The post today is going to focus on a 97 year old woman who's net worth is rapidly approaching $6,000,000. This woman was a high school drop out (because she had to go work during the Great Depression) who worked as a practical nurse for over 4 decades for the office of Veterans Affairs. When she retired 20 years ago she was made the most that she ever had...$23,000.
But wait there's more! When she was 25 she married a man decades her senior, who was a Polish immigrant and who worked as a machinist. He retired in 1958 and only made $6,000 at his peak when he retired. He passed away in 1985.
So how did these two achieve such a feat? Here are a number of tips that enabled them...
1. They converted their home to have two rental properties that they rented out each month.
2. She postponed social security until she was 70 to get the max payout. She now brings in $40,000 a year from it alone.
3. Read Jeremy Siegel's book Stocks for the Long Run. I read this in college and I'd highly recommend it as well.
4. Buy stocks in things that you know. Her husband was a machinist so they bought into manufacturers of tools, nuts and bolts. Companies like Illinois Tool Works and Snap-On. She worked in the medical field and was exposed to the pace maker early on. She invested in Medtronic.
5. Stay out of debt.
6. Only have one car.
7. Live frugally.
8. She sold her wedding and engagement rings after her husbands death and invested the money.
9. After her husband died she would rent out a room in her house for those who had to visit the VA clinic.
She currently lives easily off the money that she gets from the VA pension, social security, and from the rental unit. She plans to leave all of her $6,000,000 to charity when she dies.
So what's your excuse??