Published by Argonautica on 11 Feb 2008 at 12:11 am
Multi-millionaire on $11 an hour
The secrets to building wealth are simple and embodied in the title of this site: Save-Invest-Retire. Paul Navone did just that, although instead of retiring he donated MILLIONS to charity after a lifetime of working for $11/hour.
Donor built millions on $11 an hour | Philadelphia Inquirer | 01/13/2008
RICHLAND, N.J. - Paul Navone worked in mills in and around Vineland for 62 years, never earning more than $11 an hour. He buys his clothes in thrift shops. He doesn’t own a phone. And he doesn’t have a TV: The last thing he recalls watching was Neil Armstrong walking on the moon in 1969.Yet through a combination of frugal living and smart, disciplined investing, the 78-year-old retiree from nearby Millville was able to give $1 million to Cumberland County College last month.
In addition to that first million, he gave another million to a prep school for a swimming pool.
What was his secret? Well, it’s not rocket science, but it’s also not necessarily easy; he saved and invested. Navone saved while living with family before buying a dwelling where he could live in one unit and rent out the other. He bought some more properties and for decades steadily handed money over to his investment guy, avoiding touching it while letting it grow.
If Navone can become a multi-millionaire while making $11 an hour, what’s stopping the rest of us?