How A Janitor Retired With $10,000,000 (And How You Can Too)
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- Опубликовано: 27 сен 2024
- How A Janitor Retired With $10,000,000 (And How You Can Too)
It might seem impossible that someone with the income of a gas station attendant or a janitor could amass a fortune worth almost $8,000,000 but that’s exactly what Ronald Read did. This wasn’t the result of a huge lottery win or a massive inheritance from his rich relatives, either. He built his fortune by utilizing tools that are readily available and strategies that are easy for just about anyone to implement. How would someone with such a low income even have enough to pay his monthly bills, nevermind invest aggressively for retirement? When disciplined, even those earning a below average income are able to become multi-millionaire philanthropists. Let’s take a look at exactly how he was able to build such a fortune through earning, spending and investing and how you can do exactly the same.
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Investments ensures present and future financial security, It allows you to grow your wealth , that's why it's a necessary path for anyone who wants to expand income but it's a hard and critical process, without proper guidance it does more harm than good.
I'm starting to think that because I've studied and studied but I'm still making losses... I've been wanting to try an Investment Advisor or financial manager.
exactly, that's what they're there for, like I said I wish I had know earlier, I met someone that elated my finance, I lost almost 10k in total , but in just a space of weeks I met this IA , I made 70% ROI on my Initial capital.
@@Bryanhold1055 not gonna lie , you're very correct about that, Investment Advisors are the first step to making profit in investments, next to study and individual work.
@@Bryanhold1055 what kind of investments did you do? who is this IA , you're talking about? are they licensed?
@@patricomurcia7133 yes, check Alicia Lynn Mcmachan on the web ,
she set up a portfolio for me and in a month after I invested my little savings I was able to own a car.., her expertise marvels me.
I saw this story on the news when it came out. This is a true story. He invested in companies that were still growing but with the dividends and compound interest and appreciation he networth grew like crazy. But i truly believe he didnt know how much he was worth. Due to the lack of technology in his time, he just used his discipline to invest for his family and that is the real story here. But i make my kids watch this story every qtr, because even for me i have invested since i was 18 consistently and im telling anyone who wants to listen, u most definitely do not need a high income to be a millionaire if u invest early and buy a home early and hold on to ur investments for dear life.
Absolutely! Many people claim "it's not possible" or "it's not possible anymore" but I think it is 🤷♂️
...except he didn't invest for his family! He left it all to the hospital!
Here is a suggestion/example of how I taught my younger son about the power of compounding when he was around 6. He was a thumb sucker. I made a deal with him for every day that he didn't suck his thumb I would double a payout to him. I think I started at a nickel. So for the first week it went, .05. 10. 20. 40. 80, 1.60. $3.20. I remember stopping it when the amount got to $64. 00, because any amount greater than that would have been beyond his understanding. (another week and I would be owing him over $1,000) Oh he also stopped sucking his thumb too. True story. Now he is in his 30s, has his own child, who I believe when the time comes will learn about compounding in a similar manner. Not that a 10% compound interest is the same as a 100% double, but its the same concept.
Great idea! You would've owed him millions after a month 😂
His family was shocked because they all thought he was a cheapskate never did he ever pick up the bill.
😂
That janitor is a human being so it doesn’t matter if he was a lawyer
Wow. He didn’t start investing until he was 38? That’s insane.
Yes it is!
Too many people think they're forced to live paycheck and arent willing to change anything in their life to achieve this.
Absolutely 💯
Personally if was me I would have brought 100 shares every month from 20 or 40 different stocks dividends companies till I have between 800 to 1,000 shares from each companies and live off the dividends
I believe this man was mentioned in the book art of the deal and if it wasn’t him then there was a person doing the same job for a school. He surprised everyone with how much he saved! This video does not mention how you build wealth over the long term. Dividend reinvestment on a drip account is how you build wealth!
Are you deaf????? Half the video was explaining "how you build wealth over the long term"
@@jasonsanders8623 deaf and blind sir..
What a waste 😞!!, he never got to enjoy his fortune. The Library and Hospital management probably blew it on salary bonuses
He enjoyed investing though
Maybe he enjoyed what comforts he did choose to. If you'd bother to do some reading, you find he enjoyed chopping wood and enjoyed breakfast everyday at one particular restaurant. And if you'd even bother looking into it further, the library did some needed renovations and kept the investment as a whole running choosing to not liquidate but to let the portfolio grow. Stop speculating with your victim mentality and actually back your blasted premises with actual data, especially since the data is reasonably available.
