When you hear a story like this, you realize how wonderful and generous the American people are -- this almost makes you forget, at least for an hour or so, the venality and corruption of Mr. Trump, especially his lack of honor and grace!
68
If we could all be as generous in our deaths and live modestly while we are here the world would be a much better place than we could ever imagine.
61
I’m not as frugal as Ms Bloom but I’ve always said that if I won a $100 million (after taxes) in the lottery, I’d figure what I’d need to live nicely and my job would be to figure out where most of it could go to do best.
33
What a wonderful soul, a silent, selfless humanitarian.. paying life forward.
36
Wow!! That is amazing how nice of her. They don’t make people like this any more.
18
A lot of needy young people will be educated because of her. That's a good thing. We need an educated society so that candidates like 45 don't end up in office. I hope more philanthropists follow suit and include me while they're at it.
28
What a wonderful story!
18
Sylvia Bloom sounded like a real life Peggy Olson from Mad Men, with an amazing work ethic and business savvy. May she rest in peace.
A couple of things: Great that she saved a fortune but there would have been nothing wrong for her to enjoy the fruits of her labor, and yes. that probably included giving up the rent controlled apartment (which then would have become rent stabilized for the next tenant) and buying a place.
Another thing: I get sorta bothered with the whole "Eastern European immigrants" thing without saying "JEWISH". Of course, New York Jews reading about Ms. Bloom an read between the lines. But I think its important, especially with increased antisemitism to say Ms. Bloom was a Jew. While she and many us have Eastern European backgrounds, often other folks did not view their Jewish neighbors as "citizens" and neither did their governments during WWII. Just last week CBS Sunday did a small story on the death of Judith Leiber and her husband Gerson, saying they immigrated from Hungry, without mentioning that she survived the Holocaust (and that her husband was actually an American G.I.).
73
First, most secret investors who trade on insider information these days -- those we read of most often -- do so with illegally-procured information. Not so Ms. Bloom.
Second, most modest investors who convert pocket change into millions are the first to trumpet their good fortune in public. Not so this modest legal secretary.
Third, most investors in the low seven-figures don't gift the bulk of their estates to outside causes. Their favorite charity is oft the one tied to their bathroom mirror. Not so this, either.
Nor did Ms. Bloom:
*Turn her "insider" access into a method to win friends, lord it over family and gin up outside business.
*Quit her job to write a tell-all book.
*By dangling her riches, force others to care for her at home after she retired at 96. She chose her own graceful passage by finding her own nursing home
Finally, her tale -- and your's in telling it, New York Times -- is one that keeps on giving. Before I found this wonderful tale, I just read yet another wretched story about Scott Pruitt's self-lavishing lifestyle with our tax dollars. I read as many of them as possible but have to stop once my blood-pressure, usually lying flat near the soles of my sneakers, reaches the top of my brow.
Thank you for this story, which instantly punctured the pulsations. And I know there will be more like this to come, because inspiration and good beget only more of the same.
(But please DO NOT stop the ones about the lizardly-Pruitt, either.)
47
New Yorkers are the most amazing people in the world. It wouldn't be too hard for the Times to create a daily LOCAL HERO column to honor our city's most important resource:
Us.
31
RIP Sylvia Bloom! What a role model for the rest of us! Refreshing Monday morning story!
28
Wonderful story and woman.
24
Ms. Bloom must have gone straight to heaven. She must have loved her job to do it for so long.
16
This is a good story. She worked hard, for a long time (and to do that she must have stayed current), she lived frugally, she invested wisely, and she gave her wealth away to help others. She truly lived a wonderful life--and I think she knew how to have fun. Look at her smile. She was nobody's drudge. Thank God for people like her.
42
yes! look at her face! a Dynamo!
14
The term “misogynistic” is used more times in readers comments than I would have believed.
Words like misogynist, rape, and hate have lost all meaning and power in an age when you cannot comment on a remarkable person without going to the familiar arsenal.
5
I had a relative with a similar story, one of my grandfather's ten siblings. She was an immigrant who worked as a servant for wealthy New York families, first as a governess and later as a private-duty nurse. She picked up stock tips from eavesdropping and invested wisely based on what she heard. She never married, had children, spent much money, or retired. She was rumored to be a lesbian. When she died in her eighties, none of the family received any of her wealth. She left it all to the Republic of Ireland.
26
Maybe some elites could take a life lesson from this woman, in the end, she used her wealth to help others. Oh, and let not forget, she was one of those people Trump, and his supporters dislike, she was a first generation immigrant.
20
Should rent controlled condos not be means tested?! A millionaire enjoying a cheap rent. Kudos to her investing.
