My First $1 Million: Retired COO, 75, Northwest Arkansas

First $1 Million Series

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 75-year-old married and retired chief operating officer of a logistics company in Northwest Arkansas. He grew up in Louisiana and reports his salary when he retired was $125,000.

Events Industry CEO

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.

Different People Build

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.

First $1 Million

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

First $1 Million

How did you make your first $1 million?

My first $1 million was a real slog. It took 25 years to reach this milestone. It took a lot of saving, discipline and sacrifice.

1970s

I started in the 1970s. This was before the internet and things we take for granted now.

Back then, it took a minimum of $25,000 to $50,000 to even open a brokerage account.

Shopping Interest Rates

So for the longest time, investing was a matter of shopping interest rates and looking for the best deals on CDs and such.

But more importantly, it took getting the buy-in from family (and spouse). It is hard to deny yourself and family something you want when the money is there to have it, to convince them and myself that the sacrifice is worth it in the long run.

Often Told

At times, this caused a lot of friction. I had often told them that they could have anything they want, just not now or all at once.

Overall, we did it through investments in real estate, the stock market and businesses that I had an equity interest in.

Doing

What are you doing with the money?

We are continuing to invest it. In the 25 years after making the first $1 million, we have added many more millions to it.

Don't Think

In hindsight, I don't think there is anything that we denied ourselves that we did not obtain.

The Fun Stuff

Anything

Did you do anything to celebrate?

No. Just took pleasure in its accomplishment. Gave us a feeling of freedom that when hard choices have to be made, we could make the choice and withstand any consequences.

Making $1 Million

What is the best part of making $1 million?

Financial freedom.

Life Change

Did your life change?

Only in confirming that the assumptions we made in building this wealth were validated. We still live the same lifestyle we have always lived. We want for nothing.

Anyone Know You're

Does anyone know you're a millionaire?

No, not specifically. I am sure our children know we are well-off, but not specific amounts. We are private people and see no need to advertise our success.

Feels

Even writing this feels like an invasion of our privacy that we would normally not indulge.

However, we feel it is important that people know that this level of financial success can be achieved by anyone, regardless of present circumstances.

Normal Middle-class House Drive

By all appearances, no one would think that we have the net worth we do. We live in a normal middle-class house, drive modest automobiles, buy clothes off the rack.

Did you retire early?

Net Worth

Retired at 52. That was my last "job. " Since then, we have devoted our time and effort to travel and building our own net worth.

We have done more for ourselves than if we had stayed employed. Our employer could not have compensated us enough to build the financial resources we have now. Nor would we have had the time and attention to devote to personal wealth bui