The Remarkable Investment Story of Ronald Read: The Janitor Who Amassed $8 Million

A Humble Beginning

Ronald James Read was born in 1921 in Dummerston, Vermont, into a farming family during the Great Depression. His childhood was marked by hard work and frugality—values that shaped his entire life.

• World War II Veteran: He served in the U.S. Army during WWII, maintaining vehicles in Italy.

• Blue-Collar Career: After the war, he worked for 25 years at a gas station (Haven’s) and later 17 years as a janitor at JCPenney.

• No Financial Education: He never studied investing formally but learned from reading The Wall Street Journal and local newspapers

The Shocking Revelation: A Multi-Millionaire’s Final Act

When Read passed away in 2014 at age 92, his will stunned Vermont:

• $6 Million to Charity: Most went to Brattleboro Memorial Hospital and the Brooks Memorial Library.

• $2 Million to Family: Left modest sums to his stepchildren and friends.

• No Extravagance, Even in Death: His estate was handled quietly—no flashy donations or named buildings.

How Did He Do It?

1. Frugal Lifestyle

   • Despite his wealth, Read lived extremely modestly:

     • Drove a second hand Toyota Yaris.

     • Cut his own firewood.

     • Wore flannel shirts held together by safety pins.

   • He never splurged, allowing him to save and invest consistently.

2. Simple Investing Strategy

   • Blue-Chip Dividend Stocks: He invested in well-established companies like Procter & Gamble, Johnson & Johnson, and General Electric.

   • Buy & Hold Forever: He rarely sold stocks, holding them for decades through market ups and downs.

   • Diversification: His portfolio had 95+ stocks to minimize risk.

   • Reinvested Dividends: Compounding did the heavy lifting over time.

3. Patience & Discipline

   • He ignored market noise, never panicked during crashes (e.g., 2008 financial crisis).

   • Let his investments grow tax-free in his accounts.

Key Lessons from Ronald Read’s Story

✅ You Don’t Need a High Income to Build Wealth

• Read’s salary was modest, but his savings rate and investing discipline made him rich.

✅ Time in the Market > Timing the Market

• His 50+ year holding period allowed compounding to work miracles.

✅ Avoid Lifestyle Inflation

• Living below his means let him invest more.

✅ Diversify & Stick to Quality

• He avoided speculative bets, focusing on profitable, dividend-paying companies.

✅ Silent Wealth Beats Showy Wealth

• Unlike flashy investors, Read proved that humility and patience pay off.

Final Thought

Ronald Read’s story demolishes the myth that investing is only for the wealthy or financial experts. His success came from:

1. Spending less than he earned.

2. Investing in boring, reliable stocks.

3. Waiting—for decades.

Your Takeaway: Start small, invest consistently in low-cost mutual funds or quality stocks, and let time do the rest.