9
Considering her very long tenure in a rent-controlled apartment, her secure job and that her "husband, Raymond Margolies, who died in 2002, was a city firefighter who retired and became a city schoolteacher with a pharmacist career on the side", it really is not stunning to learn she amassed a high seven-figure fortune. By living well but not extravagantly they would have plenty leftover to invest. I wouldn't be surprised if her husband received two public pensions, which she would have continued to receive after his death. We're talking pretty serious money here when combined with an apartment with very low rent. Still, kudos to her for knowing the value of a dollar and having the values to do something good.
34
One smart cookie!
9
Investing in the common good runs in her family, as seen in how her niece is the long-time treasurer of the foundation that will administer scholarships to deserving students.
I bet that frugal-living, hard-working, and sharp-minded Ms. Bloom may have easily won more than a few poker games in her lifetime, too - given her gifts of disciplined secrecy and knack for long-range investing!
Even in her will, she shows prudence in gifting primarily to foundations whose noble causes, organizational culture, and streamlined operations she probably got to know intimately well, thanks to being in touch w/ her niece.
She married a literal lifesaver (a firefighter and pharmacist), so that too is likely integral to her value for leading lives of contribution to society, and self-restraint when it comes to the consumption, luxuries, and vanities most people fall too easily for.
She may never have become a biological or adoptive mother in life, but her selfless gift of scholarships guarantees that in her afterlife, she'll be the godmother of so many scholars seeking quality education & careers w/o being yoked by usurious student debt.
God bless Ms. Bloom and others like her for an unassuming - yet very patiently wise and fruitful life - well-lived!
36
She had no children. The temptation to pass riches to offspring is overpowering. Sadly, so. Even Warren Buffett broke an initial pledge and left his kids with more than the original $250,000 he promised each of them.
When you look upon your children as somehow "your" children, it is irresistible to indulge their wishes.
8
Stuart: The most natural thing in the world is to leave your fortune to your children. You make it sound wrong.
22
This is in reply o Alexandra, NYC who wrote about my Aunt Anne Scheiber, AKA Aunt Anna who passed away in 1995 and left $22 Million for scholarships to women only. She too was a highly intelligent woman working in a man's world in a job normally held by a man and she was bitter about this her entire life. My Grandparents were immigrants who came to the US in 1891 and had 9 children, the boys were taken care of first many did in those days. She never responded to family gestures and died alone as her attorney had said looking at her investments. At the end all of her money was lost in the Bernie Madoff scandal. I just think that there has to be more to the story of Sylvia Bloom than what is written in this article.
15
Remarkable Story !!
4
Quiet competence and philathropy. Now THERE's a model we don't see much of in today's America.
18
She's my hero!
8
Sylvia Bloom is a timeless role model - live within one's means, save some money from each pay check, keep one's financial and other assorted personal affairs private, enjoy the occasional treat in life (albeit special chocolate or a "good bridge game") and don't forget about those who are less fortunate than yourself.
I didn't know Ms. Bloom, but I love her, I love how she lived her life, and how she kept her priorities straight. Even in death, she continues to help others out, if merely by mirroring some of her intrinsic qualities.
Thank you Ms. Bloom for your over-the-top contribution to the Henry Street Settlement, the generous scholarship to Hunter College and another unannounced scholarship.
20
This is the universe Americans reign with their magnanimity, passion, and their thoughtfulness. This is what attracts millions of immigrants from all over the world to rub their shoulders with these awesome people in order to become one of them eventually. This is America’s promise: magnanimity when needed.
Of course, not everybody could ever be like these generous set of people: simple, honest and awesome. But it’s worth remembering this possibility that only in America more than anywhere else such flowers bloom. Yes, we do have Trumps and Guilianies as well, but they've always been outliers.
12
The Trumps and Guilianis may be outliers, but they are accumulating much of the capital, which concentrates wealth at the top.
What Ms. Bloom did is admirable, but let's remember that not everyone can do the same, and in fact a lot of people who have extraordinary means don’t. She is really the outlier, for her philanthropy, and also for her proximity to smart money and the intelligence to capitalize on it. Not everybody has investment advisors in the form of rich lawyers; not everybody is healthy enough to keep working for 67 years.
If the Trumps and Guilianis continue to amass fortunes that they don’t put back into the economy nor into philanthropy, and their policies continue to favor the rich at everyone else's expense, it will become less and less likely that secretaries will be able to do what Ms. Bloom did. They simply will not make enough money after paying the rent and healthcare costs to put any into the stock market, especially with New York rents being what they are.
14
If I had the chance to be Slyvia Bloom or Michael Cohen I would choose Slyvia Bloom every time.
22
Sylvia Bloom was my father's administrative assistant (yes, secretary) at Cleary for over thirty years and she was indeed as amazing a person as the article maintains and as people's comments here suggest. Fiercely loyal to my father and the firm, unassuming, hard-working, sensible, and representative of everything Cleary stood for back then, and I would guess now, too; integrity, diligence, and excellent communication skills. My father always said she was much of the reason for his vast success as an attorney. Indeed, he grew up in the most modest circumstances in Boston, fought in WWII, went to Stanford Law on the GI Bill and worked for the same law firm for his whole career. I never knew Mrs. Bloom (as we called her) was so successful in her investments, but I am not the least bit surprised. The Greatest Generation, I guess!
