Welcome to the fourth 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 65-year-old events industry CEO in Northern New Jersey. See our earlier profiles, about a writer in New England, a literacy interventionist in Colorado and a semiretired entrepreneur in Nashville.
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?
The first million came through hard work in the trade show business. I traveled the world to different trade shows, finding good ones that did not have representation in the United States.
I convinced the owners of those shows that I could do a good job promoting their events in America and bringing U.S. firms to them accordingly.
Once I was contracted to do that, the even harder work began — educating and recruiting U.S. firms into overseas events.
What are you doing with the money?
Paid off the house. Then (invested in) stocks.
THE FUN STUFF
Did you do anything to celebrate?
I think my wife and I went out to dinner.
What is the best part of making $1 million?
Not having financial pressure. Being able to give back to family and charitable causes.
Did your life change?
No, other than take some pressure off. We knew we would be able to afford the house, college tuitions and “okay” cars.
Any plans to retire early?
No. I LOVE what I’m doing, and now I get a good deal of respect from industry (domestically and abroad), so I’m in no rush to retire.
LOOKING BACK
Anything you would do differently?
No.
Did you work with a financial adviser?
Yes, once. I trust myself more than them.
LOOKING AHEAD
Plans for your next $1 million?
Nothing much different. Stay focused.
Any advice for others trying to make their first $1 million?
Look for industry sectors with upside potential. Work hard and be TOTALLY honest.
Own up to mistakes with overgenerous compensation — i.e. protect your name/reputation above all other things.
What do you wish you'd known …
When you first started saving? Play the stock market. And DON’T worry when it goes down. It’s only paper money until you cash in. it WILL go up and down.
When you first started investing? That Apple and Amazon would go ballistic.
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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