This is a great example of what can come when someone invests often and lives frugally, while only earning a modest salary working a 9-5 and how that can snowball into something massive, to the tune of over $9 million dollars over the course of a lifetime. Enjoy! Snap/Insta: GPStephan
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Original Article Here:
https://www.nytimes.com/2018/05/06/nyregion/secretary-fortune-donates.html
This story is about a woman named Sylvia Bloom, from Brooklyn, New York. She worked as a secretary for a Law Firm. She made a modest salary. She took the bus and subway to get around. She never flexed on them haters. She also accumulated a fortune of about $9,000,000. She grew up in Brooklyn New York during the Great Depression. In 1947 she began working at a Law Firm as one of its first employees, where she ended up working for 67 years until she retired at 96 years old. But how she lived day-to-day is an indication of how she became so wealthy.
They lived in a Rent controlled apartment. She took the Subway to work. She’d opt to take the bus over spending the money for a cab. She never talked money, never called attention to herself, and she lived extremely modestly. This allowed her to secretly invest her money, instead. She’d save her money, live modestly, and invest everything she could. In her lifetime, thanks to compound interest, this lead to over a $9,000,000 Fortune…$8.2 million of which was donated to charity for college scholarships.
This story isn’t unique, either - there are plenty like it that almost carry the exact same storyline.
Leonard Gigowski is another example:
https://www.jsonline.com/story/news/columnists/jim-stingl/2017/11/21/stingl-frugal-alum-gives-thomas-more-students-13-million-reasons-say-thanks/882913001/
The left $13,000,000 to charity upon his death. He worked as a Navy Cook during World War 2 and shortly after worked as a meat cutter. That company gave him company stock, which he held on to - and later opened up his own grocery store. He expanded to a night club and rental properties over his lifetime, but maintained a frugal lifestyle. When he passed away at the age of 90, his thrifty living and investing habits left him with $13,000,000 which he donated to charity.
Or Grace Groner, another secretary who amassed a $7,000,000 fortune for charity by the time she passed away:
http://www.businessinsider.com/an-old-ladys-three-60-shares-from-1935-are-now-worth-7-million-2010-3
Like our other two examples, she didn’t have a high income - but she lived modestly and invested her money. In 1931 she began working for Abbot Laboratories, and in 1935 she saved up enough money to buy three shares worth $180.00….and she never sold them. Despite the stock skyrocketing in price, she never increased her lifestyle. She never bought expensive things. She lived in a small apartment for most of her life. And during her retirement from the company, she’d spend some money on travel and would actively volunteer…but she never touched the principle of her investment. And that led a $7,000,000 donation for college scholarships when she passed away.
This is really the power of three things: One, it doesn’t matter how much you make, it matters how much you save. In all of our examples, they didn’t have an extremely high income - they just saved and invested consistently. Two, time in the market - not timing the market, is most important. These were people who didn’t think “the stock market is too high, I’m waiting for a crash” - they just bought and held. And three: the power of long term compound interest. Starting off with investing $100 per month isn’t much…but over decades, this can grow into something substantial.
So I’d hope that stories like this can give you hope that even though you might not be making a lot of money right now, the possibilities are limitless long term.
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3
Join the private Real Estate Facebook Group:
https://www.facebook.com/groups/therealestatemillionairemastermind/
The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $120 million in sales: https://goo.gl/UFpi4c
Original Article Here:
https://www.nytimes.com/2018/05/06/nyregion/secretary-fortune-donates.html
This story is about a woman named Sylvia Bloom, from Brooklyn, New York. She worked as a secretary for a Law Firm. She made a modest salary. She took the bus and subway to get around. She never flexed on them haters. She also accumulated a fortune of about $9,000,000. She grew up in Brooklyn New York during the Great Depression. In 1947 she began working at a Law Firm as one of its first employees, where she ended up working for 67 years until she retired at 96 years old. But how she lived day-to-day is an indication of how she became so wealthy.
They lived in a Rent controlled apartment. She took the Subway to work. She’d opt to take the bus over spending the money for a cab. She never talked money, never called attention to herself, and she lived extremely modestly. This allowed her to secretly invest her money, instead. She’d save her money, live modestly, and invest everything she could. In her lifetime, thanks to compound interest, this lead to over a $9,000,000 Fortune…$8.2 million of which was donated to charity for college scholarships.
This story isn’t unique, either - there are plenty like it that almost carry the exact same storyline.
Leonard Gigowski is another example:
https://www.jsonline.com/story/news/columnists/jim-stingl/2017/11/21/stingl-frugal-alum-gives-thomas-more-students-13-million-reasons-say-thanks/882913001/
The left $13,000,000 to charity upon his death. He worked as a Navy Cook during World War 2 and shortly after worked as a meat cutter. That company gave him company stock, which he held on to - and later opened up his own grocery store. He expanded to a night club and rental properties over his lifetime, but maintained a frugal lifestyle. When he passed away at the age of 90, his thrifty living and investing habits left him with $13,000,000 which he donated to charity.
