing? Try dividend stocks and transition to ETFs earlier. Invest continuously. Predicting the market is really hard, even for financial professionals. You just have to do it and look forward.

When you first started working with a financial professional? It's OK to spend time speaking to them about their vision for your money and services they offer you. Every conversation is an opportunity to learn. You're looking for someone to help you.

Anything you'd like to add?

My parents worked several jobs during different periods of mine and my sister's life. Some money was used for current needs, and a lot of was saved. My mom went back to school for teaching, and she always worked summer school for extra money.

They bought inexpensive cars, and we had modest homes. They instilled hard work, frugal living and saving for the future.

They were very conservative with their wealth but wanted us to be smarter with our money. I wouldn't be where I am today without their building blocks.

When I started working in healthcare, all my work friends had extra jobs. That's what we did and how we saved for cars, trips, houses, weddings, maternity leaves, etc.

Everything was a goal, and we saved for it. If we didn't have the money, we waited until we did and kept working extra.

When you want a comfortable life, you have to work for it and at it. This includes saving for retirement. It's the reality all generations face.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
• Being Rich vs Being Wealthy: What’s the Difference?
• These 5 Rules Separate the Rich From Everyone Else
• Can Money Buy You Happiness? Yes, It Can. However…

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a married and retired 55-year-old public high school teacher in Midland County, Michigan. He reports his annual salary when he began teaching was $30,000. At retirement in 2020, it was $68,000.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

My wife and I hit our first million in our early 40s. In my mind, we owe a lot to a few people:

• One was a fellow teacher who, when I was a rookie, recommended a financial planner she used
• Another was a different teacher who told me to make sure I earned a master's degree
• The third was Clark Howard, whom I discovered by accident when his radio show followed a.m. radio Tigers games. Clark taught me tons in every one-hour show.

While I earned the degree and credits to "move to the right" on our school pay scale (it's an education thing), my wife worked in several different jobs, remaining in them until she either became bored/restless or saw another opportunity.

She eventually ended up at a giant chemical company in Midland for the last 17 years of her career.

What are you doing with the money?

We didn't do anything unusual. We did travel a bit on my summer breaks. We never upsized our house (paid $93,500 in 1997), never had kids (I like to say that, as a teacher, I raised other people's kids), and we drive our cars well over a decade. (Clark Howard once said that people who buy a new car every year or so end up working two years longer.)

The Fun Stuff

Did you do anything to celebrate?

Nope. Maybe a dinner out? I don't recall.

What is the best part of making $1 million?

I want to share both sides. The good is that sense of accomplishment. We both grew up in modest families: Our parents were blue-collar all the way.

It sure was nice learning that we didn't have to be "worried" about money. When our financial planner told us we could easily "self-fund" long-term care, I was shocked.

On a negative side, sometimes when I see people struggling, I do feel some guilt. If I had a different family or had gotten sick and so on, I could easily be in their shoes.

Did your life change?

I don't feel like it did in a big way, but you have to realize that we got the financial planner when we were in our mid-20s: Becoming financially secure was "part of the plan," so each year, we had a meeting with the financial planner, and we followed our progress together.

It wasn't like there was some surprise when we hit $1 million — we slowly and steadily saw it coming.

Does anyone know you're a millionaire?

No one knows for sure. I've been retired for five years (at 50), and I had a good handful of students asking me how I could be retiring before the other teachers.

I did lessons about saving and investing and being frugal and showed them spreadsheets with progressions, and the ones paying attention, I'm sure, knew or could guess.

Did you retire early?

At 50. Wife is still working, half-time, mostly for fun. She did retire from the chemical company a few years ago, but got recruited by former workmates to work for a different large agricultural/chemical company from home.

I think she's going to quit for real at 59½, which is a couple of years off.

She does something she calls "e-business." I'd try to explain it, but I don't get it.

Looking Back

Anything you would do differently?

No.

What advice would you give to your younger self?

Be open to people, usually older than yourself, who have potentially good advice. Watch out, though. How do you spot the bad advice?

Did you read any books that helped you on your journey?

No books. A few websites. But really, listening to Clark Howard for years allowed me to absorb more than I'd have gotten from most books.

Did you work with a financial adviser?

They recently changed their name to Rise Financial, in Mount Pleasant, Michigan. They've been incredibly important.

Did anyone help you early on?

It had to be the econ teacher I student-taught under (more about that later). He showed me how to trade stocks and connected me with a discount broker.

Yes, it did lead to my Enron loss (more on that later, too), but those experiences were extremely valuable.

Looking Ahead

Plans for your next $1 million?

None. After we hit $1 million, I honestly stopped paying attention. We might be past $2 million now; I don't know.

I do recall our financial planner showing me an extrapolation predicting we'd max out around $7 million in our late 60s, early 70s.

Will that become reality? No idea.

Having two pensions helps.

Any advice for others trying to make their first $1 million?

Slow and steady is the way. I remember during student teaching, I worked under an econ teacher who was a millionaire. He was an inspiration.

I wanted to invest in an environmentally positive company (this was before my first teaching contract and before having a financial planner), and I put about $500 into Enron. Yeah.

Anyway, let a pro manage your money. Yes, they take a slice, but it sure was nice not having to worry about stuff on my own.

When the market went down, that simply meant there were bargains out there.

Just for fun, a few years ago, I also put $500 into Canoo (electric vehicle startup). I had the chance to get out with $2,000-plus, but I hung around and watched it also disappear.

Do you have an estate plan?

We currently have a will set up, where 100% goes to three charities when we die.

We do give minor amounts annually to several animal charities, but we made the decision to save most everything, then leave it.

I've seen the "die with zero" stuff lately, but I don't know how I feel about that yet.

People don't think it'll happen to them, but things like accidents or cancer can wipe out nest eggs of many sizes. Quick, knock on wood.

What do you wish you'd known …

When you first started saving? How do you "pick" how much to save? Do you get to "pick," or is it just a matter of saving what is left over every month?

I know people who make tons more than we ever did and could easily save, but from their point of view, they don't believe they have anything "left over."

We aimed for saving 15%, and that worked out.

When you first started investing? My lesson with Enron taught me plenty. Diversify. Let a full-timer worry about it.

Before you retired? I had read many examples of folks retiring and losing their social contacts from work, so I tried to be prepared for that and have been moderately successful.

I keep socially busy enough for my liking, but I do miss a few friends still teaching.

When you first started working with a financial professional? Right away, I made peace with the amount they shaved off the top. Yes, it amounted to five figures, but I kept my eyes on the bigger picture.

Anything you'd like to add?

I never obsessed over money, but it's easy to imagine going to a dark place. … I feel like while my wife and I did work for what we have, chance was involved: We stayed healthy, never had a serious car accident, etc.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
• Being Rich vs Being Wealthy: What’s the Difference?
• These 5 Rules Separate the Rich From Everyone Else
• Can Money Buy You Happiness? Yes, It Can. However…

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a married 83-year-old retired teacher in New York. He reports that his annual salary ranged from $5,400 in 1966 to $60,000 in 1996.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

We married in 1969, and by 1975, we had a house, three children and a stay-at-home wife. I was able to support the family on my municipal government salary, but when inflation hit and prices went up, my employer responded by freezing my salary (to keep taxes low), and I stopped getting raises.

We handled the challenging situation by cutting back (literally):

• My wife did the family hair-cutting, mending and cooking less-expensive meals, often meatless
• I was repairing our home and auto and taking care of the lawn
• We reduced heating our home, eating out and buying new clothes
• We distinguished between needs and wants

It reached the point that we were in danger of losing the house as we began to have too much month left at the end of the money and burned through our savings.

We were broke.

The youngest went off to a nursery program, and my wife went back to work.

The result of this financial stress actually made us prosperous, as we got so used to buying inexpensive foods, avoiding restaurants with tablecloths, etc., that we were able to invest much of my wife's income instead of using the extra money to "live it up."

What are you doing with the money?

We felt comfortable enough having a million in investments to take the NYC buyout with an immediate (but reduced) pension in 1996. We were 49 and 53. All of our money was already invested, mostly in our 403(b) plans.

The Fun Stuff

Did you do anything to celebrate?

No. It just sort of happened. At the time, I did a net worth total every month, and one day, there it was.

What is the best part of making $1 million?

I don't worry about money.

Did your life change?

I still dress in jeans and a flannel shirt for three seasons and jorts and a graphic tee in the summer.

We live on our reduced pensions and Social Security.

We used to invest our RMDs, but now we use them to pay for our grandchildren's college expenses.

We let the investments grow.

Does anyone know you're a millionaire?

I told my father and my children. Last Thanksgiving, my son let it slip to his children that I was in the top 1%, so the cat was out of the bag.

Did you retire early?

We retired at 49 and 53. Got into our mini motorhome and traveled for 11 months across the U.S. and Canada.

Looking Back

Anything you would do differently?

Not use a financial adviser.

What advice would you give to your younger self?

Things will get easier.

Did you read any books that helped you on your journey?

I read things on the internet.

Did you work with a financial adviser?

I started with a financial adviser, but learned that their interests and mine are not necessarily the same and went independent.

Did anyone help you early on?

My first post-high school employer told me when I got a 10-cent tip, "Dimes make dollars."

I later learned that if I watch the dimes, the dollars will take care of themselves.

Looking Ahead

Plans for your next $1 million?

Already here. Our net worth is about $11 million-plus: About $7.6 million in investments, about $2 million in our house and about $1.5 million in our 403(b) plans.

Any advice for others trying to make their first $1 million?

Start early and invest as much as you can. And you can live cheaper than you think.

Do you have an estate plan?

We have revocable trusts, which will pay an annual percentage to our three children and half that to each of our six grandchildren.

Twenty-five years ago, my wife and I created trusts that will pay an annual stipend to our children and grandchildren after our deaths.

A few years ago, when the eldest of our grandchildren was making college plans, we spoke with the three oldest and told them about the trust and our thinking.

Our thinking was that our trust would allow our grandchildren to major in whatever subjects gave them the most pleasure and go into careers that they liked without being concerned about remuneration, as the trust would give them a base income to augment their earnings.

My wife and I had jobs that we really liked and enjoyed going to work, but struggled financially. We wanted our grandchildren to enjoy going to work and not have to struggle.

All three, honor students, chose careers in teaching.

The trusts were also set up to pay for our grandchildren's college educations, but we've lived longer than we thought we would, so we're paying it now.

What do you wish you'd known …

When you first started saving? We didn't save — we invested.

When you first started investing? Be wary when using a financial consultant.

Before you retired? I didn't have much time to think about retirement. My employer came up with a buyout offer, and I had only about 12 weeks to decide. I was ready to go, but my wife was concerned that we'd run out of money.

I crafted a spreadsheet that covered the next 20 years, which included Social Security and RMDs.

She went along with it. If she hadn't taken the deal, I probably would not have retired until she was 55.

Anything you'd like to add?

I used to sweat the small stuff, but I have learned, after my wife and I each had a bout with cancer, it's all small stuff. And thank you, Lyndon B. Johnson, for creating Medicare.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
• Being Rich vs Being Wealthy: What’s the Difference?
• These 5 Rules Separate the Rich From Everyone Else
• Can Money Buy You Happiness? Yes, It Can. However…

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a 58-year-old married tech CFO in Dallas who makes $450,000.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I started saving for college and a car when I was 8 years old, with my first paper route. By the time I was 11, I had my first $1,000 saved and invested in a CD earning 13.5%.

When I was 16 and started working part-time at a grocery store, I had $5, and later $10, of every paycheck deposited in the grocery store chain's credit union savings account.

Once I graduated from college, I started investing in the firm's 401(k) and making sure I was getting the full company match, and then I started investing in mutual funds and stocks.

By the time I was 26, my combined investment portfolio was worth $100,000, and I had $10,000 invested in an UGMA for my first daughter's college education (529 accounts were not available yet).

When I was 33, my company's options were worth $750,000, and my investment portfolio was worth $250,000.

The next year, the dot-com bubble burst, my options became worthless, and my investment portfolio dropped 45%.

My investment portfolio grew back up to (where it was before) the bubble burst in less than a year and a half.

The Fun Stuff

What is the best part of making $1 million?

Knowing that you can take care of your spouse and family for the long term ... long after you're gone.

If you're doing it for any other reason, I think you've missed the point. We're all here to do our best in using our talents to take care of each other.

Did your life change?

Simply put, less financial anxiety over:

• A, what happens when I'm gone
• B, feeling more comfortable with the ability to do the things I want to with my spouse and family

Does anyone know you're a millionaire?

I used myself as an example with the Boy Scouts, and because we had two-deep leadership, other adults heard it. I always thought it was a good thing — because parents would start to take notes, as well.

Any plans to retire early?

Not sure I'll ever fully retire, health not withstanding. My plan is to make the top 1% before I pivot into more self-directed/part-time endeavors (teaching, blogging, board member, etc.).

Looking Back

Anything you would do differently?

A friend of mine had said, "There's nothing wrong with taking money off the table and investing elsewhere," when we were talking about my stock options. I thought about it a lot but didn't take the advice. Where else was I going to get the phenomenal returns???

I decided that long-term value creation, excellent management and diversification matter more than the high-flying returns. That was the approach I took with my investment portfolio, and that was what I should have done every time my options were vested.

What advice would you give to your younger self?

• Don't be as conservative in your investment decisions when you're young.
• Don't get married to any one investment
• Look out for the classic mutual fund pump-and-dump (lost a fair amount of money)
• Always key on strong management instead of industry
• You're never going to be truly right, so if you start to get uncomfortable, there's nothing wrong with selling and loading up on cash

Did you read any books that helped you on your journey?

Yes, but most were boring (or I was too impatient). I've heard that Rich Dad Poor Dad (by Robert Kiyosaki) was a good one for people in their 30s.

I mostly intertwine things from several sources. Kiplinger's is a good one to get ideas that you can continue with other sources.

When I was a kid, I thought The One Minute Manager (by Ken Blanchard) was a good one (the essential message was, knock the hard stuff out of the way first so you can enjoy the rest).

I think the source material should start with your own aptitude, and you build from there. For me, it starts with saving money, so if that's where you are, that's where you should start.

Read to get ideas on how to better ensure you're saving as much as you can (either make more or spend less and ultimately do both).

Did you work with a financial adviser?

No. I talk with one investment firm's broker and give him the harder stuff I don't have time for (e.g. setting up the kids' 529 accounts), but generally I like to do my own investment analysis and am a big fan of Morningstar — I get it for free through T. Rowe Price.

Did anyone help you early on?

My dad set me on the right path. He told me how he saved and what stocks provided, then casually left annual reports out where I could start looking at them at an early age.

From there, it's a collection of people, really.

Looking Ahead

Plans for your next $1 million?

My plan is to make the top 1%. That's still several millions away, but a lot closer than it was.

Part of the drive is the challenge, the planning, the people you work with to get there.

Any advice for others trying to make their first $1 million?

I used to teach the Personal Management merit badge for my son's Scouts troop. I would skip telling them about how I made my first million (the million I lost) and teach them about my second.

It all starts with deciding:

• What kind of life do you want to have?
• What are you willing to do to have it? (What do you need to do to get the kind of job you want that pays the kind of money you'll have to make to meet decision No. 1?)
• What are you going to save?

You have to put saving in front of everything else. What's left over determines where you live (rent, then mortgage), what you drive, what you wear, etc.

Do you have an estate plan?

Yes and no. Will and powers of attorney, of course. I still need to work on how my spouse will make financial decisions when I'm gone.

What do you wish you'd known …

When you first started saving? I was a good saver and had a decent grasp on interest rates. We didn't have as many options and easy movements of cash via the internet then as we do now.

I was saving to pay my way through college and buy my first car, so there wasn't a lot more I could have done to grow it faster before I turned 18.

When you first started investing? Gosh, all of it, really. You start small and learn along the way. I guess I wish I had known about the Rule of 72. That basic rule could have helped me steer away from some of the mutual funds that were too conservative, given my age at the time.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
• Being Rich vs Being Wealthy: What’s the Difference?
• These 5 Rules Separate the Rich From Everyone Else
• Can Money Buy You Happiness? Yes, It Can. However…

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a married 53-year-old transportation public affairs director and farmer in the Midwest.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I have always been a saver. I started putting 15% to 20% of my paycheck away when I started working at age 24 (graduated law school) and encouraged my wife to do the same.

We achieved millionaire status when I was 41, but our big break came when I was 36.

I grew up on a farm. My uncle called and told me there was a nearby farm for sale and encouraged me to buy it. It was $1,300 an acre — $104,000 for 80 acres. My mom gave us half the 20% down payment.

My dad told me it was too much money and that we had no idea what we were doing, but it was the best investment we ever made.

Four years later, the farm was worth around $300,000, and we borrowed against our equity to buy a second farm for $3,100 an acre. The appraiser told us we got a good deal.

Six years after we purchased our first farm, I was 41 years old, and my wife was 40. We owned $1 million worth of farmland with $700,000 equity plus $400,000 in investments.

Buying that first farm was the best investment we ever made.

We have since acquired a third farm and bought a couple of rental duplexes, and I continue saving 15% to 20%.

What are you doing with the money?

Like a lot of farmers, we are "land rich" and "cash poor." Almost all of our cash money — more than $1 million — is in 401(k)s and Roth IRAs.

We do have a six-month emergency savings fund.

We paid off our first farm, and I plan to pay off the second farm in the next five years, which will free up cash flow for another deal or reinvestment.

The Fun Stuff

Did you do anything to celebrate?

No, it didn't seem real. I did recently take my wife and kids out to a nice dinner to celebrate a nice profit we made when selling a rental property.

What is the best part of making $1 million?

Financial security. It's not making $1 million. It's having that $1 million in the bank and knowing we have the resources if someone needs to go to the Mayo Clinic, Johns Hopkins or MD Anderson.

It's knowing I can get my kids through undergrad school debt-free.

It's knowing I have the freedom and flexibility to help my kids and family if the need arises.

Did your life change?

I am much more confident and able to take on more risk/make calculated investments because I have a strong balance sheet.

Does anyone know you're a millionaire?

I have a few close friends — all millionaires — who I talk with about stocks, investing, taxes and finance.

These are first-world problems most people don't understand.

Even my wife, who knows our assets and net worth, does not understand my obsession with optimizing our taxes.

Any plans to retire early?

No, I love what I do and need to have a reason to get up in the morning.

Looking Back

Anything you would do differently?

Yes, I would just keep buying and hold steady in the funds I had. I panicked during the 2000 dot.com bubble, the 2008 Global Financial Crisis and a little less during COVID.

My panicking during those three economic downturns easily cost us hundreds of thousands of dollars and likely more than $1 million.

What advice would you give to your younger self?

Don't panic when the market drops 40% in a year. Just keep buying.

Did you read any books that helped you on your journey?

• The Simple Path to Wealth by JL Collins
• Rich Dad, Poor Dad by Robert Kyosaki
• The Millionaire Mind by Thomas Stanley
• Dave Ramsey's The Total Money Makeover
• Start Late, Finish Rich by David Bach

I also listen to a lot of podcasts.

Did you work with a financial adviser?

No. When I was first starting out, I asked my dad about hiring a financial adviser. He said, "Nobody is ever going to handle your money better than you."

I have been a do-it-yourselfer ever since.

Did anyone help you early on?

I feel like I got a lot better at investing when I started listening to Warren Buffett and Charlie Munger and stopped listening to a lot of the financial pornography that is out there.

Looking Ahead

Plans for your next $1 million?

Our net worth is 50% real estate and 50% equities. I want to keep growing both our real estate portfolio and our investments.

Any advice for others trying to make their first $1 million?

Marry the right spouse and stay married. Two incomes are much better than one when you're starting out.

Then, live beneath your means, save 20%, buy and hold diversified funds and just keep buying.

Do you have an estate plan?

I have a healthcare directive and springing durable power of attorney in the event anything happens to me.

All the real estate is JTWROS, etc., and all other accounts are joint or POD (pay on death).

However, I am considering a trust in the future.

What do you wish you'd known …

When you first started saving? The time-value of money. I should have put more money away earlier so it could compound.

When you first started working with a financial professional? Beware of financial professionals who want to sell you life insurance and other services.

When you first started investing? The market always comes back. It can take time, but the market always comes back.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
• Being Rich vs Being Wealthy: What’s the Difference?
• These 5 Rules Separate the Rich From Everyone Else
• Can Money Buy You Happiness? Yes, It Can. However…

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a retired Navy officer who's married and living in Greenville, South Carolina. She retired at 63.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

We made our first million by diligent saving and keeping to our budget. As young naval officers, our salaries were initially very low, but we lived on one salary so we could take time off from work when our children were born but also continue saving in our retirement funds.

It took us about 20 years of work before we reached our first million. We both had good jobs, maxed out our 401(k) contributions and saved for our children's college educations.

We invested in the stock market and studied strategies for the best investments.

We also bought real estate for rental properties and small commercial properties to diversify our investments.

What are you doing with the money?

We were able to retire early, help pay off our children's professional schools, help our relatives and set up a substantial donor advised fund.

We have grown the first million many times over by following the same habits and strategies as our process to our first million.

We did build a wonderful " forever" home in a beautiful neighborhood and set up a great trust for our children.

We are enjoying the fruits of our labor, but feel like it was not as difficult as we'd thought. It just takes time and focus. We started out with very little.

The Fun Stuff

Did you do anything to celebrate?

It was a quiet fist bump between me and my husband. We don't really advertise it.

What is the best part of making $1 million?

It was a little shocking but so affirming to know that we were able to do that and still have a nice lifestyle.

Also, since we came from humble circumstances, we felt proud. It is a very freeing feeling to not worry about money.

We tell our children that money is not that important, but it can give you choices.

Did your life change?

Not dramatically. It affirmed our plans and rewarded our efforts, which always feels good.

Does anyone know you're a millionaire?

No, we didn't share this milestone, but our current lifestyle and travel may give it away.

Did you retire early?

We retired early by about three to five years.

Looking Back

Anything you would do differently?

We liked most of the decisions we made financially over the past 40 years.

We could have done something more entrepreneurial, such as starting a business, but we thought it was too risky.

We could have taken a little more risk.

What advice would you give to your younger self?

