The Secret Millionaire – Grace Groner
Posted on | January 20, 2015 | No Comments
Grace Groner was born in 1909 and died in 2010 at the age of 100. Upon her death she provided her alma mater, Lake Forest College, with a $7 Million gift. This was in addition to the money she had given to the University already throughout her lifetime. She had previously donated $180,000 to start a scholarship program. The latest gift was through a foundation she had created two years before she passed away. The foundation should earn $300,000 a year and will provide a means for some students to study abroad and pursue internships.
Upon graduating college, she began her career with Abbott Laboratories. For the next 43 years she worked at Abbott. She made an initial investment in ABT stock in 1935. She purchased three shares at $60 each. After years of reinvesting the dividends that initial investment grew to $7 Million.
What struck me about her story the most is that she was able to live simply but still enjoyed her life and friends while still amassing a fortune. She lived below her means, had a steady paycheck and chose the right stock.
Ms. Groner’s story was published in the Chicago Tribune with this headline: Secret millionaire donates fortune to Lake Forest College.
Is it possible to repeat the success that Grace had? Do stocks today have the same exponential growth potential that an Abbott did in 1935? Would one have to invest in a Micro cap stock to achieve the same growth?
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