221
I love this article! I always say that I'm thankful I was poor in NYC. My siblings and I (six of us) grew up poor on the Lower East Side, and we relied on Henry Street Settlement House and Sloane Center for fun and learning. Two of my sisters went to Hunter College, and I went to CCNY. We also received free health care at Bellevue Hospital. I am retired now from a lifetime of teaching English. Thanks to a free education and free health care, I became a member of the middle class. We need to do more for all the poor children in the USA. Thank you for telling us this good news!
91
The comments are commendable... unusual for these days.
10
You don't get to choose your family.
7
Cute.
Again, db?! Really? The only nasty comments I've seen so far have been from you. What gives?
It's a wonderful story and a valiant woman. IM wondering about her rent. Did it even cover the cost of real estate taxes on her apartment ? Did she have a small landlord like in my family who truly TODAY -- not in the Depression but today --are squeezed beyond any measure of fairness by grossly outrageously below market rents even while our real estate taxes have more than doubled in the last 10 years.
10
Yes but rest stabilized apartments are a tiny fraction of the total, there are fewer ever year. Stabilization lets people who make small salaries working for non-profits not be pushed out by the greedy landlords who want everyone in NYC to HAVE to make 150K a year. I'm a third generation New Yorker and I hope to not be one of the many who are pushed out each year - many illegally.
10
Mary - Actually, over 1 MILLION of the NYC's apartments are rent stabilized (there are much less that are "rent controlled".) Its just so easy to just blame the "greedy landlords" and say the apartments are for those working for "non-profits" (huh?). Hannah is pointing out the unfairness of the system. The City taxes have skyrocketed, along with water, sewer, tickets, permits, etc. while they have had approved almost zero rent increases. There are many small landlords who have invested their life savings in small NY buildings, only to be treated as criminals by the city and tenant advocates. The system actually only increases costs for everyone else who is not rent stabilized/controlled/section8/nycha/IMD/SCRIE/DRIE.
5
So much of this story resonated with me since I just revised my Will, and it's nice to know one is not alone in one's lifestyle and intentions. I, too, have been a good saver, frugal (though not ascetic) in lifestyle, and let time (and the stock market) do its work over many decades. I have no direct descendants and my cousins don't really need the money, so it makes sense at death to give most of it to charity in order to try to make a lasting difference, since I didn't add to the gene pool.
Ms. Bloom was an admirable lady and a very sensible one as well. I hope there are many more of her (him) out there.
40
I commend you, but would like to add another possibility - you could create a foundation, and that way your charity would last into perpetuity, if it is handled properly. That's what I would do if I had that much money to give. Just a thought.
6
Ms. Bloom regretted not going to law school. But she turned out to be a genius at investment ! I bet many of the lawyers whose stock picks she used as guidance didn't accumulate multi million dollar fortunes even though they invested partner compensation and not the savings of a legal secretary. Ms. Bloom had "to know when to hold'em & know when to fold'em" without formal finance training. I bet Cleary, Gottlieb kept her on the payroll as long as possible because she knew more about managing the law firm than all the managing partners put together. And to leave it all to charity scholarships! Truly her memory will be for a blessing.
171
She seems like a remarkable lady on so many levels. Let's start with working at a highly aggressive male dominated field beginning in the insanely misogynistic environment of 1951! She not only put up with it she pushed forward and thrived despite of it although she must have had some dark thoughts at times. It's noted that she started as a secretary and finished as a secretary and she seems to have regretted not getting a law degree. To me that indicates that she recognized she was as smart or smarter than many of her bosses. I would have loved to sit down with this woman and get her to tell me what it was like, how she managed and, of course, what she saw and heard!
Such a lovely story. Congratulations to the recipients of this woman's generosity.
138
Perhaps you could show some decency instead of slandering wholesale her coworkers and bosses ("working at a highly aggressive male dominated field beginning in the insanely misogynistic environment of 1951"). Maybe part of the reason she stayed there so long is that she worked with decent people, even if every single aspect of every single thing they ever did, said, or thought doesn't meet your exacting standards of moral perfection. But you seem to know that everything was horrible, everyone was terrible, and I'm sure you know the One True Path to salvation!
12
Yes your comment reflects "decency" compared to mine. Not.
My comment does not say all the things you attribute to it. You seem a little sensitive. Please don't reflect that back on me.
2
Why was she allowed to be living in a rent-controlled apartment when she was obvious so wealthy?
10
I don't think rent-controlled is the same as subsidized; occupancy not income is the determining factor if it is a rent-controlled apt.
22
She was living there, presumably long enough, that her annual rent increases never reached the threshold where her rent excluded her from protection.
