Here’s our most recent conversation with a millionaire as we aim to gain insights from individuals who have significantly increased their wealth.
If you’re interested in being featured in an interview, send me a message and we can discuss the details.
This interview was conducted in March.
My inquiries are in bold italics, with their answers following in black.
Let’s begin…
OVERVIEW
What is your age (and your spouse’s if relevant, plus the duration of your marriage)?
I am 38 years old, and my husband is 33.
We have been together for 8 years.
Do you have any children or family (if yes, what are their ages)?
We have two kids: ages 6 and 3.
Which region of the country do you reside in (and is it urban or rural)?
We live in an urban setting in the Midwest.
What is your current net worth?
We have just passed $1,000,000.
What primarily constitutes your net worth (stocks, real estate, business, home, retirement accounts, etc.) and what debts reduce these values?
Assets:
- Cash: $71,000
- Retirement accounts (401k, 457, Roth IRA): $470,500
- Pension’s cash value: $31,000
- Taxable brokerage/individual stocks: $74,000
- HSA: $30,500
- 529 Accounts: $58,000
- Primary residence: $535,000
- Rental property: $230,000
Total assets: $1,500,000
Liabilities:
- Mortgage on primary residence: $369,000 (5.625%)
- Mortgage on rental property: $90,000 (2.5%)
- SBA Loan: $23,000 (5%)
- Home renovation loan: $4,600 (0%)
- Additional home renovation loan: $8,200 (0% interest until the promotional period ends. We plan to settle this at that time.)
- Credit Card: We typically hold $4,000 on our credit cards, which we pay off monthly.
Total liabilities: $498,800
EARN
What is your profession?
I am an attorney working for the state. I’m in the middle phase of my career.
My husband is a data scientist, and he’s at an earlier stage of his career.
What is your yearly income?
Together, our combined annual income is approximately $280,000, which includes a bonus that my husband gets.
Share with us your earning history. What was the starting salary of your first job, how did it progress from there (and what steps did you take to achieve that growth), and what is your current status?
While seeking a summer associate role in law school, I faced challenges in securing a position. I declined a paid summer legal role to instead work for a nonprofit that offered a small stipend (<$2000) because the paid position mentioned no hiring prospects, whereas the stipend job presented opportunities for employment.
Ultimately, I worked full-time at that stipend role for 7.5 years afterward. I would need an alternate reality storyline to determine if that was the correct decision, as it significantly influenced my career in my practice area and public service.
My initial job after law school was “JD preferred.”