A Centenarian Tells an Exemplary Tale of Living Within Means, Saving $1 Million

Centenarian Bill Stovel from Cumming, Georgia, has been a model for many for his exemplary lifestyle. Despite having $1 million in his bank account as savings, Stovel makes meals for himself, barging at the grocery store, and has the cheaper dishes on restaurant menus.

Stovel believes in a simple life and attributes his success to minimalism.

“I always lived within my means,” Stovall said. “I’m not a gambler.”

Stovell lost his wife, Martha, in 2022 and now, lives with his daughter, Toni, and son-in-law, Charles, in a house that is situated on a 40-acre property in Cumming. He makes himself meals with eggs, sausages, and biscuits, or pancakes and waffles, and he is often compelled to buy new clothes to replace his tattered shirts and ripped jeans.

Stovell considers equity investments to be gambling. So, he restricts himself to monitoring the stock and avoids investing. “I’m more of an observer today than a trader,” he said. “The stock market is a crap shoot.”

Moreover, he often indulges himself with cocktail parties and loves Barton Vodka and Jim Beam. However, Stovell merely has a second glass.

Stovell opted for a loan only once to buy a five-bedroom apartment at a cost of $45,000. He, his wife, and four children—Kaye, Art, Toni, and Robert—lived there for almost 56 years. During the pandemic, he sold the house for $3,50,000. In 1957, he bought a house in Atlanta for $16,000, which he sold for $22,000. Stovall had worked with LBFoster for almost 30 years as a sales manager, marketing manager, and property manager.

He lived a life of frugality and saved most of his income. Although his salary was limited to $40,000, he regularly saved 2% of the income, and when his employer contributed the same amount each month, that compounded to create an ample retirement fund. Furthermore, when he inherited a property from his father, he put that too aside for future use.

Every morning and before sleep, Stovell remembers Martha, his wife, who left him a decade ago, and thanks her for her care and financial prudence that make him safe and confident at the age of 100. He had lived with Martha for 72 years. “I say, “I love you. Goodnight,’” Stovell said.