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Saturday, 10 April 2010

100 Year Old Lady Dies, A Secret Millionaire

Recently I came across an interesting article which detailed the lifestyle of certain rich but frugal people. The article certainly has pointed out the frugal habits of rich and famous people, that are worth following. It is available here: [Grad Money Matters, 17th February 2009. The World's Richest Frugal People.] I find myself most interested about Frederik Meijer, who "is known to drive cars with very high MPG".

In 2005, Eugenia Dodson died at the age of 100. Following her death, donations worth $35.6 million were made out of her personal wealth to support research in diabetes and cancer. Eugenia was known to be a frugal person. She built up her fortune by investing the inheritance of $200,000 that her late husband left her.

Here are excerpts from several newspapers:

  1. Slate magazine, 15th February 2007. The 2006 Slate 60: Donations.
    Dodson, who died in 2005 at age 100, invested money left to her by her late husband. She bequeathed $23.5 million to the Diabetes Research Institute Foundation, in Hollywood, Fla., for diabetes research at the Diabetes Research Institute at the University of Miami's Miller School of Medicine. She also left $12.1 million to the University of Miami Sylvester Comprehensive Cancer Center for cancer research. Dodson specified in her will that her money was to be spent on research aimed at finding cures for diabetes and cancer.
  2. MSNBC, 18th October 2006. Frugal woman dies at 100, donates $35.6M.
    Dodson’s husband had held a stake in a limestone quarry, which went to her after his death in 1949. While she could have afforded a more lavish lifestyle, she instead saved money by living in a small condo and refusing in-home care until she was nearly 100, Kubit said.

    “She denied herself the trappings of wealth. She was dead-set on doing good for humankind,” Kubit said. “She had a big heart.”