A local washerwoman in Hattiesburg, Mississippi, washed clothes by hand for most of her life. She never owned a car and lived in the same house from 1947 until her final days.
Yet, in July 1995, the world learned that Oseola McCarty had amassed a massive financial fortune, giving the majority of it to the University of Southern Mississippi. This is the timeline of how a sixth-grade dropout orchestrated a widely celebrated scholarship fund.
Quitting School for a Life of Laundry
Born in Shubuta, Mississippi, on March 7, 1908, McCarty moved to Hattiesburg during childhood. Her education ended in the sixth grade. When her childless aunt required home care following a hospitalization, McCarty left school and never returned. She adopted the trade of her grandmother, working as a washerwoman.
She cleaned clothes until arthritis forced her to stop in 1994. Her grandmother died in 1944, her mother in 1964, and her aunt in 1967. She never married or had children.
A Masterclass in Extreme Frugality
McCarty learned to save money early in life from her mother. She opened her first account at First Mississippi National Bank and later utilized Trustmark National Bank. Her routine was highly frugal. She walked everywhere, pushing a shopping cart nearly a mile to purchase groceries.
She attended Friendship Baptist Church by riding with friends. Viewing newspapers as an extravagance, she refused to subscribe to one. She lived in a house her uncle gave her and only watched broadcast programming on a black-and-white television.
Dividing a Fortune with Ten Dimes
Over time, Trustmark Bank personnel noticed her accumulated savings. Employees stepped in to assist her with estate planning and convinced her to purchase two window air conditioners and cable television. Working with a bank trust officer and an attorney whose laundry she had done, McCarty planned her estate using slips of paper and ten dimes. Each dime represented a ten percent share.
She allocated one dime to her church and three dimes to three relatives. The remaining six dimes, representing sixty percent, went to the University of Southern Mississippi to fund scholarships for students of African-American descent facing financial hardship. The estimated gift was $150,000. She signed an irrevocable trust to manage these funds.
From the White House to Times Square
The announcement of her trust drew global attention. Local leaders funded an endowment in her honor. President Bill Clinton awarded her the Presidential Citizens Medal at a White House ceremony. Harvard University gave her an honorary doctorate in June 1996.
In December 1996, McCarty traveled on an airplane for the first time, slept in a hotel for the first time, and dropped the New Year’s Eve countdown ball in Times Square. The University of Southern Mississippi awarded her their first honorary degree in 1998. McCarty died from liver cancer in 1999. In October 2020, the university unveiled a sculpture to mark the 25th anniversary of her gift.