In the line of compounding works series,
The next one is Geoffrey Holt.
Geoffrey Holt was also an unknown figure to his near and dear until his WILL was read and it was found that he was a secret millionaire.
Geoffrey Holt was a factory worker, who did not get paid in $100 thousand. He also did not have any expensive things attached to him.
He lived modestly. He never bought anything which could ever hint to anyone he was a millionaire. He did not even have a car and always moved on a bicycle.
Whatever he got paid after settlement from his employer in the 1980s, he invested in stocks and mutual funds. He spent frugally and lived a happy life doing things he enjoyed.
He kept his money invested.
He never worried whether it would grow or be lost and never told anybody how much he had.
But, in 2023, when he died. His estate was found to be valued at $3.8 million. This is a significant amount of money in any way.
Isn't it?
So what do you learn from this story?
Compounding works. But, you have to give it time to work for you.
If you practice patience,
Invest in assets that grow over time,
Live under your means,
And never show off and make any hasty decisions, you have a ful chance to retire a millionaire.