Once, there was a man born and raised in Vermont in the United States. He served the US army during World War II, after which he returned to his home state and worked as an attendant and mechanic at a local petrol station for 25 years.

He then took a break for a year, before working as a part-time janitor for a local JC Penney departmental store for 17 years.

In 2014, this man passed away at 92 – leaving behind an estate worth US$8 million, primarily consisting of US stocks.

Of these, he bequeathed US$4.8 million to the Brattleboro Memorial Hospital in southern Vermont, US$1.2 million to Brooks Memorial Library, and US$2 million to his two stepchildren, caregivers and friends.

His beneficiaries were stunned by his sizable estate and his generous provisions. His life story was covered by major financial media, and he has since been widely acknowledged as an investor and a philanthropist.

Who is this man? His name is Ronald Read – widely known as the US$8 million janitor. So, how did he do it?

Here are five key lessons from Read with regard to personal finance and investments. You might be surprised to see that wealth building can be simple, and it has more to do with habits and intelligence than income status and academic background.

1. Have a passion for learning

Read did not graduate from a business school or work in finance. He taught himself the art of investing by reading financial publications such as the “Wall Street Journal”, “Barron’s”, and books and materials obtained from the local library.

Read chose to learn and keep himself updated continuously in investment matters despite not coming from a finance background. He demonstrated a passion for learning, which leads to lesson No. 2:

2. Invest in what you understand

Read left behind a portfolio of over 95 stocks worth the equivalent of RM35 million today, where he focused on businesses he could understand that paid hefty dividends. Some of his stockholdings included Wells Fargo, P&G, Colgate, American Express, and JP Morgan.

He would refrain from stocks he couldn’t understand, which included technology companies.

Read also had the habit of reinvesting his dividends into more lucrative stocks. This would explain how he compounded his wealth as well as he did.

3. Patience is a virtue

While it isn’t clear when Read began purchasing stocks, the “Wall Street Journal” recorded that Read had purchased shares in 1959. This means he had over 50 years of investing experience.

During this time, the US stock market would have gone through booms, busts and crises. However, in contrast to the popular principle of market timing and prediction of economic events, Read was known to have stuck with his investments throughout.

His successes are not based on market timing, but exercising patience and investing for the long-term.

4. Ordinary income, extraordinary wealth

While income status plays a part in wealth building, Read showed it is possible for people to achieve extraordinary wealth with ordinary income. He demonstrated that how income is managed is as crucial as how it is earned.

There are high-income earners who fail to build wealth as a result of becoming high spenders. But in Read’s lifetime, he showed how a little frugality and consistent investing over the long-term could do wonders for one’s personal wealth, even if he had made a modest income as a petrol-station attendant, mechanic, and part-time janitor.

5. Give back to the community

Read gave 75% of his US$8 million estate back to his community, which shows he had the foresight to plan his estate. He also understood his purpose of building such wealth, which was to give back to the hometown he grew up in and cherished.

All in all, Ronald Read is an example of how a modest man can build wealth via consistent learning, savings, and investing in stocks he understood over the long term. His legacy serves as an inspiration to all investors, not just in the US but the entire world.

This article first appeared in KCLau.com. Ian Tai is a financial content writer, dividend investor, and author of many articles on finance featured on KCLau.com in Malaysia, and ‘Fifth Person’, ‘Value Invest Asia’ and ‘Small Cap Asia’ in Singapore.