We present our recent discussion with a millionaire as we aim to glean insights from individuals who have significantly multiplied their assets.
If you are interested in being featured in an interview, send me a message and we can discuss the details.
This conversation occurred in October.
My inquiries are italicized and bold, followed by their answers in standard text.
Let’s begin…
OVERVIEW
What is your age (and spouse’s if relevant, plus the duration of your marriage)?
My spouse and I are both 56 years old.
We have been married for 32 years.
Do you have children/family (if yes, what are their ages)?
We have four kids, aged 27, 26, 24, and 23.
What region of the country do you reside in (and is it urban or rural)?
We live in suburban Maryland, just outside of Washington, DC.
It’s quite suburban, although not enough to be walkable. Unfortunately.
What is your present net worth?
Our present net worth is approximately $2.25 million.
What are the primary assets constituting your net worth (stocks, real estate, business, home, retirement accounts, etc.) and any debt that offsets a part of these?
The bulk of our net worth (about $1.6M) is invested in the stock market via tax-advantaged retirement accounts. Roughly $400,000 of our net worth is in the equity of our main home.
It might actually be more, but the market conditions in our area are extremely unpredictable, so I prefer to estimate conservatively. We also have a significant amount invested in a Delaware Statutory Trust (DST) real estate venture that is not performing well.
Distributions have been halted, and I have heard the trust is under investigation by the SEC. We will see how this develops.
EARN
What is your profession?
I work as a freelance writer/editor and engage in some public speaking.
My husband is largely retired but is involved with a few boards and stays engaged with projects tied to his field of expertise.
What is your yearly income?
Our yearly income fluctuates greatly depending on my workload and how lucrative those engagements are.
At a baseline, we receive around $120,000 annually from my husband’s pension, while my earnings can range from none to $100,000 a year. (The upper range is quite uncommon.)
Can you describe your income journey over time? What was the initial salary for your first position, how did it increase thereafter (and what steps did you take to achieve this), and what is your current standing?
My husband’s salary while he was employed was based on a federal scale, so it increased in a steady and reliable manner. I believe he started with an annual salary of approximately $24,000, possibly a bit less.
In his situation, he merely had to perform his job satisfactorily to receive regular promotions and avoid termination. 😊
My income has varied widely, decreasing when I took time off to raise our children, and occasionally surging if I secure a particularly lucrative client in a given year. Nevertheless, since his salary was typically the bulk of our combined earnings, it maintained an upward trend for the first 28 years of our marriage.
What advice would you give to others seeking to enhance their job-related earnings?
Consider the career path when accepting a new job. That position that seems ideal at 22 may not be wise if it offers limited growth potential.
When we were in our mid-20s, my closest friend