"As one-time Vermont-based janitor and gas station attendant Ronald Read demonstrated...

>"As one-time Vermont-based janitor and gas station attendant Ronald Read demonstrated, you can reach the seven-figure mark on a modest salary. Unbeknownst to everyone around him until he died at age 92 in June 2014, Read had quietly amassed an $8 million fortune, thanks to smart spending and investing habits"

>"Read came from humble beginnings. He was the first in his family to graduate from high school and served in North Africa, Italy and the Pacific theater during World War II, according to Reuters. After the war, he came home to work at a gas station and as a janitor at JCPenney, and married a woman who had two children. Read maintained a frugal lifestyle, never spending money unless he had to. Friends remember him driving a second-hand Toyota Yaris, using safety pins to hold his coat together and cutting his own firewood well into his 90s. “I’m sure if he earned $50 in a week, he probably invested $40 of it,” said friend and neighbor Mark Richards."

cnbc.com/2016/08/29/janitor-secretly-amassed-an-8-million-fortune.html

Attached: Janitor.jpg (947x792, 130.28K)

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en.wikipedia.org/wiki/Ronald_Read_(philanthropist)
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This is very depressing

based jannie

>library
kind of based
>hospital
going to be wasted on administrative roastie salaries and surgical wings that allow dr. shekelberg to extort tens to hundreds millions of medicare dollars from the US taxpayer.

>left most to library and hospital
imagine the amount of family seething

"thanks to smart spending and investing habits"

No he didn't.

do you think our nannies are like that?

What do you mean?

>Read bought many shares of The J.M. Smucker Company, CVS Health, and Johnson & Johnson and held for long-term several blue chip companies, including Procter & Gamble, JPMorgan Chase, General Electric, and Dow Chemical Company.[9] He focused on companies that paid generous dividends, which he would reinvest into purchasing additional stock.[9] He did not invest in technology companies and the stock du jour because he concentrated largely on companies he knew about.[9][16] When he died, he had no fewer than 95 stocks that were diversified in many industries such as healthcare, telecommunications, public utilities, rail transport, banks, and consumer goods.[9] Although he owned shares of Lehman Brothers when it went bankrupt in 2008, the bankruptcy minimally affected his returns because his investments were diversified.[16] In a safe deposit box at his bank,[16] Read stored his stock certificates, which when piled together reached five inches high.[9] To remain updated on his investments, he relied on The Wall Street Journal, Barron's, and the public library near him.[9] Read read The Wall Street Journal daily.[4]

en.wikipedia.org/wiki/Ronald_Read_(philanthropist)

Sounds like a generally poor strategy. dividend stocks aren’t great, but still this shows the power of the market long term. Some jannie can buy into worse performing janitor stocks and still reach 8 million. Just imagine if he bought into apple Microsoft google, etc. 8 figures easy

boomers could literally buy anything and become rich

Dividend stocks, not janitor stocks. I must be half asleep

>never did anything with it
Nightmare material.

He probably just means that it's something literally anybody could do, it doesn't take a lot of research and some genius at reading the stock market to make a lot of money over 70 years or however long this guy had been investing. The S&P 500 for example has averaged a yearly return of 10.5% since 1957. So $500 invested in 1957 would be worth $329k today.

It's basically the same idea behind index funds, 401(k), Roths, etc. The earlier you start saving and investing money, the more it can compound. Any normie could do it, but most don't have the discipline or dedication to consistently put money in and not take it out to buy new cars or whatever bullshit they don't need but are tempted to spend it on.

Yeah literally bought any stock of any company he ever heard about on Manny salary.

> Sounds like a generally poor strategy. dividend stocks aren’t great, but still this shows the power of the market long term. Some jannie can buy into worse performing janitor stocks and still reach 8 million. Just imagine if he bought into apple Microsoft google, etc. 8 figures easy

Attached: 4A824FF4-16EC-46BD-A8AC-8CCFDB303636.png (490x586, 100.1K)

Why is this nightmare fuel? Some people enjoy hoarding money. I got my first job in 7th grade, and opened a brokerage account. I was depositing about 500 to 1000 a year.

Let's call this like it this. This guy waged until 90 years old. Never spent any of it, had a miserable family, amassed $8 million, then left it to his employer (who he had already made a ton of money over the years by waging constantly). Literal nightmare fuel. Imagine working for your entire life, never enjoying any of your money, and when you die your employer takes your money. Lmao. This guy unironically had a mental disorder

Imagine being this guy's kids or grandkids. How much he must of hated them.

>poor strategy
>made millions
Any Forums

he was literally a natural slave who didnt know how to be or do more than that
he could have started a business, he could have retired, he could have built a palace, he could have done a myriad of things
instead he did absolutely nothing and worked a dead end job for decade after decade

(You) should read the full post. go on, it’s not that many words

Most of that 8 million was probably amassed in the last 10 years of his life retard. God you zoomies are the most annoying faggots on earth

>work minimum wage way past retirement age
>invest it all and live like a monk
>finally die at 92
>leave all your money to your employers
wtf is the moral here

He lived in a small community though and it's unlikely he was grinding 9 hours a day with someone whipping him if he slowed down. He enjoyed his little routine, enjoyed his comfy regular meal, enjoyed the company of his veteran bros, and obviously appreciated his community so much that he left his money to them. Would he really be more "successful" if he had spent his money on a ferrari and spent his time traveling to various countries? Some people like a quiet, regular life surrounded by people like them, and feeling that they are supporting other people in some way. He accomplished that, and seemed to treat investing as a hobby more than anything.

Imagine being an ugly janitor and still getting to have a wife and kids. You can be a rich software engineer nowadays and can't even get an ugly fat girlfriend because they are all chasing Chad. Also I bet his kids hate him, he could've invested in his kids education or their families and instead just gives his money to someone who cares even less about him lol.

>guy saves up 8 million in cash over the course of his life
>Sounds like a generally poor strategy

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see He probably had tons of time to read, enjoy hobbies, etc. There's a reason a fuckton of PhDs in the USA choose to become jannies despite being way overqualified. Some people just need a comfy, simple life to be happy.