Edward Daken amassed quite a fortune through hard work, frugal living and wise investing. However, unlike other surprise millionaires, Mr. Daken amassed his wealth for the express purpose of leaving it to worthwhile causes. It seems that years ago Mr. Daken read a story about another gentleman who amassed wealth through frugality leaving his wealth to a local school district. Mr. Daken must have thought, “if he can do it, so can I”. And then … he DID!
We had an interesting discussion today at breakfast. My daughter was talking about one of her friends who was “really rich.” She talked about how her father was a heart surgeon, that they lived in a big house, and how she was always bringing new things to school. These are the types of things that people […]
Many of you are familiar with the story of Ronald Read featured in my book. For some reason, the media latched on to the story of this Surprise Millionaire and how the one-time gas station attendant, janitor, and wood cutter amassed an $8 million stock portfolio.
As you know, we do not offer investment advice here at the Surprise Millionaires. Our passion is to extol the virtues of hard work, frugality and consistent long-term investing as a pathway to financial success. However, I thought it might be worth sharing this overview of Mr. Read’s investment holdings as a reflection of the man and what he accomplished. Remember, anyone can accumulate wealth!
Helen Banas lived a quiet life during her retirement years in Laguna Woods California. A widow for more than 50 years, Helen was fond of the simple things in life such as eating bonbons and enjoying the beautiful Southern California weather from the balcony of her modest townhome.
Known as a frugal sort, Helen did not spend money on things she did not need but rather chose to invest her income and watch it grow. And grow it did!
Upon her death in 2012 Helen left a whopping $27 million to both local and national Alzheimers charities. It turns out that Helen’s mother had suffered from the disease years earlier and she wanted to provide funds for research and the care of those affected. This multi-million dollar Surprise Millionaire is a great example of what can happen when you invest wisely over an extended period of time. The results can be astounding!