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 62-year-old man who retired as a partner at an accounting firm in the Greater Boston 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.
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?
Out of college, my starting salary was $20,000 per year. Shortly thereafter, I read the book The Millionaire Next Door, and it instantly changed my view of accumulating wealth and started me on the path to financial independence.
It took me 42 years to make my first million. It took 14 months to make my last.
What are you doing with the money?
The first million was a wonderful milestone, but it wasn't the end game. At that point, I realized I would need north of $1 million to achieve financial freedom, so I continued on my journey: saving, investing and periodically updating my plan.
THE FUN STUFF
Did you do anything to celebrate?
Nope.
What is the best part of making $1 million?
The knowledge that my planning process worked and is working!
Did your life change?
The first million was a huge confidence booster, but it also helped me realize that money is a tool, not a goal. It got me thinking about what I want to accomplish in life. From that point on, I focused on giving each dollar a purpose.
How early did you retire?
I achieved financial independence at 52, retired at 56, and now I'm enjoying the freedom money provides.
LOOKING BACK
Anything you would do differently?
I was in my late 20s before I started to take wealth accumulation seriously. I wish I would have learned about the power of compounding, in all aspects of life, sooner.
Did you work with a financial adviser?
I'm a DIY planner. Wealth accumulation isn't rocket science, but it does require diligence, patience and a willingness to self-educate.
Did anyone help you early on?
Business partners and Warren Buffett and Charlie Munger. I never met them personally, but reading all they wrote and listening to them speak, I feel like they mentored me with practical, wholesome and pointed advice.
Bobbleheads depict Berkshire Hathaway CEO Warren Buffett, right, and former vice chairman Charlie Munger.
What would you tell your younger self?
Money is an important piece of your life's quest, but it's not the whole picture. Take moments, and spend some money, to enjoy the journey.
Money provides the opportunity to explore what happiness means for you and those with whom you choose to share your time, energy and love.
LOOKING AHEAD
Any advice for others trying to make their first $1 million?
If it's worth having, it's worth getting. Get control of your finances by knowing exactly where you are starting (income, expenses, assets, debt) and devise a plan to get from today to $1 million. A goal without a plan is just a dream.
Do you have an estate plan?
Once I realized I was creating generational wealth, estate planning became significantly more important. Find a good estate planner and discuss your options to efficiently transfer assets to your spouse and/or the next generation.
What do you wish you'd known …
When you first started saving and investing? The true power of compounding.
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
-
December Fed Meeting: Live Updates and CommentaryThe December Fed meeting is one of the last key economic events of 2025, with Wall Street closely watching what Chair Powell & Co. will do about interest rates.
-
This Is Why Investors Shouldn't Romanticize BitcoinInvestors should treat bitcoin as the high-risk asset it is. A look at the data indicates a small portfolio allocation for most investors would be the safest.
-
I'm a Federal Benefits Pro: I Answer These 2 Questions a LotMany federal employees ask about rolling a TSP into an IRA and parsing options for survivor benefits, both especially critical topics.
-
Smart Money Moves Savers Should Make in 2026These steps will get you on the road to achieving your 2026 savings goals.
-
How Much Would a $50,000 HELOC Cost Per Month?Thinking about tapping your home’s equity? Here’s what a $50,000 HELOC might cost you each month based on current rates.
-
My First $1 Million: Self-Employed Trader, 50, San FranciscoEver wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
Waiting for Retirement to Give to Charity? Here Are 3 Reasons to Do It Now, From a Financial PlannerYou could wait until retirement, but making charitable giving part of your financial plan now could be far more beneficial for you and the causes you support.
-
Are You Ghosting Your Finances? What to Do About Your Money StressAvoidance can make things worse. You can change your habits by starting small, talking with a family member or friend and being consistent and persistent.
-
Your End of Year Insurance Coverage Review ChecklistStop paying for insurance you don't need and close coverage gaps you didn't know about with this year-end insurance review.
-
I'm an Insurance Pro: If You Do One Boring Task Before the End of the Year, Make It This One (It Could Save You Thousands)Who wants to check insurance policies when there's fun to be had? Still, making sure everything is up to date (coverage and deductibles) can save you a ton.
-
4 Smart Ways Retirees Can Give More to Charity, From a Financial AdviserFor retirees, tax efficiency and charitable giving should go hand in hand. After all, why not maximize your gifts and minimize the amount that goes to the IRS?
