Achieving My First Million: A New England Writer’s Journey at 59

Welcome to the inaugural feature of Kiplinger’s My First $1 Million, where we engage with individuals who have reached the milestone of earning $1 million. They share their journeys and how they are utilizing their wealth. This month, we spotlight a 59-year-old writer hailing from New England.

Each profile will highlight one individual or couple, who will always remain completely anonymous to the audience, responding to questions designed to help our readers gain insights from their experiences.

These features aim to offer a glimpse into the various paths people take to build their savings — they are not intended to serve as financial guidance.

The Basics

How did you make your first million?

I generated my income through writing books. It took a few years, and to be quite honest, I didn’t keep a close eye on how much I was earning. Each year, my income increased, and then one day it struck me that I had surpassed a million dollars in royalties (the author’s portion of book sales).

Then, I received a million-dollar contract, and that’s when the reality dawned on me … this would guarantee financial security for both my spouse and me, enabling us to assist our children and indulge in experiences we never deemed possible, such as an extravagant vacation or paying for a new car outright.

What are you doing with the money?

First and foremost, we eliminated our debts … mortgage, credit cards, and a personal loan. We invested a significant amount into our children’s college funds, allowing us to cover each child’s tuition without requiring them to take out loans.

We secured an apartment for our daughter during her graduate studies, purchased a car for our son, and provided them both with nest eggs to kickstart their lives as adults.

That’s truly the best part … being able to support the kids so they won’t face the financial struggles we did during the first 20 years of their adult lives.

We also contributed significantly to our retirement savings.

We’ve taken several delightful vacations and installed a new deck. Nothing extravagant … no luxury vehicles or high-end apartments. Just a sense of financial ease.

(Image credit: Getty Images)

The Fun Stuff

Did you do anything to celebrate?

To be honest, I wasn’t mindful when I hit that milestone. However, as I was leaving the meeting where I accepted the million-dollar contract, I thought of my late father and how thrilled he would have been. Not for the money itself but for the recognition of achievement.

What is the best part of making $1 million?

For most of my life until my 40s, money was consistently tight. We constantly balanced bills and were anxious about using credit cards. There was little left for any luxuries beyond necessities.

We enjoyed a joyful life, but we weren’t progressing financially and had minimal savings.

Therefore, I’d attribute the greatest benefit to the alleviation of financial insecurity.

(Image credit: Getty Images)

Did your life change?

Aside from reduced stress, not really. But that’s a significant change. For 20 years after graduating college, I constantly worried about whether I could afford anything beyond the essentials, and even those were quite a bit. However, I’m not one for designer brands or lavish luxuries.

My lifestyle hasn’t changed much, and I’m genuinely grateful for that because my life has always been quite fulfilling.

I have a loving partner and children, great friends, and a cozy, modest home. I wouldn’t want that to change.

Any plans to retire early?

I do intend to retire as soon as I can, yes.

Looking Back

Anything you would do differently?

Not particularly. Perhaps I would have taken a moment to appreciate it … realizing that all the work, hours, and hope contributed to a success I never envisioned.

Did you work with a financial adviser?

We collaborate with a fantastic adviser at Edward Jones.

Looking Ahead

Plans for your next $1 million?

I aspire to leave my children (and their children) a substantial inheritance. They are wonderful individuals with honorable careers and lovely families. I want them to have the opportunity to enjoy a luxurious trip occasionally and not have to stress about purchasing a new vehicle.

(Image credit: Getty Images)

Any advice for others trying to make their first $1 million?

Make sure to take care of yourself along the way. Don’t become overly fixated on reaching that goal. Life unfolds around you, and you wouldn’t want to miss it while being consumed by work.

It may sound cliché, but you never know how much time you or your loved ones have left on this earth.

If you have achieved the milestone of making $1 million or more and wish to be featured anonymously in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to [email protected] to receive the questions. We invite all stories that add up to $1 million or more in your accounts, though we will exercise discretion in selecting which stories to publish to ensure a diverse range of experiences. Additionally, we will want to confirm that you actually possess $1 million. Your responses may be edited for clarity.

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