Vic which one do you work for, the Library or the Hospital?@@victordonavon292
Chris.I like your videos very much.Thanks
Thanks for watching 😁
I wonder if he ever saw his money grow, maybe he just invested and with it all being in the bank he would have had no real clue just how much money it was worth in the end.
I think the biggest excuse people make is that they didn't know. That excuse is no longer valid since you can research anything you are interested in thanks to the internet.
Trade ETFS with Opoptions trading stocks is risky yet an ETF is much more doable
great
He was a janitor when living costs was lower and wages were higher. I’m no longer following success stories of boomers.
Edit: $2,300 a month? Srsly most Americans don’t even have $500 for emergencies.
Yeah because they spend it all at restaurants or on car payments😂
@@oslotismcboom6733 so you’re saying the average American spends $2300 a month on restaurants and car payments?
@@ObiJuanKenobi0_0 Sure whatever you want to believe
@@oslotismcboom6733 I believe that wages haven’t kept pace with cost of living; whereas you believe houses are still $50k and college is affordable.
@@ObiJuanKenobi0_0 ok
1. Roth IRA
2. S & P Growth Fund
3. DRIP
AMEN!!!!!
What about them three? 🤔 good ones to invest in..
@@julioalmanza8090 You could never go wrong with the S&P 500 index if you hold it long term!! Just remember to reinvest your dividends and hold the fund in a Roth IRA!
Drip network
Inspiring as always! Anyone can build wealth
Yeee
As long as you don’t have student loans
@Jason Yeah involves luck, patience, and practice
@@Shuker8964 That definitely can't hurt to not have them lol
I agree, Anyone is capable of building wealth, it only takes us to have the right attitude and mindset to achieve financial stability!
How on Earth did Reed save $1100 per month? :O
He owned the gasoline station whit his older brother. And invested the profitt from the gasoline station. Later he invested the money he got from the sale of the station. The job as a janitor just secured a stable income so he didn't need to spend tthe dividend and could reinvest it. The same as Warren Buffet but in lower scale.
@@AsusAsus-cp5cd Kid, he worked at a gas station as an attendant. He didn't own or co-owned. And he worked as a janitor to have a part-time and come out of retirement because he found he didn't enjoy retirement very much.
Damn, he was 38 when he started investing in stocks.
Wow, I grew up in Brattleboro VT!
This is one guys story. You have to factor in karma and the law of attraction. So far I know I was a pirate or some other bad person. Cause I always end up like Marv from home alone 2. “Harry I’ve reached the top!” 😜
Great video! 💎🔥💎
Funny. 2,300 dollars is a 1 year salary in our country
Where you from?
lol do we really think most people can afford to invest $1100 dollars per month? Even those good with money who have average jobs would struggle with that I think. Save as much as you can, but son't think that those numbers are normal
It's definitely not normal but is certainly doable if you implement a plan and use creative strategies such as house hacking.
@@ChrisInvests Have you looked at average checking, savings, and brokerage accounts? 1,100$ a year is not happening for many people already so that amount multiplied by 12 is likely almost impossible for the majority of lower income people at least.
Furthermore 1100 per month is $13200 per year. Even if people were disciplined and save a generous 15% of their gross income, that would mean they'd have to have a salary of $88,000 per year. There's plenty of evidence to show that the median income is FAR below that and even more evidence showing that people struggle to replace instant gratification (spending) with delayed rewards (saving). It's obviously not impossible; If I made 88,000 per year I'm certain I'd save way more than 1100 per month. But to imply in any way that it's not difficult or simple or easy on the individual or society scale speaks to a clear ineptitude in the area that this video provides advice about.
@@ScizGraffiti Yeah you are totally right my best year was 8K saved in 12 months making about 30K gross. And the highest number for a millennial making 160K gross was 30K in 12 months. Obviously your assessment about how high the income would need to be seems very accurate based on my experience.
Wow 👌
Yes the occupation does not matter. What matters is the mind utilizing the resources available.
No occupation mattered it just was not the only factor. For example look a all those RUclipsrs with 100 to 300K in a 10 year period. How many of them made minimum wage the entire 10 years?
Does Chris also draw the video?