Have less doubt. Steady saving and investing is more important than a grand plan. Do not get discouraged.

Did you read any books that helped you on your journey?

We read a lot of books on investing and real estate investments. The first book I read was The Millionaire Next Door (by Thomas Stanley and William Danko).

Did you work with a financial adviser?

We did not work with a financial adviser initially, but read different books and magazines for general information.

We did a review with Fidelity and used free services offered by employers from time to time.

We also hired a consultant to review our plan when we were close to retirement and our portfolio had grown to multimillions.

Did anyone help you early on?

No. It was really a self-education process, starting with short magazine articles (and progressing) to financial philosophy.

Looking Ahead

Plans for your next $1 million?

We feel like we have enough to live the way we want, to take care of our family and to donate and support our causes.

At this point, having financial freedom allows us to be stress-free to pursue the most important things in our lives — health and family.

Any advice for others trying to make their first $1 million?

Small, steady steps will take you there — be patient.

Once you have your first million, investing and savings growth often become exponential, which is very rewarding.

Do you have an estate plan?

We do have an estate plan for our children — includes (revocable trust, irrevocable trust, will, powers of attorney).

What do you wish you'd known …

Before you retired? It is so great to be retired, to feel like you can do anything!

When you first started saving? The magic of compound interest is awesome!

When you first started working with a financial professional? Not all professionals are effective, and you need to take the time to find the ones who serve your needs carefully.

When you first started investing? The discovery of the stock market for the average person was very important. My first glimpse at Money magazine with articles by Peter Lynch and other experts was a revelation at 21 years of age.

We started talking to our kids at around 12 and started them investing early.

Our son has reached his first million recently at 35, and our daughter just bought her first apartment building.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
• Being Rich vs Being Wealthy: What’s the Difference?
• These 5 Rules Separate the Rich From Everyone Else
• Can Money Buy You Happiness? Yes, It Can. However…

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we hear from a married man, 69, who retired from owning a personal care business and who lives in Northern California. He also made some money from owning real estate and investing, especially in Nvidia.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I started my business at 20 years old and saved up money to buy real estate. It was real estate that added up to my first million.

I owned seven properties last year, but am now selling off properties as I age, to have fewer responsibilities. One sold, five to go.

I'm keeping my primary residence.

What are you doing with the money?

I paid off mortgage loans and bought four more properties after the 2008 recession, at fire-sale prices. You never want to be overleveraged. That ruins you in a recession.

My only mortgage is a small one on my primary home — that mortgage is at only 2.95% interest.

The Fun Stuff

Did you do anything to celebrate?

I always spent enough money to have a good time. But I never blew money to show off or show "status."

Only, $1 million was never my end goal. $1 million only buys a starter house, where I live.

What is the best part of making $1 million?

When you can afford lawyers, no one can push you around or take advantage of you. You have power and control over your life.

Did your life change?

I travel in lie-flat business class anyplace I want to go. I'm Emerald status with Oneworld and Globalist with Hyatt. Those get lots of nice perks. I never have to worry about car repairs or broken windshields.

I try not to let the price of anything I want — that is reasonable — bother me ("luxury" consumer goods bore me).

But I really can't stop my frugal habits that allowed me to get rich. I'll never spend all the money I have.

Does anyone know you're a millionaire?

I learned the hard way, never tell anyone how much you have! So many people hate the rich.

Did you retire early?

I retired when the 2020 pandemic started, and I was 64 — it was the right time. Every year, you feel more of your energy draining after 60.

Looking Back

Anything you would do differently?

I did do something differently. I had some money in the early 1990s that I had in the bank, and I spent it on a shiny thing — a $30,000 car I did not need but wanted.

Later, I figured if I had bought Intel (INTC) stock with that $30,000, it would have grown to another million more dollars for me!

So the next time I had $30,000 left over from a real estate transaction, I bought stock in a company recommended by my husband. A company I had never heard of: Nvidia.

Now that stock is worth $15 million dollars. Lesson learned!

What advice would you give to your younger self?

When I was 8 years old (in 1964) and visiting relatives, one of my great-aunts was talking about how she'd how bought her little house for $8,000, and now she said it was worth $15,000.

I was impressed and decided buying real estate would be a goal for me.

Did you work with a financial adviser?

I don't plan to, until I think I am getting age-related dementia. I don't know how you figure that out, however. (For now), I trust only my instincts.

My mother had a financial adviser, and to me, it just seems like they churned her account for fees. They never made money the way she did before she signed up with them.

Did anyone help you early on?

A family friend who was a stockbroker was very helpful in helping me buy my first stocks in high school with my yardwork money.

My mother told me, "You can't just save — you have to invest in stocks and real estate."

She became a millionaire, too, years later, after I left home. As I said: It takes time!

Looking Ahead

Plans for your next $1 million?

I just hit $30 million a couple of weeks ago, but Nvidia (NVDA) has dropped since then, so I'll have to make do with $28 million.

I really don't need any more money. I'm holding Nvidia and expect it will keep running.

I did trim a million dollars of Nvidia for a safety net, though, and put it in CDs.

Any advice for others trying to make their first $1 million?

No one who makes a normal income can save a million dollars. You have to invest to grow to a figure that large.

First, have no debt, except for mortgage debt. Consumer debt kills you financially!

Then invest in stocks, ETFs and/or real estate.

My first house cost only $15,000 in 1976. So it's way harder to start with real estate today, but over time you can get there.

Remember, it takes time, and the sooner you start, the more time you have.

Getting rich quick is a delusion.

Do you have an estate plan?

Yes, my husband and I have an estate plan. If you don't make one you want, the state has a default one for you anyway, and you may not like it!

What do you wish you'd known …

When you first started saving? I used to plot how to get the most candy for my allowance ...

When you first started investing? That I did not need a formal education. I'm a high school dropout. But I educated myself.

Before you retired? That commuting is not worth it if you don't need to work for money.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
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• These 5 Rules Separate the Rich From Everyone Else
• Can Money Buy You Happiness? Yes, It Can. However…

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we hear from a 52-year-old man who owns a business in New Mexico that sells fire equipment and apparatus. His wife is a school nurse, and he reports they have a combined income of $200,000.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the article 5 Key Insights We Learned From 50 First-Time Millionaires.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

Combination of disciplined savings in retirement account and building equity in a business. Made first stock investments at age 26 and reached first $1 million in net worth at age 41.

All invested in stock mutual funds … nothing crazy. Net worth is approximately $3.2 million today.

What are you doing with the money?

Most still invested in retirement accounts.

The Fun Stuff

Did you do anything to celebrate?

No.

What is the best part of making $1 million?

It is just a goalpost to show that you can accomplish some success with discipline.

It is not enough money in and of itself to make you financially independent, so it is really just a "check-in" point on the way to further financial success.

Did your life change?

No, but greater wealth does come with some headaches. I spend much more of my time worrying about estate planning, etc., now that we have some funds and thinking about tax efficiency of retirement income from our investments.

Any plans to retire early?

Would like to retire in the next five to seven years, but will still be paying for state college for youngest son, so will have to see.

Looking Back

Anything you would do differently?

Not really. We bought into the idea of disciplined saving early on, and it worked just like it should.

What advice would you give to your younger self?

Be patient. The first years are hard to notice much progress, but it snowballs with diligent effort.

Also, turn off the news. There is nothing on TV or from the "experts" that will make you a better investor. Just come up with a good plan and stick to it.

Did anyone help you early on?

My high school science teacher used to teach us about the value of investing in the stock market during science class. He told us to make small investments and be disciplined.

Funny thing is, he never took his own advice. He is still teaching/working today and could have been worth $10 million by now if he had just done what he told us to do.

Looking Ahead

Plans for your next $1 million?

Now that net our worth is over $3 million, the next $1 million will come a little easier. Even if we don't invest another penny, our existing portfolio will continue to grow on its own at a pretty good pace.

Even with conservative assumptions, we should have a $5 million portfolio, and hopefully a $6 million to $7 million net worth, in 10 years.

Not bad, considering that 2025 is the first year that we have ever paid a federal income tax rate beyond the 12% tax bracket, and I had a negative $5,000 net worth at age 22 out of college.

Point being, if we can do it, anyone can. We didn't do it by earning huge $$ or doing anything sexy. Just mundane, disciplined savings in mutual funds.

Any advice for others trying to make their first $1 million?

Buy the book The Automatic Millionaire (by David Bach) and work that system.

Do you have an estate plan?

We have had a will for several years, but now in the process of finalizing a revocable living trust. We feel that will give us a way to manage inheritance for our two boys a little better.

They are both still in high school, and honestly, if they were to inherit what we have (and hopefully will have), it would ruin them.

They need to make their own way in the world, and we are trying to set up our estate in a way that doesn't "spoil" them.

What do you wish you'd known …

When you first started investing? I wish I had had a crystal ball to foresee the dot.com bust, financial crisis, etc. If I did, I would be worth a lot more!

When you first started working with a financial professional? Most financial professionals are just regular people, and many of them honestly don't have as much knowledge on investing as I do.

No matter who you work with, you are responsible for knowing your financial situation better than anyone and making it happen — nobody else.

Before you retired? Not retired yet, but I wish I knew what was going to happen with Social Security exactly. What a mess!

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
• Being Rich vs Being Wealthy: What’s the Difference?
• These 5 Rules Separate the Rich From Everyone Else
• Can Money Buy You Happiness? Yes, It Can. However…

As aspirations go, retiring rich with $1 million or more is right up there with winning the lottery. And since hindsight is 20/20, we asked dozens of retired first-time millionaires what they wish they'd known before they walked out the door of their workplace for the final time.

Here's what the millionaires featured in our My First $1 Million series shared with us. You might be surprised to learn that none of the things they wish they'd known has to do with their money.

No. 1: You need a purpose and a plan for how you'll spend your time

While the millionaires noted that accumulating wealth was the main focus of their working years, several realized once they retired that having a plan for their free time — beyond vegging out on the sofa — is just as important as having a financial safety net.

They said that a lack of purpose can make the transition surprisingly difficult, and they learned fairly quickly that if they didn't want to expire of boredom, they needed meaningful things to do to fill their days.

What the millionaire retirees say

• "Retirement isn't about finances. Rather, it's about how you plan to use your most limited resource — your time." — Healthcare CFO, 52, Pacific Northwest
• "It can be challenging not having a purpose in life. Retirement isn't just travel and freedom, you need to have things to fill the time that make you feel useful." — Retired insurance adjustor, 63, Milwaukee

You can learn more about the importance of retiring "to" something rather than "from" something by reading the thought-provoking articles of retirement psychologist Dr. Richard P. Himmer, a contributor to Kiplinger.com's Adviser Intel.

No. 2: The transition can be lonely if many of your peers are still working

The millionaires noted that retiring early or even reaching financial independence before others in your social circle can lead to feelings of unexpected isolation. Having the time and money to enjoy life doesn't mean as much if your friends are still tied to their careers and daily struggles.

So, as Bette Midler sang in the 1970s, "Ya got to have friends."

Or, as Dr. Himmer points out in his article Combating Loneliness in Retirement: Why Strengthening Your Connections Could Lengthen Your Life, with nods to a Harvard study, psychiatrist George Vaillant and director Robert Waldinger:

"The quality of your relationships, not your money or professional achievements, is the strongest predictor of health and happiness in later life."

What the millionaire retirees say

• "There are not enough friends in (my) same position. Many are still struggling day-to-day, or they like the day-to-day struggle." — Attorney, 55, Rhode Island
• "I think (my retired partner's) biggest lesson was that he was alone. Everyone he knew was working, so there was no one to play with." — Film/TV production accountant, 58, Florida

No. 3: Money can buy you financial security, but it can't buy you happiness

Many of the millionaires wish they had understood earlier in life that money is merely a tool for providing security, rather than a direct source of happiness.

They said that while reaching the million-dollar milestone eliminated their financial anxiety, many discovered that wealth alone does not make them feel fulfilled.

What's more, no one else really cares how wealthy you are. In his article Being Rich vs Being Wealthy: What's the Difference?, CFP Andrew Rosen writes: "While there is nothing wrong with growing your assets (I've even made a career out of helping people do just that), at the end of the day, no one cares about how much you're worth and how much money you make."

And as another contributor, CFP Joe F. Schmitz Jr., has noted in his articles: "We always joke with people that you cannot attach a U-Haul behind your hearse."

So while our millionaires say it's definitely worth celebrating when you hit the million-dollar milestone, finding happiness is a whole other challenge.

What the millionaire retirees say

• "Money can only give you peace of mind, not happiness." — Retired middle school teacher, 68, North Carolina
• "Money doesn't satisfy me like I thought it would." — Semiretired entrepreneur, 64, Nashville

No. 4: Delaying retirement because of fear can lead to regret

Several of the retired millionaires expressed regret for working longer than financially necessary because they feared running out of money, losing their identity or lacking a focus.

They've found retirement, early and otherwise, to be exceptionally rewarding.

What the millionaire retirees say

• "I waited until 65 to retire even though I didn't need the money because I enjoyed my job and feared not having that as a focus. Now I know how great it is to be retired with adequate resources." — Retired in-house corporate lawyer, 74, the Midwest
• "Retirement is incredibly fulfilling. Time abundance and freedom are priceless." — Retired physician, 52, Chicago

No. 5: Early in retirement is the prime time for high-energy to-do's, but beware of overcommitting

Some millionaires wish they had prioritized travel and personal enjoyment earlier in retirement, while they had the stamina.

Others regretted immediately overcommitting to obligations — like volunteering or caregiving — without first taking a much-needed (and well-deserved) break.

Retirement does indeed deliver a sudden influx of free time, but energy levels inevitably wane as the years go on, hence the phrase "go-go years, slow-go years and no-go years" to describe the three phases of retirement.

So, really, once you hit the bricks for retirement, don't hesitate to jump into checking items off your bucket list while you're still healthy. But maybe take a breather first if you need it.

Also, try to balance the fun with the commitments — babysitting the grandkids is awesome, but so is time on the pickleball court, traipsing through history in Italy and wine-tasting your way through Napa.

What the millionaire retirees say

• "I would have traveled a bit more earlier in retirement, when I had more energy." — Retired tech industry director, 78, Delaware County, Ohio
• "Once we retired, we jumped right into volunteering, caring for aging parents, etc. I wish we had taken some time 'off' before overcommitting to volunteer work." — Air Force veteran, 68, Duluth, Ga.

To learn more about what makes real-life first-time millionaires tick, see some of our favorite profiles, including a writer in New England, a literacy interventionist in Colorado, an events industry CEO in Northern New Jersey and an early retiree in Western North Carolina.

You can also check out a podcast I did about my three favorite features, with bestselling author and tax attorney Toby Mathis.

And if you're inspired to get in on the fun (please do!), you can submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions.

We know who our millionaires are, but they are completely anonymous to readers. Don't be shy — the more detailed you are in your answers, the more likely you'll be featured.

Related Content

• 5 Key Insights We Learned From 50 First-Time Millionaires
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
• Five Things I Wish I'd Known Before I Retired
• Do You Believe You Can't Retire? You Need to Read This

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we hear from a married 55-year-old attorney in Rhode Island who's retired but working part-time. It took him a while to find his footing, but he credits his mom for providing the foundation that helped him get there. (Happy Mother's Day weekend to all the great moms out there!)

To learn what the millionaires featured in this series have taught us, check out the article 5 Key Insights We Learned From 50 First-Time Millionaires.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

If you want to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

My journey began as the sole child of young divorced mom with no education who could barely make ends meet. My father disappeared when I was about 1 to 2 years old, and they made it official soon after, but my mom was able to hold it together enough to keep the house and raise me in a good neighborhood.

High school was a disaster for me, but I managed to barely graduate. Community college and a steady job working with troubled kids occupied my next 10 years.

Then I flipped the switch. Not sure why. I guess it was just time. I met a great admissions officer and blew the doors off to get my BA degree.

Law school was an obvious choice, as I enjoyed the debate. I was about 30 by the time my real career began. Then the first job took another five from me.

My journey to a million really starts here, as I opened my own firm, but every well-built house sits on a foundation, so I figured I'd share.

I made my first million very slowly. I struggled just to pay the mortgage and the rent at the office.

My mom let my wife and me live in her basement while we built our business. We focused on two areas — short money transactions that paid consistent small wins and big long-term litigation payouts.

I've had some amazing clients with some terrible, terrible damages over the years, and I didn't take any guff from insurance adjusters. They needed to either pay my clients the total value, or we were going to trial.

The small cases, constant cases, kept me disciplined economically.

I never wanted a monster to feed, so I kept it all small internally. I learned early on that you never know how long a really big case will take to resolve. The big wins — as they appeared — allowed me to get debt-free, make large investments in the market, diversify my assets.

I have a talent for equities, too, and I've been very lucky in building a portfolio.

My wife has family with money, and I guess that always loomed in my mind as a safety net someday, so I was probably more risky in my investments, but nothing crazy — just solid companies with earnings or a seductive growth story.

I read a lot, too, about how "the rich" do it and tried to mimic what I could to get there.

What are you doing with the money?

Mostly, it sits in a brokerage account I manage as a hobby. It is spread out mostly among stocks, but some crypto (not good at the moment, but still in the black), Roth, 401(k), HSAs, gold, etc.

I bought my office building and some raw land close by home for my kids to build on someday, if they want.

I have my mom's house now — maybe someday I'll gift it to one of the kids.

I helped my wife start a nonprofit to support our daughter's Scouting America troop. You would be surprised at the cost to make it sustainable.

We vacation regularly all over the world with family and friends.

I like to focus on UNESCO World Heritage sites, but I love Italian food and drink, so sometimes that wins out! lol.

The Fun Stuff

Did you do anything to celebrate?

I did not, specifically. I told my wife, but she kinda already knew we were doing OK.

What is the best part of making $1 million?

Less stress.

Did your life change?

Yes and no. It takes all the worry away about one's family's immediate future.

Does anyone know you're a millionaire?

I've told too many people, mostly because I want them to succeed, to guide them and help them understand the way to get here. My wife tells me to mind my own business! lol

Did you retire early?

Yes. Kinda work now because people seek me out.

Looking Back

Anything you would do differently?

Probably high school. I burned a lot of bridges. I was very defensive in my youth.

What advice would you give to your younger self?

It's funny — I used to tell my high school vice principal, who I visited often, that someday I would be a millionaire.

He never quashed the statement on me, just nodded.

I've always been motivated to get where I am, and I shake my head all the time about the decisions people make with their money. I guess it goes back to my childhood, albeit that seems a bit too simple.

Did you read any books that helped you on your journey?

No. Apple News articles mostly. CNBC, Bloomberg …

Did you work with a financial adviser?

I've always been interested (in managing my own money). I always had the 401(k) from that first job.

My law school roommate took me to open my first brokerage account. I was hooked on it.

I have always made my own decisions — mostly with individual stocks, and I always beat the market significantly without paying the 2% fees, but I did go get an MBA in finance so I'd have some background on building a solid portfolio.

Did anyone help you early on?

My mom. Keeping our house in that simple and safe neighborhood was a big deal — I believe — in keeping my fingertip-grip on the bottom rung of the ladder of my life.

Without that base, without that vertical visual, I would not have had the time to grow up slowly and reach for that second rung and thereon.

Looking Ahead

Any advice for others trying to make their first $1 million?

Start a business with regular income and the potential for the occasional home run. Keep it small and profitable — don't build a monster you have to feed.

Educate yourself on how others have done it and mimic them.

Be careful of financial adviser fees. They can add up.

Start early. Start your kids early.

Look at the long term but spend a little along the way, too.

Put as little cash as possible in depreciating assets, like pickup trucks, fancy cars and clothes, until money becomes less valuable to you, then spend on generational quality.

Do you have an estate plan?

I have a simple estate plan. I'm still young, our kids are still young, but I am beginning to think about how best to provide our wealth to our kids and, importantly, for me, generations beyond my vision.

I refuse to have this gift squandered. I'm thinking about a sort of a generational flywheel estate setup. It is still rough, but I'm forming an idea/plan.

What do you wish you'd known …

Before you retired? There are not enough friends in the same position. Many are still struggling day to day, or they like the day-to-day struggle. I'm not truly sure.

When you first started saving? That it would all pay off.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
• Being Rich vs Being Wealthy: What’s the Difference?
• These 5 Rules Separate the Rich From Everyone Else
• Can Money Buy You Happiness? Yes, It Can. However…

In March 2025, we launched our feature My First $1 Million, in which we ask readers to share the details of how they hit seven figures.

More than a hundred readers have detailed their experiences, and we've published 50 of these profiles so far — from a novelist in New England and a 37-year-old banking executive (yes, 37), to the owner of a waste-hauling business and a retired middle school teacher.

So now is the perfect time to share the top five lessons we've learned from our featured millionaires. Whether you're aiming to make your own $1 million or just want tips on how to be a better saver, hopefully something here will resonate with you.

1. The magic of compound interest and time

A near-universal theme among our millionaires has been letting "time" and "compounding" build their wealth rather than trying to engage in quick, risky bets.

Many of the millionaires started the process early and have allowed their investments to grow.

If you're in your 20s, note that many of our millionaires wish they had grasped the starting-early aspect sooner than they did.

What the millionaires say

• "Eventually, retirement fund growth is exponential, not arithmetic. Trust the process, and you will be pleasantly surprised by the results the longer your money remains invested." — Retired nuclear power plant supervisor, 68
• "Small amounts, consistently done over time, will grow. Cash has to be saved, but time will conquer all." — Semiretired CPA, 68

2. Steady, consistent saving and maximizing retirement accounts

Instead of hoping for luck or massive windfalls, many of our millionaires have relied on slow, deliberate saving and investing habits to build their wealth.

They maxed out tax-advantaged accounts — 401(k)s, IRAs and the Thrift Savings Plan (TSP) — and automated their investments.

What the millionaires say

• "Our first million came over 33 years of steady investments. I started in 1985 by investing $25 a month." — Retired middle school teacher, 68
• "Slow and steady wins the race. Let dollar-cost averaging do the work for you (and) manage some of the risk." — Federal civil servant and analyst, 55

3. Living below means and avoiding debt

Traits many share: Frugality and an aversion to debt. They especially prioritize avoiding credit card debt. And they've resisted the urge to let their spending habits inflate as their incomes grow.

