See our earlier profiles, including a writer in New England<\/a>, a literacy interventionist in Colorado<\/a>, a semiretired entrepreneur in Nashville<\/a> and an events industry CEO in Northern New Jersey<\/a>. (See all of the profiles here.<\/a>)<\/p>\n From just $107.88 $24.99 for Kiplinger Personal Finance<\/p>\n Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues<\/p>\n <\/p>\n \nCLICK FOR FREE ISSUE\n<\/p>\n <\/a><\/p>\n Sign up for Kiplinger\u2019s Free Newsletters<\/p>\n Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail.<\/p>\n Profit and prosper with the best of expert advice – straight to your e-mail.<\/p>\n 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.<\/p>\n These features are intended to provide a window into how different people build their savings \u2014 they’re not intended to provide financial advice.<\/p>\n To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires<\/a> and 5 Things 50 Millionaires Wish They’d Known Before They Retired<\/a>.<\/p>\n And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis<\/a>: <\/p>\n Why a Teacher, Writer, and Garbage Man All Became Millionaires – YouTube Watch On <\/a> Technically, I made my first million from paying off my house<\/a> early and savings. We were fortunate to make a profit on the sale of our first house, broke even on the sale of our second house during the 2008 downturn and became mortgage-free in our third house that we currently live in.<\/p>\n \n (Image credit: Getty Images)<\/p>\n Our second million came from investing in our company 401(k) plan<\/a>. Each time I started a new job, I rolled over the balance to the new job plan and resisted the temptation to cash it out.<\/p>\n I made sure my contributions were enough for the company 401(k) match<\/a> plan, and as my salary grew, I contributed more until I maxed out to the federal tax limit.<\/p>\n All of this took 30 years of daily financial discipline of learning to live within my means.<\/p>\n One simple example is I figured out early that if I brought my own lunch and morning coffee from home instead of going out each day, that was equal to a car payment each month.<\/p>\n What are you doing with the money?<\/p>\n I am still working and have almost two more years before I can withdraw from my 401(k) penalty-free, so I am sticking with the same plan of investing in the company 401(k).<\/p>\n With no mortgage, we were able to pay for my son’s college<\/a> and, as a graduation gift, assist him with a down payment<\/a> for his first house.<\/p>\n \n (Image credit: Getty Images)<\/p>\n We spent years paying rent and saving for our first home, so it is personally gratifying to see the next generation benefit from our hard work.<\/p>\n The Fun StuffWhat is the best part of making $1 million?<\/p>\n I don’t worry about money. I continue to live a middle-class life but don’t have the “end-of-the-month bill-paying worries” I had when I was younger.<\/p>\n Did your life change?<\/p>\n Making $1 million did not change my life. I made a conscious effort to make sure it didn’t. I continue to work and save.<\/p>\n I will admit it did allow for better family vacations<\/a>.<\/p>\n Did you do anything to celebrate?<\/p>\n Went to dinner with my wife.<\/p>\n \n (Image credit: Getty Images)<\/p>\n Does anyone know you’re a millionaire?<\/p>\n I told one co-worker who I have worked with for almost 20 years. He knows the humble beginnings of my career and could appreciate the hard work it took to get there.<\/p>\n Any plans to retire early?<\/p>\n I do not plan on retiring early<\/a>. I enjoy what I do, and I am fortunate enough to keep doing it.<\/p>\n Looking BackAnything you would do differently?<\/p>\n When I graduated high school, I had no interest in pursuing higher education. I think that was a mistake. Instead of being an electrician, I could have been an electrical engineer. Who knows?<\/p>\n What advice would you give to your younger self?<\/p>\n That you can do it. I never thought a blue-collar worker could be in the financial position I’m in.<\/p>\n \n (Image credit: Getty Images)<\/p>\n Did you work with a financial adviser?<\/p>\n I did not use a financial adviser. I had a few consultations but saw the fees and risks as too high for me.<\/p>\n Did you read any books that helped you on your journey?<\/p>\n I mostly read books on compound interest<\/a>.<\/p>\n Did anyone help you early on? <\/p>\n My brother. He pushed me to pay attention to my future financial well-being by investing in a 401(k) and living within my means. Once you do that, everything else falls into place.<\/p>\n Looking AheadPlans for your next $1 million?<\/p>\n I will probably be retired and spending before I reach another million, which is fine. Life is about living, not making money.<\/p>\n Life is also better with money. Balance is the key.<\/p>\n \n (Image credit: Getty Images)<\/p>\n Do you have an estate plan?<\/p>\n I do have an estate plan<\/a>. Mostly to keep the next generation out of probate court<\/a>.<\/p>\n Any advice for others trying to make their first $1 million?<\/p>\n First lesson is to learn the power of compound interest. With a small starting balance, it looks like nothing. Over time, it grows into something.<\/p>\n \n (Image credit: Getty Images)<\/p>\n Second lesson is cash is king. Paying interest on credit cards<\/a> or car payments is hurting you more than you think.<\/p>\n If you take the time to save for what you want and buy what you can afford, you will be far better off in the future.<\/p>\n Third lesson is patience. Lessons one and two do not pay off overnight.<\/p>\n What do you wish you’d known \u2026<\/p>\n When you first started saving? Saving is simple. Pay off debt first<\/a>, then add to 401(k).<\/p>\n When you first started investing? I took me a while to figure out my comfort level in risk. What helped me was tracking my contributions vs what I earned in investments each month.<\/p>\n Anything you’d like to add?<\/p>\n Money is not complicated. You either have to work more, make more or spend less. It’s that simple.<\/p>\n Stop worrying what the neighbors have<\/a> and associate with people of your own financial class and be grateful for what you have, not ungrateful for what you don’t have.<\/p>\n 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<\/a> or send an email to MyFirstMillion@futurenet.com<\/a> 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.<\/p>\n
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