Lived way below his means

[bondi688]

Man Leaves Secret Fortune Worth $187.6 Million to Wash. Charities - Yahoo

He was very admirable and charitable, but slightly quirky.

"A Washington state man has left a fortune worth $187.6 million to charity, after spending his life keeping his wealth a secret by coupon clipping and riding the bus.....his shirt was maybe just a little tattered.... lived in a modest one bedroom apartment....would often visit multiple grocery stores to take advantage of deals and one time bought so many cans of frozen orange juice on sale, he needed to find an additional stand-alone freezer to fit them all."

 

[audreyh1]

Too much? Why?

What else should he have done with it?

He was personally involved in those charities and stewarding money he had himself inherited from his family. I think he did what he thought was the best thing with it.

 

[daylatedollarshort]

I love those kinds of stories. Thanks for posting the link.

 

[Meadbh]

I admire him for living life the way he wanted to. He must have inherited a good chunk of money and invested it wisely, because AFAIK even lawyers don't usually make enough money to amass that kind of NW.

 

[ziggy29]

I just hope it was the way he really wanted to live and that he wasn't being held hostage by some imagined need to be miserly. If being frugal is a choice that one freely embraces, so be it. But I have known people who did it to the point where it seemed like a mental illness and an unhealthy obsession.

 

[robnplunder]

What would the hospital be doing with donated money?

 

[bondi688]

What would the hospital be doing with donated money?

I hope it will be spent on improvement of the care of the children who go there, otherwise it will waste his goodwill. The fact that the chairman of the hospital foundation is a life long friend of his, I think his money will be put to good use.

 

[NW-Bound]

I could live very well on 0.1% WR if I had this man's wealth, and people would still call me frugal. And I would still leave a lot of money to charity.

 

[Birdie Num Nums]

Man Leaves Secret Fortune Worth $187.6 Million to Wash. Charities - Yahoo

He was very admirable and charitable, but slightly quirky.

"A Washington state man has left a fortune worth $187.6 million to charity, after spending his life keeping his wealth a secret by coupon clipping and riding the bus.....his shirt was maybe just a little tattered.... lived in a modest one bedroom apartment....would often visit multiple grocery stores to take advantage of deals and one time bought so many cans of frozen orange juice on sale, he needed to find an additional stand-alone freezer to fit them all."

Or he coulda spent less time coupon clipping, riding the bus, wearing tattered clothes, and buying frozen orange juice on sale, while still living a comfortable life (at least to my way of thinking)--still bequeathing ~$170M or more to charity.

Where's the line dividing living frugally and denying yourself a good life with the $ you've acquired?

 

[daylatedollarshort]

Or he coulda spent less time coupon clipping, riding the bus, wearing tattered clothes, and buying frozen orange juice on sale, while still living a comfortable life (at least to my way of thinking)--still bequeathing ~$170M or more to charity.

Where's the line dividing living frugally and denying yourself a good life with the $ you've acquired?

I think for some people the frugalness is what brings them happiness. I get some good ideas on saving money on some of the retirement and frugal forums, but a lot of the ideas get kind of nutty. Biking to the grocery store in a snowstorm for groceries? Why risk your life on a bike on a slick road with cars sliding around all around to save a dollar in gas? I could make more than a dollar sitting at my nice warm desk inside with music playing on some site like mturk or fiverr in less time and not risk getting hit by a car.

Plus for some old habits die hard.

According to this article, Sergey Brin was a billionaire and still shopping at Costco -

The Story of Sergey Brin - Moment Magazine

 

[Meadbh]

What would the hospital be doing with donated money?

Most hospitals have needs that are not covered by their operating budgets and are financed by philanthropy. Some of the ways in which charitable donations can be used include research, innovative new treatments, and expensive pieces of equipment. One children's hospital that I have visited had new MRI, CT, PET and Ultrasound machines, all paid for by charitable donations. Other programs often funded through philanthropy include family centred care and play therapy.

Children's hospitals derive proportionately more funding than other hospitals because of the public's good feeling about donating to children's causes. Most of them have their own foundations overseen by a board and led by professional fund raisers, with expert review of grant submissions, building and equipping laboratories, etc.

Here is a link where you can read about some if the research activities going on at Seattle Children's Hospital.

About the Research Institute | Seattle Children's Research Institute

I think Mr. MacDonald's donation will certainly be put to good use.

