Original article in the NYTimes

The formula is simple. There’s no magic involved.

Spend less than you earn and invest the rest.

Sylvia Bloom became a millionaire on a secretary’s salary. Often, we attribute wealth to high-paying careers in fields like computer science, medicine, or law, or to a knack for the stock market. We search for the “secret sauce” of wealth, questioning why others have what we don’t.

The truth is, in North America, you don’t need a high-paying career to become a millionaire. Everyone can do it by following this formula: Spend less than you earn and invest the rest. Sylvia Bloom demonstrated that even on a secretary’s salary, one can build substantial wealth.

This article isn’t about me; it’s about Sylvia Bloom, a secretary who amassed a $9 million fortune. But I’ll mention briefly that I’ve lived in North America for 20 years, made my income as a dance teacher (not a high-paying job), and today I live a semi-retired life, working when I choose to. Meanwhile, I see people my age (50) with large salaries still burdened by student debt.

Who was Sylvia Bloom

Sylvia was the daughter of Eastern European immigrants. She grew up in Brooklyn, attended public schools, and studied at night while working during the day.

She worked as a secretary in a New York City law office, much like millions of other secretaries across North America, doing typical tasks—typing letters, booking appointments, answering the phone. She may have had a pleasant personality, which isn’t always easy to find, but otherwise, she wasn’t extraordinary. She worked at the same Wall Street law firm for 67 years.

She was married to a firefighter, meaning neither she nor her husband had a high-income career. Interestingly, all her investments were in her name, suggesting that she managed her finances independently.

Sylvia retired at 96 and passed away shortly after, in 2016. She had lived solely on her secretary’s salary, and only when her will was read did her family and friends learn of her millionaire status.

How Much Did She Earn?

We don’t know her exact salary, but a quick search on the average salary for a legal secretary in NYC suggests she likely earned around $60,000. Not bad, but not the type of income one associates with becoming a millionaire. It’s likely she earned far less than the lawyers she worked for, who may not have amassed a fortune like hers.

How Much Did She Spend?

Sylvia lived in a rent-controlled apartment in NYC. She didn’t live in a luxurious building; instead, she found affordable housing and stayed there.

Many of us let “lifestyle inflation” creep in, buying big houses or fancy apartments because of societal pressure or advertisements. But Sylvia was different. She didn’t own a car and took the metro every day. How many of us feel compelled by advertisements to buy the latest car? Some of us may need a car, but that doesn’t mean we need a new one every four years.

Sylvia wasn’t a big spender. The way you live one day often reflects how you live your whole life. Many say, “Don’t worry about the small expenses; focus on the big ones, like housing and transportation.” However, we can’t separate the small from the big—small savings accumulate over time.

But we cannot separate the little stuff from the big stuff, we accomplish a lot by accomplishing little.

How Did She Invest Her Money?

Sylvia invested in the stock market. She didn’t have formal investment education; instead, she piggybacked on the knowledge of her bosses. When they bought shares, she bought some for herself.

She likely followed a “buy-and-hold” strategy, refraining from day-trading or complex rebalancing. She may not have held bonds, which can reduce long-term returns, instead focusing on stocks to grow her wealth.

Her Legacy

Out of her $9 million, Sylvia donated $8.2 million to New York-based charities, with the remainder going to friends and family.

The Lesson

Sylvia Bloom’s life teaches us that anyone can become a millionaire, regardless of background or career. Spend less than you earn, invest wisely, and let time work in your favor. It’s as simple as that.

Thank you, Sylvia, for such a great lesson.

What I Would Have Done Differently

I have an aversion to traditional work structures. I don’t enjoy offices, alarm clocks, or rigid schedules.

If I were in Sylvia’s position, I would have retired once I reached $1.5 million. Using the 4% rule, $1.5 million could yield $60,000 annually—matching her income. She could have volunteered hands-on at her favorite charities. But perhaps Sylvia found meaning in her work beyond the paycheck. She may not have worked for the money; she worked because it fulfilled her.

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