What the millionaires say

• "Our story is hard work, living below our means and paying off debt after realizing we were struggling." — Retired Army and health care worker, 52
• "We don't spend recklessly. I've had the same car for 12 years." — Banking executive, 48

4. DIY financial education and low-cost index funds

Many educated themselves about financial issues by reading books like The Millionaire Next Door or The Total Money Makeover.

They note that outlets like Kiplinger have been especially helpful on their journey to $1 million (and we appreciate that!).

Several manage their own money by using low-cost index funds and taking inspiration from financial icons like Warren Buffett and Dave Ramsey.

What the millionaires say

• "I'm a DIY planner. Wealth accumulation isn't rocket science, but it does require diligence, patience and a willingness to self-educate." — Retired accounting firm partner, 62
• "I wish I had followed Warren Buffett's advice sooner. I initially tried researching and investing in individual stocks rather than low-cost index funds. It turns out that I'm not very good at that!" — General manager in construction/home services, 46

5. Peace of mind over extravagance

Perhaps the most interesting thing we learned from our millionaires comes in their response to the question, "Did your life change after you made $1 million?"

The overwhelming answer? No.

Instead of considering a million dollars a path to a luxurious lifestyle, they value it for the deep sense of financial security, stress reduction and freedom it provides.

What the millionaires say

• "The best part of making $1 million is the peace of mind and financial stability it brings. It creates a safety net that allows us to handle emergencies without stress ..." — U.S. government worker, 47
• "I sleep well. That's by far the main benefit." — Retired (at 57) aerospace senior manager, 58

To learn more about what makes real-life first-time millionaires tick, visit My First $1 Million. You can also check out a podcast I did with bestselling author and tax attorney Toby Mathis, about my three favorite features.

And if you're inspired to get in on the fun, you can submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions.

We know who our millionaires are, but they are completely anonymous to readers. Don't be shy — the more detailed you are in your answers, the more likely you'll be featured.

Related Content

• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age
• Being Rich vs Being Wealthy: What’s the Difference?
• These 5 Rules Separate the Rich From Everyone Else
• Can Money Buy You Happiness? Yes, It Can. However…

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a single 48-year-old director in higher education/consulting in the Midwest. She reports that her income is $84,000.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To learn what these millionaires have taught us, check out the article 5 Key Insights We Learned From 50 First-Time Millionaires.

And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

Mostly from disciplined, i.e. automatic, savings every month invested in the S&P 500 or other mutual funds. I opened my Roth IRA when I was about 25.

I have saved monthly except during grad school (I went back to school as an adult) and then a few months before selling my previous house.

Right now, between my own share and employer match, I save about 35% in a mix of accounts.

I have no interest in owning real estate beyond my home. That would require substantial time and money I don't have to properly manage in order to make money.

I like market-based investments because they are passive. My brokerage account will never need a new roof.

I've also had some inheritance. I have a Roth IRA, rollover IRA that I convert a portion each year to my Roth, 457 accounts at work (Roth and traditional), HSA (health savings account) investments and brokerage accounts.

I also have home equity, but because it's so illiquid, I don't count it in my totals because I won't be able to use it for cash flow in retirement.

I'm single, no kids, so that makes for a different calculation in this exercise, but I'm fortunate to live in a low-cost-of-living city.

What are you doing with the money?

It's all in brokerage or retirement accounts. I also have my HSA invested in the market, and that's been a huge win in terms of market return.

The Fun Stuff

Did you do anything to celebrate?

No, I don't want to be flashy in any way about my net worth.

What is the best part of making $1 million?

Not losing any sleep over how to pay for retirement and then knowing I have enough time for compound interest to (make me) a multimillionaire, providing for a comfortable retirement.

The women in my family live a long time, so I have to plan accordingly.

Did your life change?

No, I live a pretty modest lifestyle: A 10-year-old Honda, don't take fancy vacations, shop at Aldi, no daily Starbucks.

I did upgrade my house a few years ago after living in my "starter home" for more than 20 years.

Plus, the vast majority of this cash is in accounts I can't access for another decade-plus without penalty.

Does anyone know you're a millionaire?

My mom, but no one else. No one else needs to know, and I don't think sharing this info would improve anything.

Any plans to retire early?

I'm hoping to retire at around 62 or 63. I initially thought I'd need to work until 70, but once I created a clearer strategy, I have a goal of about $3.4 million on these accounts. At that point, I walk.

Looking Back

Anything you would do differently?

Save more in my 20s to invest in index funds.

What advice would you give to your younger self?

Trust the math.

Did you read any books that helped you on your journey?

I can't remember the title, but I got turned on to index funds and the power of compound interest when I was in my mid-20s. Might have been something by John Bogle.

Now, there is amazing personal finance content online, plus a fair amount of junk.

Did you work with a financial adviser?

Yes, (I worked with) an independent fee-based adviser.

Looking Ahead

Plans for your next $1 million?

Just keep doing the same thing and watch compound interest work its magic.

Any advice for others trying to make their first $1 million?

Start early and let compounding do its thing. Also, build up a tolerance for normal market swings.

The only reason why I'll be able to retire comfortably is because I invested rather than saved and just left my money alone.

Do you have an estate plan?

Not really. Should probably do that, but I have beneficiaries named for all my investment accounts.

I want all of my assets to go to charity upon my death, hopefully many, many years from now.

What do you wish you'd known …

When you first started saving? Don't save cash outside an emergency fund. Put it in investments, mainly index funds.

When you first started investing? You've got a long horizon if you're starting in your 20s. Boring and basic go a long way in getting there.

The people in your life who are being very flashy with their money and investments probably aren't as financially stable as they look.

When you first started working with a financial professional? Not much. I picked a fee-based adviser about five years ago to review my investments and make sure I was on track, especially after online calculators gave me very different answers.

I no longer use him (I'm DIY on that front), but his advice helped me set my current course.

He helped me switch my thinking about retirement from total net worth to cash flow.

Obviously, living off my investments using the 4% rule would require a large nest egg, but that was a real game-changer in my approach as I prepare for retirement.

Anything you'd like to add?

There has never been more personal finance information available. Some of it is amazing; some is absolute garbage.

I love the SEC's compound interest and savings goal calculators as tools to figure out where I'm going and how to get there. I don't think enough people "run the numbers."

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it.

This time, we hear from a 62-year-old married and retired man in West Lakeland, Minnesota. As a regional business manager in the medical field, he earned a salary of $180,000 to $300,000 and retired at age 51.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I started my career a little late. Due to my parents' divorce, I was on my own for college. Subsequently, it took me seven years to finish a four-year degree.

The job market was bad when I finished college. It took me nine months to find a job that paid only $15,600, but it was in a good industry.

I worked hard and eventually made it into sales when I was 31. This was when my income accelerated.

I didn't know a lot about investing, but a few people told me to make sure I invest.

A stockbroker gave me the best advice. He said, "Before I make any stock investments for you, you need to invest in Vanguard index funds."

I grew up without a lot of money and didn't know how to handle it. Instead of spending, I continued to put most of my investments in Vanguard and sprinkled in with some stocks.

It took a while to get to $1 million. Once I did, it really started to accelerate.

What are you doing with the money?

Nothing specific. I never carried a credit card balance and was already paying extra mortgage payments to pay off my house sooner.

The Fun Stuff

Did you do anything to celebrate?

No. It just seemed to happen. I never really had $1 million as a specific goal.

What is the best part of making $1 million?

Financial freedom and retiring early. Also helping my children with auto and house purchases.

Did your life change?

Not at the time. It was nice to know I went over $1 million, but I still had a family to take care of.

Does anyone know you're a millionaire?

A few friends know, but I just try to stay under the radar and don't live lavishly.

Did you retire early?

I am 62 now and retired at 51.

Looking Back

Anything you would do differently?

It's hard to say. I made some mistakes in investing, but ultimately did very well. I could have been more aggressive.

Being in sales, you are always one quarter or two quarters away from being out of a job. For the security of my family, I always made sure I had a safety net.

What advice would you give to your younger self?

Be patient. It will take time. Don't obsess over daily swings.

Did you read any books that helped you on your journey?

Yes. I read a lot of books early on and subscribed to different financial magazines.

Did you work with a financial adviser?

I did most of it on my own and grew my portfolio to over $8 million. I now use Morgan Stanley to manage $1 million of that amount.

As much as I tried to educate my children, they do not have the same financial literacy I have or the interest.

As I get older, I expect to have Morgan Stanley manage more of this for my children.

Did anyone help you early on?

The owner of a distributor I worked for was very knowledgeable about the stock market. I mainly stuck with index funds, but he would walk me through investing in stocks.

Looking Ahead

Plans for your next $1 million?

Continue doing what I am doing. Another $1 million will not change me.

Any advice for others trying to make their first $1 million?

Get a good solid base with index funds.

Don't get a financial adviser initially.

Educate yourself about the market so you are financially literate.

As your portfolio grows, you may want an adviser, but be aware of the cost.

Do you have an estate plan?

No, but I am just starting to explore some firms to work with.

What do you wish you'd known …

Before you retired? That nobody cares about how hard you worked and the sacrifices you made. Companies move on. You are not as valuable to them as you think.

When you first started saving? That it is a slow process that gets ingrained in you. You have to get rid of that mentality when you hit financial freedom and learn to spend money.

When you first started working with a financial professional? I was pretty educated from doing everything on my own. It was nice to hear I was doing it right and should be proud of myself.

When you first started investing? Don't beat yourself up over mistakes. Learn and move on.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we hear from a married 34-year-old man who works in industrial cybergovernance in Cincinnati. He reports that his salary has ranged from $50,000 to nearly $180,000.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

It was a slow, steady, calculated journey of about 11 years of investing, saving and keeping costs low and cash flow high.

Out of college, my wife and I prioritized paying down about $60,000 in high-interest debt (7% to 9%) from student and car loans, and we had a negative net worth at the time.

Once that was paid off, we started to slowly max out retirement accounts and to contribute to a brokerage account, investing in total market funds and other select individual stocks.

We didn't have any highflier stocks, but by letting compound interest and time do their thing, we amassed a $1.6 million portfolio while steadily increasing contributions over time.

It took us three years to save/invest $200,000, six years to get to $400,000, nine years to get to $800,000, and at 11 years, we are at $1.6 million.

What are you doing with the money?

Our wealth is mostly (about 80%) in stocks (total market fund), with the rest in high-yielding cash investments (Treasuries, money market, online banks, etc.).

We have increased our contributions to church and also take more vacations with our immediate family (wife and two kids under 10).

We recently went to Hawaii for three weeks, along with four other week-long vacations throughout the year.

My wife is a teacher, so we have the gift of a lot of time off built into the year.

The Fun Stuff

Did you do anything to celebrate?

We didn't do anything purposeful to celebrate. We have a disciplined approach and a respect of money and the time it takes to create wealth.

We may have gone out to a fancier dinner (about $250).

Other than that, we kept hitting our goals and ensuring we were enjoying our time along the way.

We prioritize travel, and the more wealth we are able to save, the more the playbook opens to go to nicer destinations (Hawaii, Greece, Italy, Germany, France, etc.).

But we always balance out the year with rustic old-fashioned road trips.

Our kids have been to more national parks by the time they were 5 years old than most people have in their entire lives. My wife and I have almost been to them all together.

What is the best part of making $1 million?

The best part is knowing you have the financial freedom to do what you want and not having to stress about how you are going to pay for unexpected expenses.

Did your life change?

Yes, I used to have a lot of anxiety about my job and would easily burn myself out trying to be the best in what I do. Having a huge cushion of financial assets and essentially zero debt, I am able to relax.

This has led me to spend more time with my family and make lasting memories with my kids and wife as we have enjoyed more travel and taken more time off work.

Does anyone know you're a millionaire?

No, we have not told anyone that we are millionaires because we don't want anyone to treat us any differently.

We have good friends and family. Some are not in the best financial positions, so we don't want to alienate them or make them feel less for not making the same decisions.

Ironically, many of them likely think we don't have much since our possessions are very modest compared to them (more-than-10-year-old cars, inexpensive and small house, etc.).

We splurge only on vacations, as we take four to five a year.

Any plans to retire early?

The plan is to retire early (around 45-50), but I will keep working for as long as I find joy in it and I am able to keep a work-life balance.

If I do work longer than that, almost all my income would be spent on luxury trips, giving back and setting up my kids for success, because there is no point in banking more than you need. A dollar brings diminishing enjoyment as you get older.

Looking Back

Anything you would do differently?

If I had the chance to do it differently, I would ensure I always stick to the predetermined plan. We have steady contributions, but in times of downturns, we start to burn down our cash reserves by increasing our investments in increasing increments. For example:

• $1,000 when the market is down 5%
• $2,000 when down 10%
• $4,000 at 15%
• $8,000 at 20%, etc.

During COVID, we invested $60,000 in total market funds and saw the value sharply rise afterward. But in subsequent downturns, sometimes we pulled the trigger late after the milestones were hit, and we missed huge upswings.

Make a plan and stick to it ... period.

What advice would you give to your younger self?

It's a slow and steady game. There are no quick wins for the vast majority of folks. There is nothing glamorous about discipline, but with time and compound interest, it's all but guaranteed you'll get there.

Did you read any books that helped you on your journey?

I have read many financial books over the years, but the book I enjoyed the most was Die With Zero (by Bill Perkins), which equates money to life points.

Helps you realize how you are trading time and life (experiences) for material purchases. Grounds us to what's important, such as buying experiences like travel.

Did you work with a financial adviser?

No, self-directed. I log all of our spending in a spreadsheet and ensure we are hitting savings and investing goals, but also allowing ourselves to have fun with going out to eat and spending on travel and activities for the kids.

Did anyone help you early on?

My dad was a good example early on. He always stressed the importance of saving and investing. He helped me open a brokerage account as soon as I could, which laid the foundation I built upon.

Looking Ahead

Plans for your next $1 million?

For our next million, we are planning to spend a little more on vacations and meaningful activities with family and friends.

We are starting to treat friends more to dinner, go to concerts, go on weekend getaways and picking up more expensive hobbies like golf.

Any advice for others trying to make their first $1 million?

Don't try to keep up with the neighbors and friends in material goods. Choose what's important to you and don't sacrifice time spent with friends and family.

There is freedom in amassing wealth and comfort. However, you can always make more money, but you can never make more time.

In your journey, keep everyday fixed costs low (home, auto, etc.), but spend on experiences and travel.

Those memories will pay dividends over your lifetime, especially the ones spent with your kids.

Not everyone needs a million dollars, but we can always use more time.

Do you have an estate plan?

Yes, we have a will, power of attorney and a living trust. All our assets will be evenly split between our boys.

What do you wish you'd known …

When you first started saving? You don't need as much cash as you think. Early on, I had enough to cover two to three months of expenses, but I would invest everything else.

When you first started investing? How the power of compound interest really works. It takes a long time to see money making money and it being a meaningful difference on the bottom line.

However, it becomes a force after having a stock portfolio of over $500,000, and in a single year, you can add another $50,000 in wealth just from returns and not counting contributions.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we hear from a 63-year-old retired woman in Milwaukee who worked in the health insurance industry as a benefit analyst and adjustor. She reports that she earned $50,000 to $65,000 a year, depending on how much overtime she put in.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I started putting money in my company's profit-sharing plan when I got my first job at 18. When the company switched to a 401(k), I continued contributing, starting at 3%, which my company matched $2 for every $1 I contributed (up to 3%).

I increased my contributions through the years, and when my company closed after I worked there for 37 years, I had $600,000 in my 401(k).

I worked at another job a few years and retired at 59.

I'm now 63 with $1.4 million in a traditional IRA and a Roth IRA.

I bought a house with my ex-husband in 1986 for $40,000 and bought him out of it five years later, when we divorced. That house is now worth over $300,000.

I accomplished this while being a single mother of two daughters.

What are you doing with the money?

Just living my life. I spent many years worried about not having enough money, so I have a hard time spending the money I have amassed.

I do try to be generous with my family and friends, now that I feel more comfortable financially.

I also plan on giving money to my children, to make up for the lean times while they were growing up.

The Fun Stuff

Did you do anything to celebrate?

No. Maybe said a little "yippee" to myself.

What is the best part of making $1 million?

The security it gives you. As I stated earlier, I spent many years worried about not having enough money. Now I'm much less concerned.

I also have a sense of pride for reaching that milestone. Who would have thought this single mother with only a high school education could one day have over $1 million?

Did your life change?

I'm still living my life the way I always did, just less frugally. I treat myself and others more than I did in the past.

Does anyone know you're a millionaire?

Very few people know. I told my dad, since he's the one who advised me to put money in my company's profit-sharing plan, when I started my first grown-up job.

I wanted him to know that I heeded his advice, and it paid off.

I'm not comfortable telling people. It would feel like I'm bragging.

Did you retire early?

I retired at 59.

Looking Back

Anything you would do differently?

I would have invested more in a Roth IRA and Roth 401(k).

What advice would you give to your younger self?

Keep investing and increase the contributions as your salary increases. Maybe be a little less frugal, knowing how much you would have at retirement.

Did you read any books that helped you on your journey?

I read The Millionaire Next Door (by Thomas Stanley and William Danko) and said, "That will be me some day." I read some of Suze Orman's books and Dave Ramsey's books.

Did you work with a financial adviser?

After I retired, I started working with a financial adviser at Vanguard.

Did anyone help you early on?

My dad. As I stated earlier, he encouraged me to put money in my company's profit-sharing plan. As an 18-year-old left to my own devices, I would have just spent the money.

I never would have realized that starting to put away money at such a young age and continuing for the next 40 years, I would have as much money as I have now.

Looking Ahead

Plans for your next $1 million?

No specific plans, just enjoy my life and travel as my financial freedom allows.

Any advice for others trying to make their first $1 million?

Start investing early, even if you think you can't afford to. Have the money taken out automatically. You'd be surprised how you don't miss the money if you don't see it.

Do you have an estate plan?

I haven't gotten around to it, but know I should. Currently, I just have PODs (payable-on-death) and beneficiaries on my accounts.

But I do plan on getting powers of attorney and a revocable trust.

What do you wish you'd known …

Before you retired? It can be challenging not having a purpose in life. Retirement isn't just travel and freedom, you need to have things to fill the time that make you feel useful.

When you first started saving? Pay yourself first. If you wait to see what's left to save, there won't be anything left.

When you first started investing? I wish I knew more about diversification. When I first started investing, I just picked random funds without knowing why.

When you first started working with a financial professional? What the real benefit would be to me.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we hear from a single, 50-year-old, newly retired fiber optic splicer in Columbus, Ohio. He reports that he had a starting salary of $16,000 and ended at $101,000 over 30 years with small annual increases.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

Honestly, the last seven years changed my life. I was always investing, but I changed my mindset in 2019. I never bought crypto or invested in GME (GameStop). I was never into one-hit wonders, and I dove in when things were crashing, and I bought with any available funds I had.

Simultaneously, I was saving 30% of my income annually in a high-interest savings (account) and CDs.

In 1987, I was in sixth grade, and a gentleman from Ross Labs came to my school to teach my class how to buy and trade stock. He gave everyone $2,000 of fake money to purchase one company (and whoever made the most would win). I went home and asked my mom if she owned any stocks. She had shares of her employer, Ameritech.

The next day, I put $2,000 on Ameritech at $60 a share. The stock went from $60 to a $100 and split, and I won (the contest) and received a certificate that I wish I had today.

I was now hooked, but at 12 I was only focused on Ameritech. I would grab the Columbus Dispatch and slide my finger over the microprint to find that ticker every day.

I grew up in a blue-collar household with a struggling lifestyle. When I graduated high school, I got a job with Ameritech for $7.64 a hour and immediately got into the 401(k).

I grew up loving the company and the stock, so I was excited to have my 401(k) reinvesting my biweekly contribution into the company stock. That is, until they officially became AT&T, and the stock was horrible.

In 2019, after 24 years of working for the company, I had only $191,058.20, and I felt so defeated. I was working this extremely physical job and had not nearly enough to retire on.

There was this loophole with my 401(k) that I learned — if you're out on a disability, you can do a rollover to an IRA, and I had broken my elbow, so I had the opening I was hoping for.

I was nervous at first, so I gave 70% of the money to an investment firm here in Ohio, and I invested the remaining 30%. In three months, that investment firm had lost $30,000, and I had made $30,000 investing on my own.

Nothing is more painful than seeing $140 a month in management fees while losing money, so on June 30, 2019, I transferred the 70% back to my rollover and went to work.

My initial strategy was the flashy "headline news" companies, like Apple, but when I started researching dividend stocks and learned about compounding growth, I balanced my portfolio better by reducing my 43% hold in Apple (AAPL) to just 5%.

This money went to beaten-down energy companies with huge dividends, then health care and consumer goods.

I just retired at 50, on January 20, just six years after taking full control. My total net worth is $1.45 million, and $240,000 of that is in a high-interest savings account and CDs.

My pride and joy is my portfolio that I call my "Monster ETF," which now has 84 holdings, and I've averaged 23.19% returns over the last 10 years.

What are you doing with the money?

It's still in the market, compounding, and was recently bringing me $35,000 in dividend income annually that I am dripping (participating in dividend reinvestment plans, or DRIPs).

The Fun Stuff

Did you do anything to celebrate?

Took a trip to Saint Martin to celebrate.

What is the best part of making $1 million?

My daily growth is a lot bigger. Recently, I made a year's salary in six weeks. If your base is big, your gains are big.

Did your life change?

Not particularly, but in today's world, I feel that I have lost friends, or, as they say, "we grew apart."

When did you retire?

By today's standards, I retired early at 50 (in January 2026).

Looking Back

Anything you would do differently?

There are some stocks I sold that I wish I would have held on to, like Bloom Energy (BE).

What advice would you give to your younger self?

Get (to a million) quicker by staying out of the bars, chasing the night scene. Also, don't think of Amazon (AMZN) as just a nerdy book stock.

Did you work with a financial adviser?

I did one time, in 2019, but they lost $30,000 in three months while charging me $140 a month. That was a kick to the stomach, and that started my independent investing.

