{"id":92,"date":"2023-05-03T08:09:00","date_gmt":"2023-05-03T08:09:00","guid":{"rendered":"https:\/\/avsenthil.com\/blog\/?p=92"},"modified":"2023-05-03T08:14:14","modified_gmt":"2023-05-03T08:14:14","slug":"oseola-mccarty-our-key-learnings","status":"publish","type":"post","link":"https:\/\/avsenthil.com\/blog\/2023\/05\/03\/oseola-mccarty-our-key-learnings\/","title":{"rendered":"Oseola McCarty – Our Key Learnings"},"content":{"rendered":"

Before we share our takeaways, learnings, here is the brief about Oseola McCarty\u00a0<\/strong><\/p>\n

Oseola McCarty was an African-American laundress from Hattiesburg, Mississippi, who became known for her act of generosity in donating her \u201clife savings\u201d to establish a scholarship fund for students in need.<\/p>\n

Born in 1908<\/strong>, McCarty worked as a laundress for over 70 years<\/strong>, saving up money, by<\/strong> living frugally and investing in savings bonds<\/strong>.<\/p>\n

In 1995, at the age of 87, she donated USD 150,000 (approx. Rs.123 Lakhs)<\/strong> to University of Southern Mississippi (USM) for establishing the \u201cOseola McCarty Scholarship\u201d, which has since helped countless students from low-income families to pursue higher education.<\/p>\n

McCarty’s act of philanthropy received widespread recognition and she was awarded the Presidential Citizens Medal<\/strong> by President Bill Clinton in 1996<\/strong>. She passed away in 1999 at the age of 91.<\/p>\n

Our Personal Takeaways:<\/strong><\/p>\n

    \n
  1. She lived frugally (Income > Expenses), thereby saving money<\/li>\n
  2. She invested in Savings BONDS (India Equivalent is PPF, EPF etc), instead of keeping the money in Bank Accounts.<\/li>\n
  3. Leveraged the power of compounding<\/li>\n
  4. Used her wealth \/ savings for education, empowerment<\/li>\n<\/ol>\n

    We have summarized the learnings in a two minute video \u2013 and here is the link – <\/strong>https:\/\/bit.ly\/r3oseola<\/a><\/u><\/p>\n

      \n
    1. We need to do a \u201cBudgeting\u201d periodically (say weekly or monthly or quarterly)<\/li>\n
    2. Ensure Cash Inflows (Salaries, Interest Income, Rental Income, Dividend Income, Business Income) > Cash Outflows (Expenses)<\/li>\n
    3. A percentage of income has to be saved (Say 10% or 20% or more)<\/li>\n
    4. Achieving a corpus of Rs. 1.2 crores (120 Lakhs) does not necessarily require you to earn a very high income.<\/li>\n
    5. It can be accomplished by practicing self-discipline – by living frugally and making wise investments decisions.<\/li>\n<\/ol>\n

      Image courtesy: Guidepost<\/p>\n

      \"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

      Before we share our takeaways, learnings, here is the brief about Oseola McCarty\u00a0 Oseola McCarty was an African-American laundress from Hattiesburg, Mississippi, who…<\/p>\n","protected":false},"author":1,"featured_media":94,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-92","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-two-minute-videos"],"_links":{"self":[{"href":"https:\/\/avsenthil.com\/blog\/wp-json\/wp\/v2\/posts\/92","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/avsenthil.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/avsenthil.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/avsenthil.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/avsenthil.com\/blog\/wp-json\/wp\/v2\/comments?post=92"}],"version-history":[{"count":1,"href":"https:\/\/avsenthil.com\/blog\/wp-json\/wp\/v2\/posts\/92\/revisions"}],"predecessor-version":[{"id":95,"href":"https:\/\/avsenthil.com\/blog\/wp-json\/wp\/v2\/posts\/92\/revisions\/95"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/avsenthil.com\/blog\/wp-json\/wp\/v2\/media\/94"}],"wp:attachment":[{"href":"https:\/\/avsenthil.com\/blog\/wp-json\/wp\/v2\/media?parent=92"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/avsenthil.com\/blog\/wp-json\/wp\/v2\/categories?post=92"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/avsenthil.com\/blog\/wp-json\/wp\/v2\/tags?post=92"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}