Or Grace Groner, another secretary who amassed a $7,000,000 fortune for charity by the time she passed away:
http://www.businessinsider.com/an-old-ladys-three-60-shares-from-1935-are-now-worth-7-million-2010-3
Like our other two examples, she didn’t have a high income - but she lived modestly and invested her money. In 1931 she began working for Abbot Laboratories, and in 1935 she saved up enough money to buy three shares worth $180.00….and she never sold them. Despite the stock skyrocketing in price, she never increased her lifestyle. She never bought expensive things. She lived in a small apartment for most of her life. And during her retirement from the company, she’d spend some money on travel and would actively volunteer…but she never touched the principle of her investment. And that led a $7,000,000 donation for college scholarships when she passed away.
This is really the power of three things: One, it doesn’t matter how much you make, it matters how much you save. In all of our examples, they didn’t have an extremely high income - they just saved and invested consistently. Two, time in the market - not timing the market, is most important. These were people who didn’t think “the stock market is too high, I’m waiting for a crash” - they just bought and held. And three: the power of long term compound interest. Starting off with investing $100 per month isn’t much…but over decades, this can grow into something substantial.
So I’d hope that stories like this can give you hope that even though you might not be making a lot of money right now, the possibilities are limitless long term.
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3
Ann Scheiber is another famous investor who turned a modest sum of money into a huge cashpile. What all these stories have in common is that all these investors had a buy, hold and reinvest strategy.
My grandmother was so afraid of stocks and saved 175,000 in a savings account and was also a legal secretary. I just can't help to think how many millions she could have had if she invested in stocks. It took her 30 years to save that much money in just a low interest savings account.
i love the part when it goes black and white. love that so much keep it happening.
Graham, I love your story being young man with Great wealth of knowledge. so with not much knowledge, which are the company you think it's great to hold on to it for next 50yrs. Can you make video ?? Thanks in Advance.
This is how I live saving is key
Millennial money episode got me here !!
I’m here from millennial money clips.
Came after the millennial money podcast 2021
Came here from the Millenial Money LIVE where Graham said it had about 10k views. LOL only 18k. We still love you Graham!
Who’s here after the latest episode of the podcast 🙈
Hey graham if you had a penny ($0.01) that doubled every day for 30 days how much money would u have on the last day….+$10,000,000 right lol penny saved a penny earned
Why would you donate the whole thing smh…at least enjoy some of it
Why not enjoy their money
I read a book a day ..😂 knawledge
What’s the point if you don’t enjoy your money???
Enjoy in simple things=life
Ronald read❤
I want to know the boss stocks which she was buying and keeping small portion for her😂how much do her boss made?
She kept buying the same stocks consistently and it grew over time?
"She never flexed on them haters".
What a great quote
Why would you save so much money to donate all to charity?! There are so much things to do while you are alive
THE WORST VIDEO EVER!!!!! It does not matter how much you make – it matters how much you save = THE WORST CONCLUSION EVER!!!!!!
And this comment isfrom me:
(I earn the same amount as my friend and she buys Iphones every year for 1000$+ and I am buying new Xiaomi phones when they decrease in price for 150$)
Awesome video! People who chase material wealth will not find happiness in those things. People who amass a large sum of money buy their freedom while they are alive and give it back to the world when they are gone are the happiest people in the world. Most in this society will never get that. I am one of the people who became a millionaire (not millions but more than 1) by working a modest 9 to 5 job and live a modest lifestyle because I know what makes me happy. Fancy items to impress people I probably would not like anyway never did it for me, it only serves to feed your own ego which I work everyday to get rid of.
Frugal living is one of the keys to build successful wealth.
Thank you so much for your wonderful videos! They are the best and always very helpful!
This is inspiring…
i'm the same way. but you gotta have some ice cream and cake because to me it's stupid either to waste money to the point you run out or you save and die with an exorbitant amount to leave behind. I practice balance and spending money on what gives me value…… she probably should have at least enjoyed 4.5 million dollars or half of her wealth thru out have life… even if she had the pleasure of giving some away while she was alive….. more fun giving away while you are alive and enjoying some good lobster and trips around the world. or whatever you enjoy doing……seems like she did not have to many hobbies.
Not much point in saving so intensely if your just going to give it all away when you're so old you can't enjoy life.
my saving mode has been activated ……but not sure about the frugal lifestyle.
Sounds Like Someone I Know…
Love this. Modesty and humility are very valuable traits.
Frugal living is super under-rated – it's so powerful!
I think some people are misunderstanding the point of the video. It’s not to deprive yourself your entire live and then live to 96 years old, only to die with a ton of money in the bank. I understand that we’re all financially-minded people and having money NOW is what’s a priority, but this video was really a way to demonstrate the amazing power of compound interest, saving, and investing long term – and how that can massively change your financial outlook over a lifetime, regardless of how much money you’re making. This is the kind of generational-wealth that can be achieved on an “average” salary and meant to be an inspirational story to show what’s possible. If you’re the type that would rather spend it all over a lifetime, go for it – but this the of wealth can be achieved for those who are willing to put in the time and have discipline to live below their means.