A word to all of you potential Surprise Millionaires out there. Remember, the key to wealth accumulation is long-term, consistent investing. Markets may rise and fall, but the long-term, consistent investor will achieve the goal of wealth accumulation by practicing these simple habits. Remember the mantra of the Surprise Millionaires, “anyone can accumulate wealth”!
I thought it might be a good time to take a pause in our Surprise Millionaire journey to address some of the skepticism voiced by some readers regarding their ability to become Surprise Millionaires in their own right. These folks tend to point out the same recurring themes regarding the average Surprise Millionaires profiled in my blog. These objections can be lumped in to the following three statements which I will address below:
These Surprise Millionaire types find it easy to accumulate wealth because they are not currently married or never married.
False: If you check out this blog or my book you will find that many of our Surprise Millionaires are married and have been married throughout their adult lives. However, I believe there could be an argument made that the Surprise Millionaire’s spouse needs to be on board with the wealth accumulation journey and be of a “like mind” when it comes to spending and saving.
These Surprise Millionaire types find it easy to accumulate wealth because they do not have children.
False: Many of the Surprise Millionaires profiled do have children. Rather than seeing their children as an impediment to reaching their financial goals, the Surprise Millionaire takes it upon his/herself to teach their children the art of saving, living frugally and investing. Thus they perpetuate the Surprise Millionaire mindset for another generation.
These Surprise Millionaire types find it easy to accumulate wealth because they live in rural/less expensive parts of the country.
False: I have profiled Surprise Millionaires from all walks of life. From the largest city to the smallest town. From the North, South, East and the West. Regardless of where they are planted, the Surprise Millionaire never fails to bloom. The concepts of saving, living frugally and investing are just as valid from one coast to the next.
So, what is the take away from this little question and answer session? I believe it is that our Surprise Millionaires are just as diverse as the general population. What draws them together is the simple concepts of living below your means, frugality and most importantly saving and investing. Like I have been saying from the start “anyone can accumulate wealth “!
I recently reported on a Surprise Millionaire who super-sized her saving and wealth accumulation leaving it all to Alzheimer’s charities. However, it appears that we have more than one wealth-accumulating superstar in the bunch.
Eugenia “Gene” Dodson was known as a selfless person who lived her life in such a low-key way that no one knew she was worth millions. This one-time beautician put her money saving and investing habits into overdrive with a single purpose in mind; to leave as much money as possible to the twin charities of diabetes and cancer research.
And that is just what she did, to the tune of $35 million!
Gone are the days when $50,000 would be considered a “fortune” and death at 60 would be considered a long life, but the principles of hard work and frugalness never go out of style!
St. Louis Post-Dispatch
(St. Louis, Missouri)
10 Jul 1926, Sat • Main Edition • Page 2
A big thank you to fiscallyfitchica for letting me know about this wonderful Surprise Millionaire!
Robert “Bob” Morin spent nearly fifty years working as a cataloger for the University of New Hampshire library while quietly accumulating a vast amount of wealth.
Mr. Morin was obviously a no frills kind of guy as evidenced in the news article below but led a very busy life:
“Morin wasn’t a big spender, but he kept busy. UNH said Morin was passionate about movies, and watched more than 22,000 videos from 1979 to 1997. He also read every book published in America between 1930 and 1940, excluding children’s books, textbooks and books about cooking and technology, UNH said.”
By living frugally and investing wisely, Mr. Morin was able to leave a $4 million estate to the university that he loved. The funds will be used to enhance the campus career center and a host of other projects. Let’s hope Mr. Morin’s example inspires others to live frugally, invest wisely and bless others with the results!
I recently became aware of a Surprise Millionaire who created quite a sensation a few years ago by the name of Matel “Matt” Dawson, Jr. more affectionately known around Detroit as the “forklift philanthropist”.
Born in Shreveport Louisiana, Mr. Dawson spent his formative years surviving the great depression and the inequality of that time. He wasn’t able to go to high school as he had to work to help support his family, but that didn’t mean he was opposed to scholastics.
On the contrary, Mr. Dawson believed that education was a tremendous thing and wanted young people to pursue their dreams without the worry of financial strain. This Detroit forklift operator who worked more than 60 years at his job gave a total of $1.25 million in scholarship money over his lifetime to deserving young people. He lived frugally, invested wisely and was able to help many others in the process. Another inspiring Surprise Millionaire story!