Ronald Read: The Quiet Millionaire Who Gave Back To His Community

Ronald Read didn't live a very high-profile life. In fact, he was best known for being quiet, private, hardworking, and frugal. But since his passing on June 2, 2014 at the age of 92, the man who lived his life in Windham County, Vermont, has made national and international headlines for leaving behind a $8 million fortune and donating most of it to the community.

The bulk of his estate came from the five-inch-thick stack of stock certificates he left in a safe deposit box. He owned at least 95 stocks at the time of his death, spread across a variety of sectors including railroads, utility companies, banks, health care, telecom, and consumer products. He avoided technology stocks. Some of his longtime holdings included Procter & Gamble, JPMorgan Chase, General Electric, and Dow Chemical. According to The Wall Street Journal, he bought 39 shares of Pacific Gas & Electric on January 13, 1959, when they were worth $2,380. At the time of his death, they were worth about $10,735, factoring in subsequent stock splits that increased the share total significantly.

How did a man who pumped gas and worked as a janitor at JCPenney possess this kind of stock savvy? He subscribed to The Wall Street Journal and Barron's and made use of the local library. His neighbor, who was also his Wells Fargo adviser in Brattleboro, often chatted with him about investing. For a man who lived a modest life in one New England town, Read certainly made quite the splash after his death. His hard work and investing savvy will help many people in the community he called home.

• Key Takeaway 1: Ronald Read's low-key lifestyle contrasts sharply with his impressive financial acumen.
• Key Takeaway 2: His substantial investments were primarily in traditional industries, steering clear of technology.
• Key Takeaway 3: Read's approach to investing involved self-education and community connections.
• Key Takeaway 4: His legacy continues to benefit community institutions significantly.

Ronald Read's life reminds us that financial wisdom can come from unexpected places. His journey shows that with determination and the right mindset, anyone can achieve financial success and make a lasting impact on their community.