Anyone who lived in New York during the years she did is entitled to combat pay. (I'm not 96 but I remember NYC when it wasn't a wall-to-wall brunch spot.)
23
I do have one question and the article said her estate was valued over three quarters of a billion so I am wondering what happened to the rest. Hopefully to other causes that meant a lot to her
2
the 750 mil was in relation to the one of the other couples mentioned...
6
That was the fortune of another couple who were similarly unassuming as Ms. Bloom. It was confusing that the Times crammed that in there.
6
Donald and Mildred Othmer had that amount, not Ms Bloom. The article says she left "more than $9 million", and that "some money [was left] to relatives and friends" in addition to the two scholarship bequests.
5
I'm glad to read about this woman. This is exactly what I've been planning to do my whole life. I told my family this was my goal when I was in elementary school.
Most people think this is really weird. But I know I'm not the only one who has a sense of pleasure in this kind of plan.
She had opportunities to invest that I didn't have, and I won't have as much money as she did in the end, but the idea is the same.
15
What a remarkable story, and what an interesting and generous woman.
8
The key to her success at investing was undoubtedly time. And what allowed her to have such a long investment horizon? The fact she was able to remain employed for 67 years. The article mentions some commuting related obstacles but the real impressive feat is that over 67 in a law firm office, she would have had to relearn her job several times over, learning everything we know about email, spreadsheet and word processing programs in her 70's and 80's.
Now that is something to aspire to--in my 80's I'd hope won't be afraid to upload my brain into the office VR simulator or whatever we are doing then.
226
It's nice to read stories about responsible adults who work hard, invest, plan for the future, and take care of those around them. It's also encouraging to hear examples of people working for so long and enjoying it.
15
I hope heaven is real, and she's enjoying a great bridge game !!!
36
So, even her firefighter husband may not have known they were millionaires? Hmm. Lucky they never got divorced. It's one of the great wealth killers in American life. Kudos to her philanthropic choices. Quite an interesting lady.
8
An appreciated counterpoint to the corrupt filth dominating the national stage.
26
What an incredible woman! Sets an example for all to follow.
11
in this time of greedy narcissistic buffoons (guess who) we need more true stories like this.
27
A remarkable woman and a wonderful story. All these comments about her generosity, her choice of a inheritor. The few complaints that she didn't deserve her apartment....generally from those who think they did. (Rent control covers about 2% of NYC apartments.). She never moved out of hers in some 50 years.
The real take here is not the end of her life, but the life she led. Get the check, deduct five percent of gross....save it. Then figure out how to live on the rest. Ditch the cable, read. Pare down the cell plan. Cook. Be so good at your job, they will want you at 96. She worked when she needed to, and she worked when she didn't. I doubt it was easy when she started, and it's not easy now. Stop telling yourself it can't be done and figure out how to do it.
173
"Stop telling yourself it can't be done and figure out how to do it."
Housing costs have exploded in many parts of the country over the last few years. (Especially in major cities where many jobs are located). If you have to pay an enormous percentage of your income in housing costs every month, it *can't* necessarily be done. And that's not even touching on the issue of student loans...
This lady was obviously very admirable in many ways, but insisting that people in younger age brackets should be able to do the same sort of things she did ignores many economic changes and realities.
44
No, really. It can be done and it's not easy. I graduated with the equivalent of $60k in debt about 20 years ago (according to the CPI) which is the debt students are graduating with today. I was freaked out and discouraged, too. I had a plan for my life and my career and so did my friends. I lived with roommates out of college and we complained about rising rents back then, too. I cooked most of my meals myself without the help of BlueApron. I had a cheap used car. I didn't buy a lot of clothes. In short, I still lived like an impoverished student for a long time. My parents were both bemused and horrified when they did visit because I'm sure it wasn't up to their standards.
Most importantly, I did what one of the other commenters suggested, take 10% off the gross paycheck to save. I still saved another 10% in my 401k. I consolidated my student loans, paid my student loan bill, and I still managed to have a good time in those years.
Years later, despite the dot-com bubble bursting, I was able to pay off my loans with half of that savings and put down a small down payment on a condo with the other half, and still have a modest 401k to grow over time.
It is possible and the sacrifice is real and difficult. It took my cohorts and I 5-10 years to get out of that situation but we persevered. But Ms. Bloom should serve as an inspiration to frugality, perseverance, and patience not just at the beginning of one's adult and professional life but through our lives.
25
I guess its all about the journey Jason...
1
What an amazing woman. On so many fronts. Her story let's us know the great things of which we are all capable. Her story also serves to emphasize the flaws in those who we currently deify. Most notably, and I apologize in advance for "going there," but compare Ms. Bloom's commitment to charitable causes with our current POTUS from whom reporters, as of 2016, have been unable to identify a single cash donation. Despite his alleged billions.
11
Ms. Bloom sounds like the sort of woman I would have liked. Modest and unassuming but apparently full of caring for others. May her donations bring great knowledge and through that, great good to the community.