I use an animation software
I’m getting a different answer…investing $2300/month at 10% return he ends up with $65 million after 55 years, NOT adjusted for inflation. For some reason I don’t think inflation would eat 85% of money over the course of 55 years.
You're getting a different answer because you're not adjusting for inflation. Try using a compound interest calculator that adjusts for inflation.
@@ChrisInvests adjusting for 2% inflation, he ends up with $8.32 mil after 55 years with only $700/month contributions and 10% interest rate. Still not getting anywhere close to a necessary $2,300 monthly contribution. If you assume 5% inflation, then yes, your $2,300 starts making more sense.
@@HealthyWithAustin my calculation is using 4% inflation
2% is unrealistically low!
To your point, inflation DOES eat up a large amount of money over the course of 55 years.
he probably didn't know how much he had either
Screw that. Im saving my money for ME to ENJOY. I don't want to die super rich without ever having enjoyed most of my money. Thsts depressing
It's all about balance!
You mean you assume he didn't enjoy his money. If you bothered to do a little thing called reading and research, you'd find he enjoyed reading books, chopping his own wood, eating breakfast at a particular restaurant, and even paid for his kids college education. Stop being lazy and assuming when the information is ready at hand.
This is great and all but that is lots of money per month and the guy was in his 90s and had a bad appearance his whole life. Good for him but I just cant wait until I'm a million years old. The story is kind of sad. He never even enjoyed his money🤷🏼♀️😕
He found joy in investing his money and seeing it grow kind of like playing a game
What about thinking of it like this: his selfless act of money management meant his changed the course of his kids and grandkids lives. Like when you plant a tree, you don’t plant it for your self, you plant it for the future.
This takes like 70 years to accomplish lol
Hey. If you want more views, try adding hashtags to your videos.
I forgot to do this one but thank you!
I didn’t like this video as soon as I saw you put a dirt bike on screen and say it doesn’t have true meaning
Riding my bike is one of the best experiences it’s my happiness
😬
@@ChrisInvests 😂😂😂
Bitcoin for him lol
What’s the point you can’t take the $$$ with you. I rather enjoy my $$$ in the movement
It's all about balance 🤷♂️
start at age 18 and retire at age 62....put away $650 a month in a Vanguard Index fund...with low fees and let it compound and average 10.5% return.......easy $550,000 and earn social security benefits
Bruh that's $5.4 mil at 62, not $550k
@@B1gBossMan
It's to encourage low income earners to persuade them to invest their money
I have to wonder if he even knew how much his fortune was worth... Having a stack of paper stocks would make that quite difficult unless you followed things very closely and kept meticulous records.
Good point! That would be a pain to track.
Not really..... Keep in mind that he invested and understood the concept of financial growth.. Myself I have a two inch tall stack CD Ladder covering 60 month 1year of income/benefits and am converting some of it to investments..I know the values of all of my CDs and the values of my monthly contributions to my investments portfolio.. the average dividend interest percentage .... and the projected monthly incomes... LOL.. investing can become obsessive.. but as long as I can pay for my existence just exactly who am I hurting??
Rightly said! Investing over here is so frustrating, i just keep losing
It's fascinating to hear that someone here employ madam Christine's services. She has been managing my investment
A CNBC news host spoke so highly of💕Christine Lynn Saitta and her loss prevention strategies
For someone today to replicate what he did , does the math at the end suggest he too invested the equivalent of $2300 for 55 years or am I missing something ? If so , that`s a hell of a lot for a janitor of today.
It's a lot for a janitor but not someone earning a reasonably good income
Also, we don't know how much he invested because he could've been making 20% annual returns
@@ChrisInvests He wouldn't have made 20% on a regular basis investing in J and J or the other ' boring /income ' stocks mentioned. Oh , well.
@@johnristheanswer no way to know what his returns were!!
@@jasonsanders8623 historical data ?
Context also matters. Gas station was owned by his brother...I doubt family paid him the bare minimum, especially if he could actually retire -- his military service also probably helped with the more expensive things like healthcare. Additionally, JC Penney and other large department stores typically contract out their cleaning. They're paid considerably more than what we imagine a typical retail worker is, even today. Even if they didn't back then, see below.
This was also immediately post WW2, when people actually paid "service workers" something somewhat livable relative to the cost of living. This isn't a person working as a janitor in 2019; even then, many professionals in jobs we might call "janitorial" earn a decent living, especially if they work for large companies or governments. Calling his jobs "low paying" is somewhat dishonest by modern standards.
