Ronald Read, a Vermont gas station attendant and janitor, invested in recognizable names when he amassed an $8 million fortune, according to his attorney. A large part of that fortune was later bequeathed to an area library and hospital after his death, stunning a community that had no idea about his wealth. Most of Read's investments were found in a safe deposit box, Read's attorney, Laurie Rowell, told CNBC. Those investments included AT&T, Bank of America, CVS, Deere, GE and General Motors. "He only invested in what he knew and what paid dividends. That was important to him," she said in an interview with "Closing Bell."

In this December 2011 photo, Connie Howe pours coffee for Ronald Read, left, and Dave Smith during the Charlie Slate Memorial Christmas breakfast at the American Legion in Brattleboro, Vt. Brattleboro Reformer | AP Photo

Read, who died at 92, has been described as quiet and frugal. No one appeared to have any idea that he was so wealthy, including his stepchildren, Rowell said. Read MoreJanitor bequeaths millions to library, hospital

Financial expert Chris Hogan, a strategist with Ramsey Solutions, applauded Read's diligence and believes others can follow his example. "It's a matter of living a certain way, keeping your lifestyle under control and being committed," he said. For example, to reach Read's $8 million fortune, Hogan calculated that investors would have to invest about $300 a month at an 8 percent interest rate over 65 years.

