If you’re just getting started in investing, you may not have a great deal of money to begin with. Don’t let that discourage you.
I know it may be hard to believe now, but it is possible for an average person with an average income to build tremendous wealth.
Here are some real life examples that may provide you with some inspiration:
1. Gladys Holm was a secretary who earned $15,000 a year. She did two things, however, that are are critical in life to build wealth: she paid attention to what her successful boss was doing, and she emulated it, buying the same stocks he did. When she passed away in 1996, she left $18,000,000 for research.
2. Sylvia Bloom was another secretary who was smart enough to make investments right alongside her boss. When she passed away, she left an $8,000,000 fortune.
3. Monsignor James Sweeney was a priest that made a poverty level income for many years and invested in stocks in his spare time. He was worth close to a million dollars when he died.
4. Genesis Morlacci was a part-time janitor and dry cleaner. He left $2.3 million to Montana’s University of Great Falls at the age of 102.
5. Thomas Drey Jr. was a retired teacher who spent a lot of his time at the Boston Public Library researching companies to invest in. When he died, he left the library $6.8 million.
6. Jay Jensen was another retired teacher that lived below his means and invested in blue chip stocks for 40 years. His highest yearly salary was $47,000 per year, but he was able to amass a fortune of several million dollars, which he gave to charity.
These are real examples of ordinary people that built extraordinary wealth by doing the following things:
1. Living below their means
2. Investing consistently
3. Staying out of debt
4. Buying stocks of great companies and holding them for the long term
I hope that as many of us as possible end up like these people!
My book, The Stock Market is For Everyone, is a short guide for the beginning, inexperienced investor that is easy to understand and can be put into action immediately.
Click here to be taken to its Amazon page.
(Disclosure: As a participant in the Amazon Services LLC Associates Program, I earn a small commission on each sale generated through these links.)