Did anyone help you early on?

That random stranger from Ross Labs when I was in sixth grade.

Looking Ahead

Plans for your next $1 million?

To continue compounding, I hope to get the next million sooner with an idea I call "rolling a $100K."

Any advice for others trying to make their first $1 million?

• Pay your bills when they are due and not when it's payday
• Keep every possible dollar compounding in high interest savings
• Try to keep your debt down to one paycheck a month so the next paycheck is free to save
• Invest in dividend stocks primarily, and I personally like a yield above 3.65%

I joke around because there's 365 days in a year, and I want a company to pay me at least a dollar a day — it's my $1-a-day policy. Currently, 86 companies pay me $96.09 a day.

Do you have an estate plan?

No, but I am working on this at the moment.

What do you wish you'd known …

Before you retired? Honestly, nothing. I studied up pretty well.

When you first started saving? My mom used to get me $100 EE savings bonds when I was 10 years old, through auto withdrawal at her job.

When that little compounding monster would show up every six months, I would get excited that it would double in 17 years.

Anything you'd like to add?

(My significant other and I) met in 2018, and she lived in Texas, making $99,000 a year working three jobs. When our relationship progressed, I said, Come here, and I'll show you how to work less and have more.

I had her fill out a card of all of her financial info, and I laminated it. We just made new digital cards:

We also made a new set in 2024, after my mom passed away, to gauge how we were doing.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a 63-year-old single and retired airline pilot. He lives in Atlanta.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I saved 20% to 30% of my income, using traditional 401(k), traditional IRA and, later, Roth IRA (when I qualified) retirement accounts, as well as a personal investment account, and invested in the Vanguard Total Stock Market Index Fund.

It took 15 years to accumulate my first $1 million.

What are you doing with the money?

I kept the first million in the Vanguard Total Stock Market Index Fund. As I continued to save, I saw the need for more portfolio-generated income to live off of.

I wanted income with a high probability of lasting forever and with income increases exceeding inflation.

So, I added the ETFs VYM and, later, SCHD for income. I also added QQQM for potentially more long-term growth.

The Fun Stuff

Did you do anything to celebrate?

No.

What is the best part of making $1 million?

I can afford to get my car repaired if it breaks down, medical procedures should I need them and legal representation should I be accused of a crime.

But most of all, I can do what I want to do instead of what a boss tells me to do.

Did your life change?

It showed me that hard work and commitment do pay off.

Does anyone know you're a millionaire?

I only told my dad. I don't tell others because I don't want to be treated differently, and people who have made poor choices were already constantly asking for money and making snide remarks simply because I was in what many think of as a high-paying job as an airline pilot.

Did you retire early?

Yes, I retired early, as my investment portfolio is currently around $10 million.

The 3.8% Medicare surcharge tax on investment income, the IRMAA Medicare surcharges for high earners, the new age-65 tax deduction with income limits and some politicians wanting to eliminate Social Security benefits for high earners have disincentivized me to work.

Looking Back

Anything you would do differently?

Skip owning the individual stocks I owned early on in my investing career. I would also branch out into ETFs earlier, as they offer more index choices to invest in at even lower costs than mutual funds.

What advice would you give to your younger self?

That the daily, monthly and even yearly ups and downs of the stock market are not really a risk at all when you are consistently buying shares with an infinite time horizon and no plans to ever sell a single share of a mutual fund or ETF.

One day, you will simply stop reinvesting the dividends into more shares and have the quarterly dividends paid into your money market account.

Then, you have your money market account make automatic transfers to your checking account on the first of every month as your income for life.

Did you read any books that helped you on your journey?

The Intelligent Investor (by Benjamin Graham) and One Up on Wall Street (by Peter Lynch).

Did you work with a financial adviser?

No. I found that financial advisers just wanted to put me in more stable investments with lower returns and wanted to charge me for what I could do for free.

Did anyone help you early on?

No. I was always interested in investing and wanted to talk about investing with people to try to educate myself. But the topic always seemed to go nowhere in conversations.

Others were either uninterested in the subject, or possibly they were afraid that in discussing it, they would expose how little they knew about investing.

Looking Ahead

Plans for your next $1 million?

Invest it as I did the prior millions.

Any advice for others trying to make their first $1 million?

Most people will not become the CEO of a Fortune 500 company or invent something that makes them rich overnight.

The average person goes to work for eight hours, comes home and complains about their job for eight hours, goes to sleep for eight hours and then gets up the next day and repeats the same process.

If you want to become wealthy, once you get off work (for the day), your mind must go to work on how you are going to build your own wealth.

Luckily, it is simpler than you ever imagined. It may not be easy because there are sacrifices to be made. But getting wealthy has one tried-and-true formula: Invest in broad stock index mutual funds and ETFs and hold them for the long term.

Use these types of accounts and in this order:

• First, take advantage of Roth retirement accounts and Roth IRAs when available.
• Second, take advantage of traditional retirement accounts and IRAs when you cannot use a Roth account.
• Third, use a personal account for investments above the limits of or when the two previously mentioned retirement accounts are unavailable.

Do you have an estate plan?

Yes. I have a simple estate plan where my retirement accounts have named beneficiaries, and my personal accounts have pay-on-death clauses with designated beneficiaries.

I also have a will to handle items that cannot be handled by pay-on-death clauses.

What do you wish you'd known …

Before you retired? To start Roth IRA conversions earlier.

When you first started saving? That I could save more and have just as much fun.

When you first started investing? That the risk-to-reward relationship between individual stocks and mutual funds or ETFs favors the mutual funds and ETFs over the long haul.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a 54-year-old, unmarried network and security engineer in information technology in Nashville who's still working.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I made everything from saving and investing consistently and with determination.

I grew up poor and never imagined having money. But once I started understanding the stock market and compounding interest, I lived well below my means (lived on half my income) and invested in aggressive ETFs.

I went from a total net worth of about $50,000 to $1 million in 15 years.

I hit $1 million at age 50, including home equity.

Today, at 54, my total net worth is about $1.5 million with over $1 million liquid.

What are you doing with the money?

I have zero debt, and I continue to work and build my wealth, still investing in aggressive ETFs.

I see myself retiring at age 60. I hope to travel more often and buy a boat the whole family can enjoy.

I make a few significant donations to charitable causes.

The Fun Stuff

Did you do anything to celebrate?

Not really. I may have had an extra-fancy restaurant dinner. 😄

What is the best part of making $1 million?

Freedom from financial stress. I have no debt at all. My cost of living is incredibly low.

I'm already realizing investment returns in excess of my annual salary — and far in excess of my cost of living.

Did your life change?

It actually didn't. I grew up poor, and even when I started earning decent money, I lived way below my means. I still do.

I don't have a big house. I have a nice BMW but nothing extravagant.

I was eager to achieve that $1 million goal, and it was nice to see seven figures in my asset column.

But mostly it was a mental achievement.

Does anyone know you're a millionaire?

I've told two close friends who I talk with about money and investing. My closest family members probably assume I've achieved this, but they haven't heard it from me.

I do want my family to understand wealth and investment strategies, and they do, but I feel it would be ostentatious to talk about the money I've made.

Any plans to retire early?

Yes. My plan right now is to retire at 60. Depending on how things look then, I may wait until 62.

I enjoy what I do, but I also have a history of cancer, so that's put more of a focus on living for the now.

Looking Back

Anything you would do differently?

I would have started earlier and avoided some stupid debt I took on when I was young.

Any advice for others trying to make their first $1 million?

Envision that it's possible. Start early. Live below your means. Be aggressive with investments.

Envision what life will be like when you have financial freedom. Let that motivate you.

What advice would you give to your younger self?

All of the above. Mainly to avoid stupid debt and start earlier.

I didn't start investing with seriousness and intent until I was 35. I still made it, even with a career of mostly modest earnings.

Did you work with a financial adviser?

I have not yet ever worked with a financial adviser, but I expect to as I get closer to retirement.

Did you read any books that helped you on your journey?

The Millionaire Next Door (by Thomas Stanley and William Danko).

Did anyone help you early on?

No. I mostly learned to invest from reading online.

Looking Ahead

Plans for your next $1 million?

I only hope to continue building wealth and more financial security. I expect to leave a meaningful inheritance for the younger generation in my family.

Do you have an estate plan?

I haven't yet made a formalized plan, although I have plans in my head. I expect at some point I will establish a trust.

What do you wish you'd known …

When you first started saving? Even small amounts matter. Just start building a foundation. I didn't have $5,000 to put into a mutual fund when I was young. That felt daunting. But I wish I had started putting away $50 or $75 on a regular schedule to let that grow.

When you first started investing? ETFs weren't very well-known or common when I was in my early 20s. I wish they were. Avoiding debt would have been my best move. I could have saved and invested a lot more and sooner.

Anything you'd like to add?

I grew up very poor, raised by a single mother who never made more than $14,000 a year. I had good teachers in high school who instilled in me a vision for a better future for myself.

That started with the (at the time) audacious idea that I should go to college. I did and earned a business degree. That gave me a good foundation for knowing how to invest.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a 58-year-old married man who works as a freelance film/TV production accountant and lives in Wilton Manors, Florida, and hails from Asbury Park, New Jersey.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I grew up in a rural town in the southern tier of New York state. Everyone was working poor, and most of the adults I knew worked on dairy farms or in factories.

There were very few opportunities for kids who grew up in a place like that, so I joined the Army after high school, thinking it would catapult me to something bigger.

I was stationed in the Washington, D.C., area when I got out and quickly discovered that a college degree was the only thing an HR department valued. So I worked in a Pepsi factory in Maryland.

About a year later, I applied for a position as a shift leader of sanitation, which basically meant being in charge of cleaning the floors, and was told that corporate policy required a college degree to be a shift leader. I quit that day.

I tried to go to college that fall, but again, I could not make it work financially, so I went to a temp agency. I got a job as an accounting clerk at Fox TV when it first started. It was an exciting job, although it only paid a bit over minimum wage.

A few years later, I joined the world of freelancers and have spent over 30 years going from project to project, making TV shows and movies.

Freelancers are valued for their experience and achievements more than their pedigree. So my million-plus dollars was earned through years of hard work, successful projects and long hours, but more than that, I had no fallback, so I hustled more than most of my peers.

I also focused on the expense side. Military vets are able to receive VA loans with no down payment, so I fixed my expenses when I was in my early 20s by buying a two-unit apartment building and living in one unit while the tenant paid the mortgage. That allowed me the flexibility I needed to freelance.

I also stuck to a budget and limited interest expenses by driving lower-priced cars and paying them off and never creating credit card debt.

I've lived a nice life and have never felt that I've done without, but I have always made choices that supported saving my money over being extravagant — although I never look at a price on a menu. I choose restaurants that are reasonably priced, and I choose whatever I want.

It may sound silly, but eating out is a special treat for the working poor, and you can't have just anything on the menu, so for me, I celebrate my success every time I go out for lunch or dinner.

What are you doing with the money?

It took a long time to save my first million. I started investing early with a 401(k) and then opened an online brokerage account. One of my 401(k)s lost so much money that the account was closed.

I also spent a ton of money and bought a business that ended up not being a great investment. My idea was that if I owned my own company, my destiny would be in my hands, not the stock market's. I learned a lot.

But my most important gift was that I gave my mom the money for a down payment on a house so she could afford to fix her costs. She now owns her house outright, so her future is less of a concern for me, and she loves her house. I'm very happy that I could do that for her.

The Fun Stuff

What is the best part of making $1 million?

When you grow up with little opportunity, having financial freedom opens a world you could never have imagined. It's fantastic and horrifying to be in a world of opportunity. It's so easy to make the wrong choices, but it's exciting to even have the options.

Did you do anything to celebrate?

My money was finally making real money, so I bought an expensive house. I lived there for five years and loved it, but I realized that expensive houses come with high taxes and carry costs, so the money that my money was making was being given to the government.

I loved the experience and have no regrets, but I moved to Florida, where there are no state employment taxes and lower real estate taxes.

Did your life change?

Money makes living life easier. It definitely did for me.

Does anyone know you're a millionaire?

I have told a few family members and friends. I am proud of my success, but sharing that information is a double-edged sword. People don't understand the compromises I've had to make for my success.

Do you plan to retire early?

I am planning to retire at 60. I am 58 now and am excited and scared at the same time. It's kind of like graduating from high school. It's a chance to reinvent yourself and create something amazing.

Looking Back

Anything you would do differently?

I would do so many things differently if I had the opportunity, but you have to play the hand you are dealt. Even today, not having the college degree limits my options.

I was a super networker and hustled hard to get work, so I got a lot of project offers as I grew my brand. I often made safer choices and probably limited my potential.

I don't regret it, because I love my life and appreciate my success and how far I've come, but I sometimes feel like I did not achieve my potential.

What advice would you give to your younger self?

You define you. Don't let anyone tell you who or what to be. The number in your bank account is only important as it relates to paying for your lifestyle.

Some people need $10 million, and some need $500,000. It's all about how you build and pay for your life. Choices matter. Envision your life and work toward that.

Did you read any books that helped you on your journey?

At Pepsi, they gave everyone a book about empowerment. I think it was called Buzz. It was a management book, but it taught me to listen to people and collaborate.

I am a big reader of money magazines and love Kiplinger.

I also read tons of investing articles online.

Did you work with a financial adviser?

I worked with an adviser at my bank for a year and did not like it. I worked for every penny I have and often juggled multiple projects at the same time.

I have met many and never found anyone who valued my money in the same way as me. They basically regurgitated the company line.

I find that magazines and internet research serve me just as well.

Did anyone help you early on?

No one helped me. Thanks to the magazines that taught and inspired me.

Looking Ahead

Plans for your next $1 million?

I am having fun investing and love trying different investment strategies, but my money makes money, so I hope to focus less on wealth building and more on making the world a better place.

Any advice for others trying to make their first $1 million?

It may seem odd, but my money makes me feel safe. So my mantra is, "Be the slow and steady turtle."

Invest early. Be consistent. Control your spending. Buy a house in your 20s, even if it's not your perfect house. You can always sell it, and the equity moves you.

Learn about investing in companies and not placing bets on tickers. I like to invest in companies that make money, have cash flow and share their profits with me, but I also invest in very safe things like annuities.

Find what works for you by asking yourself what wealth means to you.

Do you have an estate plan?

I don't have an estate plan yet, but it is on my list to complete by the time I retire. I married my partner of 26 years who has a trust. We don't share money.

In the meantime, I have beneficiaries designated on my accounts, so it's halfway there.

What do you wish you'd known …

When you first started saving? I wish I knew the importance of investing in dividend-paying companies.

When you first started investing? How to choose investments.

When you first started working with a financial professional? I was shocked to learn that they are no smarter or wiser about specific investments than me. They have certain investment instruments that they represent, but there are many, many options.

Don't be forced into one of two to three options. To me, 5% to 7% is a good return — when you realize that, you can focus on the many roads to getting there.

Before you retire? We will see. My partner thinks that I need to focus on what my day-to-day life will be like when I retire. I think his biggest lesson was that he was alone. Everyone he knew was working, so there was no one to play with.

I hope to spend time making the world a better place, so in this broken world, I may find myself busier than ever.

If that doesn't work out, I also wouldn't mind working at an ice cream store part-time to keep me active.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a 52-year-old married and retired physician who lives in Chicago. She and her husband hit their first $1 million when he sold his business.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

Making $1 million was a joint venture with my husband. His company got bought out, and we got our first $1 million that way, though we were nearly millionaires before his company was bought.

We did not mean to do it at the time, but what happened was we lived on his income and we saved my income, which was a 30% to 40% savings rate.

That helped us retire in our 50s.

What are you doing with the money?

We paid off our mortgage, funded our kids' 529 plans and invested the rest.

We always donated regularly, so we were able to tithe more.

The Fun Stuff

Did you do anything to celebrate?

My husband bought a new car.

What is the best part of making $1 million?

It's a major milestone. After reaching the first million, the next few million come much easier as long as you keep the same disciplined approach to saving and investing.

Getting rid of debt is a huge relief. You can start piling all those debt and liability payments toward retirement savings instead.

That will really accelerate reaching your net worth goals.

Did your life change?

It changed my life because I was able to see that time freedom and financial freedom were within reach. It motivated me to work, save and invest more until I could reach financial independence.

Does anyone know you're a millionaire?

No, because I don't want to boast. And I don't want to make people feel less than I am.

Besides, there are probably many people who are already millionaires, but they just don't act like it. I love humble rich people!

Did you retire early?

Yes.

Looking Back

Anything you would do differently?

No.

What advice would you give to your younger self?

Start saving earlier and use tax-advantaged accounts like IRAs to save.

If your work offers a mega Roth option, do it! When I started saving, there were no Roth IRAs or Roth 401(k)s. It would have made a huge difference to start saving with those vehicles.

Did you work with a financial adviser?

No. I am a big fan of index investing and keeping it simple. I am not greedy — I just want average returns.

I had many bad experiences with investment advisers who were demeaning and led me to bad investments. So I decided to become financially literate on my own.

There are so many terrific resources to learn how to manage your finances on your own. Average returns will still get you to millionaire status.

Nothing wrong with a get-rich-slow plan.

Did you read any books that helped you on your journey?

Yes, books by David Bach, Suze Orman, Dave Ramsey. Also, Personal Finance for Dummies, Die With Zero, I Will Teach You to Be Rich, How to Retire by Christine Benz. I love all finance books!

Did anyone help you early on?

My father lent me money to buy my first home at age 25. I subsequently paid him back, but it was that seed money that helped me get started.

Looking Ahead

Plans for your next $1 million?

Charity to my church, alma mater and other worthy causes is so fun when you have a lot of money to give. Brings me much joy.

Any advice for others trying to make their first $1 million?

Start early. Save for retirement even in your teens.

The younger you are, the more aggressive you can be with your investment allocation. At first, it seems like you are not getting anywhere with your saving and investing, but then your net worth starts shooting up because of compound interest.

Do you have an estate plan?

Yes, we have an estate plan. There are definitely trusts involved. Marital bypassing trust, trusts for children to inherit. Plans for donations.

We like the die-with-zero concept. We want to spend as much as we can while we are alive, including supporting our children when they are cash-strapped and starting out in life, giving to our church and charities while we are still alive and we get to enjoy the fruits of donating, then leaving behind the estate tax exclusion for our state to our children.

What do you wish you'd known …

When you first started saving? Start early and use tax-advantaged accounts even as a teenager.

When you first started investing? Invest in index funds. Avoid expensive fees on investments. Just put all your money in a broad-based U.S. index fund, and you will do fine.

Before you retired? That retirement is incredibly fulfilling. Time abundance and freedom are priceless.

Anything you'd like to add?

The most important decision I made in my life was whom I married. It really helps to stay married to someone who truly loves you and shares your same values.

Talk about money goals with your future spouse before you get married. Make sure you know their financial situation, debt, habits, etc.

A supportive spouse will help you reach your goals so much faster and easier. And the fruits of your labor are that much more enjoyable together.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a 37-year-old married banking executive who lives in Nashville but is from the Washington, D.C., metro area.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I wish I had a fancier answer, but I just saved and lived below my means and made smart choices. And I've worked hard!

I went to a no-name college on a full-ride (scholarship), so I graduated with only about $12,000 in loans.

I paid off half my first year working while making $35,000 and living in Section 8 housing, and my grandmother paid off the other half as a gift. She never spent a dime and was really an inspiration for me.

We moved a lot growing up (renting), so I knew I really wanted to own a home early. I bought my first condo at 24 and started building equity.

I started saving in my 401(k) the first day of my job — just 5% to get the company match until I could max it out.

I save in mostly index funds and have two rental properties.

I got a large raise two years ago that enabled me to renovate and buy a rental home with cash.

I crossed the $1 million mark sometime last year.

What are you doing with the money?

I was very into the FIRE movement in my late 20s. I started making six figures but didn't see my lifestyle inflate too much.

I was always looking for a deal, free events, that kind of thing — and it worked.

Once I got the bump in pay two years ago, my mindset shifted. I always donated 3% to 5% of my salary to causes important to me, but I started focusing more on small things.

For example, free music in the park exists because of donations — and I'm one of the people with the means to give.

It's also been nice to be comfortable treating family members to experiences.

The Fun Stuff

Did you do anything to celebrate?

Treated my family to a great time when they came to visit.

What is the best part of making $1 million?

The confidence that I can set a goal and achieve it.

Did your life change?

Not having to be stressed about money is incredible.

Though, you can burn through that money, too. I just tell myself it's not there.

The only money I see every day is what I keep in my checking account for basic expenses.

Does anyone know you're a millionaire?

Only my husband — we keep our finances mostly separate.

I don't want anyone to think I'm bragging, but I am really proud of myself! Neither my husband nor I comes from money, so it really does feel like mine.

The $6,000 from my grandmother I've since "regifted" back to my parents.

Any plans to retire early?

I plan to! My dream goal is to be done with corporate work by 40.

Looking Back

Anything you would do differently?

No. But I'm surprised how much joy I get by sharing my savings — supporting local artists, restaurants, nonprofits, museums. To be able to do it without stress — what a gift!

What advice would you give to your younger self?

It's all just numbers on a screen, but the freedom is real.

Did you work with a financial adviser?

Nope. Just me.

Looking Ahead

Plans for your next $1 million?

Buy two more rental properties.

Any advice for others trying to make their first $1 million?

Know your worth. Own an affordable home. Don't go into credit card debt, but card-hack for vacations.

Do you have an estate plan?

Not yet, but we need to.

What do you wish you'd known when you first started investing?

Look for high-dividend stocks.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a 64-year-old retired senior policy analyst who is married and lives in Washington, D.C. She has worked in both the private and federal industries.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I grew up with no extras in one of the poorest areas of the city. My pre-Internet escapes were books, which allowed me to virtually go anywhere in the world and to read how the self-made wealthy individuals got their millions.

I admire the financial acumen of Jack Welch, Madam C.J. Walker, Suze Orman, Oprah Winfrey and Bill Gates and applied what I could to fit my financial life.

One of the lessons learned: "Buy low, sell high."

The first home I bought, at 26, was a condo that I got for a song, which later appreciated tenfold and allowed me to upgrade to my next home.

