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The millionire making 11 dollars per hour.
Old 01-13-2008, 08:30 AM   #1
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The millionire making 11 dollars per hour.

Donor built millions on $11 an hour | Philadelphia Inquirer | 01/13/2008

I saw the above article in the Philly Paper this morning. Very inspiring for all those who say they just cannot save.
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Old 01-13-2008, 09:07 AM   #2
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Cool and inspiring. Thanks for posting.
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Old 01-13-2008, 09:45 AM   #3
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No television, no phone, never dated, and has never read a single book.
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Great Story!
Old 01-13-2008, 10:49 AM   #4
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Great Story!

Thanks for posting the link to that story. It's great to hear somebody doing good thing with there money while they a still alive. So many times you hear stories like this after the person died.

I'm passing this along to my nieces and nephews. A couple of them don't make much money. I've said to them it's not how much money you make... it's what you make with your money.

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Old 01-13-2008, 11:02 AM   #5
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I don't find this story very inspiring, since he lived such a minimalist and sheltered life.
As Al said.

Maybe it didn't feel like denial for him, but it would for the other 99.99%. Hence, most people will dismiss this as too weird (lifestyle-wise) to apply to them.
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Old 01-13-2008, 11:29 AM   #6
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Wasted life.
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Old 01-13-2008, 11:33 AM   #7
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Well, I don't think it is a weird lifestyle. We've only had a tv for the last year and it's a big mistake for us. We are TV sluts and spend way too much time in front of it. I couldn't live without books, but I don't listen much at all to cds. He seems to get his culture through music. What's wrong with that?

He does get out and see friends, just not that many. How many of us have that many friends really? I find it hard to get someone to go out for coffee, even with several good friends and several less close friends. And my husband has very few friends at all and is happy with it.

We buy all our stuff at thrift stores. It's one strategy that led us to retiring at 40. It's also recycling, in my opinion. And good for the earth.

And it's just sad that he never dated because of a tragedy. Thank God he's generous, and not a miser who doesn't share. I think there are more very frugal people out there than we know. And for us, it's a great life.
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Old 01-13-2008, 11:39 AM   #8
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I tried to edit, but it took too long on my dial-up

I must add that we've always known we are different from other people, so maybe my post is just re-enforcing the too weird for others part.

But he sounds happy, so I don't understand who could ever say his life is wasted?
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Odd Lifestyle - Yes
Old 01-13-2008, 11:42 AM   #9
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Odd Lifestyle - Yes

The trouble with this story - and many stories like it - is the person seems a little odd. No doubt when my nieces and nephews read it they will think the character is wierd. They may dismiss the article because they think nobody lives like this any more. They'll yawn, delete the email and go buy a latte.

The point is... he lived below his means and for him his life was very fulfilled. Perhaps more fulfilling than many people today. Yes, I am reading between the lines - the article did not say the man was "fullfilled." But many people with high speed internet, 99 cable channels, games galore, new cars, multiple cell phones, etc. could tame the expenses a bit and live resonably good life. Keeping your expenses under control and saving/investing money gave this man a chance to do good things for other people.

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Old 01-13-2008, 11:55 AM   #10
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First time I read it I was put off by the no TV, no books, no dating. But it does appear he has a circle of friends, he calls a bingo game weekly, avidly reads newspapers, he has interests besides being a generally quiet guy who is very frugal. It looks like he decided what would make him happy (including some generous charitable gifts) and went for it. Maybe he has some early thrifty habits he never grew out of. If it makes him happy (and the article seems to imply it does) then good for him.
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Old 01-13-2008, 12:23 PM   #11
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No doubt he's a bit unusual (although I too don't have television), but I don't think that changes the main inspiration of the story, which is that living below your means and investing the difference can be done successfully even at the most modest of incomes.
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Old 01-13-2008, 12:48 PM   #12
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Wow! Gives new meaning to LBYM does it not?

Quote:
"Paul has always been the perfect client. He gave me money and never took it out," said his broker of 20 years, R. Douglas Smithson, senior vice president for investments at Wachovia Securities in Vineland. "He took my advice, he stuck to a plan, and he reaped the benefits of it."
Imagine if he had invested his stash with Vanguard and left Wachovia fees out of the mix.
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Old 01-13-2008, 01:39 PM   #13
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I think he's Khan.
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Old 01-13-2008, 01:46 PM   #14
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I think he's Khan.

No ,Khan was married so he probably dated .
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Old 01-13-2008, 02:06 PM   #15
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No ,Khan was married so he probably dated .
I started reading this expecting to feel negative, but really, he did fine. He sounds like many people on this board who say "I have all I need." I think it a matter of deep personality traits what your needs are.

Even after we have cut out all or most of the things that cost money but don't satisfy needs, we will still be quite different as to how many and how strong and how expensive our remaining needs are.

Clearly, security and control were more important to him than many other issues, and he got both. So no wonder he declares that he is satisfied.

Ha
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Old 01-13-2008, 02:34 PM   #16
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Hope he had sex at least once.

Quote:
"He took my advice, he stuck to a plan, and he reaped the benefits of it."
I think that was a little self-promotion on the part of the broker. He took my advice, and made millions. Call me!
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Old 01-13-2008, 02:41 PM   #17
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The country could use a few more odd ducks like this man!
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Old 01-13-2008, 03:12 PM   #18
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I think that was a little self-promotion on the part of the broker. He took my advice, and made millions. Call me!
He also totally glossed over the fact that the guy had at least 3 rentals going back 30 years before the broker started helping him. I'm thinking more real estate millionaire than resulting from some market guru.

And what a landlord scam! Extreme LBYM and no phone, no late nite calls! "Honey, just fix the toilet yourself. I can't ask that poor old man to fix it. He'd probaby have to eat the cheap cat food if we ask for repairs."
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Old 01-13-2008, 03:58 PM   #19
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Paul Navone worked in mills in and around Vineland for 62 years...

So the moral of the story is that all you have to do is work for 62 years, let your investments compound, and then you can retire nicely?

FWIW, $6500 compounded at 10% over 62 years would be worth $2.4 million today. I'm sure he has much more than that since he continued to add to his investments. If he added $2000/year, he'd be worth over $10 million.
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Old 01-13-2008, 03:58 PM   #20
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Quote:
Originally Posted by haha View Post
I started reading this expecting to feel negative, but really, he did fine. He sounds like many people on this board who say "I have all I need." I think it a matter of deep personality traits what your needs are.

Even after we have cut out all or most of the things that cost money but don't satisfy needs, we will still be quite different as to how many and how strong and how expensive our remaining needs are.

Clearly, security and control were more important to him than many other issues, and he got both. So no wonder he declares that he is satisfied.

Ha

Sounds like a good role model.

I do not have anywhere near $11 million.

Sometimes wish I hadn't wasted time and money doing/acquiring what I (other people) thought I should.

"Of course you want to party, date, marry, travel..."

No I don't; too bad I didn't realize it sooner.
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