We’re thrilled to present our newest interview with an extraordinary millionaire. Through these discussions, we strive to reveal insights from individuals who have achieved notable financial success. If you would like to be featured, don’t hesitate to get in touch with us for further information.
OVERVIEW
What’s your age (including your spouse if relevant, and how long have you been married)?
I am 46 years old, and my husband is 51. We have been married for 21 years.
Do you have children/family (if so, what are their ages)?
Yes, we have two sons. The older one is 18, just completed high school, taking a gap year, enrolled in community college classes, and working. Our younger son is 15 and is currently a sophomore in high school.
What part of the country do you reside in (urban or rural)?
We live in a small town adjacent to a major urban area in the southeastern U.S., enjoying the charm of small-town life while benefiting from the facilities of a nearby large city.
What is your current net worth?
At present, it is approximately $2.5 million.
What are the key assets that constitute your net worth (such as stocks, real estate, business, home, retirement accounts, etc.), and do you have any debt that offsets them?
Our net worth mainly comprises retirement accounts ($1.75M), real estate ($775k for the main house, $100k for an apartment in South America), college funds ($150k), taxable accounts ($50k), and vehicles ($50k). We have $262,000 remaining on our mortgage and around $10,000 on an auto loan.
EARN
What is your occupation?
I work as a personal finance writer, earning $76,000 annually. My husband, who is a marketing director, earned approximately $235,000 per year before he took a sabbatical.
Share your income trajectory. What was your first job’s starting salary, how did it progress (and what strategies did you use to achieve this), and where do you currently stand?
Upon completing college, my initial job in the U.S. was as an account executive at an advertising agency, starting at $30,000, which rose to $45,000. I took a hiatus to raise our children and later moved into education and subsequently to writing. My husband began with a salary of $50,000 in 2004 and most recently earned $235,000 prior to his sabbatical.
What advice would you give to others looking to increase their work-related income?
I suggest being willing to change employers to seek advancement opportunities and refining your skill set to fit higher-paying positions.
Do you have other income sources besides your work? If yes, can you enumerate them, provide an idea of your earnings from each, and share how you developed them?
I previously earned freelance writing income, charging $200 per article, which ultimately led to my current position.
SAVE
What is your yearly expenditure?
Our spending fluctuates each year, averaging around $160,000 annually.
Do you follow a budget? If yes, how do you execute it?
Yes, we utilize You Need a Budget (YNAB) for managing our finances. Recently, we’ve allocated some of our funds separately, contributing to a joint account for shared expenses while maintaining the majority of our funds in personal accounts.
What fraction of your gross income do you save and how has this changed over time?
We have maintained an average gross savings rate of 27% and a net savings rate of 36% since 2014.
What’s your top tip for saving (accumulating) money?
Invest as extensively as possible as early as possible.
INVEST
What is your investment