ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

A 92-year-old janitor built an $8 million fortune without anyone knowing. These are the 3 things he did.

The way he lived and his chosen career path never gave anything away about his investments.
PUBLISHED NOV 7, 2024
Senior adult Janitor keeps the floors cleaned and sanitized due to the virus.  | (Cover image source: Getty Images | LifeStyleVisuals)
Senior adult Janitor keeps the floors cleaned and sanitized due to the virus. | (Cover image source: Getty Images | LifeStyleVisuals)

Stock markets may experience fluctuations from time to time, but investors who gain enough experience and insights about factors that play a role in determining share prices can become millionaires with the right strategy. That's what worked for Vermont-based janitor and gas station attendant, Ronald Read, who built an $8 million portfolio despite earning a modest salary. But he did it with such subtlety, that even his family was “tremendously surprised” upon learning about his hidden wealth, CNBC reported.



 

Becoming a Middle-Class Millionaire 

Most people didn't know about Read's hidden fortune until he passed away in 2015, and the estate was revealed. It came as a surprise for the local community as he didn't have the career path that a millionaire would take. Coming from humble beginnings, Read served in North Africa, Italy, and the Pacific theater during World War II, after high school, according to Reuters. He then came home picked up a job at a gas station in JCPenney, and married a woman who had two children. He worked at the facility all his life and never won the lottery or an unexpected fortune.

Representative image of a senior adult Janitor (Image source:stock photo/Getty Images)
Representative image of a Janitor (Image source: stock photo | Getty Images)

“He was a hard worker, but I don’t think anybody had an idea that he was a multimillionaire,” his stepson told the local press after his death. His portfolio and strategy were analyzed by experts after his death, and it was found that Read built his fortune by following a few basic steps.

Being Frugal

Read had a reputation for being extremely frugal, something that the Oracle of Omaha, Warren Buffett is also known for. According to his friends, Read drove a second-hand car all his life and wore a coat held together by safety pins.  Even in his 90s, he continued to cut firewood for himself to save money.

Representative image of an older man piling wood into wheelbarrow -(Image source: stock photo/Getty Images)
Representative image of an older man piling wood into wheelbarrow | (Image source: stock photo| Getty Images)

“I’m sure if he earned $50 in a week, he probably invested $40 of it,”  Read’s friend and neighbor, Mark Richard told CNBC.

Making Smart Investments

When it came to picking stocks, Read was straight-up brilliant. He chose stocks that turned in a profit over a longer time, a strategy that even Buffett recommends. Following his death, the Wall Street Journal analyzed his personal investment portfolio, which included stocks such as Wells Fargo, Procter & Gamble, and Colgate-Palmolive. 



 

Showing Some Resilience

Read lived till the age of 92, which means that he lived longer than an average person while working hard. It was found that he held many of his stocks for decades. Since he prioritized holding long-term positions, the strategy earned him immense returns over time.  With his long-term strategy, the power of compounding also increased his returns.

Senior man putting coins, money into a piggy bank (Image source:stock photo/Getty Images)
Elderly man putting coins into a piggy bank (Image source: stock photo/Getty Images)

Apart from the heavyweights, he also picked Pacific Gas & Electric's stocks in 1959 and held onto them till his death. The shares that he bought for $2,380 then, were worth $10,735 by 2015, the publication reported. He even stuck with Lehman Brothers until 2008, when the firm collapsed.

Leaving Behind a Legacy

The lifelong resident of Brattleboro, Vermont, left $6 million to his local library and hospital. “It was the talk of the town,” Brooks Memorial Library director Starr LaTronica told CNBC referring to the massive $1.2 million donation. 



 

The remaining $4.8 million went to Brattleboro Memorial Hospital, which Read visited regularly, but just for breakfast. “He always had a cup of coffee and an English muffin with peanut butter,” Read's friend, Ellen Smith, said.

MORE ON MARKET REALIST
"Wow spending $109 at Albertsons just for a couple of basics is brutal."
1 day ago
The man received the note from his grandmother who worked in the finance department at Universal Studios.
2 days ago
The NBA star was visiting a jewelry store with which he also collaborated on a signature collection.
3 days ago
The country star has consistently been in the news for his generosity as much as his music.
4 days ago
The firm tried to cancel the trade but an error in the system prevented it from doing so.
4 days ago
While the returnless refund policy saves money for retailers, it creates some problems as well.
4 days ago
The mother of one of the three boys first thought that he was playing a prank when he told her about the cash.
5 days ago
Although the kitchen makes it look like another family home, Jenner's house is a mansion with top-of-the-line amenities.
6 days ago
The man admitted that the watch had been handled roughly since he didn't know its real value.
6 days ago
It made her realize how it was something that her husband would never face.
Nov 13, 2024
You need to look for the series date located on the right of the photograph of George Washington.
Nov 13, 2024
Winfrey assured him that it isn't too expensive saying that it costs only about "a hundred something" dollars.
Nov 11, 2024
The shiny blue suitcase itself made up for the investment and she made more startling discoveries.
Nov 10, 2024
Many took to the comment section and talked about the situation, with some saying that it was no big deal.
Nov 10, 2024
The traveller took to X to share the screenshots of the apps showing the price difference.
Nov 9, 2024
Getting struck by lightning and then surviving to win a lottery worth $1 million is next to impossible.
Nov 8, 2024
When the bill came, the group of four was shocked and their reactions were captured in a TikTok video which now has over 8.8 million views.
Nov 8, 2024
Parcells wrote the checks worth millions and never even asked the players to pay the money back.
Nov 7, 2024
The way he lived and his chosen career path never gave anything away about his investments.
Nov 7, 2024
She also recommended taking time before responding to messages to gauge the person's real intentions.
Nov 6, 2024