The Janitor Who Became A Multi-Millionaire by Retirement

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Meanderer

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Ronald James Read was an American philanthropist, investor, janitor, and gas station attendant. Read grew up in Dummerston, Vermont, in an impoverished farming household. He walked or hitchhiked 4 mi daily to his high school and was the first high school graduate in his family.


"A community in Vermont was surprised in 2015 when Ronald Read, a retired gas station attendant and janitor, turned out to have been worth nearly $8 million upon his death — and left about $5 million to his local library and hospital".

"How Read amassed such a vast sum may or may not surprise you, but you probably will be surprised that someone of modest means, who didn’t have a fancy job, could grow so wealthy. You may also be happy to learn that the strategies he employed are ones we can use, too". (Read More)

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"Soon after he died, Read’s name was all over the news headlines. In his will, he left $2 million to his two stepchildren and gave $6 million to his local hospital and library. Where on Earth did a retired janitor and gas station attendant get all that money from? He had lived frugally, and purchased blue-chip stocks throughout his working life. And then he waited, reinvested his dividends and watched his portfolio grow. By the time he died, the value of his holdings amounted to more than $8 million. Read went from janitor, to gas station attendant, to the greatest philanthropist his town had ever produced".

"This story just demonstrates that wealth-building comes more from saving and investing than on income. Forming the habit of paying yourself first, and funding investment and savings before paying for expenses is probably one of the most valuable skills I have learned in the last few years. Many people postpone saving and investing for when their income rises to a particular level, but in reality when earnings increase it’s much easier just to spend the equivalent increase in money instead of growing wealth".

"It also shows that pretty much anyone in the Western world can achieve this level of wealth, insofar as they live long enough and stay disciplined enough. The capability of the compound effect in investing is so powerful, but only when enough time is given to the compounding process. $82.6 billion of 90-year-old Warren Buffett’s $85.6 billion net worth came after his 65th birthday. And that’s not because he got way better at investing after 65, it’s just the absurdity of the compound effect".
 
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Ronald Read was a regular customer at Brattleboro Memorial Hospital's Coffee Shop for many years. He especially enjoyed his daily breakfast, which included a cup of coffee and an English muffin with peanut butter. Ron was a quiet man who chose to live a simple lifestyle despite the fact that he had made millions investing in the stock market – a passion of his. Ron believed in the hospital and all it offers the community and, as a result, Brattleboro Memorial Hospital was one of the very lucky recipients of Ron’s fortune. Brattleboro Memorial Hospital will always remember and be grateful to Ron for his incredible generosity.
 
Here are the Corporations that he invested in. No wonder he gave so much away to hospitals because those Corporations don't care about human worth they care about profit and power to sell us toxic crap.

Mr. Read also invested effectively. His portfolio featured many familiar blue-chip names, such as Procter & Gamble, JPMorgan Chase, General Electric, and Dow -- companies he'd stayed invested in for many years.
He also held significant positions in companies such as AT&T, J.M. Smucker, CVS Health, Bank of America, General Motors, Deere, and Johnson & Johnson.
 
"A hospital and library will now benefit from Read's frugal living and knack for picking stocks. He bequeathed $4.8 million to the Brattleboro Memorial Hospital and $1.2 million to the Brooks Memorial Library, the largest each of these institutions have received. Read also made other smaller bequests".

"Rowell said that Read left the Dummerston Historical Society with an antique Edison phonograph along with dozens of recording drums".

"The frugal millionaire worked at a gas station for 25 years then as janitor for 17 years".
 
Meanderer said:
Ron was a quiet man who chose to live a simple lifestyle despite the fact that he had made millions investing in the stock market – a passion of his.
Click to expand...
Meanderer said:
"...anyone in the Western world can achieve this level of wealth, insofar as they live long enough and stay disciplined enough...And that’s not because he got way better at investing after 65, it’s just the absurdity of the compound effect".
Click to expand...

This is a fascinating article and what a wonderful human being...but not anyone can achieve this this amount of money investing in the stock market. The key word is "passion". The "stock market was his passion". He understood it. He had an adequate amount of God-given intelligence and knowledge to do his own investing, using his own choices and timing...and wasn't taken advantage of by Enron and other scams.

I'm no expert, but I know that those like myself need to know that there is risk involved in the stock market (low,medium,and high risk)....especially if you put it in the hands of a manager making buy-and-sell decisions which doesn't guarantee you better performance. Instead, statistically speaking, it would appear that it actually lowers your odds of achieving better performance.
 
My grandparents and parents pretty much started with nothing, worked modest jobs, raised families and ended up with significant money saved at the end (not multi-millions).

Their secret, they lived modest lives - no cell phones, no cable tv, driving the same car for years, a few big trips (but mostly modest vacations), growing a garden, cooking at home, etc.

I have pretty much lived my life in the same way, with the same results as my parents.
 
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IMO the biggest secret is time.

If a thrifty person in good health lives into their nineties those last few years can be huge when it comes to growing a portfolio.

The old saying that the first million is the hardest is true. Over time the next million comes much quicker than the last.

Compounding is a beautiful thing.😉
 
Amazing story. I've read about other people who worked for what might be considered meager salaries and managed to accrue a million. In fact, if I remember correctly, one was a librarian. There was an elderly woman who lived in our city, not the upscale part either. She lived modestly and after she died they found a whole lot of money tucked away in her house. It's too bad Mr. Read didn't use his money to get more enjoyment out of life. But I guess there was comfort in doing what he knew best. Not everybody needs to live the high life to be happy.
 
If one deprives themselves then the quality of life reduces. You need balance.

I have a cousin who lives a similar lifestyle, margarine is cheaper than jam, a piece of toast is cheaper than a donut, no pets as pets cost money, one kid was enough, kids do not need a brother or sister, the list went on and on, and they still have rabbit ears for television.

Their daughter leads a similar life.
 
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