She invested in what she knew — and for the long term
Scheiber was a patient, long-term investor, just like Buffett. She would reinvest her dividends and interest and rarely sold any of her stocks, even when they were floundering.
"She was never looking for a quick buck," Fay told The New York Times. "Her whole idea was to get performance on a long-term basis. She felt over the long run the value would grow."
You need dedication to invest for the long term like Sheiber did— you need to keep your eye on the prize, stay motivated and monitor how your investments are doing.
But you don't have to go it alone. Having a professional to guide you can help you stay on top of your financial progress. With Zoe Financial's free platform, you can find a financial advisor that matches your unique needs and goals.
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She was a tax-efficient investor
As a former employee of the tax agency, Schieber found ways to avoid paying them more than she had to. She held onto her stocks rather than selling them, which helped her avoid capital gains taxes. And since she reportedly hated paying commissions. Later in life, Schieber transferred some of her dividends into tax-exempt bonds.
There are other ways you can be more tax-efficient with your investing as well, using a Gold IRA.
One of the most trusted precious metals IRA companies in the country, American Hartford Gold boasts a 5-star rating on Trustlink and holds an A+ with the Better Business Bureau.
Read more: Jeff Bezos and Oprah Winfrey invest in this asset to keep their wealth safe — you may want to do the same in 2024
By opening a Gold IRA with American Hartford Gold, you get the tax advantages of a traditional IRA with the inflation-resistant properties of gold. While inflation has increased expenses so that you may have a pricier lifestyle than Schieber did, precious metals are known to resist rocky economic conditions— so a Gold IRA might be the way to build your nest egg.
Conveniently, Schieber always planned to leave her money to education, which, as a charitable donation, ultimately reduced her estate’s tax burden.
She was extremely frugal
Even while growing her substantial wealth, Schieber kept a frugal mindset, choosing to live off just her small pension from the IRS and her Social Security, her broker William Fay told The Washington Post.
"She was saving 80% of her salary, at least," said Clark, according to Money Magazine, adding that he didn’t think Scheiber spent more than $2 on food a week.
In this day and age, it’s pretty hard to imagine spending no more than $2 on food a week. And yet, you need to eat. It is possible to make essential spending work for you, even if being as frugal as Sheiber isn’t quite as achievable.
You can do this with the Acorns app, which automatically rounds up the price of purchases you make and puts the spare change in a smart investment portfolio. All you have to do is link your bank account to the Acorns app and start spending. From there, your money can grow as Acorns invests it based on your financial goals.
While Scheiber often went to extremes to save money, she was clearly dedicated to spending far less than she earned, which left her plenty of funds to add to her portfolio and savings.
A high-yield savings account is a safe, reliable way to make the most of your money, with higher returns than the national average of 0.57% APY. Consider one of our picks for the Best High-Yield Savings Accounts to build up your savings.
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