Wealthy Achievement: Retired Magazines Chief, Age 70, Boise, Idaho
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In the quiet city of Boise, Idaho, a retired magazine editor for dairy farming and his wife have reached a significant milestone - amassing $1 million. The couple, who have been married for 48 years, have accomplished this feat through a shared mindset about money, conservative investing, and careful planning.
The couple, who wish to remain anonymous, prioritise saving over spending and avoid debt. This mindset has been the cornerstone of their financial success. They believe that "just because you have it doesn't mean you need to spend it" and consider debt a "dangerous four-letter word."
Their estate plan includes a revocable family trust, wills, powers of attorney, medical directives, and beneficiaries. This careful planning ensures their hard-earned wealth will be passed on to their loved ones in a manner that aligns with their values.
The first $1 million was made through work, modest living, conservative investing, and taking advantage of 401(k) matching. The couple invested in a diversified portfolio of stocks and bonds. However, one wild investment was in unopened boxes of original series Pokémon cards, which were sold to pay off the mortgage upon retirement.
The couple advise others to marry someone with a similar financial attitude and to approach wealth-building as a marathon, not a sprint. They stress the importance of saving, prioritising needs over wants, and avoiding debt, especially when approaching retirement.
For 14 years, the couple have been working with financial adviser Scott Stevens at Northwestern Mutual Insurance. They entered retirement debt-free and continue to live that way.
The greatest benefit of making $1 million, they say, is personal satisfaction. The couple retired four years after they believed they could and three years after giving their boss a heads-up. Despite reaching the millionaire status, their life did not change significantly. They do not want to live a life of excess and extravagance like many multimillionaires they worked for.
The individual does not believe anyone knows they are a millionaire. They learned that they did not want to verify their wealth for publication in a future My First $1 Million profile.
Despite their success, the couple does not have a goal of making a next $1 million. Instead, they are content with their lifestyle and focused on enjoying their retirement years. Their story serves as a testament to the power of discipline, planning, and a shared mindset in achieving financial success.
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