Disclaimer: I used to be in this business.

 

[robnplunder]

Most hospitals have needs that are not covered by their operating budgets and are financed by philanthropy. Some of the ways in which charitable donations can be used include research, innovative new treatments, and expensive pieces of equipment. One children's hospital that I have visited had new MRI, CT, PET and Ultrasound machines, all paid for by charitable donations. Other programs often funded through philanthropy include family centred care and play therapy.

Children's hospitals derive proportionately more funding than other hospitals because of the public's good feeling about donating to children's causes. Most of them have their own foundations overseen by a board and led by professional fund raisers, with expert review of grant submissions, building and equipping laboratories, etc.

Here is a link where you can read about some if the research activities going on at Seattle Children's Hospital.

About the Research Institute | Seattle Children's Research Institute

I think Mr. MacDonald's donation will certainly be put to good use.

Disclaimer: I used to be in this business.

Thanks for the info. I was curious b/c of my brother (RIP)'s experience with UCLA hospital. I am sure the hospital get ton of donations as well. But based on what my brother went through, it's hard to believe they put their donation to good use.

 

[Chuckanut]

What would the hospital be doing with donated money?

Children's hospitals provide a lot of low-cost and free services that parents often can't afford to pay for. This is not to defend the outrageous cost of medical care in the USA, but let's not blame the children for that one.

Often parents need not just the cost of the medical care paid for, but housing for the parents as they must stay with their children, far from home, for weeks at a time. I once drove by the Ronald McDonald 'house' which provides low-cost housing for these parents. It's actually a block or more of apartments.

 

[MRG]

Children's hospitals provide a lot of low-cost and free services that parents often can't afford to pay for. This is not to defend the outrageous cost of medical care in the USA, but let's not blame the children for that one.

Often parents need not just the cost of the medical care paid for, but housing for the parents as they must stay with their children, far from home, for weeks at a time. I once drove by the Ronald McDonald 'house' which provides low-cost housing for these parents. It's actually a block or more of apartments.

That need for housing is not exclusive to children. The first time I went to Rochester MN. I was stuck by the number of private homes that took in boarders. Then the Mayo effect hit me. A sick family member, needing serious (perhaps lengthy stay) health care, where does the family stay at?

MRG

 

[Meadbh]

That need for housing is not exclusive to children. The first time I went to Rochester MN. I was stuck by the number of private homes that took in boarders. Then the Mayo effect hit me. A sick family member, needing serious (perhaps lengthy stay) health care, where does the family stay at?

MRG

Yes, but if an adult is hospitalized locally his/her spouse could stay at home, and if in another city, well, that's what we have emergency funds for. Many large hospitals have hostels or arrangements with local hotels.

When a child is hospitalized it is actually therapeutic for their parents to be physically present and advocating for them. Babies should continue to breastfeed whenever possible, etc. So in children's hospitals it is normal nowadays to find a pull out bed for the parent in the child's room, a kitchen on the ward for families, etc. The cost of that, and of food for parents, and for travel supplements, means either a larger budget per patient or is not built into the budget.

 

[LoneAspen]

Or he coulda spent less time coupon clipping, riding the bus, wearing tattered clothes, and buying frozen orange juice on sale, while still living a comfortable life (at least to my way of thinking)--still bequeathing ~$170M or more to charity.

Where's the line dividing living frugally and denying yourself a good life with the $ you've acquired?

My thoughts exactly. If I had that kind of wealth, I certainly wouldn't be clipping coupons or riding the bus. Hell, I don't do those things today anyway, and I'm not worth near that kind of money.

I guess I'm largely influenced by my Mom and Dad, who were older (Mom was 45, Dad was 51 when they had me in the late 60's) and grew up during the Great Depression.

We had a basic (lower) middle-class lifestyle, and they were very frugal. Although we had the basics, we never had new cars, or a fancy home, or took nice vacations.

Mom died last, and the estate was about $160k, split between four kids. All us siblings agreed we would MUCH rather have seen Mom and Dad spend some of that while they were alive to have some fun with and enjoy life.

I took the 180 degree opposite view. I don't blow every dollar I make, but I'm not afraid to spend money on nice things I want, or vacations, etc. Life is too short to deny yourself everything. I don't see the point in saving up so much money for when you're too old to enjoy it.

I'd rather spend $2000 at this point in my life on a ski trip to Vail, rather than saving it for the nursing home down the road.

