My First $1 Million: Semiretired Entrepreneur, 64, Nashville
Ever wonder how someone who's made a million dollars or more did it? Kiplinger's new My First $1 Million series uncovers the answers.


Welcome to the third installment of Kiplinger’s My First $1 Million, 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 semiretired entrepreneur in Nashville. See our first two profiles, about a writer in New England and a literacy interventionist in Colorado.
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.
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THE BASICS
How did you make your first $1 million?
I sold a business I started at age 19 to a Fortune 500 company at age 27. All the while, I was also building a small real estate portfolio.
What are you doing with the money?
I reinvested it into another business and real estate.
THE FUN STUFF
Did you do anything to celebrate?
I took an extended vacation to Naples, Fla.
What is the best part of making $1 million?
It gave me a head start on other opportunities.
Did making $1 million change your life?
Money is a tool to help me live the life I want. Money doesn’t change you — it magnifies what is already there.
Did you retire early?
I did, at age 27. It was a mistake. I was very bored very quickly.
LOOKING BACK
Anything you would do differently?
Yes, I would have owned the real estate my business occupied outside of the company. When I sold the business, I kept the real estate, and it was taxed to me personally as income. It cost me an additional $400,000 in taxes.
Did you work with a financial adviser?
My adviser is Curt Stowers, CFP®, of F5 Financial and a fee-only adviser on Wealthramp. Curt does a very good job explaining options and making suggestions based on the context he has. Highly recommend him.
Did someone help you early on?
Dave Ramsey and I are friends, and that helps a little. We have been friends for 30 years.
What do you wish you’d known …
Before you retired? That money doesn’t satisfy me like I thought it would.
When you first started saving? It multiples faster than I thought if you leave it alone.
When you first started investing? Same as above!
When you first started working with a financial professional? He can give options I didn’t know existed, and he’s not emotionally involved, so he can guide me better.
LOOKING AHEAD
Plans for your next $1 million?
I’ve made a few since then. (I plan to invest in) the market and real estate.
Any advice for others trying to make their first $1 million?
Do the task or service incredibly well over a period of time. Be consistent. Don’t keep switching horses.
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'll also 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 Building Wealth channel on Kiplinger.com, Joyce Lamb edits articles from hundreds of financial experts about retirement-planning strategies, including estate planning, taxes, personal finance, investing, charitable giving and more. She has 32 years of editing experience in business and features news, including 15 years in the Money section at USA Today.
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