I began saving during my first summer job at 14 and developed the habit of living on only about 60% of what I made.

I contributed the max regularly to public and private 401(k)s and, when eligible, made catch-up contributions.

Along the way, I married and had children, so my first million didn't come until 40.

My husband and I have joint accounts. However, we agree on personal individual accounts to save, invest, spend or play without risking family joint finances.

Following the advice of Ms. Orman, extra house payments were made to ensure the mortgage was paid off prior to retirement.

What are you doing with the money?

My millions have remained in stocks, bonds, cash and real estate. Cryptocurrency scares me.

My early book-reading gave me a thirst for travel and adventure, so my children have had the benefit of visiting over 25 countries.

The Fun Stuff

Did you do anything to celebrate?

Yes, I kept saving, made sure my children graduated college with no debt and kept feeding my thirst for travel and new adventures.

What is the best part of making $1 million?

The financial peace of mind you get from not having to worry about money or your financial future.

Did your life change?

While I am very comfortable financially, inside, I am still the little girl who shops the sales rack. You won't find me carrying a Birkin bag or any other frivolous status symbol.

However, my love of travel is easier met.

Does anyone know you're a millionaire?

My husband knows, of course, and my children know. My children also understand that if Mom can overcome her circumstances, then they have more than a fair chance of earning their own millions.

Did you retire early?

I retired at 63.

Looking Back

Anything you would do differently?

In hindsight, I would have taken financial management courses in college, gotten into the stock market earlier, and I would have managed credit better in my early 20s.

What advice would you give to your younger self?

Begin earlier, stay focused and don't forget to have fun.

Did you work with a financial adviser?

I did not work with a financial adviser. Jack Welch wasn't available. Most of the advisers I met over the years were working stiffs trying to get to their millionaire status with my money.

Someone who hasn't made millions can't tell me how to get there.

Did anyone help you early on?

Watching my mom and dad make a dollar stretch made me appreciate the power of earning and to differentiate between "wants" and "needs."

Looking Ahead

Plans for your next $1 million?

I would like to begin passing down generational wealth, so helping my children buy their first homes is definite.

Any advice for others trying to make their first $1 million?

I tell my financially independent children to stay invested in the stock market through the ups and downs. For the bargain hunters, when the market is down, buy more reliable stocks that are now "on sale."

Keep taking advantage of the free money you get in your company's matching 401(k) contributions.

Don't try to keep up with the Joneses, because they may be overextended.

Live below your means.

Do you have an estate plan?

I have a revocable trust and medical power of attorney because the millionaires I admire, and mentioned earlier, have them.

What do you wish you'd known …

When you first started saving? The value of compounding and cost averaging.

When you first started investing? The need for diversification and risk-taking.

Before you retired? I wish I had known that I could have retired at 59.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

They're sharing how they did it and what they're doing with it. This time, we hear from a retired real estate broker associate in San Francisco. She retired in 2024 but is still working part time as a referral agent at age 75.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I decided on a career change (to selling real estate) shortly before I turned 50, and a month after I started working in the field, my husband and I decided to divorce, so it was a "sink or swim" moment for me.

I had a young son at the time, and we shared custody. I had him half the week, which gave me some concentrated time to dedicate to my business.

As part of our divorce settlement, I got to keep our house, and my ex-husband got pretty much everything else, except some retirement funds I had from my prior work as a corporate systems analyst.

Looking at the "big picture" was way too scary, so I decided that I was just going to go into work every day, do the best job I could for everyone I met and treat people the way I would want to be treated.

Fortunately, my strategy worked — I sold nine properties during my first year in the business, and within a few years, I was one of the top agents in my company.

Luckily, within the first few years, I connected with a very good financial adviser, who helped me invest my earnings, and I also invested in a few rental properties over time.

Due to these strategies, my assets greatly increased, and my current net worth is over $10 million.

What are you doing with the money?

I kept investing regularly, purchased some rental properties and took care not to accrue any debt.

The Fun Stuff

Did you do anything to celebrate?

Not even sure when I reached that milestone, but I just kept investing and stayed the course.

What is the best part of making $1 million?

Financial security. Not having to worry about living expenses or financial emergencies.

Did your life change?

Not really, as I never lived above my means.

Does anyone know you're a millionaire?

My son, my significant other and his daughter (who is an executor to my estate, along with my son, and like a daughter to me).

I think my friends and family probably know I've done well, but I've never shared anything specific with them.

I grew up lower-middle-class (lived in a three-room apartment in the Bronx until I was almost 15), so I continue to be careful with my money, but I treat myself to whatever I want, as long as I feel I am getting value.

Did you retire early?

I fully retired at the end of 2024 after 25 years in real estate (and am now a "referral agent"). I was working only part-time since about 2020.

Looking Back

Anything you would do differently?

I made the mistake of investing in a startup with my ex-husband early on and took a substantial hit (of about $65,000) during the dot-com bust, but aside from that, no major regrets.

Also, I overindulged my son, as I had the means to do so, but I should not have. Luckily, he turned out fine anyway!

What advice would you give to your younger self?

Set goals and stay the course.

Did you read any books that helped you on your journey?

I've read some of them, but they did not sway me in any significant way.

Did you work with a financial adviser?

Yes, (an adviser) with Ameriprise. I have a special arrangement with her to pay a flat annual fee rather than a percentage of my assets.

Did anyone help you early on?

My wonderful (and irreplaceable) tax person, who has since passed on. She and her husband had invested in property, and she helped me make some prudent decisions along the way.

Looking Ahead

Plans for your next $1 million?

Just staying the course.

Any advice for others trying to make their first $1 million?

Live below your means, avoid debt as much as possible and make prudent investments to the greatest extent possible.

Do you have an estate plan?

I just redid my estate plan and have a revocable trust. I am giving a portion of my money to causes I believe in and the rest to my son.

What do you wish you'd known …

When you first started investing? Nothing significantly different than what I ended up doing — stay the course, as slow and steady wins the race.

Also, I never panicked during down markets and just hung on to what I had.

When you first started working with a financial professional? I first worked with Eric Tyson, who ultimately became famous writing "Dummy" books and moved on.

When I met my current financial adviser, I was very clear that I was willing to pay her a flat annual fee or by the hour, but not a percentage of my assets (advice I received from Eric). As she was also pretty much starting out, she agreed, so I have a special arrangement with her that is different from her other clients.

She has given me excellent advice over the years (as I am not at all tuned in to investments), and we have a very good working relationship.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.

This time, we hear from a 68-year-old married retiree in Wisconsin. He retired as a senior reactor operator/control room supervisor at a nuclear power plant, and he and his wife, both born and raised in suburban Chicago, have been married for 48 years.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

We used a 401(k), SEP-IRAs and Roth IRAs to accumulate our first $1 million and most of our net worth. We saved mostly using the 401(k) at my place of employment and an SEP-IRA at my wife's place of employment.

I worked 13 years as a self-employed carpenter, raising young children and buying our first house. At age 32, we had $0 saved for retirement. When I began working for a public utility, I needed to wait one year to start investing in a 401(k).

Once I started my 401(k) investments in 1990, I made sure to invest enough to obtain the full company match (typically around 4%) and then increased my contribution 1% per year until I reached the maximum contribution limit.

I made sure that I monitored and adjusted my contributions carefully so that I didn't hit the maximum limit until the last pay period of the year, to ensure that I maximized the company match.

Starting in 2000, I started contributing to Roth IRAs for both myself and my wife.

We made our first $1 million around 2012, so it took approximately 22 years.

Initially, I invested whenever my earnings reached the Social Security earnings maximum. I calculated what I would have paid in Social Security taxes and split that amount between the two Roth IRAs, making a deposit every pay period.

Eventually, we just focused on maximizing our Roth IRA contributions every year, adjusting, as needed, if I met the maximum earnings threshold for Roth contributions.

We also contributed to some post-tax investments when there was money available.

What are you doing with the money?

We didn't do anything particularly special with the money. My wife was able to stop working in 2005 since our children were self-sufficient by that time, and we seemed to be on track with our savings plan even before we hit $1 million.

I kept working and investing in my 401(k) and our Roth IRAs, anticipating our future retirement plans.

The Fun Stuff

Did you do anything to celebrate?

No, we just kept the process moving forward.

What is the best part of making $1 million?

It's not enough to support outrageously large spending habits, but we can live a very enjoyable life, including a few luxuries, without having to worry about running out of money in the near future.

Did your life change?

Not really. Most people we are acquainted with would be surprised to know that we have established a comfortable nest egg.

Did you retire early?

I retired at 62, which was my planned retirement timeframe for about five years.

Thirty years in a high-stress, perfection-demanding industry on rotating shift was enough for me, physically and mentally.

I have been retired for 6½ years and don't have a single regret about my retirement timing.

Looking Back

Anything you would do differently?

I would have invested more diligently and deliberately in our post-tax investments (not tax-advantaged) during the years when we were limited in our ability to make Roth IRA contributions due to our income level.

We have intentionally not withdrawn from our Roth IRA accounts since I retired at age 62. These Roth IRAs are designated for future long-term care expenses for my wife, if needed. I am covered by a long-term care policy that we bought when I retired. Purchasing a similar policy for my wife proved to be cost-prohibitive.

Post-retirement, I have completed Roth conversions when it made sense from a tax perspective, without hitting the next tax bracket.

We did not start to collect Social Security until our FRAs (full retirement ages). We had to pay taxes on our rollover IRA withdrawals, albeit at a lower rate than I had paid when I was working.

It would have been better from a tax perspective to have paid the lower capital gains rate if these withdrawals had been from post-tax investments.

What would you tell your younger self about making $1 million?

It can and will happen if you establish a process and trust that process.

Did you work with a financial adviser?

We have worked with three different advisers over the past 26 years.

We left the first adviser when they tried to sell us a high-commission product.

We left the second adviser when they couldn't give us a simple explanation of how much we were paying them for their services.

We have been with our last adviser (a fee-only fiduciary) for the past seven years.

I like to be informed about how our money is invested, but I couldn't stomach having to make the investment decisions myself, so the fee that we pay is well worth my peace of mind.

Right now, we use the Chicago Illinois Client Team of Fairport Wealth to manage our investments. The RIA for Fairport Wealth is Hightower Advisors.

Did anyone help you early on?

In general, I worked with numerous people over a 30-year period who were very fiscally responsible and didn't mind sharing their thoughts on investing and retirement planning.

Although these were mostly informal discussions and rarely, if ever, included actual dollar values, it made it possible for me to ask simple questions and learn how like-minded people approached monetary planning.

Looking Ahead

Plans for your next $1 million?

No different or special plans. We are almost at our next $1 million, even after withdrawing approximately 6.5% a year from our retirement funding.

Now that we are both collecting Social Security, our future withdrawals will be closer to 4.5%.

This should allow us to have a stable income flow in the future without significant depletion of our assets.

Any advice for others trying to make their first $1 million?

Find someone knowledgeable and trustworthy (like a fiduciary financial adviser) to whom you are comfortable being fiscally accountable. Be open and honest with them, listen to their recommendations and implement what you can, even if it seems like it might be difficult.

Learn to be tolerant of moderate risk, if you can be comfortable with some of the inevitable ups and downs in your account values.

Stick with it and resist the temptation to stop contributing to tax-advantaged plans.

Don't forget to make contributions to post-tax accounts, as well.

Eventually, retirement fund growth is exponential, not arithmetic. Trust the process, and you will be pleasantly surprised by the results the longer your money remains invested.

Do you have an estate plan?

Yes, we have established a revocable trust with my wife and me as trustees. Our estate is fairly simple, but one of our two children lives out-of-country, and our attorney recommended a revocable trust as the simplest way to handle things in that circumstance.

What do you wish you'd known …

When you first started working with a financial professional? The first two advisers we utilized didn't provide a tangible, comprehensive annual financial plan. Mostly, we talked in generic terms.

Our current adviser provides us with a comprehensive annual financial plan that predicts results out to age 95.

Although obviously subject to many factors that can change the predicted results, it gives an indication of how we are doing on an updated year-to-year basis and lets us know if adjustments need to be made to maintain or raise the probability of success to an acceptable level.

Before you retired? I didn't appreciate the importance of budgeting and tracking spending. When I was working, I was happy as long as the bills were paid and there was a positive checkbook balance.

Since I retired, I use careful budgeting and tracking (via spreadsheets) as a way to plan for future spending (four or so years out) and required withdrawals to support this planned spending.

This helps me to have better tax planning and can help predict long-term retirement and investment success.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we hear from a retired and married 58-year-old former aerospace senior manager who lives in Denver.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

The Basics

How did you make your first $1 million?

I maxed out my 401(k) since day one of employment. The power of investing and compounding did the heavy lifting after $100,000.

Have always lived well below means. Paid off first house quickly (within six years), which set us up for debt-free living by 30.

My wife has been fully on board with the strategy since we met.

What are you doing with the money?

The first million was not accessible because it was in a retirement account. The second million was not accessible because it was home equity. The third million is accessible because it was made through savings/investments outside of our retirement accounts.

We pay cash for everything, including cars, so I guess what we did with it was stay out of debt and live stress-free.

We have not significantly increased our lifestyle, but we do live well (travel, nice house, good cars, hobbies, etc.).

The Fun Stuff

Did you do anything to celebrate?

Nope. I didn't even realize it until we probably had about $2 million. Once I saw how much we had, I realized we could think about early retirement. That was a big deal.

It sounds odd that we wouldn't even know, but our finances were spread across five or more brokerages, and I hadn't integrated them to add them together.

Also, when the markets were way down, showing big losses on quarterly statements, I stopped looking. I didn't change anything, but I didn't look for many years.

My early goal was to get to $100,000. I do remember getting to that milestone and feeling that we would be OK.

That money was outside of our retirement accounts, so I did monitor that money.

What is the best part of making $1 million?

I sleep well. That's by far the main benefit. We can help our kids — that is another great benefit.

Did your life change?

It hasn't changed our standard of living. The main way it has changed our lives is that we pay cash for everything, including cars. Being debt-free and staying debt-free is probably the biggest change.

Does anyone know you're a millionaire?

Only my wife knows how much we have and where it is. When I retired early, several friends and colleagues were curious, so I have discussed generalities about how we were able to do it.

Frankly, $1 million is irrelevant in terms of what matters. What really matters is how much income your investments can provide.

Having a million-dollar house paid off is nice, but that alone is not going to let you retire.

We used $1 million of our assets to buy an annuity that will pay a fixed income until we are both dead. The annuity plus pensions — and eventually Social Security — easily provides a large enough income floor to live comfortably.

Our remaining investments (several million) will let me sleep well. We will use the income from those investments for travel and, eventually, long-term care, if needed.

Did you retire early?

I retired last year at 57, and my wife will retire next year at 55.

Looking Back

Anything you would do differently?

I would have invested more aggressively when younger and would have invested in Roth vs traditional qualified accounts.

What advice would you give to your younger self?

Making $1 million was never a goal, but maybe it should have been. I simply wanted to be debt-free and never worry about money.

I should have been more deliberate about goals. And I should have invested my time in learning about investing.

Did you work with a financial adviser?

I did have a financial adviser for about 10 years early in my career. Once I learned about index funds and Vanguard, I stopped using him and moved everything into Vanguard.

My experience with the adviser was not good. He was not transparent about how he was compensated. I learned later that he was "churning" my accounts to keep his income flowing.

Firing him was maybe the smartest thing I have done with regard to our finances.

I have since learned enough to self-manage and am much more comfortable and confident in our financial future.

Once we got serious about early retirement, I did go to a few financial advisers (fee-only) to verify that we could retire.

I also used Boldin (New Retirement) software to create a comprehensive retirement plan. It's great software, and I would encourage any DIY investor to use it (or something comparable).

Did anyone help you early on?

Nope. I wish there had been someone. I learned late and entirely on my own.

Looking Ahead

Plans for your next $1 million?

We are going to spend the interest and dividends on fun stuff, mostly travel. We will also be helping family with the money.

Any advice for others trying to make their first $1 million?

The Millionaire Next Door book (by Thomas Stanley and William Danko ) will teach you how to live like a millionaire. That book was instrumental early in my adult life.

I would also recommend The Simple Path to Wealth (by JL Collins) for investment advice.

• Live below your means
• Invest the rest
• Give it time

I think that is the only foolproof way to get there.

There are other ways, but they are much, much lower-probability and involve speculation or luck.

Use Roth (accounts) as much as possible to avoid tax issues later in life.

Do you have an estate plan?

I have been learning about the details of estate planning. We have some work to do there.

The biggest item in terms of estate planning for us was making sure our investments have beneficiaries. That alone addresses about 70%.

We will not be creating a trust. We can deal with everything without it.

What do you wish you'd known …

Before you retired? Tax planning and "safe withdrawal rate" strategies.

When you first started saving? To put the savings in a brokerage fund vs a savings account. As our savings increased, I wasn't putting that money to work.

When you first started investing? The power of index funds and the impact of fees.

When you first started working with a financial professional? How to pick a good financial adviser. High schools should teach investment principles.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we get some amazing details from a single 55-year-old risk management consultant in Marlborough, Mass. He's originally from Butler County, Ohio.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

The Basics

How did you make your first $1 million?

My story is proof that one can recover from financial mistakes and that anyone with discipline can become a millionaire. I did not hit any home runs but was consistent.

I made poor financial decisions in my 20s, spent a few years recovering from them, bought a house at 32, made good decisions in my 30s, followed by great financial decisions in my 40s, and now in my 50s, I don't have to worry about saving for retirement.

Starting late means one needs to contribute more money to offset the shorter timeframe. I contributed the 401(k) max for nine years, which made a huge difference.

When you start, the bulk of the money is what you contribute. A 20% gain on $50,000 is $10,000. However, the same 20% gain on $500,000 is $100,000, and my account has seen multiple years of 20% gains.

Aside from a few quarterly gaps, I have a record of my 25-year investing history so I know exactly what happened and when. I have six retirement accounts and four HSAs (health savings accounts), so it is a little hard to generalize, but I made my money by consistently investing for the long term.

Another strategy was that whenever I refinanced my mortgage as a result of a lower interest rate, I kept paying the same amount. This allowed me to pay off what was originally a 30-year loan in 20 years.

Historically, I check the performance of the funds when I do my taxes in February and make any changes. My main 401(k) contributions total $263,000 on an account that reached $1.2 million.

As of now, my retirement accounts total about $1.4 million with another $50,000 in HSAs, which are invested to pay for long-term medical needs as I fund medical expenses with my current income. I also have another $160,000 in after-tax investment accounts.

What are you doing with the money?

Continuing to invest while trying to hedge against downside risk. My total 401(k) return for the first decade was under 22%, or 2% per year. This second decade was very different at 246%, or 12% per year.

While I still have 15 more years until I will tap retirement funds, I want to see them continue to grow.

My current retirement savings are Roth, as I am concerned about future tax bills, and (my contributions) are just enough to receive the employer match, as one should take that free money.

With my house paid off, I have the luxury of paying for my wants in cash, including doing home upgrades. I will be purchasing a retirement condo, likely in cash, over the next five years.

The Fun Stuff

Did you do anything to celebrate?

The first time I realized I was a millionaire was on New Year's Day 2022. In reality, with my other investments and home equity, I made it years before. However, it was a great feeling to see $1 million in an account.

To celebrate, I told one person, but that was it. Holding a $600,000 rollover check this year (just knowing I had enough to get that check, even though I wasn't cashing it) was a tremendous feeling as well.

What is the best part of making $1 million?

There are several things. Never needing to make another retirement contribution. Changing my outlook on life. Being able to purchase my wants in cash. Paying people to do work that I do not have the expertise, desire or time to do — grocery shopping is an example.

Live Nation loves me; I buy premium, including floor and first-row seats. If the cheapest ticket is $200 and a great seat is $400, I'm getting the great seat.

I pay for airline seat upgrades; if the cost is less than $50 per hour, I am buying it. I have flown first class six times over the past two years while being reimbursed for only coach. Comfort is important; I am worth it.

Did your life change?

Yes, and yet, no. No in that I am still working, even though I do not need to work. I really like my consulting job, work from home so I have no commute, like my clients and like and respect my boss while earning a very good salary.

I will continue to work as long as things are good, since working enhances my financial position (salary and health insurance), which allows me to purchase my wants in cash.

Any need is purchased immediately. Any want is evaluated using payback periods, opportunity costs and the one-paycheck rule — if something costs less than one net paycheck, then I buy it.

Clearly, I can't spend my paycheck every day but realistically have no issue. At the same time, I could stop working tomorrow and be just fine for the rest of my life if something changed.

Numerous people over the past few years have commented that there is something different about me, which they follow up by stating, "You don't need to work, do you?"

I don't, which has completely changed my attitude and outlook on life.

Does anyone know you're a millionaire?

Yes, some people know, possibly more than 20, especially when including business relationships. I don't talk about it, but things like having to fill out an accredited investor form for private stock at my employer expanded the circle. Significantly more people know I could stop working today and be just fine for the rest of my life.

Quite a few know I own artwork by masters like Dalí, Goya, Renoir and Miró, but they probably don't understand the cost of those pieces. Only a handful know my true picture, which is a net worth north of $2.3 million with the only debt being short term at a rate of 0%.

I don't advertise my wealth or bring it up, since most people have significantly less.

Any plans to retire early?

No, but when I separated from my employer of 23 years in January 2018, I took stock of my financial position and realized I had the luxury of time to figure out what I wanted. I was in Florida, speaking with a retiree that spring, and his advice really helped.

He told my brother and me stories about his life and had some great insights. My brother left the room to go the bathroom, and he asked me a pointed question because he could tell I was nervous.

I wasn't sure what I wanted to do and had calculated I had about 18 months of ready funds to sustain me. He told me I would figure it out and said I actually had a lot more time. If I had enough for 18 months at my current monthly burn rate, then once I slashed spending, I could go a lot longer.

I simply needed to figure out what I was willing to give up to extend the time. I asked him what if that was not the case. He laughed and said that then I was screwed, which he quickly followed up by saying, "But I'm not wrong."

He was correct. I made the hard choices, slashed my spending over time to about $2,000 per month and lasted over four years before being approached by a headhunter with what ended up being a dream job.