26
In reply to Sarai of NY, NY below:
Thank you for raising questions on the rampant ageism at work!
I've seen so many cases of ageism among family and friends -- being laid off around 50. Losing job means losing health care in modern day USA. So in next election cycle please both Democratic and Republican Parties give us candidates who promise Universal Health Care or, at least, expanding Medicare to cover people of 50+ (Sanders, I'm calling out to you!), partly paid by penalties imposed on companies who have a track record of laying off employees around and/or above 50.
Thank you NYT for this heart-warming story! And please make a follow-up report on Ms. Bloom's employer, the Wall Street law firm who kept her employment into her mid-90s!
Thank you Ms. Bloom for your truly inspiring example of generosity and intelligence! R.I.P.!
21
This is a really heartwarming piece. And a wonderful example of humility that not only helps an individual but can help so many others. #wecanallBloom
20
Wow! Hats off to Ms. Bloom. A similar feat some of us saw by a lady physician in Ann Arbor, Dr. Shoemaker, a humble, frugal, well spoken woman who 'left us' too soon, and with a surprise donation from her life savings. Hats off twice, please. In these Trumpian times of abuse and neglect, we need these stories more than ever, to remind us that the human spirit is alive and well.
20
It is enlightening story that teach us how a "high life" can be lived. With millions in the bank, ordinary people will not help but spending on better housing and service and goods. It is not her frugal, but her value that last for a long life touches us. Her inspiration power does not come from her money, but her heart.
11
My Mother died when she was in her 90's. She was a stay at home mother until Daddy died when she was 50. When she died she had saved $50,000. She enjoyed being frugal but was always generous and willing and able to give to those who needed a helping hand. Her automatic monthly gift list was long.
25
Another woman whose talents and commitment to education, leaves a substantial legacy to help others achieve. Like Anne Sheiber leaving $22million to Yeshiva University for scholarships for women, when she never made more than $4,000 and couldn't get promoted, while working for the IRS. Lessons in sincere and humble philanthropy.
39
Good for Ms. Bloom, good for the law firm that kept her until she was 96 and good for the Henry Street Settlement which enabled me to escape the Fort Green summers in Brooklyn for a couple of years and got me to their sponsored summer camp, The University Settlement Camp in Beacon NY.
60
.
A friend of mine, who was born one year before Ms.Bloom, died not long ago with a net worth around $1 million. It would have been MUCH more if not for health care & home health workers' fees.
She told me once when we were talking about money: "I was in debt when I was 50. I decided then that it was time to get my financial act together."
Certainly saving early helps tremendously- but SAVING is the key....
Well done, Ms. Bloom.
Susan
Expat in Ireland
22
Clearly, she did what made her happy and her early life experiences influenced the way she viewed money, wealth, savings, and hard-work. Stories like this fill me with hope – that financial success can be achieved by many of us – if you make the right choices, you are willing to learn, are extremely disciplined, and hold fast to the virtues of delayed gratification.
However, I do wonder if she is one who derived a whole lot of happiness simply from the act of saving and watching her savings accumulate. The money she bequeath to these institutions and beneficiaries will certainly have an impact and change the lives of many (at least that’s the intent). Wow! What would I do, if that was me? I would want to be a living witness to and actor in how my good fortune could be used to better the lives of others. That’s just me. We are all motivated by different things.
Anyway, as I was reading this article I kept thinking about the words a friend recently told me that he had told his mom – who was also a great saver. Years before her death, he and his brothers tried to encourage their mom to be comfortable with and not afraid of spending her money on herself as oppose to just saving it to pass on to her heirs.
17
This fills with me hope too! I had never been in a position to save but now that I am I wonder how to save and be smart for the future without saving just for the sake of saving.
8
My mother just past away at 92 last Saturday. She had been a professional musician as were her brothers. They were able to take lessons for free, if not just nominal fees, at the Henry Street Settlement, during the Depression. Knowing the good works they did and continue to do, we asked people to donate to charities and specified the Henry Street Settlement as our preferred charity. It is wonderful that through Ms Bloom's donation, others now know about this worthwhile charity.
56
She worked for the firm until retirement at 96! Bless you, Cleary, Gottlieb Steen &Hamilton for valuing employees regardless of their age. I'd love to hear more about the HR attitude and practices of this firm, and about why this woman was so valuable to them.
220
A wonderful, inspiring story - especially in the unfortunate time of Trump.
29
I winder how many rich people who inherited money ever do this?
42
She saved money that would have filled the pockets of greedy owners in a crazy economy. Then she donated that money to benefit students. Bravo.
26
Nice if Cleary Gottlieb would match the gift!
45
You could do so, as well, at least to the extent you're able.
5
Yes, but in a way they did, by employeeing her all those years.
