Copycat Secretary who became a millionaire
Most rags-to-riches stories are based on sheer luck, extraordinary talent or a godsend opportunity. However, there are those who apply themselves and make the most of the small opportunities they have. One such story is of Sylvia Bloom who amassed USD 9 million just from her salary and determination. Sylvia Bloom was a legal secretary from Brooklyn who worked for 67 years at a major New York City law firm, Cleary Gottlieb Steen & Hamilton. It was not luck but her common sense and disciplined investment that made her a millionaire. Let’s tell you the story of this copycat secretary who became a millionaire.
Sylvia lived a normal life and was never famous during her lifetime. However, she made news only after she died in 2016. She left $6.24 million to the Henry Street Settlement social services organization as well as bequests to other organizations and that made a buzz about her. I feel such a kind person deserves more than just a headline about how a secretary became a millionaire, so here’s the inspiring story of her life.
About Sylvia Bloom
Sylvia Bloom was a child of Eastern European immigrants. She grew up in Brooklyn during the Great Depression. She has to work day and night along with studying at night for her degree program. Finally, Syliva graduated and joined New York City law firm, Cleary Gottlieb Steen & Hamilton as a legal secretary. She continued working there for 67 years.
Sylvia Bloom’s Strategy
Her niece said,” She was a secretary in an era when they ran their boss’s lives including their investments, so when the boss would buy a stock she would make the purchase for him and then buy the same stock for herself but in a smaller amount because she was on a secretary salary.”
Bloom’s money was able to grow over decades and it grew much faster than orthodox methods of investing. The table below shows how a modest single investment of just $1,000 can grow, at an average annual rate of 8%. Sylvia would have made just about USD 150K over 65 years, had she put the same money into a bank’s fixed deposit scheme. Instead, she chose to take a risk with the limited capital that she had. It worked and her faith in her bosses and herself paid off well in the end.
| Over this period… | $1,000 will grow to: |
|---|---|
| 5 years | $1,469 |
| 10 years | $2,159 |
| 15 years | $3,172 |
| 20 years | $4,661 |
| 25 years | $6,848 |
| 30 years | $10,063 |
| 35 years | $14,785 |
| 40 years | $21,724 |
| 45 years | $31,920 |
| 50 years | $46,902 |
| 55 years | $68,914 |
| 60 years | $101,257 |
| 65 years | $148,780 |
Sylvia Bloom’s modest lifestyle
However, Ms. Bloom didn’t become a millionaire just by earning out of her investments, she lived a very modest life. It is surprising that despite such wealth no one around her had any idea about the amount of money she had. Even her close relatives came to know of her wealth after her will was revealed. Bloom and her husband Raymond Margolies lived in a humble apartment and even though they lived a comfortable life they never splurged.
Ms. Lockshin, the executor of Ms. Bloom’s estate said that “Ms. Bloom had carefully cultivated more than $9 million among three brokerage houses and 11 banks that emerged only at the end of her life.” She also added that “I realized she had millions and she had never mentioned a word,”
Money Settlement
Before passing away, Sylvia gave away, most of what she earned, to needy students. She gave $6.24 million to the charity. The biggest beneficiary of her donation was Henry Street Settlement for disadvantaged students. According to Garza, Sylvia bloom’s charity now serves more than 60,000 people and provides health care programs and transitional housing services in addition to its educational support. Sylvia split $2 million between her alma mater and an additional scholarship fund.
According to David Garza, Henry Street’s executive director, Bloom “was a child of the Depression and she knew what it was like not to have money. She had great empathy for other people who were needy and wanted everybody to have a fair shake,”
Sylvia wasn’t just an intelligent secretary, a wise and humble person but also a selfless millionaire. Examples like Sylvia Bloom don’t make news very often and yet they restore our faith in the possibility to create our own destiny. Such people keep us positive about the fate of humanity and the world. If you liked her story then do let us know if you are aware of any such philanthropic person. For more of such stories, don’t forget to read our Quickreads Section.
