This guy worked as a gas station attendant for 25 years of his life.
He worked another 17 years as a part-time janitor.
Yet, he passed away with an estate worth $8 million in 2014.
Here’s the inspiring story of Ronald Read and how he did it: 🧵⬇️
He worked another 17 years as a part-time janitor.
Yet, he passed away with an estate worth $8 million in 2014.
Here’s the inspiring story of Ronald Read and how he did it: 🧵⬇️
2/ A little background first…
Read was born in 1921 in Vermont to an impoverished farming family.
He walked or hitchhiked 4 miles daily to get to school and was the first person in his family to graduate from high school.
Read was born in 1921 in Vermont to an impoverished farming family.
He walked or hitchhiked 4 miles daily to get to school and was the first person in his family to graduate from high school.
3/ He enlisted in the U.S. Army during WWII and served in Italy as a military policeman.
After the war, he returned to Brattleboro, Vermont and worked at this gas station for 25 years as an attendant and mechanic.
After the war, he returned to Brattleboro, Vermont and worked at this gas station for 25 years as an attendant and mechanic.
4/ He retired for 1 year before returning to work as a part time janitor at JC Penny’s where he stayed for 17 years.
Read's hobbies included wood chopping, stamp collecting, and coin collecting.
Read's hobbies included wood chopping, stamp collecting, and coin collecting.
5/ He would go to Brattleboro Memorial Hospital's coffee shop to drink one cup of coffee and eat a breakfast of an English muffin with peanut butter.
He obtained his first library card in 2007 and was a voracious reader often leaving with a huge pile of books after each visit.
He obtained his first library card in 2007 and was a voracious reader often leaving with a huge pile of books after each visit.
6/ Read was the epitome of Yankee frugality.
He always drove a used car and used safety pins to hold his coat together.
No one in his community knew he was a multi-millionaire and even his step-children were surprised to hear about his $8 million estate.
He always drove a used car and used safety pins to hold his coat together.
No one in his community knew he was a multi-millionaire and even his step-children were surprised to hear about his $8 million estate.
7/ One of Read’s other hobbies was investing.
He didn’t invest to get rich or live a lavish lifestyle.
He loved the game of it.
After reading his first book on the stock market from the library, he was hooked.
He didn’t invest to get rich or live a lavish lifestyle.
He loved the game of it.
After reading his first book on the stock market from the library, he was hooked.
8/ Read preferred to invest in blue-chip companies that he understood like Johnson and Johnson, JP Morgan, and Dow.
He particularly liked stocks that paid healthy dividends, that he could reinvest for even better returns.
His biggest holdings in his portfolio:
He particularly liked stocks that paid healthy dividends, that he could reinvest for even better returns.
His biggest holdings in his portfolio:
9/ Read really didn’t understand technology, and stored his paper stock certificates in a bank safety deposit box.
The stack was so thick it was almost 6 inches tall.
He didn't get his stock information from the Internet.
He preferred books and The Wall Street Journal.
The stack was so thick it was almost 6 inches tall.
He didn't get his stock information from the Internet.
He preferred books and The Wall Street Journal.
10/ When Ronald Read died in 2014, he had amassed an $8,000,000 portfolio.
Of that, he left $2M to his family and friends.
$4.8M to the local hospital, where he went to go for his daily breakfast and $1.2M to the library he loved.
Of that, he left $2M to his family and friends.
$4.8M to the local hospital, where he went to go for his daily breakfast and $1.2M to the library he loved.
11/ Why should you care about Ronald Read?
You may think, “He didn’t even get to enjoy his fortune!”
Why would you build up so much money, never enjoy it yourself, and then just give it away?
What's the point?
The lesson is that money isn't everything.
You may think, “He didn’t even get to enjoy his fortune!”
Why would you build up so much money, never enjoy it yourself, and then just give it away?
What's the point?
The lesson is that money isn't everything.
12/ Some people are happy living a simple life and don't need much.
The lesson is also that anyone can become incredibly wealthy and leave a legacy of generosity behind.
If a janitor in a small town in Vermont can do it, you probably can, too.
The lesson is also that anyone can become incredibly wealthy and leave a legacy of generosity behind.
If a janitor in a small town in Vermont can do it, you probably can, too.
13/ Read’s strategy was simple but not easy:
1⃣ Stay frugal
2⃣Save and invest in few high-quality stocks
3⃣Stay invested over the long-term
4⃣Keep reinvesting those dividends
1⃣ Stay frugal
2⃣Save and invest in few high-quality stocks
3⃣Stay invested over the long-term
4⃣Keep reinvesting those dividends
14/ That’s a wrap!
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