**Interview with a Millionaire: A Path to Financial Independence**
In this enlightening interview, we explore the financial journey of a couple who have managed to amass a net worth of $8.05 million. Their narrative showcases discipline, perseverance, and a commitment to long-term financial wellness over immediate gratification.
**OVERVIEW**
**What are your ages (and your spouse’s age if relevant, plus the duration of your marriage)?**
I am 57 years old and my spouse is 60. We met while serving in the military and have been together for over 30 years.
**Do you have children or family (if yes, what are their ages)?**
We have one son who is 29 years old. His spouse is 27, and they recently welcomed their first baby.
**In which part of the country do you reside (urban or rural)?**
Our retirement residence is situated in western South Dakota, in a rural community with roughly 5,000 inhabitants. We divide our time between South Dakota and Hawaii, where we own a small home in the suburbs of Oahu.
**What is your present net worth?**
Our present net worth stands at $8.05 million.
**What key assets constitute your net worth (stocks, real estate, business, home, retirement accounts, etc.), and do you have any debts that reduce these figures?**
Our assets comprise real estate (two homes, two rental properties) and retirement accounts invested in US ETFs that track the S&P500. We have a mortgage balance of about $175k, which will be cleared within the next year.
**EARN**
**What is your profession?**
Both of us are retired military personnel. My spouse manages the South Dakota property full-time, while I transitioned into law and have recently joined a private litigation firm.
**What is your yearly income?**
Currently, our annual gross income is $440k. More than half comes from our military retirement pay, approximately 15% is non-taxable VA disability compensation, and the remainder is my lawyer’s salary.
**Can you share your income trajectory over the years? What was your initial salary, how did it increase, and what did you do to encourage that growth?**
We each committed 30 years to military service, so our earnings were primarily determined by our ranks. Our first-year salaries were below $20k, but by the end, we earned about $150k annually. We did not explore side jobs to boost income. Instead, we maintained a high savings rate (never below 50%) and invested regularly and aggressively over time, primarily in the US stock market.
**What advice would you give to others looking to enhance their career-related income?**
We lack direct corporate experience, but we believe that nearly all organizations appreciate individuals who are diligent, seek excellence in their responsibilities, and find innovative solutions to challenges. Building a reputation for excellence and being resourceful made us more trustworthy than many of our colleagues.
**How do you balance work and life?**
My spouse retired six years ago and is thoroughly content with the farming/ranching lifestyle. The physical demands of property maintenance, along with hunting and fishing, provide the balance he seeks. I spent a significant portion of my first year of retirement managing my father’s intestate estate, then pursued law school, completed a clerkship, and am now practicing as an attorney in a private firm. I need mental stimulation to feel balanced. We both enjoy traveling, visiting family, and thrifting, so we engage in a variety of individual and joint activities.
**Do you have any income sources outside of your primary career? If yes, can you detail them, including how much you earn from each and how you developed them?**
As stated earlier, most of our income stems from retirement benefits and my salary as an attorney. On our South Dakota property, we grow hay, and we are gradually planting apple trees and introducing hives to our apiary. Eventually, these apples and bees will also yield income.
**SAVE**
**What is your annual expenditure?**