Thread by @investmattallen

A 92 year old man secretly amassed a $9 million dollar fortune by investing in the stock market.

The craziest part?

He was a school janitor for 27 years.

Time for a thread 👇👇👇

2/ His background..

Ronald Read was born in 1921 in Vermont, and he was determined to be the first person in his family to graduate highschool.

He walked and hitchhiked 10 miles everyday to school everyday until he graduated.

Upon graduation, he joined the Army

3/ After returning from the war in 1945, he worked almost 25 years at Haviland's service station.

He decided that he didn’t like working at the service station, quit, and served the remainder of his working years working as a Janitor.

All the while, he was earning millions

4/ His friends and family were shocked when they found out he was a multi-millionaire.

How did he amass this great fortune on such a low salary?

He kept a frugal lifestyle while investing the rest of the money.

It was his investment strategy that was simple but brilliant.

5/ He understood a thing or two about investing but didn’t make it complex.

He was a avid reader of The Wallstreet Journal, but he never let the headlines persuade him.

He focused on buying quality companies that he knew and understood.

6/ He followed the timeless advice of Warren Buffett:

“If they buy good companies, buy them over time, they're going to do fine years from now."

What did he do with all his money when he died?

7/ Upon his death, he donated $2 million to his stepchildren and friends, $1.2 million to local library Library and $4.8 million to local Hospital

Investing is the easiest and best way to build long term wealth.

The rich get richer because they invest.

If you enjoyed this thread, you should sign up for my newsletter.

Every Wednesday, I discuss complex ideas about business, investing, and tech in a simple way.

Typically a 5-minute read and free, it's a no-brainer :)

Sign up: mattallenletter.com