Yeah people like talking about this story but they don't put any modern equivalent to it. What you write makes the whole process make sense. In my estimation based on online calculations he was saving about 40K in todays money every year!!!! If that is correct OMG so they need to focus on telling all of us to live on a lot less our incomes for at least 10 years.
Amazing video, bravo for your efforts!
That large cap growth should give you higher expected returns than large cap value or even SP500 is NOT consistent with most financial theory.
Or more accurately, financial history.
Historically:
Stocks outperform bonds
Small-cap outperforms Large cap
Value outperforms Growth
You should have a diversified portfolio, though. Do not put everything into small-cap value
Very good
Awesome
You gotta make a discord server Chris.
😂
Great video!
Thanks for watching 😁
Excellent video and does illustrate the power of diligent investing over time. However I have a problem with this individual accepting a charitable meal because of his disheveled appearance. No he is bordering on being a wise guy and a real jerk. He should show his charity while alive on an individual basis to someone who is in need ( not just donate to some institution that will NEVER trickle down to those in need) . Same goes for Anne S. Too.
Someone might have paid for his meal without telling him so he didn't find out until they were gone 🤷♂️
I used to work with a guy like this. All he ever did for a job was load trucks in a warehouse part time. The guy would always wear an old mechanics suit that had more duct tape holding it together than fabric. He had fairly long messy hair and always looked like he needed a comb and a shave lol. Come to find out though, the guy bought a multi-family home when he was young, lived in part of it, rented the rest out, then used the rental income to buy another place, and another, and another to the point he owned millions in real estate and must have had a rather large passive income from his rentals. He just lived how he wanted and didn't care what others thought of him or expected of him.
Its kind of funny now that I'm in my 30s, doing well financially, and have since moved on to a much higher paying job than loading trucks in a warehouse to hear coworkers with ~200k yearly incomes complain about their financial woes after having known someone who was making less than 1/10th of that from his job who managed to accumulate millions.
People are so quick to blame their income for being broke but it's not always the case!
Problem is, it kinda sounds like people like this are always living for tomorrow. What if you die before you get to realise your dreams? I realise this will probably make me a pariah on this comment section, but I wouldn't ever advise someone to live like this unless it made them genuinely happy. It's important to strike a balance.
@@devononair Sure, I'm not recommending living in a hair above poverty when you are worth millions, I'm more so pointing out the stupidity of people on the other end of that spectrum that make alright money but can't live within their means.
If you think about it these janitors that died with millions type stories always seem to blow people away because they're so rare, but the story of the guy making 80k a year living on a 100k a year budget is just so normalized it wouldn't even make for an interesting video or comment worth replying to, when in reality, the guy making 3, 4, 5x what a janitor makes only has his own stupidity to blame if he can't get his finances in order.
@@randomyoutuber308 Yeah that's true. Far too many people live beyond their means when they really don't need to..
I read about Ronald Reed in a stock market book. He took the left over income he had and bought dividend stocks. When he received his dividends, he used that to buy more stocks.
I'm sure his heirs really appreciated the fact he gave their inheritance away ...to a library!
@@drewodessa2483
it wasn't *"their"* inheritance...
the money Was *Never* "theirs".
❤❤
His story is very inspirational. It's also convincing for a lot of us who likes to taste financial freedom.
@@HughJass-jv2lt Your lessons towards Drew are a waste of time because he is in the mindset that just because they are related to someone rich that they "deserve".. and Ronalds relatives probably got their deserved reward..$5.00 otherwise the distribution would have been selfishly contested
What was his living conditions? What were his monthly expenses? Did he have dependants, a family? So many things are missing in this story that would apply to an average person.
@@Brian-dh9lp All I'm saying is that there are many important variables missing from the story. I'm not discounting it or making excuses. of course there's a way, we want to know the variables so we can evaluate it. making $8 million as a janitor when you live childless, alone, in a single room apartment is different from janitor with dependents or a family and pays a mortgage ect.
@@bushm8797 Choosing to have a family and bills are all part of the thought process when deciding how to live... I live on less than the poverty scale but I manage to put away $125.00-$450.00 monthly into investments... at retirement age.. I would love to live on those funds.. but I also know that if I do I would never see them again..... And I would much rather gain from the dividends and HAVE those investments for a later date if need be.
