Route to an $8 Million Portfolio Started With Frugal Living

Route to an $8 Million Portfolio Started With Frugal Living

My “Millionaire Next Door” clients and their advisors would probably get a kick out of the story of Ronald Read – a former JC Penny janitor and service station worker who passed away earlier this year with $8 million.

Ronald Read passed away with $8M fortune

None of his friends and family knew of his wealth, which he left primarily to a local hospital and library in Vermont where he lived. I’m not sure if Mr. Read struck the ideal balance between frugality and enjoyment of his wealth (the article says that he used safety pins to hold his coat together and he avoided parking meters like the plague), but we can’t argue with his bottom line results or philanthropic spirit!