Monday, August 8, 2016
Grace Groner: US Secret Millionaire with US$7 Million Fortune
What if I tell you to just buy 1 solid dividend blue chip when you start working and keep on buying and reinvesting your dividend into it and you will end up a millionaire when you retired? Could you believe it?
Well a lady, Grace Groner from Illinois did it, along with other ingredients.
1. A bit of luck. Its a single stock investment which expose you to concentration risk. Luckily the only stock she had was Abbott Laboratories and not Enron, we know that Enron went bankrupt.
2. Live till ripe old age to allow your investment to compound and multiply. She lived up to 100 years old.
3. Stay employed for as long as possible. She worked at Abbott Laboratories for 43 years. This is her active income in which she kept investing in Abbott.
4. Frugal. Lead a very simple life, wore secondhand clothes, didn't own a car and lived in a modest one bedroom cottage with no children or grand children.
The US$7 million was donated to Lake Forest University earning $300,000 a year in interest alone will provide for the students with scholarships and internship. Very noble and meaningful indeed.