8legs: Kiplinger

#1 out of 1

My First $1 Million: Retired In-House Corporate Lawyer, 74, Midwest

A 74-year-old retired in-house corporate lawyer from the Midwest recalls making his first $1 million by 42 through stock and options in a tech firm.
He lost that first million when his employer went bankrupt but later built additional wealth through more prudent investments.
The retiree emphasizes saving consistently and diversifying as key lessons for building wealth over a lifetime.
Even after wealth grew, he remained frugal, using resources to fund college tuition, a lakeside cabin, and charitable giving.
He retired at 65 and continues charitable giving through a donor-advised fund funded with stock gains and charitable distributions.
His guidance for others includes saving 1–2% of earnings and sticking to an asset allocation plan despite market fluctuations.
The profile notes the importance of estate planning, including trusts, wills, powers of attorney, and healthcare directives.
The story is part of Kiplinger’s 'My First $1 Million' series that shares anonymous profiles to teach saving and investing lessons.
The individual maintains a quiet profile about wealth, contrasting with typical showiness.
The profile documents the retiree’s travel, including visits to many countries, illustrating lifestyle enabled by wealth.
Readers are invited to anonymously share their own experiences to be featured in future profiles.

Vote 0