A Janitor Kept His $8,000,000 a Secret His Whole Life

Summary

Ronald Reads, a janitor, quietly amassed a fortune of 8 million dollars through wise investments, despite living a modest life. Born in 1921, he worked at a gas station and later as a janitor, all while studying the stock market in his spare time. His frugal lifestyle and strategic investments in blue-chip companies and dividend-paying stocks led to his wealth. He remained humble, with no one suspecting his riches until he generously donated millions to his stepchildren, friends, the Brattleboro Memorial Hospital, and the library that fueled his investment knowledge.

Takeaways

• 💼 Ronald Reads was a janitor who became a millionaire through wise investments.
• 🚶‍♂️ He walked 4 miles daily to high school and was the first in his family to graduate.
• 🎖️ After serving in the army, he worked at a gas station for 34 years.
• 🧹 Post-retirement, he continued working as a janitor for 17 years.
• 📈 Ronald was a quiet investor, studying the stock market and making smart choices.
• 🏡 He lived a modest life, driving a second-hand car and wearing a worn-out coat.
• 💰 He invested in blue-chip companies and reinvested dividends to grow his wealth.
• 👨‍👧‍👦 He was generous, helping his stepchildren through college and supporting his community.
• 🏥 He donated millions to the hospital and library that were important to him.
• 📚 His wealth was built on a foundation of knowledge gained from reading The Wall Street Journal and library books.
• 🌱 Ronald's story is an inspiration of frugality, hard work, and the power of compound interest.

Q & A

What was the first significant educational achievement of Ronald Reads?

Ronald became the first person in his family to receive a high-school diploma in 1940.

How did Ronald Reads spend his time after returning to Brattleboro in 1945?

After returning to Brattleboro, Ronald worked as a gas station attendant at Haviland's Service Station for 34 years.

What was Ronald's secret that nobody in his town knew about?

Ronald was a quiet investor who managed to amass a fortune through wise stock market investments.

How did Ronald's lifestyle reflect his financial status?

Ronald lived a modest lifestyle, dressing plainly and driving a second-hand Toyota Yaris, which made his wealth unsuspected to those around him.

What was Ronald's approach to investing in the stock market?

Ronald studied the stock market and investments from books and The Wall Street Journal at the library. He invested in multiple companies to diversify his portfolio and minimize risk.

How did Ronald's frugality manifest in his daily life?

Ronald preferred to park far away from his destination and walk to avoid paying for parking, and he wore an old winter coat held together with safety pins.

What was the significance of the local Memorial Hospital to Ronald?

The Memorial Hospital was significant to Ronald as he used to have his daily breakfast at its cafeteria and later donated $4.8 million to it.

What was Ronald's routine at the local library?

Ronald would borrow piles of books every week and spend hours studying about the stock market and investments.

How did Ronald's investments grow over time?

Ronald's investments grew by holding onto several blue-chip companies for a long time and investing in companies that paid substantial dividends, which he would then use to buy more stocks.

What was the total amount of money Ronald donated upon his passing?

Ronald donated a total of $8 million, with $4.8 million to the Brattleboro Memorial Hospital, $1.2 million to the library, and approximately $2 million to his stepchildren and friends.

What was Ronald's attitude towards public recognition?

Ronald had mixed feelings about public recognition. He once expressed a desire to have his name on a building but then quickly dismissed the idea.