« prev   random   next »

2
0

96-Year-Old Secretary Quietly Amasses Fortune, Then Donates $8.2 Million

By DASKAA following x   2018 May 7, 7:08pm 586 views   6 comments   watch   sfw   quote     share    


Spoiler: she did it by buying and holding stocks.

https://www.nytimes.com/2018/05/06/nyregion/secretary-fortune-donates.html
1   Strategist   ignore (1)   2018 May 7, 7:57pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Wow. That is something else. I read about an old guy who was so cheap he would sit all day at the library just to save on heating costs. He left $5 million to the library upon his death.
------
Goes to show:
1. You don't need lots of money to be happy.
2. Those who are always broke, are broke because they can't handle money. Frugality is the key to building wealth, regardless of how much you make.
2   Ceffer   ignore (1)   2018 May 7, 8:21pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

She followed the investments and stock picks of her lawyer employers. They should all be dug up and indicted for insider trading.
3   DASKAA   ignore (3)   2018 May 7, 8:47pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Ceffer says
She followed the investments and stock picks of her lawyer employers. They should all be dug up and indicted for insider trading.


Maybe some of them are not dead yet....
4   Patrick   ignore (0)   2018 May 7, 9:22pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Her name was Sylvia Bloom and even her closest friends and relatives had no idea she had amassed a fortune over the decades. She did this by shrewdly observing the investments made by the lawyers she served.

“She was a secretary in an era when they ran their boss’s lives, including their personal investments,” recalled her niece Jane Lockshin. “So when the boss would buy a stock, she would make the purchase for him, and then buy the same stock for herself, but in a smaller amount because she was on a secretary’s salary.”
5   just_dregalicious   ignore (0)   2018 May 7, 10:02pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

It's awesome she was able to manage her money at that age. That's probably my biggest fear: Losing my mental ability to manage my finances myself.
6   Rin   ignore (4)   2018 May 7, 10:11pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Patrick says
“She was a secretary in an era when they ran their boss’s lives, including their personal investments,” recalled her niece Jane Lockshin. “So when the boss would buy a stock, she would make the purchase for him, and then buy the same stock for herself, but in a smaller amount because she was on a secretary’s salary.”


What's more important, though no one seems to know it these days, is to re-invest in stocks which provide dividends like Philip Morris, Johnson & Johnson, etc, This is the way to build long term wealth.

Ppl still think of stocks as a cap gains type of casino and thus, we had that entire 2000 Nasdaq 5K event along with 2008, which scared a lot of ppl out of the markets. When companies manage their money well, the dividend players are the place to be long term.

Realize, RJ Reynolds had 11-12% dividends during the worst of that time in 2009. That's an easy few quarters of compounding interest in buying more shares. And then, years later, when the stock recovers, your holdings have just gotten much larger.

Thus, don't get hung up on the stories of getting in on Apple during the early PC era or prior to the iPhone one.




The Housing Trap
You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
115 pages, $12.50

Kindle version available


about   best comments   contact   one year ago   suggestions