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 publishing/information processing director of IT software development in Delaware County in Ohio.
See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville, an events industry CEO in Northern New Jersey and a retired self-employed attorney on the coast of Washington.
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.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
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?
Starting in the 1980s, I maxed out my IRA and 403(b) and never stopped. Then I started an after-tax account Invested in mutual funds and high-earning laddered CDs.
I don't know when the first million arrived, since I seldom pulled all the accounts together for a grand total until after it was a million. I felt that the less I looked, the less I would worry.
What are you doing with the money?
Most of it keeps growing since my Social Security and pension more than cover my needs. I find that things don't make me happy. Giving to charities for the less fortunate brings me joy.
Once I retired, I started a DAF (donor-advised fund) and, at 72, used two QCDs (qualified charitable distributions) for my charitable giving.
I've also taken the whole family — my children and grandchildren — on all-expenses-paid vacations in the States and to Europe.
I began gifting (my loved ones) the annual maximum in cash to cover special extras.
THE FUN STUFF
Did you do anything to celebrate?
Nope.
What is the best part of making $1 million?
Having something substantial to leave to family and having the financial ability to donate significant sums to charities and nonprofits that help the less fortunate.
Did your life change?
No. It is just a number.
Did you retire early?
I worked until I was 67 because I liked what I was doing.
LOOKING BACK
Anything you would do differently?
No.
Did you work with a financial adviser?
No. I read Kiplinger, Fortune and many books on investing and financial planning. I had a number of friends and work colleagues who used financial advisers with mixed results.
Did anyone help you early on?
My mother, a super saver (more about her below).
LOOKING AHEAD
Plans for your next $1 million?
I already have several million and plan to keep giving it away.
Any advice for others trying to make their first $1 million?
The rules are really simple — start early, max out your 401(k)/403(b), then use a Roth IRA and invest in index funds and a few stocks that you really like and have researched.
Use dollar-cost averaging and invest aggressively but not recklessly. Don't mess with calls, put options, etc. Keep it simple.
Give some away each year. Pay cash for everything but a house.
Read Kiplinger and act on some of their recommendations.
Check your accounts no more than quarterly. Don't worry or react to what the market is doing.
For major discretionary spending, walk away and come back one to two weeks later and see if the desire/need is still there.
Do you have an estate plan?
Yes. I have a will, powers of attorney, DAF and have named beneficiaries on all accounts, which are going to my family and designated charities. This keeps everything simple.
What do you wish you'd known …
Before you retired? I would have traveled a bit more earlier in retirement, when I had more energy.
When you first started saving? Nothing. My mother was a world-class saver. She taught me to:
- Save more than you spend
- Give some of each week's earnings to the church/charity
- Pay cash or don't buy it
I bought my first car at 17, but my parents required me to pay cash and have the first year's insurance before they would sign for the car.
When you first started investing? More about the different types of mutual and index funds.
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
-
Dow Soars 600 Points as Trump Retreats: Stock Market TodayAnother up and down day ends on high notes for investors, traders, speculators and Greenland.
-
12 Tax Strategies Every Self-Employed Worker Needs in 2026Your Business Navigating the seas of self-employment can be rough. We've got answers to common questions so you can have smoother sailing.
-
7 Hybrid Adviser Services, ReviewedThese hybrid adviser services aim for a sweet spot that combines digital investing with a human touch.
-
How Prices Have Changed in Trump's First YearTrump campaigned on bringing prices down for Americans. Here's where prices stand one year into his second term.
-
Beyond the Bar: Your 5-Step Guide to Discovering Whether a Lawyer Is ShadyResearch shows you can't rely on some state bar websites to vet a lawyer you're considering hiring. Here's how to check out a lawyer before you hire.
-
6 Practical Steps to Help Keep Your Student Focused on College Rather Than the Financial StrainToo many students drop out due to financial strain. This plan can help families plan for the costs and get timely aid that sees students through to graduation.
-
How to Plan a (Successful) Family ReunionFrom shaping the guest list to building the budget, here's how to design a successful and memorable family reunion.
-
Does Your Car Insurer Need to Know All Your Kids? Michigan Cases Raise QuestionWho you list on your policy matters more than most drivers realize, especially when it comes to who lives in your home.
-
Is Direct Primary Care Right for Your Health Needs?With the direct primary care model, you pay a membership fee for more personalized medical services.
-
Smart Ways to Share a Credit CardAdding an authorized user has its benefits, but make sure you set the ground rules.
-
Consider These 4 Tweaks to Your 2026 Financial Plan, Courtesy of a Financial PlannerThere's never a bad time to make or review a financial plan. But recent changes to the financial landscape might make it especially important to do so now.
