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Not many people can claim to be a better investor than Warren Buffett. However, a little-known woman named Anne Scheiber beat the “Oracle of Omaha” at his own game. When Scheiber retired in 1944, she only had a $5,000 pension. She invested wisely enough to grow her nest egg into a $22 million fortune by the time she died at 101. Even Buffett couldn’t match her return on investment.

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Anne Scheiber worked as an auditor for the Internal Revenue Service for 23 years. During her entire employment with the agency, she was never promoted and never received more than $4,000 in annual salary. She didn’t attend the Wharton School of Business or any of the other Ivy League colleges that typically produce America’s premier bankers and investors.

Anne Scheiber’s $5,000 pension was not extravagant; she was 51 when she got it. That’s roughly the equivalent of $89,000 in today’s money. It wasn’t enough for her to retire comfortably in 1951. Facing several decades of life with relatively little money, Anne Scheiber had no choice but to invest wisely to build her wealth.

So, how did she do it? Scheiber and Buffett never met, but they shared a few things. Chief among them is a commitment to living frugally. Scheiber preferred walking to work over taking the bus to save money. Her attorney Ben Clark told Money Magazine, “She was saving 80% of her salary at least. In those days, you could get a hot dog lunch at Nedick’s for 15 cents, but I know she found an even cheaper place.”

The closest modern equivalent to a 15-cent hot dog would be Costco’s famous $1.50 hot dog and drink special. It would probably be impossible for Anne Scheiber to beat that price, but she would surely find other innovative ways to save if she were alive today. It’s not hard to imagine her scouring the internet for special deals on all her favorite products. But saving money is only half the battle.

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Scheiber still had to grow her wealth. To do so, she adopted an investing strategy remarkably similar to Buffett’s. She believed in investing in industries that she had personal knowledge of and invested for the long term. Scheiber’s broker, William Fay, told the New York Times that “She was never looking for a quick buck. Her whole idea was to get performance on a long-term basis.”

Scheiber’s portfolio included blue-chip stocks like PepsiCo, Chrysler, Bristol-Myers, and Columbia Pictures. She also made it a point to stay very informed about her investments. Anne faithfully attended shareholder meetings for the companies in her portfolio. As the portfolio grew in value, her experience as an IRS auditor came in very handy.

Scheiber strategically held investments or liquidated them in such a way as to minimize her capital gains tax exposure. Eventually, Scheiber’s portfolio grew to an estimated $22 million – a 4,400% gain on her original $5,000 pension. After Scheiber died in 1995, her lawyer, Ben Clark, told the New York Times, “You think Warren Buffett, you know, that guy, was good at this sort of thing? She ran rings around Warren Buffett.”

Perhaps the most amazing thing about Scheiber is that she didn’t begin investing until she was in her early 50s. It’s also encouraging to middle-aged investors who are behind on their retirement planning. Living within your means and investing wisely for the long term can still serve you well. It worked for Anne Scheiber and Warren Buffett. It could certainly work for you too.

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This article The IRS Auditor Who Beat Warren Buffett At His Own Game originally appeared on Benzinga.com