In the spirit of Mother’s Day, I want to share a story about a woman who has inspired me and my career, my Grandmother Rose Bach.
Grandma Rose, was the head buyer for wigs at Gimbel’s (back when Gimbel’s was one of America’s leading department stores), she was a working woman at a time when most women weren’t. My grandparents were never wealthy; in fact, they never even owned their own home. Nonetheless, my grandmother decided once and for all, at a very early age that she wanted to be an investor. Acting on her own, she took her earnings and put as much as she could afford into stocks and bonds. Over time, and without any advice from her husband (my Grandpa), she built up a high-quality portfolio. When she passed away at the age of 86, her investments were worth close to $1 million—this, from a woman whose first job paid only $10 a week!
There were many things my Grandma Bach taught me, but for our purposes, there’s one lesson that deserves to be singled out:
You don’t have to be rich to be an investor!
Of course, by becoming an investor, if you do it wisely like my Grandma Bach, you will almost certainly get rich!
She started teaching me this very lesson at the early age of seven when she helped me make my first stock purchase. Whenever I spent time with my grandmother, she would bring me to lunch at my favorite restaurant in the whole world, McDonalds. One day, at her prompting, instead of asking for ketchup for my fries when I marched up to the counter, I looked at the woman on the other side and asked, “Is this company public?”
The counter lady looked back at me as if I were nuts, then called over the manager. “Yes,” he told me, “McDonald’s is a publicly traded company.” After a little persuasion from Grandma Bach (and a lot of vacuuming and dish washing), I saved my allowance for three months and managed to accumulate enough money to buy three shares of McDonald’s Inc.
Since then McDonald’s stock has gone up in value and split so many times that those original three shares of mine have multiplied into close to 200 shares. Even more, I have been an investor ever since and have in turn taught my son Jack the same lesson.
Grandma Bach’s decision to become an investor and educate herself financially changed the destiny of my family for generations. She taught my father, my sister, and me how to look out for investment opportunities. Following her practice of keeping alert to the opportunities that were all around us, we would each become millionaires in our own right (my sister and I while we were still in our thirties).
She has been my inspiration to teach and empower women to take control of their finances and write my 9 New York Times bestselling books that have helped millions of people around the world.
What was the best piece of advice or lesson your mom or grandma ever gave you?
Share your story below or on my Facebook page at www.facebook.com/davidbach.
Also, tell YOUR mother or Grandmother the advice they gave you that has impacted you the most and how grateful you are to have them in your life. It’s a gift that costs NOTHING but will mean everything to them this Sunday.
Can’t wait to read your comments. And for all the mothers in my community – have a VERY Happy Mother’s Day!