My First $1 Million: Health Care Worker, 48, Maine

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THE BASICS
THE FUN STUFF
LOOKING BACK
LOOKING AHEAD

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 health care worker in Sagadahoc County, Maine.

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.

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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 migrated to the U.S. in my mid-20s. I was working and always just saved. I parked most of it in cash until I educated myself on investing.

I started by investing in individual stocks, but the daily price gyrations were too much for my appetite. I then read a commonsense book by Jack Bogle, and I invested in index funds for 22 years.

I could truly say that book spoke to me and changed my life. I was able to max out my IRA contributions through work for several years. I always max out my Roth.

I crossed to seven figures last year.

What are you doing with the money?

I withdrew some money from my brokerage to help my nephew pay off student loans and give early inheritance gifts to my niece and nephew. This allowed them to migrate from a Third World country to a First World one.

THE FUN STUFF

Did you do anything to celebrate?

Nothing special, really. Didn't buy anything extravagant. (The day) just went on by like it was an ordinary day that I'll never forget.

What is the best part of making $1 million?

Just a source of personal pride. I was poor growing up, and money has always been a source of stress. Right now, I'm not only able to help myself, but also others.

It's good to know that the little amount of money I gave my relatives changed their lives profoundly.

A gift bag with hundred-dollar bills sticking out of the top.

Did your life change?

Outside of cutting down on work and increasing volunteer hours, not much changed. Like I mentioned earlier, I was able to help out my relatives. Outside of that, I'm still the same old me.

Does anyone know you're a millionaire?

My current partner has an inkling, but she has not seen my spreadsheets. People have different attitudes when it comes to money, so I would probably keep this to myself.

A man puts his finger to his lips as if to say, "Shhh."

Any plans to retire early?

Fortunately, I like my job, and it's not too physically or emotionally demanding. I did cut down on hours so I can gain some of my time back.

I'm planning to work on a part-time or per-diem basis because I like the structure of having workdays and weekends.

LOOKING BACK

Anything you would do differently?

I probably wouldn't have been too hard on myself with maxing out my contributions. Money issues definitely contributed to the divorce of my first marriage.

At some point, I realized that time is really my currency and not so much the money.

Right now, I only work part time and contribute less to my retirement accounts.

Did you work with a financial adviser?

No. I was able to figure out the accumulating part pretty easily. It might be different when it's time to tap these accounts.

Did anyone help you early on?

Just books and an inherent desire to solve my family's money issues.

LOOKING AHEAD

Plans for your next $1 million?

Nothing, really.

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

Time is your currency, not money.

A clock with Roman numbers shows it's a few minutes past noon or midnight.

Do you have an estate plan?

I have been thinking more and more about this. I want to create an estate to pass on what I was able to accomplish to the next generation. I'm just thinking of the most efficient way to do it.

What do you wish you'd known …

When you first started saving? Compounding interest is your best friend and worst enemy (when it comes to debt).

When you first started investing? That I shouldn't be so hard on myself, and (remember that) everything takes 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.

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As Contributed Content Editor for the Adviser Intel channel on Kiplinger.com, Joyce edits articles from hundreds of financial experts about retirement planning strategies, including estate planning, taxes, personal finance, investing, charitable giving and more. She has more than 30 years of editing experience in business and features news, including 15 years in the Money section at USA Today.