Neighbors in one Chicago town were surprised to learn that a retired janitor, who was extremely frugal, left behind a $700,000 estate when he passed away in March of last year.
According to the Chicago Tribune, which reported the story yesterday, a friend and neighbor had been appointed to take care of the estate. While cleaning out his small ranch home, she was shocked to find envelopes full of money.
“Dozens of them were stashed in dresser drawers, on shelves in a linen closet, in a Fannie May candy box. Every one was stuffed with cash.”
The cash in the man’s home amounted to more than $100,000. Other investments and the sale of his home brought the estate up to $700,000. His secret wealth was bequeathed to seven different charities, such as a local food pantry, the American Cancer Society, the American Heart Association, a dogs for the deaf organization and the Make-A-Wish Foundation. The director of the food pantry said that the organization would never have to worry about being without food ever again.
All of these charity organizations benefitted from this man’s frugal lifestyle. In fact, the reporters on the story call it “radical frugality.” He owned an ancient washing machine but no dryer, a VCR that was gifted to him (but he refused a blockbuster membership because he could get movies at the library for free). He wore old uniforms from his work days, and he repaired them over and over again. He walked a few blocks to the bank every morning, not to check on his bank account, but to pick up a cup of free coffee.
It is nice to know that in an age where celebrities buy their pets collars and leashes that cost more than my entire house, there are still people that through their thriftiness, make such a huge impact. It is too bad that it took almost a year to report this story, and that the story isn’t widely known.
What do you think?
Herb Linneweh was 72.
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