My First $1 Million: Retired Navy Officer, 63, Greenville, S.C.
"We are enjoying the fruits of our labor, but feel like it was not as difficult as we'd thought. It just takes time and focus. We started out with very little."
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 retired Navy officer who's married and living in Greenville, South Carolina. She retired at 63.
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 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?
We made our first million by diligent saving and keeping to our budget. As young naval officers, our salaries were initially very low, but we lived on one salary so we could take time off from work when our children were born but also continue saving in our retirement funds.
It took us about 20 years of work before we reached our first million. We both had good jobs, maxed out our 401(k) contributions and saved for our children's college educations.
We invested in the stock market and studied strategies for the best investments.
We also bought real estate for rental properties and small commercial properties to diversify our investments.
What are you doing with the money?
We were able to retire early, help pay off our children's professional schools, help our relatives and set up a substantial donor advised fund.
We have grown the first million many times over by following the same habits and strategies as our process to our first million.
We did build a wonderful " forever" home in a beautiful neighborhood and set up a great trust for our children.
We are enjoying the fruits of our labor, but feel like it was not as difficult as we'd thought. It just takes time and focus. We started out with very little.
The Fun Stuff
Did you do anything to celebrate?
It was a quiet fist bump between me and my husband. We don't really advertise it.
What is the best part of making $1 million?
It was a little shocking but so affirming to know that we were able to do that and still have a nice lifestyle.
Also, since we came from humble circumstances, we felt proud. It is a very freeing feeling to not worry about money.
We tell our children that money is not that important, but it can give you choices.
Did your life change?
Not dramatically. It affirmed our plans and rewarded our efforts, which always feels good.
Does anyone know you're a millionaire?
No, we didn't share this milestone, but our current lifestyle and travel may give it away.
Did you retire early?
We retired early by about three to five years.
Looking Back
Anything you would do differently?
We liked most of the decisions we made financially over the past 40 years.
We could have done something more entrepreneurial, such as starting a business, but we thought it was too risky.
We could have taken a little more risk.
What advice would you give to your younger self?
Have less doubt. Steady saving and investing is more important than a grand plan. Do not get discouraged.
Did you read any books that helped you on your journey?
We read a lot of books on investing and real estate investments. The first book I read was The Millionaire Next Door (by Thomas Stanley and William Danko).
Did you work with a financial adviser?
We did not work with a financial adviser initially, but read different books and magazines for general information.
We did a review with Fidelity and used free services offered by employers from time to time.
We also hired a consultant to review our plan when we were close to retirement and our portfolio had grown to multimillions.
Did anyone help you early on?
No. It was really a self-education process, starting with short magazine articles (and progressing) to financial philosophy.
Looking Ahead
Plans for your next $1 million?
We feel like we have enough to live the way we want, to take care of our family and to donate and support our causes.
At this point, having financial freedom allows us to be stress-free to pursue the most important things in our lives — health and family.
Any advice for others trying to make their first $1 million?
Small, steady steps will take you there — be patient.
Once you have your first million, investing and savings growth often become exponential, which is very rewarding.
Do you have an estate plan?
We do have an estate plan for our children — includes (revocable trust, irrevocable trust, will, powers of attorney).
What do you wish you'd known …
Before you retired? It is so great to be retired, to feel like you can do anything!
When you first started saving? The magic of compound interest is awesome!
When you first started working with a financial professional? Not all professionals are effective, and you need to take the time to find the ones who serve your needs carefully.
When you first started investing? The discovery of the stock market for the average person was very important. My first glimpse at Money magazine with articles by Peter Lynch and other experts was a revelation at 21 years of age.
We started talking to our kids at around 12 and started them investing early.
Our son has reached his first million recently at 35, and our daughter just bought her first apartment building.
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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