Did your time off teach you anything about what to expect in retirement?

Having stepped away for four years, I have a pretty good idea of what to expect the second time around. The days run together when one is not working, and it can affect one's identity.

It is important to understand how you will spend your time (which could be volunteer activities or hobbies) and develop some structure in your life. It is also key to understand your (financial) burn rate and whether it is sustainable over time.

Looking Back

Anything you would do differently?

There are a few things. The biggest (is I would have joined) my employer's pension plan in 1995. The company was British-owned, so the pension scheme was U.K.-based, the returns were terrible, and one had to stay there five years to get anything aside from contributions.

At the time, I had a spending problem, was not sure if the industry was for me and thus did not join. In 1998, my employer was acquired by a U.S. Fortune 200 company. When the deal was announced, I could not join the plan. Upon closing, I lost pension service time since I was not a participant.

I ended up staying 23 total years at the firm, finishing as a senior vice president. I tried unsuccessfully for years to negotiate a buyback of service time, but that initial choice cost me thousands.

Another is (I would have trusted) my instincts on certain stocks. I predicted both ImClone's problems and AIG's a year before either occurred. While short sales are very risky with the potential for unlimited losses, I could have made serious money on both.

Luckily, my motto is "live life with few regrets," so I don't dwell on what might have been.

What advice would you give to your younger self?

I got my first real office job in 1994 and was making about $30,000. I promptly went out and bought a new $30,000 sports car because that's what people do. The car was beautiful, fun to drive, and I could barely afford the payment, so I was car-poor. I had credit card debt, student loans and was not saving.

It took me a little over three years to realize I was on the road to a bad financial place since my net worth was negative.

Do not let other people define what success means for you. If everyone else is doing something, do the opposite. Live below your means, and in time, you will be far ahead and thus able to enjoy the fruits of your labor.

Did you read any financial books that helped you on your journey?

Only my financial textbooks in college. However, I have spent 30 years reading financial columns, including Charlie Munger's advice, though I was relaying the $100,000 adage at least five years before I read that Charlie gave out the same advice.

Did you work with a financial adviser?

Only when my net worth exceeded $2 million. I have a master's degree in international finance (though I do not work in that field), so I did not feel the need.

I designed a diversified portfolio in my 401(k), which performed well, and I, in fact, advised colleagues on the better choices that were available. I avoided financial advisers because I saw no need to pay them 1% of my account balance while ignoring their main suggestion, which was to reduce risk by lowering the percentage of my employer's stock in the 401(k) account.

I was taking more risk but expected it to pay off in the long run, which it did as the company outperformed the markets for almost 20 years.

I came to a different decision about a financial adviser earlier this year after a cold call, which led to a series of meetings. Even on the day I pivoted by deciding to hire them, I woke up wondering what (advice, product, service, etc.) they would provide that I couldn't do myself and would find valuable.

That afternoon, Equitable told me about a hybrid approach where two separate non-Equitable fund managers would direct 50% of my account, thus providing downside protection while historically capturing most gains. The other 50% would be in a series of index funds that also had downside protection.

The account management fee would only be charged against the managed account and not on index funds.

I moved about 50% ($600,000) of the main 401(k) to them. I liked the idea of being able to compare the performance of the two.

This also reduced my exposure to the former employer stock from about 25% of my net worth to about 10%.

Did anyone help you early on?

Yes, there were two people. The first was a 65-year-old mentor who told me, "Regardless of the direction your life takes, you will always be sorry. If you get married, you will wonder if it would have been better to stay single or vice versa. The lesson is don't second-guess your choices. Things happen for a reason when we don't understand them. Move on and don't be consumed by regret."

The second happened in 1998 when four of my friends bought their first houses and told me I should as well. I had a good job with a decent income (around $50,000) but knew my financial picture was not great.

I spoke with a mortgage broker, and his response was eye-opening. He told me I had a good income with a big spending problem and would not qualify for a mortgage. He reinforced what I already knew, and his honesty changed my life.

Just as I spent years getting into the hole, it took me years to dig out. I sold the car I couldn't afford, leased something much cheaper and paid off all my debt over time.

I then started saving for a house and had enough of a down payment to purchase my first home in October 2002 when I was making about $60,000.

What are some of the best investing decisions you've ever made?

The first is rolling over half my 401(k) to Equitable on March 30, thus being in cash when the Trump tariff panic hit. I executed the change on March 30 because I was concerned about volatility due to the tariffs that week.

The half that was not rolled over dropped $57,000 during those few days. The other half was in cash and was reinvested on April 8, just in time for the rebound on April 9, when it went up $45,000.

While the rollover made sense for long-term reasons, the timing resulted in a swing of over $100,000.

Since then, the 401(k) has recovered to be down only $13,000, while Equitable is up $140,000.

I will never have better timing.

The second (best investing decision) was during the bear market of 2007-2009 at the height of the financial panic when everyone was running for cover.

I knew I had 27 more years of growth and that I had no idea when the bottom would come. Using the idea of doing the opposite of everyone else, I increased my 401(k) contributions in 2007 and 2008 but was still a few thousand short of the max.

Q4 of 2008 was particularly ugly as my account lost 27%. I responded by increasing to the max of $16,500.

Q1 2009 dropped another 11%, but I did not blink. I contributed the annual max for the next nine years.

During 2010 through 2012, I had multiple coworkers approach me to say they were thinking of getting back into the market and wanted my opinion, which was, "Wow, you waited this long?"

By then, my balance was up $150,000 with about half being contributions and the rest gains. When I separated from my employer in 2018, my balance had grown to $580,000 with total contributions of only $263,000.

With about two decades before I would need to tap the account and average returns, it was unlikely I would need to contribute additional funds for retirement.

Looking Ahead

Plans for your next $1 million?

Presuming you mean getting from $1 million to $2 million, then this already happened. With 15 more years before I will access any retirement accounts, I suspect I will end up with a net worth somewhere between $4 million and $5 million by age 70.

I am using the Equitable accounts to capture upside while protecting against downside.

Once I decide to stop working, and presuming the option still exists, I will do backdoor Roth conversions to reduce future RMDs (required minimum distributions).

I will also look at a net unrealized appreciation for the balance of my former employer's stock.

Any advice for others trying to make their first $1 million?

This is very simple, as I have been telling younger coworkers for over 15 years that the key is to get the first $100,000 by age 34. Do whatever it takes, including living at home (with your parents).

While a Roth can be useful, it is better to have $100,000 in a 401(k) than $80,000 in a Roth. That first $100,000, as Charlie Munger said, is the most difficult but most important.

With average returns (which admittedly does not always happen) in the stock market, money should double every 10 years as indicated by the rule of 72. $100,000 at 34 is $200,000 at 44, $400,000 at 54 and $800,000 at 64.

If one doesn't touch the money until age 69, a person doesn't even need to make additional contributions after 34 to end up with $1 million.

If one reaches $100,000 before age 34, they are ahead; if after, they are behind.

However, being behind can be overcome — because I did it, though it requires discipline, good decisions and some luck.

Don't listen to any "expert" who says a person can save 5% of salary and have a good retirement. While it varies based on when one starts, the true number is between 15% and 20%, including any employer match.

I was north of 25% for years without considering my mortgage.

Do you have an estate plan?

Yes, though it needs some tweaks. As a single person who never had children, it is both more simple and more difficult. Only one person gets a vote, but I need to handle everything.

I have about $430,000 in long-term care insurance, though I will pay the premium until either I need it or reach age 100. In the event I never use it, the premium will outweigh the benefit by about $35,000.

Of course, that means I never needed it, thus having my health, which is priceless.

I also buy accident and critical illness insurance for the same reason.

I am still considering a trust for my real estate. My will endows three scholarships (at my high school right now) and leaves 10% of my estate to charity, as I want to leave a legacy.

The remaining 90% will go to my three siblings or their children.

Given my financial position and wants, I doubt I will spend my money and expect to leave at least $1 million with no debt other than what was incurred in the last month of my life.

What do you wish you'd known …

When you first started saving? I don't have too many deep thoughts here because if you are only saving and not investing, then you will never be financially secure. However, it is important to have a three- to six-month emergency fund in cash.

When I first bought my house, I had very little at the end of the month. This meant I had to use credit cards again when an emergency happened. It took two years before I built up a reserve again.

Before I bought, a colleague told me buying the first house is like grabbing the bottom rung of a ladder over a pit and hanging on for dear life. Over time, you climb a little higher (with salary increases), and your position is much more secure.

When you first started investing? How to properly recognize the impact of new business models. Colleagues asked me in 2005 about buying Google post-IPO; I told them I wasn't sure how they would make money and was not buying the stock. Clearly wrong.

When you first started working with a financial professional? Since I first engaged one after investing for 25 years and have been with one for only a few months, I don't have great insight.

I checked them out at FINRA and evaluated multiple advisers for some time before engaging one.

I liked the fact that Equitable used a consultative approach, was looking at products from others and only charged a fee on actively managed portions while offering advice on everything.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

Related Content

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we hear from a married 47-year-old government worker who's based overseas but is originally from Florida. He and his wife both work for the U.S. government.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

THE BASICS

How did you make your first $1 million?

We have been working with the U.S. government for the past 16 years, which has provided a stable foundation for our financial journey. When we first started, we weren't maximizing our contributions to the Thrift Savings Plan (TSP), but over time, we became more intentional and disciplined about increasing those contributions.

It took years of steady saving and consistent investing, and as a result, both of our TSP accounts recently surpassed the $1 million mark. This milestone represents years of patience, persistence and a commitment to long-term growth.

In addition to our retirement and taxable brokerage accounts, we once owned three residential rental properties that provided a steady stream of income for about 10 years. Managing these properties was an important part of our financial strategy for a time, and they helped diversify our income beyond our government salaries.

However, as regulations and requirements changed in Florida, we made the decision to exit that business to better focus on other financial goals.

A significant part of our financial success is due to my wife's remarkable dedication and financial discipline from a very young age. She started working at just 12 years old, babysitting neighbors and (the kids of) family friends, and by the time she graduated high school, she had already saved over $20,000.

That early foundation of hard work, saving and financial responsibility gave us a tremendous head start. With that strong beginning, we committed ourselves to intentional saving and investing, which enabled us to purchase those rental properties and build our wealth further.

Today, we have multiple financial accounts that are each valued at over $1 million. Our journey to this milestone has not been about luck or quick wins, but rather about steady progress, diversification and making wise financial decisions over time.

Who says you can't become a millionaire working for the federal government?!

What are you doing with the money?

With our first $1 million, we've stayed focused on continuing to build a strong financial foundation rather than making any major lifestyle changes. Right now, we're saving toward a potential future home — or possibly an overseas residential opportunity, if the right door opens.

So far, we haven't spent the money on anything extravagant or "fun" in the traditional sense. That said, we do value meaningful experiences. Travel is something we enjoy, and having financial margin allows us to explore new places without stressing over the small details.

We don't overindulge in luxury, but we appreciate the freedom to travel comfortably and spend quality time together.

We also believe in giving back. We make charitable contributions regularly and view generosity as an important part of our financial life.

For us, this first $1 million isn't about reward or status — it's about continuing to make wise decisions, staying prepared for what's ahead and using what we've been entrusted with in a thoughtful and purposeful way.

THE FUN STUFF

Did you do anything to celebrate?

Nothing out of the ordinary. We saw it more as a milestone along the journey rather than a reason for a big celebration. It reinforced our commitment to staying disciplined and focused on our long-term goals.

Does anyone know you're a millionaire?

For us, it's a private milestone, and we prefer to keep our financial matters personal. Our focus is more on continuing to manage and grow what we have rather than broadcasting it.

What is the best part of making $1 million?

The best part of making $1 million is the peace of mind and financial stability it brings. It creates a safety net that allows us to handle emergencies without stress, provides comfort and options in how we live and opens doors to opportunities we might not otherwise have.

Beyond that, it gives us the ability to leave a meaningful legacy for our family and contribute generously to causes we care about.

Did your life change?

Making $1 million brought a significant sense of financial security and peace of mind. It didn't change our lives overnight, but it gave us greater confidence to make decisions without constant worry about money.

It allowed us to focus more on experiences, family and long-term goals rather than day-to-day financial stress.

The milestone also reinforced the value of discipline and patience in building wealth.

Any plans to retire early?

I'm aiming to retire from the U.S. government within the next five years and transition into the private sector.

My wife is happy in her career, so we're balancing our plans accordingly.

Ideally, we're open to living overseas and are excited to see what opportunities may present themselves in the future.

LOOKING BACK

Anything you would do differently?

If we had to do it over again, one thing we might focus on more intentionally is maximizing our retirement contributions earlier on.

When we first started, we weren't taking full advantage of the Thrift Savings Plan, and increasing those contributions sooner could have accelerated our growth.

In general, we really began focusing on generating wealth around age 30. Life has certainly included ups and downs, but we've been blessed to stay as consistent as possible through it all. That consistency and perseverance have been key factors in reaching our financial milestones.

We also might have started investing in diversified assets a bit earlier, beyond just our government benefits and real estate, to further spread risk and capture growth opportunities.

That said, every step we took taught us valuable lessons and helped us build a solid foundation. We're grateful for the discipline and patience we developed along the way.

Ultimately, the journey has shaped our values around saving, giving and planning well for the future.

What would you tell your younger self about making $1 million?

I would have started saving and investing sooner, because I know that even small amounts invested consistently can grow tremendously thanks to compound interest.

Building wealth is a marathon, not a sprint.

The most predictable manner is to stay disciplined even when progress seems slow or markets fluctuate.

Did you read any financial books that helped you on your journey?

The Total Money Makeover by Dave Ramsey and hundreds of articles from Kiplinger magazine and Morningstar.

Did you work with a financial adviser?

I've consulted with several financial advisers and studied the advice of others along the way. I'm especially grateful for the guidance provided by Larry Burkett, Dave Ramsey and resources like Kiplinger magazine, all of which have offered valuable insights to help shape my financial decisions.

Did anyone help you early on?

Larry Burkett and Dave Ramsey have provided invaluable financial wisdom rooted in practical principles and biblical stewardship.

Larry Burkett was a pioneer in Christian financial counseling, offering guidance that emphasized living within means, avoiding debt and giving generously.

Dave Ramsey built on these principles with clear, step-by-step plans for getting out of debt, budgeting and building wealth, all grounded in personal responsibility and faith.

I first started working with their teachings because I wanted a financial approach that aligned with my values — one that balanced wise money management with purposeful generosity. Their straightforward, faith-based advice gave me a solid foundation and practical tools to take control of my finances and work toward long-term stability.

LOOKING AHEAD

Plans for your next $1 million?

Fortunately, we have already reached our next $1 million, and if history is any indication, we expect to achieve many more millions before we officially and completely retire.

Our focus remains on steady growth, smart investing and maintaining financial discipline to support our long-term goals and lifestyle.

Any advice for others trying to make their first $1 million?

Time and consistency are your greatest allies. Even modest, regular contributions to retirement or investment accounts can grow significantly over the years thanks to compound interest.

Keep your spending in check.

Prioritize saving and investing over immediate gratification.

Take full advantage of employer-sponsored plans like the Thrift Savings Plan or 401(k), especially if there's a matching contribution.

Don't rely on just one source of income or one type of investment. Explore different avenues — whether it's real estate, stocks or side businesses — that fit your situation.

Building wealth rarely happens overnight. Stay disciplined through market ups and downs and keep your long-term goals in focus. Learn the basics of personal finance and investing.

When needed, seek trusted advice from qualified professionals.

Cultivating a spirit of generosity not only blesses others but also helps maintain a healthy perspective about money.

I have always thought that everyone's journey is unique. It's important to focus on steady progress rather than quick wins and build habits that will sustain your wealth for a lifetime.

Do you have an estate plan?

Yes, we have an estate plan that includes a will, powers of attorney and a health care directive. In the event that both of us pass at the same time, a testamentary trust would be established for our minor children.

We believe these elements are the most effective methods to secure our legacy and ensure our family is cared for according to our wishes.

What do you wish you'd known …

When you first started saving? I've always had the desire to save, but what's been most important to me is understanding the reasons behind the savings and having clear goals. Looking back, I wish I had known more about the power of starting early and how compound interest can significantly grow your savings over time.

Also, understanding different investment options and how to balance risk with growth would have been valuable from the start.

When you first started working with a financial professional? I have inquired with a few financial advisers, but at this time, I'm choosing to delay working with one until I'm confident about the relationship and the value it brings.

When you first started investing? When I first started investing, I wish I had understood that sometimes doing nothing is the best course of action.

It's important to have a well-diversified portfolio and to prioritize maxing out tax-advantaged accounts like IRAs and 401(k)s.

Patience and discipline often outweigh frequent trading or trying to time the market.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

RELATED CONTENT

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we hear from a single 68-year-old semiretired certified public accountant in San Francisco. He owns his own firm, which had a staff of three to seven and 1,200 clients before he semiretired to work with "35 people I love to work for."

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

THE BASICS

How did you make your first $1 million?

Gradual enrichment over time. Self-employment was the key. The cash flow allowed me to support multiple pieces of real estate (owning two homes, buying rentals), invest small amounts in the stock market and fund retirement accounts.

The business kept growing, and the cash flows kept growing.

Two decades ago, I said to my father, "I am a millionaire." His comment: "Isn't everybody?"

From my experience, I knew this not to be true. When he passed, he left us each a few hundred thousand. There were many siblings. This made my third million even easier to achieve.

What are you doing with the money?

My career was successful, and I was confident that the cash flows were going to remain at a certain level throughout my career, so that let me explore opportunities.

I did not even realize (I'd made $1 million) until well on the way to the second million. The client/friend base for contacts and information was really the key to everything. I observed, asked questions, offered advice from my own knowledge and experiences.

I knew how to get out of problem situations (2008 crash) or knew someone who could advise me when they happened.

I was more confident about the financial risks in everything. I understood the value of time and money. I showed others what I knew.

THE FUN STUFF

What is the best part of making $1 million?

Confidence.

Did your life change?

Not really.

Did you retire early?

No. I retired at full retirement age. I realized that setting up multiple income streams when I was younger was the key to retirement. I have five to six different things working for me. It was not "work" to me until I was in my mid-60s.

LOOKING BACK

Anything you would do differently?

Honestly, I would have taken more risk earlier in my life.

What would you tell your younger self?

"Believe in yourself more!"

Did you work with a financial adviser?

I have had the same financial adviser since 1991. She has about $1.5 million of my funds. However, I do the taxation, which is just as important. I had a loss on the sale of a rental property around 2014, and it wiped out all of my income tax liability.

However, I had a good W-2, and my withholdings were set to cover all of the taxes.

I did a massive Roth IRA conversion that year, and it has tripled in value since, and I paid no extra tax. The financial advisers have done projections for my income, with all of my assets. They are realizing that my tax bracket will always be minimal, unless I decide it won't be.

(My adviser) is Donna Andrews with Morgan Stanley, one of the strongest people I know and respect. When my confidence (has ebbed at times), she has walked me off many ledges.

Did anyone help you early on?

My last boss (whom I have no respect for) and his late wife taught me so much about people and money and being honest and who you are.

LOOKING AHEAD

Plans for your next million?

Already happened three or four times, and it will happen more by always being able to live within my means. This is assured.

Any advice for others trying to make their first $1 million?

Be patient — it does not have to happen overnight. You can make mistakes, especially at a young age, and recover. Have a plan B, if you can.

Your passion will make it happen! Do not say, "I cannot do this." Always be in the affirmative. Risk is always there. But so is reward.

Do you have an estate plan?

I have a will, revocable trust, medical powers of attorney, payable-upon-death designations, charitable planning, etc., etc.

I have seen everything from suicide to dying of old age and how it affects those whom you know. The estate planning I have done is the most responsible in this regard. Don't foist your problems on others that you love, if at all possible. If you are gone, others have to clean up your mess. Keep all of this up to date.

What do you wish you'd known …

Before you retired? I should have stopped working earlier, and if I had taken more wages instead of profits, my Social Security benefits would be greater. Still, they are $3,500 a month.

When you first started saving? That small amounts, consistently done over time, will grow. Cash has to be saved, but time will conquer all.

I cashed out (on my business' profits) early and often. If I hadn't cashed out, I would be worth twice what I am today. However, I would not have had as much fun.

When you first started investing? I was stupid about credit when I was young. I did cash out a couple of times to pay credit card debt. Back then, I could deduct the unsecured interest on my taxes. When that ended, I had to pay things off quickly.

When you first started working with a financial professional? I know taxes, but I don't know much about investing, and we talked and worked together. Working together has been the best.

Anything you'd like to add?

This is really what says everything about me: When my profession became work, it was no longer fun.

At 12, I saw my father (who I realized later on in life was a financial genius, but very conservative) working on the taxes for a relative. I asked a lot of questions that day and was amazed at the answers he provided.

As a bookworm, that set me off. I knew that I wanted to do taxes later on as my career. I realized that becoming a CPA was it. My family has a work ethic that was and still is amazing. I never planned on working for myself, and I am so grateful that I fell into that position.

A high school buddy got me a union job at a major grocery store chain in 1975. Pay was $50 an hour when the holiday was on a Sunday, overtime, benefits, everything. I went into major debt, living a lifestyle.

My college education was 14 years long. One class a quarter, always.

I bought a condo while working at a grocery store. That union job even provides me with a current pension — $500 a month — forever.

A friend and I partnered on a home purchase. I went on cruises, bought sports cars, etc. But I always took that one class a quarter.

When I finally was able to say I had graduated (and had paid off my "fun" debt), I started looking for an accounting firm to work for. A résumé did not do it — I looked bad on paper, grades not the best, and I'd never done an office job in my life.

But I knew life, I was 30, and when I took the CPA exam the first time, I met some people. (When they talked to me, they saw my passion) come out, maybe not the ability, but the honest want of wanting to do more. No education debt, however. The work ethic shone through.

My first job at a firm: I lasted six months, and I bet they are still discovering my mistakes. At my second firm, I stayed with one partner 12 years and absorbed. I went from $45,000 at a grocery store to $17,000 in an accounting job at the beginning.

