When Ronald Read passed away in 2014, he left behind an $8 million fortune. This surprised everyone who knew him because he was a modest man, having spent much of his career as a gas station attendant.
When Read passed away, the headline in The Wall Street Journal read, “Route to an $8 Million Portfolio Started With Frugal Living.” To be sure, thrift played an important role in building wealth for Mr. Read and others like him. But I don’t think that is the only explanation. In my view, thrift is just the superficial explanation. If we take a closer look, I believe another factor is equally important: Ronald Read was 92. If you save and invest regularly over that many decades, the fact is you don’t need to have a high income to amass a seven-figure net worth.
You can’t control how long you will live, but you should always be aware of the power of time in building wealth. It's never too early to start saving, and no amount is too small.