When Ronald Read, a gas station attendant and janitor, walked into his local coffee shop wearing a tattered suit or flannel shirt, many people thought he might be homeless. One nice woman even knit him a hat — she didn't think he had the means to buy warm clothes and wanted to help him get through the winter.
As it turns out, this man was actually a multi-millionaire. Nobody had any idea until after he died, at the age of 92, leaving behind an $8 million fortune. He had been quietly investing his money in all the right places — looking to The Wall Street Journal for guidance.
His neighbors were shocked, financial analysts were bewildered, and his local library and hospital were thrilled — they are now the beneficiaries of the largest donation yet. He left $1.2 million to the Brooks Memorial Library and $4.8 million to Brattleboro Memorial Hospital.
Everybody wants to know his secret. CNBC even asked his lawyer, Laurie Rowell, "What kinds of investments? What kind of names did he have?"
It turns out, he wasn't investing in anything out of the ordinary. AT&T, Bank of America and GE were on his list. "He only invested in what he knew and what paid dividends," Rowell explained.
"I'm so impressed with him," financial expert, Chris Hogan said. "And what a legacy he's going to have as he's been a blessing to the library as well as to the hospital."
So, you're probably wondering what you need to do to turn a minimum wage salary into $8 million.
Here's the formula from CNBC that shows how Ronald Read became a millionaire. Like all great success stories, it didn't happen overnight.