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"I lost a lot of money on bad stock decisions. Fortunately, I was lucky on my good decisions. I usually bought on dips."
By
Joyce Lamb
Published
15 August 2026
In
Features
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Welcome to Kiplinger's My First $1 Million series, in which we hear from people who have made $1 million.
They're sharing how they did it and what they're doing with it. This time, we hear from a married 73-year-old Oklahoma man who retired from the oil industry in 2011 with a salary of $150,000.
See our earlier profiles, including a writer in New England, a literacy interventionist in Colorado, a semiretired entrepreneur in Nashville and an events industry CEO in Northern New Jersey. (See all of the profiles here.)
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Sign upEach profile features one person or couple, who will always be completely anonymous to readers, answering questions to help our readers learn from their experience.
These features are intended to provide a window into how different people build their savings — they're not intended to provide financial advice.
To learn what these millionaires have taught us, check out the articles 5 Key Insights We Learned From 50 Millionaires and 5 Things 50 Millionaires Wish They'd Known Before They Retired.
And to hear more about My First $1 Million, you can check out this podcast with bestselling author and tax attorney Toby Mathis:
Why a Teacher, Writer, and Garbage Man All Became Millionaires - YouTube
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The Basics
How did you make your first $1 million?
In 1982, I had $30,000 saved and invested in the market until 1995, when I hit $1 million. It dropped and then came back to $1 million, then $2 million by 2011. Most investments were old-style stocks, high dividend yield, reinvested, not much tech.
Continued to invest as extra money came in.
Hit $4 million four years later, then $5 million in 2024, then $6 million in 2026.
What are you doing with the money?
Continued to invest heavily until 2022 when I sold the house. Already retired by then.
We donate through endowment funds to various organizations.
The Fun Stuff
Did you do anything to celebrate?
Every time we reach an additional million dollars, we watch one scene from the movie Giant. James Dean hits an oil well and says, "I'm a-richin'. I am a rich boy." A pretty funny scene.
Then we usually go out and have a Mexican dinner.
What is the best part of making $1 million?
I have a coin collector mentality. I like collecting bunches of different stocks. I probably have well over 120 stocks and maybe another 20 bonds.
Did your life change?
Yes, it allowed us to move into a nice retirement home. The important thing is not the amount of money you have, but the cash flow from that money that you can depend on.
It is like having a self-made annuity that helps to make life more stress-free.
Does anyone know you're a millionaire?
Due to where we live, it is implied that we must be rich.
Did you retire early?
Retired at 59.
Looking Back
Anything you would do differently?
I would have learned to do better research. I lost a lot of money on bad stock decisions. Fortunately, I was lucky on my good decisions. I usually bought on dips.
What advice would you give to your younger self?
Learn to do better research.
Did you read any books that helped you on your journey?
Yes, by Geraldine Weiss, a compatriot of Warren Buffett. One of the first women on Wall Street.
Also, my favorite newsletter, called Retirement Watch, which has a lot of great information in it, written by Bob Carlson, a CPA/attorney/investor.
Did you work with a financial adviser?
No.
Did anyone help you early on?
Yes, I had a friend who was saving and investing back in the 1980s. He got me started in saving and investing.
Looking Ahead
Plans for your next $1 million?
I have over $6 million right now. I plan to give away most of anything that I make over that amount. Mostly to charities.
Also to have nice parties and dinners for my friends.
Any advice for others trying to make their first $1 million?
Keep your costs down and invest the profits.
Do you have an estate plan?
Yes, with trusts, POA, advanced care directives, etc.
Most important is a booklet that has about 100 pages of directions for my daughter once I am gone.
It is based on the NOLO book called Get It Together: Organize Your Records So Your Family Won't Have To (by Melanie Cullen and Shae Irving).
I used those ideas and then created my own forms.
What do you wish you'd known …
Before you retired? I started bracing for retirement eight years before I retired, so I was ready when I did retire. I always say I was born to retire.
When you first started saving? Do better research.
When you first started investing? Do better research.
If you have made $1 million or more and would like to be anonymously featured in a future My First $1 Million profile, please fill out and submit this Google Form or send an email to [email protected] to receive the questions. We welcome all stories that add up to $1 million or more in your accounts, although we will use discretion in which stories we choose to publish, to ensure we share a diversity of experiences. We also might want to verify that you really do have $1 million. Your answers may be edited for clarity.
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Joyce LambSocial Links NavigationSenior Contributed Content Editor for Adviser Intel, Kiplinger.comAs Senior Contributed Content Editor for the Adviser Intel channel on Kiplinger.com, Joyce edits articles from hundreds of financial experts about retirement planning strategies, including estate planning, taxes, personal finance, investing, charitable giving and more. She has more than 30 years of editing experience in business and features news, including 15 years in the Money section at USA Today.