Oseola McCarty left school in the sixth grade to take care of a sick relative. She never went back to school and spent the rest of her life taking in laundry to make a living. In 1995, when she was 87 years old, Ms. McCarty gave the University of Southern Mississippi $150,000 for a scholarship fund.

How did a woman who never made more than $10 per bundle of wash manage to save that much money? She paid herself first. She committed to saving money, set it aside, and was determined not to spend outside of her budget.

Her budgeting habits started when she was just a child.

"I would go to school and come home and iron. I'd put money away and save it. When I got enough, I went to First Mississippi National Bank and put it in. The teller told me it would be best to put it in a savings account. I just kept on saving."

When she had saved a considerable amount, Ms. McCarty moved her money from the savings account to an interest-earning Certificate of Deposit (CD). The bank teller told her how to do it and helped her with the paperwork.

Eventually, she saved so much she decided to donate scholarship money for African-American students at a once-segregated university. Ms. McCarty used the fruits of her labor as a source of personal and social empowerment.

"I just want the scholarship to go to some child who needs it, to whoever is not able to help their children,” she said. “I'm too old to get an education, but they can."

Ms. McCarty passed away at the age of 91 in 1999. Her words are collected in Simple Wisdom for Rich Living,  which you can find it at your local library or bookstore.