He said people need to identify how much they want to save, how much they want to give away and figure out how to get there by sitting down with an investment professional, "someone that has the heart of a teacher, not someone trying to sell you stuff."
"It can be done. In America we need to start believing back in the American dream and stop buying the stuff that's on commercials," he said.
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However, Diane Garnick founder and CEO of Clear Alternatives, cautioned that the environment these days is much different than when Read invested. She noted that he likely saved cash in the '70s before moving into the stock market, and then caught the tech boom. On top of that, interest rates are literally at zero, she noted.
"One of the things that's really important is for us to take a step back and say look it's great that that happened over the last 40 years but there is a lower probability that it happens over the next 40 years," she said.
—Reuters contributed to this report.