☕️ Sunday Coffee: The Janitor Who Outsmarted Wall Street
Ronald Read’s Million-Dollar Secret
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Intro
Let me tell you about a guy who could give even Warren Buffett a run for his money—not in terms of billions, but sheer strategy.
Meet Ronald Read
A humble janitor who turned his knack for pinching pennies into a stock portfolio worth a jaw-dropping $8 million. And no, he didn’t hit the lottery or inherit a fortune—this guy earned every cent through smart investing, frugality, and patience.
Here’s the kicker: no one, not even his neighbors, had a clue he was rich. He drove an old Toyota Yaris, wore a patched-up jacket, and once walked an extra block just to find free parking.
Let’s dive into the incredible story of how a gas station mechanic and part-time janitor outplayed the market big shots.
Who Was Ronald Read?
Ronald James Read was born in 1921 in a small town in Vermont, the son of a poor farming family. His early years were tough—he walked 6 miles to school every day (uphill, both ways, in the snow, probably).
After serving in the U.S. Army during WWII, he returned home to work as a gas station mechanic for 25 years and later as a janitor at a local department store for 17 years. That’s it—no fancy job titles, no tech startup, just honest work.
The Million-Dollar Janitor
Despite earning modest wages his entire life, Ronald amassed a portfolio worth $8 million by the time he passed away in 2014. How? The secret sauce was dividend-paying stocks and decades of disciplined investing. His portfolio included blue-chip giants like:
Procter & Gamble
Johnson & Johnson
JP Morgan Chase
CVS Health
Dow Chemical
At the time of his death, his portfolio held 95 different stocks, many of which he had owned for decades. For instance, he bought Pacific Gas & Electric shares in 1959 for $2,380, which had grown to $10,735 by 2014 .
The Strategy That Made Millions
Ronald’s investment philosophy was refreshingly simple:
Stick to what you know. He avoided tech stocks because he didn’t understand them, focusing instead on stable, dividend-paying companies.
Reinvest dividends. Every payout went straight back into buying more shares.
Diversify. Holding 95 stocks meant he could weather storms like the 2008 financial crisis, even when some of his picks (like Lehman Brothers) went belly up.
Cut costs. Ronald paid just $3 per trade and avoided unnecessary fees.
And where did he get his stock tips? The local library. While others chased the latest trends, Ronald pored over financial journals in a quiet corner of the Brooks Memorial Library.
Living Like a Millionaire (But Not Really)
Here’s the wild part: despite his fortune, Ronald lived like, well, a janitor. He wore a second-hand jacket held together by safety pins and drove a beat-up Toyota. Once, a stranger paid for his coffee, assuming he couldn’t afford it. Little did they know, his dividend income alone was around $60,000 annually, or $15,000 per quarter .
But Ronald’s frugality wasn’t just about saving money—it was a lifestyle. He chopped his own firewood, parked for free, and rarely splurged.
Yet, when he passed, his generosity made headlines: he donated $1.2 million to the Brooks Memorial Library and a staggering $4.8 million to Brattleboro Memorial Hospital. Both were the largest gifts in their history.
What Can We Learn from Ronald Read?
Ronald’s story is more than just a feel-good tale—it’s a masterclass in how anyone can build wealth with the right habits. Here’s what we can take away:
Patience pays. Ronald didn’t chase quick wins; he let time and compounding do the heavy lifting.
Dividends are king. He chose reliable, dividend-paying stocks that kept generating income even during market downturns.
You don’t need a high salary to invest. Ronald proved that consistent investing, even with modest means, can yield incredible results.
And let’s be real—while you don’t have to live as frugally as Ronald (feel free to buy that latte), his disciplined approach to money and investing is something we can all aspire to.
A Modern-Day Inspiration
Ronald Read’s life is proof that you don’t need a Wall Street salary or an MBA to become a millionaire. All you need is patience, a sound investment strategy, and a willingness to play the long game. And hey, maybe skip the avocado toast every now and then.
So, the next time you’re tempted to chase the latest meme stock or splurge on something shiny, think of Ronald. Somewhere out there, he’s smiling from above—probably wearing his patched-up jacket—and reminding us all that slow and steady wins the race.
Build your own dividend machine with the MaxDividends to launch growing passive income, retire early and live off dividends with community like-minded.
With respect for your well-being, Max
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MaxDividends is subscriber’s supported newsletter with community and community member’s tools to start building long-term growing passive income to live off dividends and retire early.
Someone's sitting in the shade today because someone planted a tree a long time ago. ― Warren Buffett.
Thanks for this one, fun write-up.
Oh man... I love Read's story! It's the perfect example of long-term investing and not ADHD investing, lol.
We need more people like Ronnie!