My First $1 Million: Retired Business Owner, 69, Northern California
"My mother told me, 'You can't just save — you have to invest in stocks and real estate.' She became a millionaire, too, years later, after I left home. … It takes time!"
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 married man, 69, who retired from owning a personal care business and who lives in Northern California. He also made some money from owning real estate and investing, especially in Nvidia.
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.)
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.
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 articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.
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?
I started my business at 20 years old and saved up money to buy real estate. It was real estate that added up to my first million.
I owned seven properties last year, but am now selling off properties as I age, to have fewer responsibilities. One sold, five to go.
I'm keeping my primary residence.
What are you doing with the money?
I paid off mortgage loans and bought four more properties after the 2008 recession, at fire-sale prices. You never want to be overleveraged. That ruins you in a recession.
My only mortgage is a small one on my primary home — that mortgage is at only 2.95% interest.
The Fun Stuff
Did you do anything to celebrate?
I always spent enough money to have a good time. But I never blew money to show off or show "status."
Only, $1 million was never my end goal. $1 million only buys a starter house, where I live.
What is the best part of making $1 million?
When you can afford lawyers, no one can push you around or take advantage of you. You have power and control over your life.
Did your life change?
I travel in lie-flat business class anyplace I want to go. I'm Emerald status with Oneworld and Globalist with Hyatt. Those get lots of nice perks. I never have to worry about car repairs or broken windshields.
I try not to let the price of anything I want — that is reasonable — bother me ("luxury" consumer goods bore me).
But I really can't stop my frugal habits that allowed me to get rich. I'll never spend all the money I have.
Does anyone know you're a millionaire?
I learned the hard way, never tell anyone how much you have! So many people hate the rich.
Did you retire early?
I retired when the 2020 pandemic started, and I was 64 — it was the right time. Every year, you feel more of your energy draining after 60.
Looking Back
Anything you would do differently?
I did do something differently. I had some money in the early 1990s that I had in the bank, and I spent it on a shiny thing — a $30,000 car I did not need but wanted.
Later, I figured if I had bought Intel (INTC) stock with that $30,000, it would have grown to another million more dollars for me!
So the next time I had $30,000 left over from a real estate transaction, I bought stock in a company recommended by my husband. A company I had never heard of: Nvidia.
Now that stock is worth $15 million dollars. Lesson learned!
What advice would you give to your younger self?
When I was 8 years old (in 1964) and visiting relatives, one of my great-aunts was talking about how she'd how bought her little house for $8,000, and now she said it was worth $15,000.
I was impressed and decided buying real estate would be a goal for me.
Did you work with a financial adviser?
I don't plan to, until I think I am getting age-related dementia. I don't know how you figure that out, however. (For now), I trust only my instincts.
My mother had a financial adviser, and to me, it just seems like they churned her account for fees. They never made money the way she did before she signed up with them.
Did anyone help you early on?
A family friend who was a stockbroker was very helpful in helping me buy my first stocks in high school with my yardwork money.
My mother told me, "You can't just save — you have to invest in stocks and real estate."
She became a millionaire, too, years later, after I left home. As I said: It takes time!
Looking Ahead
Plans for your next $1 million?
I just hit $30 million a couple of weeks ago, but Nvidia (NVDA) has dropped since then, so I'll have to make do with $28 million.
I really don't need any more money. I'm holding Nvidia and expect it will keep running.
I did trim a million dollars of Nvidia for a safety net, though, and put it in CDs.
Any advice for others trying to make their first $1 million?
No one who makes a normal income can save a million dollars. You have to invest to grow to a figure that large.
First, have no debt, except for mortgage debt. Consumer debt kills you financially!
Then invest in stocks, ETFs and/or real estate.
My first house cost only $15,000 in 1976. So it's way harder to start with real estate today, but over time you can get there.
Remember, it takes time, and the sooner you start, the more time you have.
Getting rich quick is a delusion.
Do you have an estate plan?
Yes, my husband and I have an estate plan. If you don't make one you want, the state has a default one for you anyway, and you may not like it!
What do you wish you'd known …
When you first started saving? I used to plot how to get the most candy for my allowance ...
When you first started investing? That I did not need a formal education. I'm a high school dropout. But I educated myself.
Before you retired? That commuting is not worth it if you don't need to work for money.
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.
Related Content
- Are You Rich? U.S. Net Worth Percentiles Can Provide Answers
- Compare Your Net Worth by Age
- Being Rich vs Being Wealthy: What’s the Difference?
- These 5 Rules Separate the Rich From Everyone Else
- Can Money Buy You Happiness? Yes, It Can. However…
