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 63-year-old advertising graphic designer who's working part-time in Avon Lake, Ohio. She's married and reports she was born outside Boston.
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?
I bought Apple stock in 2001. Divorced the husband who thought he was good at picking stocks, but sucked at it. The Apple stock provided me a nest egg.
I started researching, reading and listening to CNBC. I lost some money and made more.
I turned every loss into a lesson. The biggest lesson I learned was to trust my gut! Confidence goes a long way.
What are you doing with the money?
My first million is still invested. My second million, which came a lot quicker, is more for spending. I still live below my means.
This year, I bought my dream car, though. I deserve it ... a Porsche Panamera. :)
The Fun Stuff
Did you do anything to celebrate?
I cried. I was very surprised because this was never on my radar. I wiped my tears and asked myself, "How are you going to keep this?"
What is the best part of making $1 million?
I can remember crying in fear when I first got divorced, thinking I'd never have any money, that my retirement would be very difficult.
This money brings me security. I don't wake up in the middle of the night, wondering how I'm going to live.
The second part (and this is really big and unexpected) is the confidence it has given me. I'm good at money management.
Did your life change?
Yes. See my answer above about security and confidence.
Does anyone know you're a millionaire?
My wife knows because I manage her money, too. I also told my daughter because I want her to learn from me. I have her buying and selling stocks.
We're now working on the research part and what to buy and sell.
Any plans to retire early?
No. I like what I do with graphic design and want to keep doing it.
My money management is a daily job, too. I spend one to two hours a day at it.
Looking Back
Anything you would do differently?
Start earlier. I wouldn't have married the bad investor!
What advice would you give to your younger self?
My younger self would never believe I would have a million one day. I would say, START!
Did you work with a financial adviser?
Everything I have is at Charles Schwab. They have been very helpful with research and questions.
I check in with my dude at least once a year. We chat, share info and I listen.
Most of the time, I follow his suggestions.
Did anyone help you early on?
My aunt. Her husband died early. and she had to learn how to manage her money. She hated paying an adviser, so she learned how to do it on her own.
I wanted to be like her.
Looking Ahead
Plans for your next $1 million?
To make another. HA! I have everything I need. I don't need another million. No plans.
Any advice for others trying to make their first $1 million?
Start early. Even if you think you have nothing to save or invest, just start.
Knowledge! We all start at the beginning. If I can do this, anyone can. Put in the work — it will pay off.
Do you have an estate plan?
I did see a lawyer and updated my estate plans.
What do you wish you'd known …
When you first started saving? Everyone starts somewhere. Just start, no matter the amount.
When you first started investing? You will make mistakes. Just keep plugging away and learn something from every loss.
My favorite saying is "10% of $100 is $10. 10% of $10,000 is $1,000. 10% of a million is $100,000," and that is way more money than I need in a year's time.
Anything you'd like to add?
Having $2 million doesn't mean anything to me if I can't share the knowledge that got me there. My aunt shared tips with me. If she had said nothing, I'm not sure I would have known I could do this.
Sure, sharing money, paying for dinner or buying gifts is nice, but I'm teaching my daughter how to invest so she will have her own money.
Sharing the information is very important to me. I talk about it. Most people in my life know I'm an investor. And they know I will share information with them.
I tell them that investing isn't a pie that gets divided. There's money out there for everyone.
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.