@@kevinrehberg8758 I hear you. All I'm asking is, what were the guy in the storys' choices. I know how you live now and respect to you for having the investing lifestyle. But I know nothing about the guy in the story except he worked at a garage and as a janitor.
Lol
I’m a high school grad, community college drop out, me and my wife make over $80k a year, live well below our means have 2 paid for cars, one 7 year old and a new born on the way.
Not only are we ok, we’re thriving, because we spend as little as possible and save as much as possible.
No Walgreens, CVS snack trips, coffee is made at home, we buy bulk items like paper towels and bath tissue to minimize our regular weekly spending by buying 1-2 times a year only, buy 2 large bags of caribou coffee beans every 3-4 months, but the most important thing was not getting into debt when we inherited a large sum of money not long ago.
But we’ve cash flowed most of our spending. We were even able to have a 175 person, destination wedding in October 2021 with no debt, and we had live music and open bar, the resort was amazing and affordable but part of it was the fact that I’m in the hospitality industry, I didn’t get ANY discounts but I did get wonderful info and that saved time, time is money.
That’s another thing, we don’t have tome to go grocery shopping, if we did we would be losing time and money, we have contracted out our grocery shopping at this point.
The fact of the matter is if you’re single, there is no way you can save fast enough unless you’re making over $100k by your self, but then you would do it all, making the bed, cooking food, washing dishes, doing laundry, cleaning up, cleaning the bathroom, vacuuming etc…
Like I said, time is money. Single and people who think they’re going to get ahead in life by themselves without a spouse are sadly mistaken.
-Some 30 year old with $0 debt and a very positive net worth with 2 kids…
@@xman666soad I love this, theres lots and lots of context. I appreciate this insight.
Context matters because I'm only starting my family now. My pay was perfect for a young bachelor but things are changing and I want to learn how to achieve what you and the guy in the video did.
I'm also 30, getting married this year. I, unlike you was unwise with cash. I work in corporate and earn 40k, when I started working(at 25) I bought luxury vehicles, regularly went to fancy food places. splurged in the club on alcohol and women, ect.
In 2020, during lock down, despite being at home doing nothing. I noticed a massive amount of my salary was going to paying debt on luxury items I couldn't use or didn't give me value.
Since then, I moved back home with my parents. Sold all my luxury items. 5 months ago I officially became debt free. But outside of my retirement savings, I have no assets or savings (I'm paying my parents back for letting me leech for 2 years without ever asking me to pay a cent).
So in a nutshell, I'm starting from scratch.
How do you do your visuals? They look really great.
Thank you! I use an animation program
What a doofus. Living frugally, with no kids left, leaving it to random people.. Nice
Exactly 💯 I think he's stupid then again that's why he was a janitor. I'm saving my money 💰 but so my kids can have a head start and privileges I didn't have in my early childhood.
At least he won't fade into history, Ronald Read will still be heard 100 years from now, keep talking about him, no one will ever know your name 20years after you're gone.
@@B1gBossMan who cares if people are talking about you when you give your money to random people instead of your children. Do you live for other people talking? Your legacy only matters if you did something great but it's also important to do the right thing for you and your family 👪 if not then what's the point? Just some minor fame you get as inspiration to save money 💰 who would want to be known for having a boring life saving every penny just to give it to charity 😂 that's retarded
@7:30 what about tax?
Need a cpa. Varies significantly by person.
Is it 8m or 10m?
It was 7 years ago so i adjusted it for inflation
How can some one invest in stock at 11 years old? Don't you have to be 18?
I don't know the details of back then but today you can have your parents set up a custodial account
$32,000 returns in just 16days, my financial life is totally changed.
I Totally agree! Investment has also changed my life financially and I have heard a lot about investments with Mrs Christine Norine Martin and how good she is, please how safe are the profits?
$310,000 and still counting. The profits are secured and over a 100% return on investment directly sent to your wallet.
I've watched many RUclips tutorial videos about trading and I still making losses until Mrs Christine started managing my investments now I make $36,480 weekly. God bless Mrs Christine Norine Martin she’s been a blessing to my family
Amazing i also just started trading with Mrs Christine Norine Martin, With an initial investment of $2,400 i made up to $6,900 in just a week of trading with her, her strategies are mind blowing
I’ll leave her Wats’’ppp number just below this comment