Secret Millionaire Donates Her Fortune

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    Last post ago over 6 years by Shelli
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    Shelli

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        Shelli

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        This is an example of why I NEVER, EVER judge a book by it's cover.

        A 100-year-old ex-secretary who lived in a tiny cottage and never owned a car leaves behind a stunning surprise. Lake Forest College alumna Grace Groner bequeaths $7 million to her alma mater. 

        I don't want to ruin the story for anyone.  Check it out HERE


        All I can say is WOW!!



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        genenco

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        "Today, most of the good people are afraid to be good. They strive to be broadminded and tolerant. It is fashionable to be tolerant but mostly tolerant of evil and this new code has reached the proportions of demanding intolerance of good."
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          Mighty! Member
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        Poor lady didn't go anywhere..Didn't hook up with a guy and frankly led a "almost" hemit/recluse life.

        Doesn't sound like a lot of fun to me. Poor lady. Nice, but sad really...

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        Shelli

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        I was thinking, how lonely it would have been.  But maybe since she was orphaned she didn't let herself form any real bonds with people.

        Also, HOW CRAZY that $180 could turn into $7 million 60 years later.
        What a GREAT investment she made!

        An inflation site said this about her $180 compared to today -
        $180.00 in 1940 had about the same buying power as $2,776.49 in 2010.
        Annual inflation over this period was about 3.99%.
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        genenco

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        "Today, most of the good people are afraid to be good. They strive to be broadminded and tolerant. It is fashionable to be tolerant but mostly tolerant of evil and this new code has reached the proportions of demanding intolerance of good."
        Just trotting along
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          Mighty! Member
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        I'll admit, that was a HUGE investment back then. Think if she'd bought say 10 shares...WOW ;P
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        Shelli

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        No kidding Gene, after I did the math I was like DANG that was a ton of money!! lol
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        Shelli

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        Her is the rest of her story, I thought I would share it.

        She lived in a tiny one-bedroom cottage in Lake Forest, Ill.

        She bought her clothes at rummage sales, didn't own a car and worked most of her life as a secretary for a pharmaceutical company.

        Yet after her death at age 100, Grace Groner left Lake Forest College a gift of $7 million to be used for scholarships. The money came from three shares of stock she bought -- and held on to -- in 1935.

        "She did not have the (material) needs that other people have," William Marlatt, her attorney and longtime friend told the Chicago Tribune. "She could have lived in any house in Lake Forest but she chose not to....She enjoyed other people, and every friend she had was a friend for who she was. They weren't friends for what she had."

        Ms. Groner's story might seem like a classic Millionaire Next Door fairy tale -- the thrifty, conservative, hard-working saver who hoards pennies over a lifetime to accumulate vast wealth. And that is certainly part of the story. Aside from occasional trips, Ms. Groner was rigorously frugal due to her Depression-era upbringing. (Not having a husband or children may have also helped her savings rate.)

        Yet the way Ms. Groner garnered her wealth was, in fact, more like one big, lucky gamble than a lifetime of scrimping and saving.

        Ms. Groner worked for 43 years as a secretary for Abbott Laboratories. In 1935, she bought three specially issued shares of Abbott for $180. She never sold a share, even after repeated stock splits. She also kept reinvesting the dividends. By the time of her death, she owned more than 100,000 shares valued at about $7 million.

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