I bought another home in the very early '90s. No money down.

Being around financially savvy people, who understood risk, and being in the heart and soul of Silicon Valley as it erupted took care of the rest. Time and place were on my side. Being a gay, respected source for information and solutions, in San Francisco, was the ticket.

Me, using what I was showing other people to use, was the proof to people.

Being honest and transparent showed my belief in myself and to others what they could accomplish with their own thoughts, ideas and life.

This was fun. People thanked me. I always asked the clients to thank my staff, because without a great support system, I would have been nothing. If we made money in the firm, they were always benefiting. Bonuses were huge, benefits were paid for, time off was easy to get.

Life happens — accept it and show others how to navigate through theirs.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

RELATED CONTENT

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we hear from a married 48-year-old banking executive who lives in the Southeast but is originally from the Northeast. He's still working, but his wife left her job when they had the first of three children many years ago.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

THE BASICS

How did you make your first $1 million?

We eclipsed $1 million in net worth in 2012 when we were both 35. My goal was to hit that threshold when I was 40, so I was excited to have been ahead of schedule.

Our combined incomes up to that point had been less than $200,000 each year. We just did it by rigorous budgeting and saving for nine years. No business, no real estate, no inheritance.

Just fully funding retirement and health savings accounts (HSAs), starting college accounts, investing and dollar-cost averaging.

We don't spend recklessly. I've had the same car for 12 years.

I was interested in saving and investing at a young age and invested all of my summer job income and lifetime savings ($1,800) at age 18 into a Fidelity Select Technology Mutual Fund.

We actually still use the same Excel file that I've used for the past 20-plus years to track all of our income and expenses. We categorize spending by must/core expenses and then other/optional.

Additionally, I update our balance sheet at year-end. We still track it today, and we have been able to grow our net worth with the luck of home price appreciation, higher income, the magic of compounding and adding a couple of real estate rental properties in the past 10 years.

Here's a graphic of our income growth since 2003:

What are you doing with the money?

We paid off our mortgage early, increased our charitable giving as we made more, bought some rental property, and now we spend a bit more on vacations.

THE FUN STUFF

Did you do anything to celebrate?

We probably went out to dinner.

What is the best part of making $1 million?

Security.

Did your life change?

Not really, but we felt a lot more secure and knew we could face an emergency and do some more fun things and give back a lot more.

Any plans to retire early?

I'd like to retire around age 55.

LOOKING BACK

Anything you would do differently?

Not that I can think about, other than investing early in Apple (AAPL), Amazon (AMZN), Nivida (NVDA) and some others! 😊 Maybe we could have gone out to dinner more.

What would you tell your younger self about making $1 million?

"Well done!"

Did you work with a financial adviser?

Yes.

Did anyone help you early on?

Not really. My finance and accounting background in college and my first job as a credit analyst served me very well.

LOOKING AHEAD

Plans for your next $1 million?

Now that we are at $6 million, I'd like to double that to $12 million in seven years (about a 10% rate of return).

Any advice for others trying to make their first $1 million?

Track everything so you know where your money goes. Estimate what you will make, take home and spend in the next year and set savings goals.

Do all of this with your spouse — recap the prior year and talk about the next year's goals together.

Do you have an estate plan?

Yes, we have a revocable living trust, wills, powers of attorney, health care proxies, etc. We set those up after reading Money magazine and Kiplinger all these years.

We wanted to avoid probate and prevent our kids from inheriting a ton of money at too young of an age if we died early.

Anything you'd like to add?

The best lessons learned were all in the first decade of my investing career (that was a tough decade!).

I graduated from college right before the tech bubble in 2000 and learned to not rely too much on what stock pickers say or on individual stocks (especially avoiding companies that don't make money or have too much debt 😊).

During the financial crisis in 2008-2011, I learned to not panic-sell and stay the course. I started investing more in low-volatility and value companies.

Once we got through two bubbles, I felt real estate would be a great way to build wealth (especially in such a low-interest-rate environment).

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

RELATED CONTENT

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we hear from a retired and married 68-year-old former middle school teacher. He's from Michigan, lives in North Carolina now and has lived in Colorado, New Mexico, Arizona and Illinois.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

To hear more about My First $1 Million, and this profile in particular, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

THE BASICS

How did you make your first $1 million?

Our first million came over 33 years of steady investments. I started in 1985 by investing $25 a month in IRA/mutual funds with the goal of one day maxing out the $1,000-a-year limit for both my wife and me.

Every raise, location change and career change, we had a goal of never going backward financially.

Homeownership was a big part of our first million. In 1992, we bought our first house for $95,000. It was a fixer-upper.

We sold it in 2007 for $264,000 and bought our next house for $285,000. We sold that in 2022 for $674,000 and paid cash for our last house.

I kept chasing the IRA limits as they went up over time and maxed out both mine and my wife's IRA.

When workplace 401(k)s, 403(b)s and Roths came into play, we took advantage of them by saving to the match and up to 10% of our pay.

What are you doing with the money?

In 2018, when we hit our first million, our focus was on retiring and relocating.

For the next four years, we maxed out every tax-advantaged account we could and started to save more cash to deal with sequencing risk at retirement and to live off of savings — and to avoid touching our investments — till we hit 70 to take the max of Social Security.

We didn't do anything different at that point in our life other than dreaming of our next stage in life — retirement.

THE FUN STUFF

Did you do anything to celebrate?

When we hit our first million, we also had just paid off our mortgage in 11 years.

We went out to dinner, and I think not having a mortgage was more exciting for us than the million.

Does anyone know you're a millionaire?

No one knows but our children. I have tried to communicate with family and friends over the decades on the importance of saving early, but we found that most people don't want to talk about what they are doing or not doing and don't care to share.

We feel now that our wealth would only open the door for those who wouldn't listen then and want help.

What is the best part of making $1 million?

The second million comes so much faster than the first. What took 33 years for the first took only six years for the second million.

Did your life change?

I would say our life is not that much different. We have always been generous with our church and other organizations.

We never went out to eat much and still enjoy the simple things in life.

We now have a nice budget line item called "trips."

Did you retire early?

We both retired at 65. You know that Medicare thing.

LOOKING BACK

Anything you would do differently?

Start saving at age 15 when I got my first job — $5 a month and the habit developed earlier in life would have paid dividends later in life with less pain.

What financial advice would you give your younger self?

Don't wait for our education system to teach you how to manage your money. Find those who have made it and pick their brains and start saving earlier.

Did you read any financial publications that helped you on your journey?

Kiplinger newsletters, Common Sense: A Simple Plan for Financial Independence by Art Williams and The Millionaire Next Door by Thomas Stanley and William Danko. I also am a big follower of Dave Ramsey.

Did you work with a financial adviser?

Not until we hit our second million. I knew that if something happened to me, my wife would need support in that area. We work with Empower, formally Personal Capital.

Did anyone help you early on?

My wife's uncle was a successful professional who was not afraid to share how he was investing his money. I showed an interest, and he opened up his world of investing to me.

His big takeaway was time and the magic of compound interest.

LOOKING AHEAD

Plans for your next $1 million?

My wife and I have already booked a 105-day cruise around the world.

Any advice for others trying to make their first $1 million?

Start now and set up your life so you pay yourself first and not put yourself at the end of the monthly bills when there is nothing left. And stay out of debt, except for a mortgage.

Do you have an estate plan?

Yes, we have an estate plan. It's a simple will because everything is in a beneficiary-designated account besides the house.

We split up the house to be donated to charitable organizations. We have powers of attorney and health care directives.

What do you wish you'd known …

Before you retired? Money can only give you peace of mind, not happiness.

When you first started saving? I wish I understood more fully the power of compound interest. We might have downsized even more in the early years so as to save more sooner.

When you first started investing? I started with front-loaded mutual funds, and I wish I had researched and started investing in no-load mutual funds first.

When you first started working with a financial professional? That it wasn't that hard to give up control to a professional, and I didn't anticipate the weight that would be lifted off my shoulders when I no longer had to micromanage my investments.

Anything you'd like to add?

I think that in order to be successful in investing, you have to believe in free enterprise and capitalism. You also have to have faith in the fact that the markets go up and down but over time continue to climb. Consentient investments over time leverage dollar-cost averaging.

My happiest times in investing were when the market went down, and my monthly investments bought more shares, and then it went up.

The naysayers in my life thought I was crazy during these periods. "Crazy like a fox!" I'd say.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

RELATED CONTENT

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it.

This time, we hear from a 74-year-old married and retired in-house corporate lawyer from the tech industry. He lives in the Midwest now, but spent most of his career in Boston and New York. He details here how he made his first $1 million by age 42, but then lost it all. Luckily, he's made other millions since then.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

THE BASICS

How did you make your first $1 million?

I received stock and options in a skyrocketing tech firm in the Boston Route 128 area in the '70s when I was in my late 20s. The stock increased exponentially, split and went up like there would be no tomorrow.

I also bought more stock at a discount via an employee stock purchase plan, like a total fool. When the company went bankrupt, the stock was locked up, and shares worth $100 at their peak were worthless.

Since I could not sell the stock to realize a tax loss, I didn't even get that benefit.

What are you doing with the money?

Nothing. I lost it when my employer went bankrupt. I made and lost my first $1 million before age 42. My next millions (plural) were made quietly with a little more humility following the lessons I learned with my first million.

THE FUN STUFF

Did you do anything to celebrate (before you lost it all)?

No. I was too busy thinking (wishing) about the next million.

Does anyone know you're a millionaire?

I didn't really tell anyone about the first million, but my co-workers at the time who were making the same mistake by holding company stock probably knew. (Editor's note: As for anyone knowing about the current millions, note the word "quietly" in the answer above.)

What is the best part of making $1 million?

Security and freedom from financial anxiety. Having the resources to help my kids and grandkids and donate to worthwhile causes.

Did your life change?

Surprisingly, not much. We still shop carefully and look for bargains and will put off buying something if it seems too expensive even though we can afford it.

But having resources has made me more comfortable. It's enabled me to fund college tuition for our kids, a lakeside cabin, donate to worthy causes and enjoy fun travel, but otherwise I'm very much the millionaire next door in old sneakers and worn jeans.

My neighbors, friends and even relatives would be shocked to know our net worth.

When did you retire?

At age 65.

LOOKING BACK

Anything you would do differently?

Diversify, diversify, diversify. As a combat veteran, I was trained not to concentrate human resources to reduce vulnerability, but I just didn't see its applicability to my financial resources.

How did employee benefits figure in your financial plan?

401(k) matching, health care and personal spending accounts and insurance are all incremental ways to free up salary for investment.

I told new employees to read the benefit plans carefully and soak up every free nickel they could: "You won't miss it if you never have it in your paycheck, but once it shows up on your paycheck, it's hard to give it up. You are most likely making more money here than at your last job, so use this as an opportunity to kick-start your financial plan. You will eventually have to live on what you've saved."

Did you read any financial books on your journey?

One Up on Wall Street (by Peter Lynch), Rich Dad Poor Dad (by Robert Kiyosaki), The Millionaire Next Door (by Thomas Stanley and William Danko). I also read The Wall Street Journal.

Did you work with a financial adviser?

Not for myself, but after retiring, we turned my wife's trust and her IRA over to a financial planner to both help educate her on financial management and to have a resource to manage a large portfolio when I pass on.

Did anyone help you early on?

My parents were members in good standing of the greatest generation, so they instilled traditional values in me — get educated, work hard, spend less than you make no matter how much that is.

The down payment for my first house came from U.S. Savings Bonds that I bought in a monthly allotment from my military pay as a draftee who made next to nothing.

My WWII veteran dad gave me that advice because he did the same thing and also died a millionaire.

LOOKING AHEAD

Plans for your next $1 million?

Since I'm retired now, there will be no next million. I harvest gains and interest for living expenses and have a six-figure annual charitable gifting plan using a DAF (donor-advised fund) funded with stocks with capital gains and QCDs (qualified charitable distributions) from tax-deferred savings accounts.

Any advice for others trying to make their first $1 million?

Save consistently, even if it's 1% or 2% of your earnings. Make an asset allocation plan and stick to it. Don't panic when the market inevitably retreats.

The business cycle will not be denied and cannot be timed. Don't swing for the fences.

As Peter Lynch noted, you can win the long game with consistent one- and two-baggers.

What advice would you give your younger self?

Don't focus on accumulating wealth, and don't get caught up in what Alan Greenspan called "irrational exuberance" about the latest trends — dot-com, crypto, ESG, etc.

Savings and investment are part of a life plan, not a goal in themselves.

Keep a theoretical wall between your long-term investments and daily spending. Don't invade long-term savings for short-term spending, short of a financial catastrophe.

Do you have an estate plan?

Yes. Standard reciprocal revocable trusts, wills, powers of attorney, health care directives. We keep our estate under our (extortionate) state estate tax threshold with charitable gifts and by funding 529 accounts for our grandkids and Roth accounts for our kids.

What do you wish you'd known …

Before you retired? I waited until 65 to retire, even though I didn't need the money, because I enjoyed my job and feared not having that as a focus.

Now I know how great it is to be retired with adequate resources. I work with nonprofits for fun, spoil our grandchildren and get to travel with my wife — 70 countries so far.

When you first started saving? As a child of Depression-age parents, saving something from my first paper route (I know, a thing of the past) and first jobs (McDonald's) was drilled into me from an early age.

The one thing I wish I had done was not to leave (all my) money in a bank. But when I was entering the workforce, we didn't have online brokers and the range of investment options we do today.

When you first started investing? That it is actually not that mysterious or difficult if you follow the boring and oft-repeated advice to invest conservatively, have an asset allocation plan and don't fiddle with it.

When you first started working with a financial professional? I really like my wife's planner, and one of my children is also using her. However, she is not doing anything for them that I haven't learned along the way myself.

A financial planner might have saved me from my huge mistake early in my career, but I was probably "too smart" at the time to take professional advice.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

RELATED CONTENT

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it. This time, we hear from a self-employed trader who lives in San Francisco. He and his wife are from Austin, Texas, but call both places home.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

THE BASICS

How did you make your first $1 million?

That's a tricky one. It might have come about the same time from two different sources. Real estate and RSUs (restricted stock units). At an early age, my wife and I began investing in residential rental properties in the Austin area. We built up a portfolio of five single-family homes.

The equity in that portfolio probably reached a million about the time my wife got a honey of an RSU package from a firm in San Francisco that was worth more than $1 million.

(So we made our first million) probably around 2019.

What are you doing with the money?

As the Austin real estate market overheated, we began selling properties and rolling the proceeds into another market with no state income tax but much lower property taxes.

We turned a portfolio of five houses into 10 houses with significantly lower property tax bills for a similar amount of rent.

The RSUs continued to grow in value, which allowed us to build a very nice house. They also provided the capital I needed to change gears and move out of my corporate finance/accounting career and into full-time trading, which now provides me with more income than any job I ever had.

And if increased income isn't enough for you, let me tell you that having no boss and no meetings and whatever schedule I choose is hard to put a price tag on.

It also allows me to volunteer more at church and help others with financial education.

A significant portion of our income goes to charity, but that has nothing to do with making a million. It has always been that way and always will be that way.

THE FUN STUFF

Did you do anything to celebrate?

No. We weren't even aware of it in all honesty. $1 million used to mean something. For us, it is just a small part of a much bigger plan and expected outcome.

Does anyone know you're a millionaire?

I can't think of anyone. We want to be known for our generosity and how much we give away and not by how much we have.

What is the best part of making $1 million?

It's the hardest million to make. You always hear that the first million is the hardest. It is absolutely true. The next millions come quicker.

The best part of making $1 million is that it proves you have what it takes to make the next however millions. There is a reason so many people will never make a million. It's hard, and it takes discipline.

Did your life change?

It didn't change our life all that much. We drive a nicer car and have nicer things, but we still live significantly below our means because we have more goals to accomplish.

You don't hit a certain dollar milestone and then just change things up. It's why so many lottery winners or superstar athletes go broke. They stayed true to who they were before the money came, just like my wife and I stay true to our principles after the money came.

Any plans to retire early?

My wife will probably retire by 55. I love being a trader and can do it anywhere as long as a market is open and at any age. It is now the annuity stream I've always sought.

I'll probably cut loose all the real estate and add the capital to my trading account. The returns are way higher than real estate. Real estate has gotten out of control on the cost side of the equation.

LOOKING BACK

Anything you would do differently?

That's hard to answer because we always assume that if we change something, it will make things better today. I like who I am today. Who I am today is a product of all the lessons learned from the past.

If I changed something and didn't learn a particular lesson, I might be worse off today.

Those tools I added to my toolbelt from those lessons equip me to do even better going forward, so no, thanks, I wouldn't change a thing.

Did you work with a financial adviser?

No. I've always had a knack for making my money work for me. I realized early on that it wasn't enough to just make money. I had to get multiple streams of income working for me, thus investing in real estate. My tenants were buying me appreciating assets.

Early on, I settled on an investment strategy based on a simple premise that I could not know how long I'd live, and I did not want to ever worry about running out of money.

I decided on a three-pronged approach:

• Personal savings via retirement accounts
• A perpetual annuity stream through rental properties
• Social Security

Social Security was deemed the least-reliable of the three and would be treated as a bonus (which is pretty terrible since it is something we've funded all our lives and should be able to count on it, but we have terrible politicians who expect us to do finances correctly while they bankrupt our country).

We have diligently saved in our retirement accounts and are in the process of paying off mortgages on rental properties.

Did anyone help you early on?

My dad taught me to be cost-conscious and pay my bills. That stuck with me. That, combined with this inner drive to maximize everything I get my hands on, turned into financial success.

LOOKING AHEAD

Any advice for others trying to make their first $1 million?

Stop watching the highlights of the world on social media. It paralyzes you. It fills you full of anxiety and FOMO.

Making a million is not rocket science. It's not instantaneous, and it's not sexy. It's wanting more, being willing to do what it takes to get more and having the discipline to control your spending along the way.

My wife and I made sacrifices in the past so we could have what we have today. Delayed gratification and investment in ourselves.

Stop believing everyone is smarter and better than you and that you'll never make it because you're not good enough. Bet on yourself and make it happen!

Do you have an estate plan?

Not yet. My CPA diligently pesters me about this, and I need to stop dragging my feet. My wife and I did not come from money and did not receive any inheritances.

Now that we have something, we want to make sure it passes as easily and tax-friendly as possible.

What do you wish you'd known …

When you first started saving? That it takes a long time, but if you keep at it, then results will come.

When you first started investing? Be patient. Zoom out on your chart and look at the years and stop sweating what is happening on the daily timeframe.

Real wealth doesn't come from buying something at the beginning of the week for $100 and selling it at the end of the week for $105. That's how I make money weekly in trading.

Real wealth comes from buying something for $100 and selling it in 20 years for $100,000. Patience, patience, patience.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

RELATED CONTENT

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it. This time, we hear from a 67-year-old married and retired engineering manager in Chapel Hill, N.C.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

THE BASICS

How did you make your first $1 million?

I made my first $1 million, at age 39, by:

• Maximizing savings from every paycheck, starting on the very first one
• (Investing in) 401(k) (and getting) company matching funds
• Investing in the stock market (following Kiplinger magazine advice)
• Working hard in pursuit of promotions
• Taking foreign and domestic assignments that colleagues bypassed because they did not want to change their comfortable lifestyle to bump pay
• Never taking any money out from investments
• Living below our means

My wife, a teacher, believed the same way and worked everywhere we went during my domestic and international assignments.

That first million increased several-fold over a 27-year career span, and we were able to retire when I was 53 and she was 54.

What are you doing with the money?

I continued to keep that first million invested in the stock market and to save at an even higher level than before as my career continued to thrive.

THE FUN STUFF

Did you do anything to celebrate?

Nothing. Continued with the same strategy of maximizing savings and living below our means.

Does anyone know you're a millionaire?

No. Only my wife and I know our net worth. There is no need to brag about reaching your goals.

The only thing I do is dish out advice to young people, without ever mentioning my net worth.

However, I always mention the strategy I pursued to be able to retire at 53, and I am sure that they realize that my net worth must be sizable, judging by our lifestyle.

What is the best part of making $1 million?

Seeing the payoff of all the moves one made to reach that goal. It is validation that everything we did throughout our lives was definitely right.

My parents were not wealthy. I was the first and only of my siblings to go to college, which I paid for with scholarships and campus work.

Did your life change?

It made me realize that it was possible to achieve a great goal, made me feel very confident about the future and motivated me to keep going so that $1 million was only the beginning and not the end of a great achievement.

LOOKING BACK

Anything you would do differently?

Absolutely not. The results speak for themselves.

Did you work with a financial adviser?

I did not for most of my career while working. I read financial magazines (Kiplinger was always the main one).

I also got investment tips from Fidelity (where I kept all my holdings and still do) and always maintained a conservative investment strategy:

• 70/30 stocks/bonds in the first 15 years
• 50/50 in the next 10 years
• 30/70 the year before I retired

I started working with a financial adviser only five years before retirement, mostly for tax-related reasons and because I wanted to be able to fully enjoy retirement without worrying about how to invest once my holdings had reached a sizable level.

Did anyone help you early on?

Not exactly. Everything I learned about investing, saving and spending was through reading financial publications, books, attending seminars, etc.

I did fine without getting help, not because I did not want it but because no one ever approached me to offer financial advice.

LOOKING AHEAD

Any advice for others trying to make their first $1 million?

Save at least 15% to 20% of your monthly check, starting with the first one. Maximize your 401(k) savings to get the full company matching contribution, if available, and don't even consider taking any money out of your savings until you retire.

Use credit cards sparingly and, if you do, pay off the balance every month. I have never carried a credit card balance. I have always paid whatever the balance is at the end of the month.

Plans for your next $1 million?

I already have enough millions, so my wife and I live a very comfortable life in a golf club community and a 7,000-square-foot home that's fully paid for.

We are spending our money wisely and avoiding extravagant payments, maintaining a budget (as we always did) and fully enjoying the fruits of our labor.

Do you have an estate plan?

Yes, we do. The estate plan includes revocable and irrevocable trusts, wills, powers of attorney and more.

We worked with a great estate lawyer who advised us on what elements we should consider and include. So, after doing my own research, I agreed with the recommendations and finalized the plan.

