**Interview with a Millionaire: Insights on Wealth Building and Financial Success**
At [ESI Money](https://esimoney.com/category/millionaires/), we’ve always been curious to learn from millionaires, to dig deep into their mindset, strategies, successes, and learning moments on their journey to financial independence. Today, we bring you another exciting interview in this series. Through these candid discussions with millionaires, we aim to extract valuable lessons that can inspire, motivate, and guide others on their wealth-building journey.
If you’re interested in sharing your own story, feel free to [reach out to us](https://esimoney.com/contact/). For now, let’s dive into one such story – this interview took place in May 2024. With my questions in *bold italics* and his responses in plain text, let’s get started.
### **Overview**
**_How old are you (and your spouse, if applicable, and how long have you been married)?_**
I’m 51, and my spouse is 50. We’ve been married for 24 years.
**_Do you have children (how old are they)?_**
Yes, we have three children: Our son is 22, just moved out. We also have two daughters – one just graduated from high school at 18, and the youngest is 16.
**_Where in the country do you live? (Urban/rural area?)_**
We live in a suburban area in the mid-Atlantic region, which has a high cost of living.
**_What is your current net worth?_**
We’ve recently hit the million-dollar mark, with a current net worth of $1.09 million.
**_What are the main assets of your net worth?_**
The majority of our wealth is tied up in retirement accounts and home equity. Here’s a breakdown:
– **IRAs**: $620,000
– **401ks**: $200,000
– **Cash**: $19,000
– **House**: Estimated to net $425,000 (Zillow values it at $500,000)
– **Cars**: $25,000 combined
Our liabilities mainly include:
– **Mortgage on house**: $180,000 at 2.75%
– **Car loan**: $11,000 at 0%
### **EARN**
**_What’s your job?_**
I work as a Cybersecurity Test Engineer, a field I’ve been in for more than a decade.
**_What’s your annual income?_**
I recently got a raise and now earn $188,000 per year.
**_Can you talk us through your career progression and income growth?_**
I come from a modest family and worked odd jobs throughout my younger years. My first serious job was working part-time at a fast-food restaurant for $3.35/hour. By the time I was 18, I landed a Computer Operator role at a Fortune 500 IT company with a starting salary of $16,500, which also included benefits like college reimbursement.
After working my way up in various IT roles, I eventually moved into cybersecurity in 2011 when my employer encouraged it. I researched high-paying certifications, earned them, and took my first Security Engineer position with a six-figure salary of $110,000 at a new company. Since then, I moved to Cybersecurity Test Engineering, a role I absolutely love – and my salary last year hit $188,000.
**_What tips do you have for growing your career-related income?_**
Find your niche and develop expertise. In the tech industry, there’s a wide range of opportunities that go beyond just coding. I didn’t enjoy programming as much but found my calling in cybersecurity. Hard work, clear communication with management, and being a team player have all been critical factors for my career success.
**_Do you have any income streams besides your job?_**
We briefly owned a rental property, but it didn’t work out as expected, especially during COVID when rental payments stopped, and legal eviction took almost two years. We eventually sold it and used the proceeds to pay off debt and invest.
Aside from that, my career is our primary income source, and my wife has mainly focused on volunteer work rather than seeking paid employment.
### **SAVE**
**_What is your annual spending?_**
In recent years, our spending has hovered around $120,000, though last year it was higher at around $130,000 due to home renovations and significant medical expenses.
**_Any budget strategies?_**
Yes, my wife typically manages it. We used to review it monthly, but now it’s an annual check-in. She uses Quicken for weekly adjustments, while I handle our investments and periodically update her.
**_What percentage of your income do you save?_**
Currently, we save about 12% of my salary in my 401(k), along with an