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According to my HP 12C, $9M after 70 years at 10% annualized takes only $1,141 dollars invested per year, so it's doable if she just started at $0 over 70 years ago, and invested to get the stock market return.
Yes, 70 years of compounding will do wonders for the final balance. Keep in mind, though, it's extremely doubtful this lady could have saved the amount you are mentioning during her early life. I found some old census data online, which shows the median annual income for a woman in 1948 (70 years ago) was $1189. As an inexperienced (at the time) clerical worker she was likely making less than the median, and so would have been doing very well to put aside a couple hundred dollars over a year's time.
It's not our place to judge her lifestyle as not a good one for her. She lived the life she wanted. If she had wanted something else she certainly had the means to have it.
I know it's not the norm, but I think I'm a lot like her. I'm currently in Scotland and have a full month of travel in Europe ahead of me.. and honestly, I'd rather be home doing my normal routine! I like to spend my time cooking, baking and reading. Sight-seeing just isn't as fulfilling as my daily activities.
Not all of us have to spend lots of money or have lots of varied experiences to enjoy life.
I’m going to sound equally as lame for saying this, but I agree. I’m probably one of about 17 people who can afford to travel anywhere but I don’t care much for it really. I prefer being home. Don’t get me wrong, I travel sometimes, and I have in my life a lot because that’s how I was raised. Been to Italy, China, South Korea, Mexico many times (15+, dad has a house there), Canada many times, maybe 20 US states or so, but I always just can’t wait to get home. I guess I’m easy to please in that way, I enjoy my time with friends more than traveling, I prefer watching movies, playing video games, reading books, writing, and swimming or hiking.
I have to kind of force myself to travel basically and my GF loves it. I just feel travel is extremely overrated. It’s hard enough some nights for me to sleep in my own perfect bedroom, it’s nearly impossible to get quality sleep when traveling. It’s exhausting, so it feels more like work to me than leisure. It’s about 80% hassle and 20% enjoyment, reminds me a lot of skiing lol.
As for this lady, I have to agree though with other posters that surely there must have been something more she would enjoy doing with her money? As a result of loving being home, I really want my house to be awesome.
'OMG, live like a pauper and give it all away!'. No thanks. Another article that reminds me not to deprive myself so I can just give it all away when I die.
A few thoughts on this, that make it seem not quite so amazing.
She worked for "nearly 70 years" as a legal secretary: plug in your 401K return and contributions and use a 70 year time schedule, see what you get
She lived in a rent controlled apartment
Her husband was a "NYFD Firefighter and Part Time Pharmacist;" Neither of those fields are known to be low paying per se, and I'm sure the Firefighting job came with a pension
So, let's assume she started when she was 22 and worked til she was 90. If she saved $200 a month* over those years, she'd have to average a 9% return. Saving $50 a month, she'd have to average 12%...Impressive, but a Magellan, Fidelity Contra, etc...would have returned that.
Its still diligent saving, but considering that between her and her husband, $5000 a year isn't unreasonable.
Its the 70 years of working and contributing to the investments.
Quote:
Originally Posted by MrGompers
Its nice that she donated the money, but the goal should be to die with absolutely nothing. I don't think heaven or hell accepts cash.
No, but I bet there's a bunch of good will at the Pearly Gates for having left such a legacy to help others.
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I prefer being home. Don’t get me wrong, I travel sometimes, and I have in my life a lot because that’s how I was raised. Been to Italy, China, South Korea, Mexico many times (15+, dad has a house there), Canada many times, maybe 20 US states or so, but I always just can’t wait to get home. I guess I’m easy to please in that way, I enjoy my time with friends more than traveling, I prefer watching movies, playing video games, reading books, writing, and swimming or hiking. 
