My First $1 Million: Government Lawyer, 68, Henrico, Virginia
"Having more than a million in my retirement account and a paid-off home, savings and no debt made me realize that I am working because I love what I do, not because I have to pay a bill. In the end, that is real freedom."
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 68-year-old single government lawyer in Henrico, Virginia, who vows she'll never retire.
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?
I made my first million in my 401(k) in September 2024 after saving for 20 years, and I paid off my home (worth $950,000) just 17 months after I bought it with my savings and with the equity I made when I sold my prior home.
What are you doing with the money?
In 2020, I was driving home from work and looking for something to listen to on the radio and accidentally tuned in to Dave Ramsey's show. I was intrigued. At the time, I had two loans from my TSP — the federal version of a 401(k) — had credit card debt and car loans. Altogether, it was about $90,000.
I paid off all of my debt (I did not go down to $1,000 in my emergency fund, as Dave suggests) in about 24 months and increased my retirement contributions to 15% and then to the max by the time the debt was paid off.
After 32 years of marriage, my husband told me he wanted to be free. The housing market post-COVID was crazy, and I had been paying down our massive mortgage with extra money toward the principal.
After all was said and done, I had a nice down payment for a townhouse and money left over. I had two cars (paid for) and sold one.
Once I was settled into my new home, I ran the numbers to figure out how quickly I could pay off the mortgage. Without a husband (who had expensive hobbies and toys and a hefty yearly tax debt), I had so much more money to do this.
I started collecting Social Security at full retirement age, and so with all of those factors coming together (no car payments, no credit card debt, no TSP loans), I was able to pay off my mortgage in April 2025.
I'm planning to work for two to four more years (I say that every year!), sock away some money and plan to live off of my pension and Social Security without touching the TSP until I'm 73, if at all possible.
And I plan to do something new in the next chapter — maybe even write a book.
The Fun Stuff
Did you do anything to celebrate?
I bought a beautiful navy blue washer and dryer that has a steam feature (I love them!), and I bought four pairs of colorful, fun, somewhat expensive (to me, but not to most people) high-heeled shoes that people notice and compliment me on all the time.
They are as pretty as my washer and dryer!
What is the best part of making $1 million?
The incredible satisfaction I felt when I reached that milestone (years earlier than expected) that years ago seemed out of reach.
Did your life change?
Yes. Having more than a million in my retirement account and a paid-off home, savings and no debt made me realize that I am working because I love what I do, not because I have to pay a bill. In the end, that is real freedom.
Does anyone know you're a millionaire?
Only my daughter knows. I'm not comfortable telling people about my net worth (currently around $2.5 million), but I do love helping people when they come to me with their investment questions.
Do you plan to retire someday?
I will never stop working at something. I have been working since I was 14 years old, and the word "retirement" makes me cringe — it's just not in my vocabulary. And the expression "golden years" — even more cringe.
My next adventure is going to be whatever challenge I can dream up. I'm not done yet!
Looking Back
Anything you would do differently?
I would definitely have put more (a higher percentage) into my retirement account early on. Did I mention this is my second career? I quit my prior career after 16 years at age 34, went to college, then law school and became an attorney (prosecutor) at age 42 — all college and law school paid for from my savings from my prior work.
I also would have done a Roth as soon as it became available. I wasn't even aware that the federal government had a TSP Roth option until 2021 — and that's when I started putting money into a Roth.
I would have also bought fewer cars. I was a sports car junkie and wasted a lot of money on that obsession! But they were fast and fun (all convertibles).
What advice would you give to your younger self?
Start early, stay focused, have a plan and you will reach your financial goal.
Once you get there, set a new goal! Never stop dreaming or reaching.
Dream. Do. Repeat.
Did you read any books that helped you on your journey?
I listened to Dave Ramsey's show constantly for inspiration. I don't do what he says 100% of the time, but I do follow most of his advice.
I read a number of Dave's books at the start.
Now I subscribe to a number of financial podcasts and financial news/articles.
Did you work with a financial adviser?
No.
Did anyone help you early on?
My dad was an incredible saver. But he also had balance and enjoyed life. He retired at 62, and he and my mother were very happy.
His work ethic and financial goals were inspiring.
I think, however, that he was a much more conservative investor as compared to me.
Looking Ahead
Plans for your next $1 million?
I plan to keep building on what I have been able to achieve — and see where it goes.
Any advice for others trying to make their first $1 million?
Start early. If you can't put the max in, start with the percentage that will give you the employer match and increase it as your income increases.
Even 1% or, ideally, 2% per year will have you at 15% in just five years, and you never miss the money.
And never take money from your retirement account!! Get a second job if you need to, but that money is for your future self.
And last, don't go into credit card debt and get rid of and vow to never have a car loan! A $500 car loan that is put into investments instead of paying a car company's finance department will grow to $1 million over your working life. Stop borrowing money for a depreciating asset.
And most of all, be content and thankful for all your blessings.
Oh, and don't get married. :-)
Do you have an estate plan?
I have a will, durable power of attorney and medical power of attorney.
Also, most important, as soon as I was single, I changed my beneficiary designations in my retirement account, my bank accounts and my life insurance.
I think many people forget to do that.
What do you wish you'd known …
When you first started saving? That it's all going to unfold as it should, and it's definitely going to be worth it!
When you first started investing? To make investing for the future a priority, leave the money alone so it can grow, don't react emotionally to market swings, enjoy the ride and save as much as possible for retirement. (Whoops! Now you have me using that word!).
Anything you'd like to add?
I'm truly ecstatic with where I am in my life.
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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