I read an interesting article today about a 100 year old woman that donated her estate to her alma mater. Grace Groner left over $7 million dollars to Lake Forest College after she died. She lived modestly in a 1 bedroom apartment with very little furniture and bought her clothes at rummage sales. She did not earn a lot of money but she did live frugally. Groner’s story reminded me of the book The Millionaire Next Door. Most millionaires live a simple lifestyle. You could be living next door to a millionaire and never even recognize it because they don’t drive a fancy car or live a giant mansion.
3 Characteristics of Millionaires
Millionaires:
1. Spend Less Than They Earn.
2. Avoid Buying Status Objects.
3. Maximize All Of Their Resources To Build Wealth.
How did Groner build her wealth? According to the Los Angeles Times, “In 1935 she bought three $60 shares of specially issued Abbott stock and never sold them. The shares split many times over the years, Marlatt said, and Groner reinvested the dividends. Long before she died, her initial outlay had become a fortune.” A $180 dollar investment ballooned to $7 million dollars after 75 years. This is truly an example of having patience and investing for the long run.
