A boomer who retired with a $2 million net worth despite working modest jobs shares his advice on retiring comfortably

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Richard (not pictured) said he and his wife retired on over $2 million in assets despite some costly investment mistakes.fotodelux/ Getty Images
  • An Idaho couple retired with a net worth of over $2 million by living frugally and making smart investment choices.

  • Richard learned investment strategies later in life after losing thousands in the dot-com bubble.

  • Richard’s story highlights the “millionaire next door” mindset of diligent saving and careful investing.

Richard, who is in his mid-70s, never held a very high-paying job and made various investment mistakes that cost him thousands over his life.

However, the Idaho resident said living frugally, prioritizing retirement accounts, and making smart real estate decisions allowed him and his wife to retire comfortably with over $2 million in assets after a career in state government and consulting.

Richard learned about investment strategies later in life after losing thousands in the dot-com bubble. After that, he said his path to growing wealth was modest and careful. He asked to use his first name only for privacy concerns.

His path is indicative of the “millionaire next door” mindset, which involves concerted efforts to save and invest using very accessible strategies, rather than flashy but risky get-rich-quick schemes or landing an elite, ultra-high-paying career. Still, he acknowledged that not all retirees have the resources to save a substantial amount for their retirement.

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“Having a work ethic has helped me throughout my life not just in accumulating wealth but in having people recognize that I’m a reliable person,” Richard said. “You have to be honest, you have to be kind, and you have to help other people.”

Richard said his “near-ideal” upbringing taught him the value of money and hard work.

As a teenager, he worked as a paperboy, produce clerk, ice cream vendor, and root beer stand cashier. He estimated earning about $5.25 a week in high school, or about $53 in 2024 dollars.

“I realized the value of money because it gave me this independence to buy the clothes I wanted to buy, allowed me to buy Christmas presents for my siblings and parents,” Richard said.

He also acknowledges that he grew up in a time when life’s necessities were more affordable. In his small, middle-class hometown in Illinois, he said a family could be supported on one income. He worked and lived frugally while attending the University of Illinois, which he said cost just $173 his first semester. He paid back his student loans right after graduating with a psychology degree.

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