Vermont Gas Station Attendant's $8 Million Stock Portfolio
Ronald Read, a Vermont gas station attendant and part-time janitor, accumulated an impressive portfolio of over 95 stocks across five decades. He started buying shares in 1959 with his first purchase of Pacific Gas & Electric for about $2,380.
Read's fortune came from regular purchases paid for out of his two paychecks, plus dividends he reinvested along the way. His strategy focused on blue chip dividend-paying stocks like Procter & Gamble (NYSE:PG), Johnson & Johnson (NYSE:JNJ), General Electric (NYSE:GE), and Wells Fargo (NYSE:WFC).
He avoided tech stocks he didn't understand, preferring to hold onto his shares for decades. His patience paid off, as his portfolio grew to be worth nearly $8 million by 2014.
When Read passed away in 2014 at the age of 92, his community was stunned by the size of his estate. He left behind a significant donation to Brattleboro Memorial Hospital and Brooks Memorial Library, as well as gifts to his stepchildren, caregivers, and friends.