My First $1 Million: Business Owner, 52, New Mexico
"If we can do it, anyone can. We didn't do it by earning huge $$ or doing anything sexy. Just mundane, disciplined savings in mutual funds."
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 52-year-old man who owns a business in New Mexico that sells fire equipment and apparatus. His wife is a school nurse, and he reports they have a combined income of $200,000.
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 learn what these millionaires have taught us, check out the article 5 Key Insights We Learned From 50 First-Time Millionaires.
And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:
The Basics
How did you make your first $1 million?
Combination of disciplined savings in retirement account and building equity in a business. Made first stock investments at age 26 and reached first $1 million in net worth at age 41.
All invested in stock mutual funds … nothing crazy. Net worth is approximately $3.2 million today.
What are you doing with the money?
Most still invested in retirement accounts.
The Fun Stuff
Did you do anything to celebrate?
No.
What is the best part of making $1 million?
It is just a goalpost to show that you can accomplish some success with discipline.
It is not enough money in and of itself to make you financially independent, so it is really just a "check-in" point on the way to further financial success.
Did your life change?
No, but greater wealth does come with some headaches. I spend much more of my time worrying about estate planning, etc., now that we have some funds and thinking about tax efficiency of retirement income from our investments.
Any plans to retire early?
Would like to retire in the next five to seven years, but will still be paying for state college for youngest son, so will have to see.
Looking Back
Anything you would do differently?
Not really. We bought into the idea of disciplined saving early on, and it worked just like it should.
What advice would you give to your younger self?
Be patient. The first years are hard to notice much progress, but it snowballs with diligent effort.
Also, turn off the news. There is nothing on TV or from the "experts" that will make you a better investor. Just come up with a good plan and stick to it.
Did anyone help you early on?
My high school science teacher used to teach us about the value of investing in the stock market during science class. He told us to make small investments and be disciplined.
Funny thing is, he never took his own advice. He is still teaching/working today and could have been worth $10 million by now if he had just done what he told us to do.
Looking Ahead
Plans for your next $1 million?
Now that net our worth is over $3 million, the next $1 million will come a little easier. Even if we don't invest another penny, our existing portfolio will continue to grow on its own at a pretty good pace.
Even with conservative assumptions, we should have a $5 million portfolio, and hopefully a $6 million to $7 million net worth, in 10 years.
Not bad, considering that 2025 is the first year that we have ever paid a federal income tax rate beyond the 12% tax bracket, and I had a negative $5,000 net worth at age 22 out of college.
Point being, if we can do it, anyone can. We didn't do it by earning huge $$ or doing anything sexy. Just mundane, disciplined savings in mutual funds.
Any advice for others trying to make their first $1 million?
Buy the book The Automatic Millionaire (by David Bach) and work that system.
Do you have an estate plan?
We have had a will for several years, but now in the process of finalizing a revocable living trust. We feel that will give us a way to manage inheritance for our two boys a little better.
They are both still in high school, and honestly, if they were to inherit what we have (and hopefully will have), it would ruin them.
They need to make their own way in the world, and we are trying to set up our estate in a way that doesn't "spoil" them.
What do you wish you'd known …
When you first started investing? I wish I had had a crystal ball to foresee the dot.com bust, financial crisis, etc. If I did, I would be worth a lot more!
When you first started working with a financial professional? Most financial professionals are just regular people, and many of them honestly don't have as much knowledge on investing as I do.
No matter who you work with, you are responsible for knowing your financial situation better than anyone and making it happen — nobody else.
Before you retired? Not retired yet, but I wish I knew what was going to happen with Social Security exactly. What a mess!
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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