My First $1 Million: Retirement Coach, 69, Sammamish, Wash.
"I bought two bottles of champagne — one cheap and the other expensive — to remind myself it didn't matter."
Welcome to the fifth 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 69-year-old certified retirement, transition and longevity coach in Sammamish, Wash. 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.
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.
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.
The Basics
How did you make your first $1 million?
I made my first $1 million via stock options from a biotech company — it came on my first-year anniversary with the company. I was granted more over the next seven years.
What are you doing with the money?
My first $1 million was used to set money aside for my kids’ college. The rest was used to reinvest and start saving for the long term.
The Fun Stuff
Did you do anything to celebrate?
Yes, I bought two bottles of champagne — one cheap and the other expensive — to remind myself it didn't matter.
What is the best part of making $1 million?
(Not having to worry about paying for the) kids’ college. (I also) have an emergency fund and can help others who are less fortunate.
Did your life change?
Yes. (The money) gave me more confidence to seek and take risks in the workforce.
Any plans to retire early?
I was 36 when I got my first $1 million. I worked nine more years, then tried to retire and pivot to other things. I am still working after trying retirement a number of times.
Looking Back
Anything you would do differently?
Nothing at all.
Did you work with a financial adviser?
I worked with an adviser after the first money was in my account. I now do most of my own investing and management, but I use Robert W. Baird for advice.
Did anyone help you early on?
(I was helped by) mentors at work who had already gone through what I was going through. My boss was amazing — we still talk and meet to this day, 34 years later.
Looking Ahead
Plans for your next $1 million?
Gifting to the kids as well as things like more travel, major home improvements and repairs, as well as add to the nest egg.
Any advice for others trying to make their first $1 million?
Don’t let the money be the driving force (in your life). Make sure you have sound savings, spending, budget and investment knowledge first, then work hard, be a team player at work and find a good industry that rewards good work.
What do you wish you'd known …
When you first started saving? Save more and spend less.
When you first started investing? Patience and diversification.
Before you were old enough to retire? That time was going to move fast and to be ready with other things to do outside of work — socializing, being with family, making new friends, enjoying hobbies.
When you first started working with a financial professional? More literacy to be able to ask more questions and understand.
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.
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
-
It's Time to Rethink What 'Aging Well' MeansDon’t fall into the trap of thinking there is a "right way" to age. Here's how to reframe aging in a healthy, achievable way.
-
Your Guide to Financial Stability as a Military SpouseThese practical resources and benefits can help military spouses with managing a budget, tax and retirement planning, as well as supporting their own career
-
3 Steps to Keep Your Digital Data Safe from CyberattacksAs data breaches and cyberattacks increase, it's vital to maintain good data hygiene and reduce your personal information footprint. Find out how.
-
It's Time to Rethink What 'Aging Well' Means
Don’t fall into the trap of thinking there is a "right way" to age. Here's how to reframe aging in a healthy, achievable way.
-
Your Guide to Financial Stability as a Military Spouse, Courtesy of a Financial Planner
These practical resources and benefits can help military spouses with managing a budget, tax and retirement planning, as well as supporting their own career
-
3 Steps to Keep Your Digital Data Safe, Courtesy of a Financial Planner
As data breaches and cyberattacks increase, it's vital to maintain good data hygiene and reduce your personal information footprint. Find out how.
-
Here's Why You Can Afford to Ignore College Sticker PricesCollege tuition fees can seem prohibitive, but don't let advertised prices stop you from applying. Instead, focus on net costs after grants and scholarships.
-
S&P 500 Tops 7,000, Fed Pauses Rate Cuts: Stock Market TodayInvestors, traders and speculators will probably have to wait until after Jerome Powell steps down for the next Fed rate cut.
-
The Met Opera May Sell Its Iconic Paintings. Is it a Good Investment?Buying the Marc Chagall murals would come with a big stipulation attached.
-
We Retired at 70 With $4.3 Million. My Wife Won't Spend 'Our Grandkids' Inheritance,' but I Want to Travel.I want to travel while we are still healthy, but my wife wants to pass down our wealth. Who is right?
-
Today's Senior Living Communities Are Not Your Grandma's 'Old Folks' Home': An Expert Guide to Shopping for the Right FitSenior living facilities have improved and are as diverse as the people who inhabit them. Now, they're more than just a place to go — they're a place to grow.