6
Ms. Bloom someone to honor as this article does for not only the bequest for those so in need who could use a helping hand, but for the example of her life and the grace notes in this article. The contrast could not be more extreme between the noise from those who claim to care for the less fortunate, the glittering charity balls, golf games, etc., all done with the tax breaks in mind, and Ms. Bloom.
Thanks for the profile of a really fine human being.
29
Henry Street Settlement is an amazing place - bringing comprehensive social services, the arts, and LIFE to its community and beyond. Ms. Bloom was not only wise in her investments, she vetted the recipient of her generosity brilliantly.
Her donations were particularly wonderful to hear this weekend because the rest of the stories about money focused on putrid campaign donation bribes to sex workers!
40
Stories like this, out of the depravity of the Trump era, give us all hope that there is hope. Please keep them coming.
50
heartwarming
21
Sylvia Bloom represents the kind of leaders we need in this country - selfless, honest and humane. The irony that this nation of influential immigrants can produce people like Bloom and also the current crop of vapid, superficial leaders and supposed celebrities, is never lost on me.
41
This made my Monday and was shared with a one-year Facebook group lead by Benjamin Hardy, 52 Weeks of Momentum.
This lovely woman needs to be cloned!
28
I love this story. Ms. Bloom’s generosity will help many other lives blossom.
26
Working at a single firm for 67 years! A firm that grew in size and reputation, benefiting and recognizing her work and loyalty. No doubt she inspired them too.
Much more there about this woman and her employer that far exceeds "riches" measured in her bequests.
Hopefully this part of her story remains true for even a small number of people working today -- who work, save and invest, whatever their means or amounts.
Do not hesitate to offer your subway seat to an elderly person, modestly attired, heading to work or home each day. Be part of the good that arrives from patient, small, modest steps.
86
Super cool in an unprecedented era of self indulgence and gold plate safety buckles on private jets.
Some people truly grasp that when everyone has better opportunities and support we all do better.
144
Another inspiring story about the child of immigrants who gave so much back more than she took. She grew up with good values and now future generations will benefit from her extreme generosity.
It's too bad she didn't have the opportunity to run for president. She would have had my vote!
53
No discussion here about her "access" to investment information from her bosses. Did they know she was trading on their information and trades? She left the money to a good cause.
4
she didn't seem to use their money to do so. she handled their personal finances, as many executive secretaries did in the days when she started working. she was a smart woman who used information wisely. obviously never declared bankruptcy or took advantage of tax laws that favor the wealthy and made her own money without inheriting it. i don't think you understand the actual meaning of "insider trading." likely the stocks she invested in were publicly traded. she had no more --- or less -- information than any individual who reads the WSJ or the business section of the Times.
35
W HENDERSON I found it very interesting that on the Law firms website they state that they have offices in 16 major financial centers and that the first 2 types of law that they practice are with national and international business organizations and financial institutions.
3
Why this persistent nonsense about "tax laws that favor the wealthy."? Are you not aware the tax law favors those at the 40 percentile of earnings and below? These HHs typically pay little or zero federal income taxes. This fact, I suspect, seems pretty favorable to these folks--plus, many of these HHS receive money from the gov't through EITC and nontaxable medicaid and food stamp benefits.
2
The article does not cover this, but it seems she made the donation without any requirement that her name be plastered on buildings, like other philanthropists who wish for us to gawp at their munificent magnanimity for all eternity (Mark 12,39 has a few things to say about that). If so, her generosity is truly worthy of praise.
177
While I loved learning about yet another anonymous self-made woman and I appreciate the NYT is finally featuring stories and a few obituaries about women who were largely ignored by this paper while alive, I am sad that ultimately, this woman, like most women is noteworthy not for her long tenured successful career, her passions, contributions to making a business successful enough that she too was able to benefit, but because in the end, her value, the value of her life's work, was all about how she serviced others. Her husband. Her bosses. Her preferred charities. Who was she, the individual? There are books written about lesser men by celebrated authors. Was she not noteworthy to the principals of her firm while living? Why not NYT worthy then-- she had to have been one of the longest working people in the US, ever. The narrative of white male controlled media remains troubling. Women always glorified for their service of others and immortalized only after their life can be assessed as having serviced others. Is it any wonder we don't see the Ms. Blooms around us, only to celebrate them when truly irrelevant? I am part of a collective of close to 2000 women who are like Ms. Bloom, self made millionaires, not the appendage of a husband, father, or other legacy. In seeing this piece, and Ms. Bush's recent obituary, I am reminded the evolution of women, how to even define the meaning of woman today, remains very much elusive to the ones it should matter most.
94
It sounds to me like Mrs. Bloom was a modest, frugal, extremely hard-working person. What would she have wanted with a lot of publicity and fifteen minutes of fame?