What do you wish you'd known …

Before you retired? That I should have been less apprehensive about retiring early. There was always the fear of running out of money, even though our financial adviser repeatedly assured us that, despite our conservative investment strategy and zero debt of any kind, our chance of running out of money at age 99 was less than 1%.

So, we were very conservative about spending money during the first five years in retirement, but upon realizing that, despite not having any income, our retirement nest egg continued to grow every year, we relaxed and now spend more, but always in a moderate way.

When you first started saving? That the power of compounding was much better than I thought. I never imagined that I was going to be able to make my first $1 million at age 39 from salary savings and investments alone.

Like everybody else back then, I thought that reaching the $1 million milestone would happen in my 60s and that such an amount was going to be more than enough to live happily ever after. Boy, was I wrong!

Not to sound condescending, but those who still believe that $1 million will be enough are in for a rude awakening.

When you first started investing? I started after I got my very first salary check in a very conservative way. I put my savings in the bank and in money market funds in my 401(k) because I knew very little about the stock market.

However, I wanted to educate myself, so I studied on a night-and-weekend program and got an MBA degree, in addition to my engineering degrees, to be able to feel comfortable about investing in the stock market.

Hence, I did not start investing until about seven years after I started working.

When you first started working with a financial professional? I started working with a firm many years after I had been investing on my own, and by that time, I had already accumulated significantly more than $1 million, so I was very familiar with investing and able to discuss, question and provide detailed feedback to their investment strategy for my portfolio.

That was great because they knew they were working with someone who was more like a partner than a client.

Anything you'd like to add?

The American Dream is more than achievable in spite of all the negative coverage we hear in the press these days. I am proof of it, and I achieved the dream through hard work, good decisions, living below my means and never wavering from reaching milestones, targets and objectives.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

RELATED CONTENT

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it. This time, we hear from a married 60-year-old military vet who worked in the federal government. He lives the retired life with his wife in Virginia Beach after living in Fredericksburg, Virginia, while working in Washington, D.C.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

THE BASICS

How did you make your first $1 million?

No inheritance! During my military career, we were more focused on maxing out Roth IRAs and 529 plans for my daughters to use for college.

Once I retired from the military, I immediately started working for the federal government. I was making a senior civil servant salary while also receiving my military pension.

This influx of income opened up new opportunities for investing and saving. I maxed out my TSP (Thrift Savings Plan) for the entire 17 years before I retired from the military.

I did dollar-cost averaging in primarily the C Fund (S&P 500 index fund).

There were some down years, but also some phenomenal years. In the TSP, I was able to go from zero to $1 million in 15 years.

I was also able to buy a rental property and two vacation homes at bargain-basement prices. We used the beach vacation home exclusively as a second home and the ski resort home we used often but also had on the rental program. A great life! You can't vacation on a T-bill!

In addition, we had a rental home in Florida that was always rented.

When we were ready to retire, we downsized — sold our three properties along with our main home and bought our present home. We made very nice profits on all the real estate.

We currently have zero debt, two pensions and very healthy investments, all of which allows us to travel more than 100 days per year.

We were also very pleased to pay cash for our daughters' college educations and both their weddings. That was very important to both my wife and me, to ensure they started off on the right foot without a lot of debt burdening them as they move forward in their careers and family.

What are you doing with the money?

We continue to invest and live our life like we always have. Now that we're in retirement, we are able to "splurge" a bit more, since we have both the resources and the time.

We're traveling overseas for 15 weeks in 2025 and 16 weeks in 2026. We have always loved to travel.

My wife and I have visited all seven continents and lived on three of them during my military career. We love being debt-free!

THE FUN STUFF

Did you do anything to celebrate?

It's been many years now, and my goal was just to keep growing it so that when we did retire, we had a nice-size nest egg that we could draw from, in addition to our pensions and future Social Security. I was able to retire early at 59, so that was my celebration!

Does anyone know you're a millionaire?

We don't flaunt it, but people know if you are able to retire early, live in a nice home by the beach and travel extensively with not a care in the world that you have made it financially.

What is the best part of making $1 million?

Freedom!

Did your life change?

Just the $1 million didn't change my life. It was more a combination of being debt-free and having healthy pensions and cash flow that has allowed us to retire early and live the life we have always dreamed of.

My health has improved dramatically — walk every day, eat better, sleep better. It's not all about the cash amount, but your health, too. Health is wealth!

The $1 million has allowed me to get healthier without the daily grind and pressures of work.

LOOKING BACK

Anything you would do differently?

Not really. We were able to retire at 59, since we're living our dream life, we couldn't be any happier.

Did you work with a financial adviser?

I did not work with an adviser until just two months ago (I've been retired for 13 months). I use Facet — pleased with them so far.

Earlier this year, when President Trump was shocking the world with tariffs and the market was going through highs and lows, I wanted to bring on a firm that could manage the growth but also help mitigate the risks and downsides.

Did anyone help you early on?

My dad. He was a small-business owner and very savvy. I really looked up to him — my hero!

LOOKING AHEAD

Plans for your next $1 million?

I won't be adding new income into the mix, so the next million will have to come from the market itself — growth, compounding, etc.

Additional money will be more for our kids' inheritance. We're living the life we want to live, so adding more will not really change it that much.

Any advice for others trying to make their first $1 million?

Be aggressive! Max out your 401(k)/TSP. At a minimum and invest at least the amount your company will match — don't pass up free money.

Compounding and time are on your side.

Go all in on the S&P 500 — ride the highs and lows, and you will come out on top.

Do you have an estate plan?

I do have a will, powers of attorney (POAs), medical directives, etc. All of our beneficiaries are named, so that will bypass probate when we eventually pass.

Our daughters will inherit the house. We are looking at setting up a trust to help bypass that hurdle and keep everything private.

What do you wish you'd known …

Before you retired? Nothing jumps out at me. I have always loved finances, financial planning and the like. I was also the executor for both of my parents when they passed and learned that the more I can prepare now, the easier it will be for our heirs.

When you first started investing? Don't let the market lows get you down — believe in the markets. In the long run, they will rebound and grow exponentially.

When you first started working with a financial professional? I just started working with a CFP. He's great and gave me clarity on questions I had on Social Security, life insurance and other items.

When you first started saving? Invest till it hurts! Too much early money went out the door and was wasted. Focus on what you really want out of life and work toward those goals and dreams.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

RELATED CONTENT

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it. This time, we hear from a 51-year-old product manager in construction equipment manufacturing. He's a self-professed lifetime bachelor living in the Northeast, though he grew up in the Southwest.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

THE BASICS

How did you make your first $1 million?

Prepare to be underwhelmed. My path to $1 million is probably the most boring story you will hear. It's a strategy you've read about many times. It's simple, really: I lived well below my means. I invested early — made my first investment at age 15 — and at a high rate, at times as much as 30% of my income, and then I ... did nothing. I just let it grow.

My first investment at 15 was not a high-return investment, but it was money I had earned with summer jobs. I bought some U.S. Savings Bonds that would mature in time for me to use the money to help with my first semester in college. It worked, and I was hooked on personal finance.

I was like most poor college kids for the first few semesters, just trying to survive. I had no financial assistance from my family, and initially, it was very difficult to get any financial aid due to the system assuming my family would pay.

After filing the appropriate paperwork, I was able to prove that I was not receiving assistance from my family, and then I was able to receive some Pell Grants and Stafford Loans.

I used the loan money to pay for college and any excess (plus what I was earning from bartending) to invest. I invested in low-cost index funds spread across large, medium and small cap, some international (developed and emerging), and then over time I bought a few sector funds that I felt would outperform the overall market (energy, financials, health care).

And then, I just kept buying. I intentionally kept myself cash-poor so that I would not squander my money on short-term gratification (new cars, boats, big house that I didn't need, etc.).

I followed my retirement account balances very closely as I approached $1 million. I still check my balance daily, but I don't keep track of the balance (as closely).

Here are my balances (not including real estate) over time:

• 7/29/2016: About $400,000
• 6/1/2017: About $450,000
• 1/5/2018: About $500,000
• 9/17/2019: About $600,000
• 8/4/2020: About $700,000
• 12/3/2020: About $800,000
• 4/9/2021: About $900,000
• 6/7/2021: $1 million
• 7/20/2025: About $1.6 million

There is nothing I did that others can't do as well. I didn't win the lottery, didn't inherit money, didn't come from a family with a high degree of financial literacy.

I was capable of this because I had a burning desire to be financially independent and a willingness to delay gratification in order to obtain that independence.

What are you doing with the money?

I am still investing. I hope to have $2 million when I turn 55 (42 months to go), then I will retire using the IRS Rule of 55.

It's likely, after taking a few years off, that I will return to the workforce in some capacity, but I hope for that to be my choice rather than being forced due to needing the money.

THE FUN STUFF

Did you do anything to celebrate?

I don't recall doing anything big. I probably went out for dinner and had a drink, or two.

Does anyone know you're a millionaire?

I prefer stealth wealth. There is nothing to gain and lots to lose in telling others your net worth.

What is the best part of making $1 million?

It was a great feeling of achievement that I was able to do this despite all the headwinds I faced. Also, the feeling of confidence that I will be able to live comfortably in retirement.

Did your life change?

Not really. It gives me a bit more confidence that I will live comfortably in retirement, but otherwise I have continued to live my life the same as before.

Any plans to retire early?

I plan to retire at 55 and live off real estate income (I own a short-term rental), and using the Rule of 55, I will make some withdrawals from my previous employer's 401(k).

I could continue to work and let my investments continue to grow to $3 million to $4 million, but why?

LOOKING BACK

Anything you would do differently?

I would probably be a little more aggressive and growth-oriented earlier, but otherwise I feel I've done pretty well.

Starting with no financial literacy and no one to teach me, $0 to start, inheriting $0, and now I have $1.6 million and am on my way to $2 million.

Did you work with a financial adviser?

I've never used an adviser and never solicited financial advice from anyone directly. Personal finance is my hobby.

I spent a lot of time researching and reading on the subject — not researching for "what stock to buy," but rather, for investment principles and strategies and methods of investing (traditional IRA vs Roth IRA vs 401(k), HSA, real estate, etc.).

LOOKING AHEAD

Any advice for others trying to make their first $1 million?

Everyone has a bank account. You can choose to put money or memories in your account. Both will gain value over time, but only one of those will pay the bills during your retirement.

I don't think poorly of people who put more memories than money in their accounts — that's a reasonable life choice. They just need to make sure they understand the consequences.

Do you have an estate plan?

I've started and stopped the process of creating an estate plan several times — I need to see this process through.

With $1.6 million in my accounts and another $500,000 or so in real estate — plus, I manage my mother's retirement account — if something happened to me tomorrow, it would be a mess for my nearest relatives to figure out.

What do you wish you'd known …

When you first started saving? I think I learned what I needed to learn at the right time. I knew what I needed to know when I first started saving and continued to learn what I needed to know as I progressed.

When you first started investing? I wish I knew a bit more about value vs growth, and I have more of a growth bias in my account. I did pretty well, but most of the index funds I got into are actually a blend of value and growth.

Anything you'd like to add?

I am a lifetime bachelor — never been married or had even a long-term relationship — and I have no children. This has had a significant impact on my retirement balance — I would guess half, if not more, of my retire account balance came from being a lifetime bachelor.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

RELATED CONTENT

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it. This time, we hear from a 67-year-old retired public school educator/administrator in Greenville, South Carolina, who's been married for 47 years.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

THE BASICS

How did you make your first $1 million?

My wife and I made our first million in three ways:

First, by using a faith-based approach to our earnings by always giving at least 10% of our gross salary to our local church and faith-based charities.

Second, by continuing my education, eventually earning a PhD so I could advance my teaching career into school administration.

And third, by adding more money into our retirement funds as I advanced my career, which also increased my annual earnings.

This was a 37-year journey.

What are you doing with the money?

We have been using our retirement savings to supplement our retirement pension and Social Security. We have been withdrawing about 5% per year from our retirement funds since retiring.

Thus far, we have been able to increase our level of giving while maintaining the principal balances of our retirement funds.

Also, we have been able to travel some and eventually move to South Carolina (from Indiana) to be closer to our children and grandchildren.

What was your salary range throughout your career?

$19,000 to $160,000

THE FUN STUFF

Did you do anything to celebrate?

Yes, we retired so we could spend more time with our family.

What is the best part of making $1 million?

I think it's having some financial cushion to supplement our pension and Social Security.

Also, my wife and I are trying to help our grandchildren by each month putting money into their 529 college savings plans. We want them to have the money they need to go to college should they choose to do so.

Did your life change?

It allowed us to retire earlier than we had planned, thus giving us more time to be with our children and grandchildren.

Did you retire early?

I retired at 62, which was about three years earlier than I was planning to do so.

LOOKING BACK

Anything you would do differently?

There are always things I could do differently, I suppose. However, the journey my wife and I have taken is, I think, a road less traveled.

Often, we hear about people who did everything right, saved money their whole lives and eventually achieved their financial goals.

We used a little different approach, first by trusting God to help us, as we were faithfully giving back at least 10% of our income, and second, by gradually improving our earnings as God blessed us with educational opportunities and career advancement.

What would you tell your younger self about making $1 million?

When I was younger, I thought the more money I had, the better life would be. Now that I am on the other side of that journey to some degree, I would say to my younger self to stay content, enjoy the journey and always remember that the most important things in life aren't things.

Did you work with a financial adviser?

Yes, I worked with school district-contracted advisers who helped teachers and administrators.

Each school district had different advisers, so there was not just one person helping me, but several over the course of my career in education.

Did anyone help you early on?

Yes, I had a wonderful chief financial officer who made a big difference in my life. It's unfortunate I didn't get to know him until the last 14 years of my career.

He took great interest in me and my family and helped us accelerate our financial planning.

LOOKING AHEAD

Plans for your next $1 million?

I am in the process of looking at turning some of my hobbies into side gigs.

So if I am successful and these gigs generate additional income, then we plan to give more to help others, increase our giving to our grandchildren's 529 plans and possibly travel more.

Any advice for others trying to make their first $1 million?

First, I would advise to trust God for all of your needs. That isn't to say one shouldn't work hard.

However, as we made a faith-based decision to put God first, and when we continued trying to do our best in all situations, He truly blessed our efforts.

Second, stay true to yourself. Others may try to sway you to run a different course. Changing course is fine so long as there is clear evidence that by changing course it will be better for your family and you.

Third, stay disciplined throughout the journey. There may be some lean times and some difficult times. Successful people stay the course and do not give up when things get tough.

Do you have an estate plan?

Yes, we developed an estate plan with our attorney. Our attorney created a plan that uses powers of attorney to help protect our family assets.

What do you wish you'd known …

Before you retired? Where my family would be moving to four years after we retired so we didn't have to go through the selling-and-buying process in this current economy.

When you first started saving? How much more we might have had by starting to save earlier.

When you first started investing? How much Apple would be worth today.

When you first started working with a financial professional? How easy it is to find a reputable financial professional who can help you along life's journey.

What's the chief difference for you between working and retirement? I think the American working culture is to produce results. So, when I was working in the field of education, I constantly strived for productivity. The better my productivity, the more satisfied I became.

Now that I am retired, I don't have a productive type of life. I have learned that in retirement, in order to be content, I don't need to be productive. I need to focus on being present with those around me.

Therein lies my level of happiness and contentment in retirement.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

RELATED CONTENT

• You're 62 Years Old With $1 Million Saved: Can You Retire?
• Want to Earn $1 Million More Over Your Lifetime? Do This
• Do You Have at Least $1 Million in Tax-Deferred Investments?
• Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
• Compare Your Net Worth by Age

Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it. This time, we hear from a 73-year-old married retiree based in South Carolina. He has three children, nine grandchildren and only just recently retired from the sales industry.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

THE BASICS

How did you make your first $1 million?

Making a million was never an objective. We have always been disciplined savers, active investors, always lived below our means and never carried any credit card debt.

Making our first million was just an accumulation of all of the above. It was never about the dollars, more about the accomplishment.

What are you doing with the money?

Currently, we really are not doing anything different. Still saving, investing, living below our means and no credit card debt.

However, we are actively working with an estate attorney to build a financial legacy for our children and future generations, as well as a charitable legacy that will make charitable contributions long after we are gone.

THE FUN STUFF

Did you do anything to celebrate?

Not that I can remember. It just kind of snuck up on us. I think it happened back in the early 2000s, some 20-plus years ago. I'm sure I called my father.

My wife and I probably kissed, gave each other high fives, then woke up the next morning and went to work, raised our children and got on with life.

What is the best part of making $1 million?

Having a million in a brokerage account certainly offers a great deal of security and financial independence. It allowed us to look beyond just our immediate financial needs and to focus on long-term needs and to be strategic in our long-term planning for generational wealth and charitable giving.

Going forward, one of the greatest unexpected results was the rate of acceleration to reach additional levels of wealth. I may not know the day we reached our first million, but I do remember the year when the growth of our stock portfolio exceeded our annual salaries.

Then later, there was the month when the growth in our stock portfolio exceeded our annual salary. Then the week, and now there are days that our stock portfolios' growth exceeds our annual salaries.

And then last year, our stock portfolio growth exceeded the accumulation of our 50-year working career income. We are sincerely grateful, overwhelmed and humbled by this whole process.

Did your life change?

Not really. We still live in the same home we purchased 40 years ago. Still buy late-model used cars, still saving and investing.

Did you retire early?

No, just retired this year at 73, after a 50-year working career. I was fortunate to have worked with great people, representing wonderful manufacturers, selling products and services that brought exceptional value to our customers.

What are your retirement plans?

Actually, before retiring, we began traveling more and plan to continue taking a domestic and an international trip each year.

We are looking forward to spending meaningful time with family and friends.

Also, I am involved with a nonprofit that works with young adults to introduce them to proven financial principles and concepts that will give them the information and knowledge to make sound financial decisions and to grow personal wealth.

LOOKING BACK

Anything you would do differently?

Not really. No regrets.

Did you work with a financial adviser?

Occasionally, from time to time, we worked with a financial adviser, but we haven't in years. I do, however, enjoy working with Jennifer Torres, a senior wealth manager at Charles Schwab. She is very supportive and a wonderful resource. I highly recommend her.

Did anyone help you early on?

Absolutely, I was fortunate to have grown up in a family where financial discipline and responsibility were lived out each day. I don't remember any formal instructions, but I do remember those opportunities for learning that my parents took full advantage of.

I may have been 10 to 12 years old, and my passion was baseball. I had an old hand-me-down baseball glove from a cousin that was probably handed down to him. It was terrible, worn out and falling apart.

I went to my dad and asked if he would purchase me a new glove. Seeing an opportunity for instruction, my father offered to pay half, and I would be responsible for the balance from my weekly allowance.

I do not remember how much my allowance was. However, I do remember that the first 10% went in the offering plate at church each Sunday, the second 10% went in a savings account, and the balance was all mine to splurge as I saw fit.

Given this opportunity, I was confronted with some choices. I couldn't continue purchasing more baseball cards, enjoying the Coke and cinnamon bun on my way home from school each afternoon and my weekly splurge, the after-lunch Popsicle on Fridays, if I ever hoped to save enough to purchase a new baseball glove.

Several lessons learned:

• Setting priorities
• Wants vs needs
• Deferred gratification

LOOKING AHEAD

Any advice for others trying to make their first $1 million?

Start early. The secret is investing consistently over a long time. Remember, the first million is the hardest.

If you are fortunate to have children or grandchildren, consider setting up a custodial Roth IRA when they get their first job as a teenager.

I know it's not the "cool" clothes or the "hot" car. However, it is a gift that grows in value and will have a significant influence on their financial futures. They will thank you later.

Do you have an estate plan?

Yes. This is something our accountant encouraged us to do some years ago. Very informative and encouraging. A must as personal wealth grew.

If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to MyFirstMillion@futurenet.com to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.

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Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million. They're sharing how they did it and what they're doing with it. This time, we hear from a 45-year-old senior manager in the biopharmaceutical industry who lives in Massachusetts but grew up in Vermont.

See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)

Each profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.

These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.

THE BASICS

How did you make your first $1 million?

I started from $0 and steadily saved from W-2 earnings. My first $1 million came from consistent long-term investments in a variety of vehicles, primarily in publicly traded equities and index funds through 401(k), Roth IRA, traditional IRA and brokerage accounts.

I also invested in real estate with a few rental properties. I sold all of those rental properties from 2017 to 2019 and reallocated that capital to equities, which has compounded significantly since.

I've spent considerable time studying company financials to pick individual stocks and have had some success. However, I have found that over the last 10-plus years, the market-indexed portion of my overall portfolio has outperformed many of those individually selected stocks.

Due to that comparison, for the vast majority of my current holdings, I primarily index instead of trying to select individual stocks.

From a primary residence perspective, I've owned three homes and have always moved 100% of existing equity from a sale into the next home.

Through the combination of sweat equity, capital improvements, regularly paying down the mortgage ahead of schedule and increases in property value, I have realized about $1.4 million in primary-residence equity with a 35% loan-to-value.

What are you doing with the money?

Essentially, it's compounding as I continue to invest it. I've always tried to live below my means so that I could invest and grow a portfolio, even while scraping by through college and starting my career.

For regular monthly expenditures, I use a portion of my employment-earned income and save/invest the rest. I paid off college ahead of schedule, never succumbed to bad consumer debt and have stayed committed to investing with the goal of financial freedom.

I continued to reinvest all dividends, and once capital was invested, never withdrew earnings for personal spending to instead focus on compounding growth. This helped me avoid taxes and fees and accelerate portfolio growth.

It's relevant to admit this required prudence with spending, but I had essentials and kept reserves for fun activities, and the net result of these early tradeoffs means I now have a higher overall net worth and far less income concerns.

Eventually, I will reposition my portfolio to growth and income to live off dividends while preserving capital.

THE FUN STUFF

Did you do anything to celebrate?

Not really, but I did allow it to sink in and feel a sense of accomplishment. I certainly felt more comfortable with the choices that got me there.

What is the best part of making $1 million?

It is not what it used to be 20 to 30 years ago, but it is still a substantial goal and can lead to financial freedom.