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Theodore Johnson, a UPS employee, never made more than $14,000 a year
Yet, he amassed a $70,000,000 fortune
Here's how he did it
/THREAD/
Yet, he amassed a $70,000,000 fortune
Here's how he did it
/THREAD/
Theodore Johnson was raised in a middle-class family
He spent his entire career at UPS
He managed to work his way up to vice president for industrial relations
When he retired in 1952, his salary was $14,000 equivalent to around $120,000 in today's terms
He spent his entire career at UPS
He managed to work his way up to vice president for industrial relations
When he retired in 1952, his salary was $14,000 equivalent to around $120,000 in today's terms
His salary may not be modest but not everyone with his salary managed to accumulate a $70,000,000 fortune
What was his secret?
After taking advice from his mentor, he consistently saved 20% of his income every year
What was his secret?
After taking advice from his mentor, he consistently saved 20% of his income every year
At first, he believed he would not be able to live with less
But after making saving 20% a habit, he got used to it
He lived a frugal life despite all his promotions and salary raises during the years
He also took every chance to buy UPS stock during his career at the company
But after making saving 20% a habit, he got used to it
He lived a frugal life despite all his promotions and salary raises during the years
He also took every chance to buy UPS stock during his career at the company
In fact, he believed so much in the company, that he made it his one and only investment
When he retired in 1952 his fortune was $700,000
At the age of 90, it had compounded to $70,000,000
That's a multi-bagger right there
When he retired in 1952 his fortune was $700,000
At the age of 90, it had compounded to $70,000,000
That's a multi-bagger right there
However, despite his immense wealth, he continued to live frugally
He wanted to create a lasting legacy
Along with his wife, he created a charitable foundation for education and donated half his fortune to it
He wanted to create a lasting legacy
Along with his wife, he created a charitable foundation for education and donated half his fortune to it
"I wanted to do something with the money to help education.
Need is the thing. There are so many kids that can't go to college."
He donated $36 million to several trust funds that provide scholarships for children from low-income families
Need is the thing. There are so many kids that can't go to college."
He donated $36 million to several trust funds that provide scholarships for children from low-income families
Among them were two schools for the deaf
"I've been hard of hearing since the 1940's when I got a hearing aid.
I wanted to do something to help the deaf."
"I've been hard of hearing since the 1940's when I got a hearing aid.
I wanted to do something to help the deaf."
So what can the incredible story of Theodore Johnson teach us?
1. Pay yourself first
Once you make it a habit, you will get used to living frugally with less
2. Invest consistently
Theodore Johnson, invested from early on, was consistent, as well as a buy-and-hold investor
1. Pay yourself first
Once you make it a habit, you will get used to living frugally with less
2. Invest consistently
Theodore Johnson, invested from early on, was consistent, as well as a buy-and-hold investor
3. Be patient
Creating a $70,000,000 will not happen overnight
The miracle of compounding needs time and patience to perform its miracle
4. Take care of yourself
Johnson exercised regularly and lived a healthy life
He walked 1 mile every day, even at the age of 92
Creating a $70,000,000 will not happen overnight
The miracle of compounding needs time and patience to perform its miracle
4. Take care of yourself
Johnson exercised regularly and lived a healthy life
He walked 1 mile every day, even at the age of 92
5. Legacy is more important than money
Despite amassing a huge fortune he did not waste it on luxurious purchases or an extravagant lifestyle
Instead, he created a charitable foundation to give back to the less fortunate
Despite amassing a huge fortune he did not waste it on luxurious purchases or an extravagant lifestyle
Instead, he created a charitable foundation to give back to the less fortunate
He recognized how lucky he was to have gotten the opportunities he had in his life on education and employment
His own college education was helped by Federal money he received as a World War I veteran
His own college education was helped by Federal money he received as a World War I veteran
He wanted to help those who could not afford a similar education and give them the same opportunities he was afforded
And that should be the biggest lesson for everyone
Money should not be the goal
It should be a tool to help you fulfill your purpose
/END/
And that should be the biggest lesson for everyone
Money should not be the goal
It should be a tool to help you fulfill your purpose
/END/
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