My First $1 Million: Banking Executive, 37, Nashville

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 37-year-old married banking executive who lives in Nashville but is from the Washington, D.C., metro 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.)

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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.

To hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:

How They Made Their First Million: The Garbage Man - The Writer - The Teacher. - YouTube

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The Basics

How did you make your first $1 million?

I wish I had a fancier answer, but I just saved and lived below my means and made smart choices. And I've worked hard!

I went to a no-name college on a full-ride (scholarship), so I graduated with only about $12,000 in loans.

I paid off half my first year working while making $35,000 and living in Section 8 housing, and my grandmother paid off the other half as a gift. She never spent a dime and was really an inspiration for me.

We moved a lot growing up (renting), so I knew I really wanted to own a home early. I bought my first condo at 24 and started building equity.

I started saving in my 401(k) the first day of my job — just 5% to get the company match until I could max it out.

I save in mostly index funds and have two rental properties.

I got a large raise two years ago that enabled me to renovate and buy a rental home with cash.

I crossed the $1 million mark sometime last year.

What are you doing with the money?

I was very into the FIRE movement in my late 20s. I started making six figures but didn't see my lifestyle inflate too much.

I was always looking for a deal, free events, that kind of thing — and it worked.

Once I got the bump in pay two years ago, my mindset shifted. I always donated 3% to 5% of my salary to causes important to me, but I started focusing more on small things.

For example, free music in the park exists because of donations — and I'm one of the people with the means to give.

It's also been nice to be comfortable treating family members to experiences.

The Fun Stuff

Did you do anything to celebrate?

Treated my family to a great time when they came to visit.

What is the best part of making $1 million?

The confidence that I can set a goal and achieve it.

Did your life change?

Not having to be stressed about money is incredible.

Though, you can burn through that money, too. I just tell myself it's not there.

The only money I see every day is what I keep in my checking account for basic expenses.

Does anyone know you're a millionaire?

Only my husband — we keep our finances mostly separate.

I don't want anyone to think I'm bragging, but I am really proud of myself! Neither my husband nor I comes from money, so it really does feel like mine.

The $6,000 from my grandmother I've since "regifted" back to my parents.

Any plans to retire early?

I plan to! My dream goal is to be done with corporate work by 40.

Looking Back

Anything you would do differently?

No. But I'm surprised how much joy I get by sharing my savings — supporting local artists, restaurants, nonprofits, museums. To be able to do it without stress — what a gift!

What advice would you give to your younger self?

It's all just numbers on a screen, but the freedom is real.

Did you work with a financial adviser?

Nope. Just me.

Looking Ahead

Plans for your next $1 million?

Buy two more rental properties.

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

Know your worth. Own an affordable home. Don't go into credit card debt, but card-hack for vacations.

Do you have an estate plan?

Not yet, but we need to.

What do you wish you'd known when you first started investing?

Look for high-dividend stocks.

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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