This petrol attendant build a stock market portfolio worth $8 million
Ronald Read, who passed away last June at the age of 92, had worked as a petrol station attendant and janitor in Vermont, the US. But it wasn’t until after he died it emerged that he was sitting on a stock portfolio worth around $8 million, says the Daily Mail
His story is an inspiration for people who think investing may be beyond their reach.
So what sort of investment strategy
did Read follow?
Read managed to accumulate such a portfolio by investing a set portion of his salary into some of America’s blue chip stocks, notes Philosophical Economics
He grew his multimillion dollar portfolio without possessing any “special stock picking skills or inherited riches”. His success came down to him saving and investing regularly.
How to replicate Read’s riches on the stock market
In today’s America, a worker doing a similar job as Read would have to put around 20% of their salary into the stock market. And would need to see a return of 8% on average a year over the course of 65 years.
But if you take inflation into account, it would most likely be beyond the reaches of a low-paid US worker, but possible for an average paid worker.
One aspect that helped Read achieve his riches were stock market crashes. Investing regularly meant that he took advantage of times when stock prices were down.
And he lived through a period of impressive economic growth. This helped the stocks he invested in grow substantially.
But if you’re determined, take a leaf from Read’s book. Save and invest regularly, buy when stock prices are low, hold onto your stocks for the long-term, and reinvest your dividends.
So there you have it, follow this petrol attendant’s investment strategy and you could become a millionaire.
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