3
When Ms Bloom graduated from college, she took a job as a secretary. She was clearly much more talented and taught herself many skills. A good argument for a liberal arts based education and workplaces that allow/encourage all employees to grow in their skills. Undoubtedly she had numerous moments of #me, too. What a contrast to the world of work today, especially for women who don't have lots of socioeconomic advantages to start out with. To me, she is a hero - a good role model for making value based choices about how she spent her time, talent, and treasure.
26
Why assume that she had 'undoubtedly had numerous moments of #me too'? She sounds like she was intelligent and quite savvy, so again, assumedly, might not have tolerated such behavior. Also, to their credit, the firm kept her on till she was 96! This is highly uncommon practice for a corporation, so clearly their values and ways of treating employees are laudably different from the ageist norm.
16
MARY from Mass I also am from the generation of women who was limited to the type of jobs available to me although I am 15 years younger than Mrs. Bloom which was nurse, secretary and school teacher. I also graduated from college when I was 40 years of age with a business degree in marketing and economics which enabled me to get out of the limitations I had and started a career in Technology from which I retired this was while I was also responsible for the upbringing of my young children. I commend her for leaving most of her money to charity but would also have spent money while alive for my extended family and enriching myself while traveling the world and being involved in cultural issues.
7
What a wonderful story - truly one of the Greatest Generation. Great to read about a NYC life-long resident with amazing integrity, and privacy. (Instead of two loud-mouths we're reading about every day!)
31
Hopefully, the recipients of Ms. Bloom's lifelong smarts, character and savings principles won't squander the bounty with which they've been gifted.
19
Cool story. But really, amassing several million dollars is not rocket science, if you save and invest sensibly and consistently over the course of a long working career. I'm estimating that a 10% savings rate & a few percentage points average ROI over 67 years would do it, even without stock tips gleaned from your bosses.
4
I think you are referring to the percentage growth that we have only seen in the recent past. The 10% growth 20-25 years ago didn't exist. Only with the .com boom did it all of a sudden become the expectation that the minimum growth one should expect was double digits where historically that was not the case. That attitude took a lot of money away from the manufacturing sector costing a lot of jobs because people wanted fast cash rather than a slow solid economy based on produced goods.
16
Gary in Thailand you miss the point. Yes, it is simple math. But the discipline and humility on display here is epic. That is the real source of her wealth.
20
The point is not simply amassing the fortune. It is doing it for completely unselfish reasons and then giving it all away to help others. Any fool can make money (Trump) but only truly special people share it as Ms. Bloom has. This is what makes it such a wonderful story.
17
Kudos to the law firm that kept on a 96 year old.
417
A noble gesture of generosity from a truly noble woman.
27
Beautiful story ... however, makes we wonder how many other millionaires in NYC are living in rent controlled apartments?. My hunch ...thousands
25
How do you think they became millionaires?
9
They are all around us, philanthropists who would never use that word, but just do what they can to make the world better. Yet another reminder that those who walk the walk don't need to talk the talk.
176
A true New York story. That she sacrificed and yet was so successful in her quiet way and that she then left most of her fortune to charity proves she lived a most exemplary life. But that she retired at 96 is what is perhaps most remarkable. Bravo Ms. Bloom!
75
Just wonderful. This article made my day.
Thank you
57
I'd like to de-emphasize the investing part a bit. Her husband retired as a city firefighter with a pension. Then he was a city school teacher and doubtless eventually had a pension from that work as well. Secretaries in those Wall Street firms do well and get bonuses. (I was a night typist at a Wall Street law firm for a short time in the early 1980s and the pay was good! Plus cash for a taxi home when you work late which you could choose to save instead.) At the age of 70 she would collect her maximum Social Security payment and she worked full-time for another 20+ years. She and her husband would have had excellent health plans. Probably not a nickel spent on doctors. And no kids or college tuition to pay. No student loans since she attended Hunter College. With a modest lifestyle, based on the labor of her and her husband, alone, the cash would pile up. And great that she - presumably based on values shared by her husband - deployed her assets so well after her death.
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and let's not forget, they also spent far less on rent than most other people...
26
I agree. Rent controlled apartments should be for people with low income, not for well to do people, living on 2 well-paying salaries.
16
Please explain why you (and Ms. Freilich) felt the need to throw shade on such a generous deed. She could have blown the money on a legal defense fund for Trump.
17
Her husband sounds like an interesting person too. He retired as a fireman and then became a school teacher AND a pharmacist.
33
As a fireman he could have received extensive free training (actually getting paid to train) as a paramedic and they probably had a program that would pay for additional coursework.
1
Incredible! Ms. Bloom is an extraordinary outcome of the confluence of excellent NYC public education, the burgeoning growth of NYC and the humility of her family and time. May her spirit and contributions live on.
57
Another wonderful story brought to you by individual initiative and capitalism. No need to thank capitalism, however, it’s just reality. Yet, many people are against it. Go figure.
6
I’m not against capitalism but I wish more capitalists would use their money to help humanity instead of using it to destroy democracies around the world so they can acquire even more.
