My First $1 Million: Administrative Director in Healthcare, 52, El Paso, Texas
"We all suffer from lifestyle creep, but you have to resist and instead focus on wealth, frugal living and stability. It will give you peace of mind in your later years."
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 single 52-year-old healthcare administrative director in El Paso, Texas, making $178,000 a year. She's originally from Long Island, New York, and has lived in El Paso for two years.
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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.)
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?
Investing in work retirement plans — started with the match. As I worked more side jobs and overtime, I increased (contributions) until I was saving 15% (mine and employer contributions combined).
Adopted an aggressive, long-range mindset. I never saw the 401(k) as available for short-term needs like loans. It was only to be accessed at retirement.
It took me about 25 years to save up and make the first million. We also sold my New York home in 2021 (paid $250,000, sold for $430,000).
What are you doing with the money?
It was in workplace 403b/401(k) funds. I've worked a couple of places and had money in different accounts. I wanted to consolidate. I'm rolling into an IRA.
Decided to work with a financial adviser — 20% actively managed and 80% passively managed. Passively managed using a RILA. Actively managed includes stocks, options, ETFs, etc.
The Fun Stuff
Did you do anything to celebrate?
My celebration was working with an adviser.
What is the best part of making $1 million?
Stability. We don't have a safety net. Neither my partner nor I will inherit money, so it's up to us to have enough … or more than enough.
Did your life change?
No, we're still living below our means. We drive paid-for used cars, cook most meals at home and find ways to invest more from our budget.
We still spend money — it's more about making memories than having things.
Does anyone know you're a millionaire?
Yes, my partner knows and a couple of select friends. I told people who I knew wouldn't treat me differently.
I don't really think it's something you put out there to family or friends. Wealth can change relationships quickly. Those that need to know, do.
Any plans to retire early?
No, I'm not retiring early. I enjoy my role and am focused on continuing my career. I'm also working to reduce debt (student loans) and bolstering investments like cash, Roth and brokerage accounts.
I haven't really thought much on what (retirement) will look like yet. I'm worried I'll be bored.
Looking Back
Anything you would do differently?
Start earlier, max out earlier and open more investment vehicles (Roth, brokerage). Take the opportunity to invest in more real estate.
What advice would you give to your younger self?
Don't be afraid to buy stocks and invest more. I spent a lot of money on frivolous things. I would have been better served to invest that money.
Read all you can and ask for help.
Just get started — don't succumb to "analysis paralysis."
Did you read any books that helped you on your journey?
I've read Kiplinger magazine for years, Rich Dad Poor Dad (by Robert Kiyosaki), Personal Finance 101 (by Alfred Mill) and Jim Cramer's Real Money.
Did you work with a financial adviser?
I did not work with an adviser for the first million. I read about the funds available to me and went from there. I stayed aggressive and put away as much as I could.
But now that I have over $1 million, and I'm easily 15 to 17 years from retirement, I want to continue to be aggressive.
Did anyone help you early on?
My dad got me started with a 401(k) and investing. He was a civil servant with a pension, and he knew that wasn't going to be my life. He wanted me to be self-sufficient.
Looking Ahead
Plans for your next $1 million?
Increasing active management of current assets and building more. Goal is to have more than we need so we can give to organizations or people we love.
Any advice for others trying to make their first $1 million?
You really need to help "future you" by investing now. When you're younger, you can work more — either optimize overtime or get weekend jobs.
We all suffer from lifestyle creep, but you have to resist and instead focus on wealth, frugal living and stability. It will give you peace of mind in your later years, especially when time isn't on your side.
Do you have an estate plan?
We don't have an estate plan, yet. We are working on all our legal paperwork and will be creating a trust. We do have wills and medical power of attorney, though.
What do you wish you'd known …
When you first started saving? Learn to live on 10% less and fund your investments. Don't compare yourself to other people, just stay focused on being the best version of yourself (career, wealth).
When you first started investing? Try dividend stocks and transition to ETFs earlier. Invest continuously. Predicting the market is really hard, even for financial professionals. You just have to do it and look forward.
When you first started working with a financial professional? It's OK to spend time speaking to them about their vision for your money and services they offer you. Every conversation is an opportunity to learn. You're looking for someone to help you.
Anything you'd like to add?
My parents worked several jobs during different periods of mine and my sister's life. Some money was used for current needs, and a lot of was saved. My mom went back to school for teaching, and she always worked summer school for extra money.
They bought inexpensive cars, and we had modest homes. They instilled hard work, frugal living and saving for the future.
They were very conservative with their wealth but wanted us to be smarter with our money. I wouldn't be where I am today without their building blocks.
When I started working in healthcare, all my work friends had extra jobs. That's what we did and how we saved for cars, trips, houses, weddings, maternity leaves, etc.
Everything was a goal, and we saved for it. If we didn't have the money, we waited until we did and kept working extra.
When you want a comfortable life, you have to work for it and at it. This includes saving for retirement. It's the reality all generations face.
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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