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How One Cleaner Made $8 Million #shorts

2022-11-15 · Short · Ali · recording, 1:00 · watch on YouTube

Topic: Money and investing · mode: Personal story · tags: Lesson from a book

Ali retells the story of Ronald Read from Morgan Housel's The Psychology of Money: a Vermont mechanic and janitor who saved, invested in blue-chip stocks and let them compound for 70 years, dying in 2014 worth over $8 million and leaving $6 million to the local hospital and library.

What is said

The parts of the video and what is said in each (★ — how much it matters to the video).

00:00:00 — How Ronald Read, a cleaner, made $8 million

  • ★★ Ronald Read, born in 1921, worked for most of his life as a janitor, yet donated $4.8 million to the local hospital when he died. — 00:00:00
  • ★★ Ronald Read, born in rural Vermont and the first person in his family to go to high school, fixed cars at a gas station for 25 years, then swept floors at a department store for 17 years; at 38 he bought a two-bedroom house for $12,000 and lived there for most of the rest of his life. — 00:00:00
  • ★★ Ronald Read made the headlines only when he died in 2014, aged 92: in his will he left $6 million to the local hospital and the local library. — 00:00:29
  • ★★★ Ali says Ronald Read's wealth had no secret: he earned money, saved it, invested it in blue-chip stocks and let it compound for 70 years, leaving a net worth of over $8 million, a story from Morgan Housel's The Psychology of Money. — 00:00:29

Mentioned

Central: Ronald Read

Also: compounding · Morgan Housel · The Psychology of Money · Vermont

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