McCarty was a washerwoman in Hattiesburg , Mississippi , but she eventually became the University of Southern Mississippi ’ s most famous benefactor .
Growing up without parents , her grandmother and an aunt – who cleaned houses , cooked and took in laundry – raised her . The three women were dependent on each other and when the aunt returned from a hospitalisation unable to walk , McCarty had to drop out of sixth grade to care for her .
That is also when she took up her work as a washerwoman . She never returned to school and washing clothes became her trade . It was not an easy job – more often than not backbreaking , scrubbing the laundry by hand on a rubboard .
Yet , she did not complain . “ I knew there were people who did not have to work as hard as I did , but it did not make me feel sad . I loved to work and when you love to do anything , those things don ’ t bother you . Sometimes I worked straight through for two or three days . I set myself goals and that motivated me and I was able to push hard . Work is a blessing ; it gives life meaning .”
McCarty saved every penny from her meagre income she did not need for living expenses . She would never withdraw anything . “ It is the ones who know how to save who get ahead . You got to leave it alone long enough for it to increase .” Of course , that requires self-control and modest appetites . “ My secret was contentment . I was happy with what I had ,” she said .
McCarty never owned a car ; she walked everywhere , pushing a shopping cart nearly a mile to get groceries . She did not subscribe to any newspapers and considered the expense an extravagance .
And herein is another lesson : Saving and investing do not depend on your income . It depends on what you spend , the leakage . It is not so much about what comes in , but very much about what goes out .
It is not an attacking game , but one of defence .
When McCarty eventually retired in 1995 , her hands painfully swollen with arthritis , this washerwoman had accumulated , through her frugal habits and a lifetime of saving , $ 280 000 around $ 545 000 in today ’ s terms ).
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Work is a blessing ; it gives life meaning .
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Then the bank called her in . The manager wanted to know what they should do with the money . They were getting uncomfortable , as McCarty was of advanced age . At least she should draw up a Will .
It was a difficult conversation as it soon became apparent that McCarty did not comprehend the size of her account . Eventually , with the assistance of a local attorney for whom she had done laundry and the bank ’ s trust officer , ten coins were put in front of McCarty , each representing 10 % of her estate . What should happen with those coins ?
After some contemplation , McCarty set aside one coin ( 10 %) for her church and one ( 10 %) each for three relatives . Then she said that the remaining coins ( 60 %) should go to the University of Southern Mississippi . She stipulated that the funds should be used for students , preferably those of African-
American descent , who could not otherwise attend due to financial hardship .
In other words , she took nothing for herself ! She gave away everything she had accumulated from a lifetime of hard labour .
This is already a great story , but it does not stop here . When news of McCarty ’ s plan was made public – as it had to be to establish the trust and for students to apply for bursaries – people just could not believe it and local leaders jumped in . Six hundred men and women in Hattiesburg and beyond donated to the trust fund , which more than tripled her original endowment very quickly . And from there , the funds just rolled in .
Very wealthy people started taking notice and made huge contributions . After hearing of McCarty ’ s gift , Ted Turner , a multibillionaire , gave $ 1 billion . He said , “ If that little woman can give away everything she has , then I can give a billion .”
The Oseola McCarty endowment became the university ’ s biggest scholarship fund .
And herein is another lesson : Nobody is too small or insignificant to change the world for the better . If a poor washerwoman can inspire thousands to a cause , then most of us can do our little bit to make the world a better place .
Apart from being exceptionally generous , McCarty was also forgiving . When reminded that the university she gave her money to had been white-only until the 1960s , she answered : “ Yes , they used to not let coloured people go there . But now they do .”
Like most philanthropists , McCarty knew that giving was
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