multi-millionaire next door story

[partgypsy]

I find these stories inspiring, especially what she ended up doing with the money.

https://www.wral.com/96-year-old-secretary-quietly-amasses-fortune-then-donates-8-2-million/17535206/

[dude]

Very cool, but egads, SIXTY-SEVEN YEARS of working for the same employer??

[RWD]

[...] who toiled for the same law firm for 67 years until she retired at age 96 and died not long afterward in 2016.

Wow...

Assuming her investments roughly matched the SP500 and her contributions increased with inflation that works out to $1250/month over 67 years (in 2016 dollars -- starting at $124/month in 1949).

[I'm a red panda]

Would she have said toiled?  Or did the writer say that?

My great-aunt worked for the a law firm for 55 years. She said she loved every day, which is why she didn't retire despite having millions of dollars separate from her generous pension.

[Sibley]

I too love those stories, but the only thing that bothers me is that in some cases, these people seem to have crossed the line from frugal to trauma. She kept working until her 90's. It wasn't lack of money that made her do so. If she truly enjoyed working, that's fine. But if she was afraid to stop working,or got part time, or whatever, because of trauma from the Great Depression, that's not fine. I think often that is a contributing factor with people from that generation.

[dude]

There was a woman in my federal agency, in our Central Office in DC, who worked into her 90s. I think she was the longest-tenured federal employee in government at one point.  Mind you, she was a CSRS employee, meaning she could have sat home on her ass and pulled 80% of her salary in her pension. So she was essentially working at an 80% discount!!! Unreal.

[partgypsy]

I have definitely read some of these stories, and thought, wow, their quality of life doesn't sound so good. I don't necessarily get the sense from this case but from others.

But then, some people's sense of quality of life, is far different than the typical US idea of quality of life. My greek grandmother, she worked in a garment factory (sweat shop), and then lived with either my family, or my uncles family. You could pack up all her belongings in a couple suitcases. She was constantly busy; cleaning, gardening, cooking or baking, or crocheting. She was a bit of a worrier. But she didn't seem unhappy. In the same way my Dad is now 85, and still works part time! He has a pretty strict schedule of what he does every day of the week. Myself I love downtime and flexibility, but everyone is different, and for some, having something to do gives meaning to their life. 

[Laura33]

Myself I love downtime and flexibility, but everyone is different, and for some, having something to do gives meaning to their life.

+1.  My mother is going to be one of these stories.  I had assumed that she would remain a professor until she keeled over at her desk at about 102.  But the environment got bad and she decided to retire from that job (at 70!) and focus all her energy on her consulting company, which was already paying better than teaching.  The problem is that her partner in the company is also her age, and he's not going to want to work forever,* and now I worry about what she is going to do once he decides to call it quits.  She just cannot stand not working for pay -- she loves being busy, and she loves people giving her money for the products of her brain, and when she can't do that any more, well, her entire block may explode.

I cannot fathom her compulsion to keep working any more than she can fathom my desire not to.  But I've known her long enough to recognize that that is just who she is -- and has been since birth (she literally saved every dollar she made from ES through HS!).

*She is lucky in that he never saved, so he's still going to need to keep working for probably as many more years as his health will allow.

[sui generis]

This is going to be my boyfriend.  My friends, especially, but even people who know him better, would be shocked to know how much he is worth.  Except he gives partly annually in large chunks, and then the rest will be a huge lump sum when he dies.  I do hope I can get him to retire before his 90s though.  I think he'll give in after watching me being ER for a while. 

Mostly, his frugality doesn't compromise our QOL.  I did draw the line when he asked me to put fewer pistachios on our salads because he wants to give more money to charity.  One of his annual charities asked to meet with him a couple of years ago, since he's a major donor.  They met at a coffee/pastry shop and she tried to pay, but he was like, "That's just going to come out of the money I donated!" and so he paid instead.  I think she was embarrassed, but it was very practical!

[Hula Hoop]

sui generis - that is hilarious.

Laura - my mother is the same and also an academic scientist.  She is 79 and although officially retired from her university job she still gives papers at scientific conferences, writes scientific papers and is writing a book with a colleague.  She is completely panicked at the thought of stopping her academic work. I think she also enjoys the status of being a revered elder stateswoman in her field.

I once had a conversation with her in which I said "maybe you should retire?" and she said "but what would I do all day?" and I said "well, maybe you could garden or join a book club or spend time with the grandchildren?" and she said "why on earth would I want to do that?"  Her brain is just wired differently from mine or from most other people's.  I sometimes feel disappointed that she doesn't devote herself to the grandkids like many other grandparents seem to do but I have to remember that that's just not her.  Also, I suspect academic work minus the teaching is lot more fun than most jobs.