K
iplinger's “My First $1 Million” series showcases individuals who have reached the million‑dollar milestone and explains how they did it and what they’re doing with the wealth. This installment spotlights a 54‑year‑old real‑estate investor from the rural Midwest, married to a government employee. Both hold graduate degrees and remain active in their professions.
Other stories in the series feature a New England writer, a Colorado literacy advocate, a semi‑retired Nashville entrepreneur, and a New Jersey events‑industry CEO. Each profile is anonymous and presented as a Q&A to give readers practical insights.
**How the million was earned**
After marriage, the couple began purchasing residential and commercial properties to boost retirement savings. Their first net‑worth million came at 44 when they bought a distressed multifamily building, rehabbing it and refinancing a year later to recover renovation costs. The property’s appraisal exceeded their purchase price plus improvements, allowing them to repeat the process with a second similar investment.
**Current portfolio and strategy**
They allocate roughly 50 % of their income to real‑estate mortgages across 12 properties, including single‑family rentals, multifamily units, and commercial spaces. The 2008‑2010 recession strained cash flow, but a low‑interest loan in 2021 helped eliminate most debt, leaving only a consolidated loan. Monthly stock‑market contributions continue, alongside Roth and traditional IRAs, 529 plans for their children, and the wife’s government pension. Charitable giving is a regular part of their financial plan.
**Celebrations and lifestyle**
Upon hitting the seven‑figure net worth, they treated their family to a vacation and now prioritize travel. They plan to retire in three years, relying on passive income from properties, other business ventures, and the wife’s pension. Their newfound wealth has allowed them to upgrade vehicles; previously, they avoided car payments by driving inexpensive used cars, a habit rooted in their modest upbringing.
**Key takeaways**
- **Financial freedom** is the most rewarding aspect of becoming a millionaire, especially after a childhood of scarcity.
- **Future growth** will come from continued market investing and holding properties within a revocable trust.
**If starting over**
They would buy a quadplex, live in one unit, rent the other three, and repeat until they could afford a larger multifamily property. They would also commit $500 monthly to an S&P 500 ETF regardless of market conditions.
**Professional guidance**
They work with an Edward Jones adviser, who helped grow their assets to $1.25 million. They recommend a reputable adviser unless one has formal financial training.
**Advice for aspiring millionaires**
Invest in real estate early and set up automatic contributions to a low‑cost S&P 500 ETF—$25 to $50 per week is a good target. Reading “Rich Dad, Poor Dad” by Robert Kiyosaki was transformative; they wish they’d read it in high school.
**Lessons learned**
- Understand compound interest; those who grasp it reap rewards, those who don’t pay the price.
- Avoid panic during market volatility; withdrawing after a dip can trigger penalties and taxes. Patience is preferable.
**Want to be featured?**
Individuals with a net worth of $1 million or more can submit their story via the provided Google Form or email [email protected]. Kiplinger will verify eligibility and may edit responses for clarity. The goal is to showcase diverse paths to wealth while ensuring authenticity.
