Part 1- Navigating Investing (Investing is for everyone)

Introduction

One of the biggest misconceptions about investing is that it is reserved for the privileged few. You might think it’s only for those with specialized education—MBAs, investment bankers, and Wall Street traders. Maybe you believe it requires a high IQ, mathematical genius, or exclusive connections. Perhaps the people you see talking about finance and investing don’t look like you.

Let’s explore a story that will challenge these assumptions.

The Story of Ronald James Read

Occupation

After serving as a military policeman in Italy during World War II, Ronald Read returned to Vermont and worked as a gas station attendant and mechanic for 25 years. Later, he took a part-time job as a janitor at J.C. Penney, where he worked for 17 years until retiring in 1997.

Finances

When Read passed away in 2014 at the age of 92, his friends and family were shocked to learn the true extent of his wealth. He had amassed an astonishing fortune of over $8 million, including investments in stocks and bonds, as well as real estate. Most of his wealth was donated to charity.

Key Takeaways About Ronald Read

• Worked as a janitor and gas station attendant—never held a high-paying job

• Had no financial background, college degree, or investment experience

• Built a net worth of $8 million and donated $6 million to charity

A Contrasting Story: Richard Fuscone

Occupation

Richard Fuscone was a highly successful investment banker, serving as vice chairman of Merrill Lynch’s Latin America division. He was well-educated, having attended Harvard and the University of Chicago. At 40, he retired to pursue personal and charitable interests.

Financial Downfall

Despite accumulating early wealth, Fuscone faced financial ruin in 2010, declaring bankruptcy and selling his $32 million mansion for just $8 million to pay off debts. While the 2008 financial crisis played a role, his lavish lifestyle ultimately led to his downfall. He had borrowed $12 million in 2005 to expand his mansion—one of the largest in Greenwich—and frequently hosted extravagant parties. When his business failed, he was unable to afford his $66,000 monthly mortgage, leading to bankruptcy with $13.8 million in debt.

Key Takeaways About Richard Fuscone

• Harvard MBA graduate

• Executive at a major investment bank

• Retired at 40 with a high net worth and extensive connections

• Declared bankruptcy in 2008 with $34 million in liabilities

What These Stories Teach Us

The stories of Ronald Read and Richard Fuscone are not unique. In 2008, investment banks like Goldman Sachs had numerous employees who lived beyond their means, taking personal financial risks. As the saying goes, when the tide goes out, you see who was swimming naked.

Grace Groner, a secretary who never earned a high salary, also built an investment portfolio worth over a million dollars before she passed away.

The Takeaway

The truth is, investing is one of the few true level playing fields—it does not discriminate.

Where else can a part-time janitor or company secretary significantly outperform a Harvard-educated investment banking executive? Would a janitor be able to treat patients better than a highly trained doctor? Win a court case against a Harvard-educated lawyer? Probably not. But in investing, success is not about credentials—it’s about behavior.

Just like going to the gym, investing is not about intelligence, connections, or starting capital. It boils down to patience and discipline. You don’t need to be a genius to do what Ronald Read did, but you do need to develop good financial habits over time.

The Counterintuitive Nature of Investing

If you had seen Richard Fuscone and Ronald Read side by side, you might have assumed Fuscone was the better model of investment success. In most fields, like medicine or law, it’s easy to identify role models based on their credentials and achievements. Investing, however, is counterintuitive—wealth is invisible.

When you see someone with a massive house, an expensive car, and designer clothes, all you can tell is that they’ve spent a lot of money. It does not necessarily mean they are wealthy. True wealth is the money that hasn’t been spent—the investments sitting in a bank or brokerage account that you cannot see. This makes it difficult to identify real financial role models.

Conclusion

Investing is for everyone. You don’t need a prestigious degree, high-paying job, or elite connections to succeed. Instead, success in investing is about smart financial habits, patience, and discipline. The stories of Ronald Read and Richard Fuscone illustrate that financial success isn’t about how much you earn—it’s about how well you manage what you have.

So, the next time you think investing isn’t for you, remember: if a janitor can build an $8 million portfolio, so can you.