The Wall Street Journal tells the story of Ronald Read, a JC Penny janitor and maintenance worker who accumulated an $8 million net worth by frugal living and good stock picking. The article begins as follows:
Ronald Read may have spent years pumping gas, but he was even more adept at pumping up his portfolio.
Mr. Read, a longtime resident of Brattleboro, Vt., died in June at the age of 92. His friends were shocked when they learned his estate was valued at almost $8 million. Long widowed and with two stepchildren, he left most of his money to a local hospital and library.
So how did he manage to pull it off? Besides being a good stock picker, he displayed remarkable frugality and patience—which gave him many years of compounded growth.