 

[Bestwifeever]

I think Mr. MacDonald might have come from a wealthy family given that he grew an inheritance into this fortune. Maybe his family were the frugal old money type and he learned those habits. He does not seem to have been unhappy; no one quoted in the article suggests that, anyway.

 

[ziggy29]

Or he coulda spent less time coupon clipping, riding the bus, wearing tattered clothes, and buying frozen orange juice on sale, while still living a comfortable life (at least to my way of thinking)--still bequeathing ~$170M or more to charity.

Where's the line dividing living frugally and denying yourself a good life with the $ you've acquired?

The thing is, we don't know so we really can't judge. We have no idea whether this is what truly made him happy or if this was due to some mental illness or unhealthy obsession that consumed him.

 

[Gatordoc50]

Bottom line is that he didn't donate a penny when he was living. That doesn't make you a philanthropist. That makes you a cheap kook.

 

[Calico]

Bottom line is that he didn't donate a penny when he was living. That doesn't make you a philanthropist. That makes you a cheap kook.

There is no way of knowing that. For all we know, he made large anonymous donations throughout his life.

His generosity will benefit untold numbers of people. May he rest in peace.

 

[audreyh1]

Bottom line is that he didn't donate a penny when he was living. That doesn't make you a philanthropist. That makes you a cheap kook.

Uh, no.

 

[Bestwifeever]

Bottom line is that he didn't donate a penny when he was living. That doesn't make you a philanthropist. That makes you a cheap kook.

The article says: "MacDonald's mother was a volunteer at Seattle Children's Hospital and after her death MacDonald became more involved with different hospital events over the years." How to know that didn't include financial involvement? It does not say anywhere that he didn't donate a penny when he was living.

 

[Meadbh]

The article says: "MacDonald's mother was a volunteer at Seattle Children's Hospital and after her death MacDonald became more involved with different hospital events over the years." How to know that didn't include financial involvement? It does not say anywhere that he didn't donate a penny when he was living.

He clearly donated his time, which, as a lawyer, was probably very valuable to them. He also probably gained a keen understanding of what would be of most value to the SCH and set up his bequest accordingly. In my opinion he was a very generous man.

 

[haha]

My thoughts exactly. If I had that kind of wealth, I certainly wouldn't be clipping coupons or riding the bus. Hell, I don't do those things today anyway, and I'm not worth near that kind of money.

I guess I'm largely influenced by my Mom and Dad, who were older (Mom was 45, Dad was 51 when they had me in the late 60's) and grew up during the Great Depression.

We had a basic (lower) middle-class lifestyle, and they were very frugal. Although we had the basics, we never had new cars, or a fancy home, or took nice vacations.

Mom died last, and the estate was about $160k, split between four kids. All us siblings agreed we would MUCH rather have seen Mom and Dad spend some of that while they were alive to have some fun with and enjoy life.

I took the 180 degree opposite view. I don't blow every dollar I make, but I'm not afraid to spend money on nice things I want, or vacations, etc. Life is too short to deny yourself everything. I don't see the point in saving up so much money for when you're too old to enjoy it.

I'd rather spend $2000 at this point in my life on a ski trip to Vail, rather than saving it for the nursing home down the road.

Me too. My only or at least main reason for being frugal is just cautiousness about what the future may hold. Someone with only modest SS, and his portfolio, is in very different position from someone with a powerful COLA pension and perhaps SS. I won't go around looking ratty, or eat "frugal food", or drink cool-aid wine. Nor will I be cheap with my woman friend. We were getting on her elevator last night and discussing how much quality meat and fish, and organic greens and salad cost. We agreed there was no better way to spend money. Also, she is pretty free with clothes spending, and I appreciate that. Maybe an 18 year old can look great no matter what she is wearing, or her makeup, or her hair- but not a middle aged woman. One of my real pleasures in life is just looking at her.

If I were this guy, you can bet that I would have been driving a very nice car, wearing tailored clothes, giving nice gifts, and leaving plenty money to my kids and grandkids. Then maybe a hospital, which to me mostly look like very profit oriented institutions which could stand some honest billing and bookkeeping for starters. Almost forgot, a cook and a very posh apartment and a driver if I wanted one

Ha

 

[daylatedollarshort]

One of my real pleasures in life is just looking at her.

Ha

That is a very nice sentiment.