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By Selena Maranjian (TMF Selena)
May 7, 2002

Q. I'm middle-aged and don't earn much money. Can I really invest? And would my investments really ever amount to much?

A. It's never too late (or early!) to begin investing. For a little inspiration, look to the amazing story of Anne Scheiber. Most people haven't heard of her, but she's one of the world's greatest investors. In 1932, Ms. Scheiber was a 38-year-old IRS auditor. Intrigued by the stock market, she forked over most of her life savings to her brother, a young stockbroker on Wall Street, who lost it.

Determined to try again, but this time relying on herself, she saved $5,000 and plunked it back into stocks in 1944 (at the age of 50). By the time she died in 1995 (at the age of 101), her money had grown to $20 million. How'd she do it?

Well, for starters, she was a long-term, involved investor. She didn't buy a stock today and sell it tomorrow. She attended shareholder meetings and followed her companies closely. She bought big, consumer-brand companies like PepsiCo, Schering-Plough, Chrysler (now DaimlerChrysler), and Coca-Cola, and she reinvested her dividends. She placed her faith -- and her money -- in these growing companies and watched their earnings grow higher over decades. And, when she died, Anne donated it all to Yeshiva University in New York.

Anne wasn't totally Foolish, though, as she didn't stop to smell the roses enough. Those who knew her say she was a recluse in her small, rent-controlled apartment. Never married and painfully frugal, she wore the same coat year after year and skipped meals to save money. Fools generally enjoy not just investing and compounding long-term profits, but also family, friends, and the pursuit of happiness.

Anne Scheiber's investment legacy provides a powerful example of what we can achieve if we are methodical and patient with our money.

Get started now. Find a discount broker through our discount broker center and get the process rolling.

Learn more about investing in stocks in our Investing Basics area. If you're looking for a place to stash your cash and keep it safe, we offer many tips on Short-term Savings area (including some favorable, Fools-only rates on CDs and money markets).

If you have any questions, thoughts or opinions on this topic, share them with others on our discussion board for Ask the Fool.

This question and answer is adapted from The Motley Fool Money Guide: Answers to Your Questions About Saving, Spending and Investing. For answers to this and 499 other common money questions, check it out -- it's a handy resource.