52
The Greatest Generation, indeed.
22
Wonderful gift from a New Yorker who DID make America great.
As the rubble of Long Island College Hospital is carted away, replaced by market rate condos and joining an urgent care center, it must be noted that the Othmer bequest was grossly misappropriated by Continuum Health Partners (formerly Beth Israel, LICH and St.Luke’s-Roosevelt Hospital) and then SUNY Downstate Medical Center. A cautionary tale and a disgrace.
https://www.wsj.com/articles/SB10001424127887324263404578614183479259720
11
Great donation to Hunter College which gave a first-class education with great professors to young women growing up in the depression era regardless of color, nationality or social pedigree. For $10.00 a semester including books I got a great education and foundation for a wonderful and successful career.
Thanks for thinking of Hunter Ms Bloom. RIP.
241
Model citizen! Inspiring! Humbling! The epitome of selflessness!
With a net worth of over $9 million, she was nevertheless allowed to live in a rent-controlled apartment while other hardworking people with a net worth far less than hers have to pay $2,600+ a month for a tiny studio in order to be able to live in New York. Give me a break.
23
A bit harsh, no? She lived a very simple life and gave virtually all of her wealth away. I'd buy your argument if she took advantage of a rent controlled apartment so she could spend her $$ instead on fancy cars, restaurants, and vacations.
17
You ARE kidding right? So she should have been kicked out because she saved money? You make it sound like she stole it or inherited it. No, YOU give me a break. Then tell DJT he could do with a large helping of humility and selflessness-I know, hopeless.
12
These Ayn Rand types never give up. They know one note, and one note only.
9
I related this story to my wife who agreed it’s heart-warming and admirable. And she posed a great question: how much of their fortunes did her bosses donate?
84
see my point? low fees and high returns only get you so far if you're not saving enough #1 and not selling at every market bottom and buying back high.
1
Ms.Bloom was a shrewd observer of people.She understood the people around her.
Wise can only understand the Wise & that's a quality which is divinely bestowed.
To which was her boundless Generosity.Again a divine quality.
Reading the article,i can say she is blessed in her sterling qualities of heart.
Her innate kindness will be magnified many times in the heavens above.
I request the US Postal service to issue a stamp in her honour of,Very Ordinary People(VOP) carrying out Extraordinary feats of heart & mind.
May her Soul rest in Peace.
Thank you for this beautiful,heartwarming article of Optimism.
Let a thousand Blooms,Bloom.
32
it would be simple. a bloom stamp
7
Just because someone has a lot of money does not mean they are “greedy” and “evil” or built their wealth from the exploitation of others. Many build their wealth through decades of hard work, smart investing and thrift. Ms. Bloom should be applauded for what she accomplished during life and upon death. We should all learn from her accomplishments.
30
"Just because someone has a lot of money does not mean they are 'greedy' and 'evil' or built their wealth from the exploitation of others."
Just most of the time...
1
@SD. I'd recommend going about life thinking of people as being nice until proven otherwise (i.e. "innocent until proven guilty") and not the other way around, and doing so regardless of how much or how little one has in their bank/investment accounts. I think it's very unhealthy to go about one's life thinking about others as you are suggesting.
Thanks for sharing this inspirational story about such a smart and generous woman. I wish we had a president like her.
262
Beautiful story, beautiful person.
27
Great story. Very well written. I can't help but think she got quite a few chuckles from know-it-alls talking down to her.
21
I hope she had a happy life. This bequest will help so many people. RIP, great lady.
118
Call it what you will, it is still insider trading!
4
How so? She wasn’t trading on information unavailable to the public.
26
How do you figure? The article says she mirrored investments of the lawyers in the firm. No indication anyone was dealing on inside information.
19
Insider trading is buying or selling based on inside information about the COMPANY whose stock you’re trading. Buying the same stocks as your neighbor, or boss, or cousin, is not insider anything.
38
Inspiring article. Tired of hearing people constantly talk about how they "bought this and that". This is the magic of compound interest btw! She basically never touched her money and let it compound/grow and it turned into a super large amount by the time of her death. The magic of saving early and often!
38
What an example of humility, generosity, gratitude, and responsibility. Just wow.
38
A beautiful example of being of service to the world, the mitzvah; a central concept of Judaism. I wish more people of wealth would follow this path.
90
Yes. Tzedakah is always a mitzvah. Beautiful example of paying it forward.
11
I hope the money benefits a lot of students as she wanted. I have seen a lot of these kind of donations squandered or used for other purposes.
15
No doubt, especially when the donor is not around to check things out.
A wonderful story to start my day. Thanks for sharing this, NYT.
80
What in inspirational person. Sounds like everyone in her circle was lucky to have known her, hopefully they were aware of that too!
37
Magnificent and quiet life!!! A model citizen. I hope someone will write a children's story book about her.
117
MS BLOOM'S achievement in leaving $8.2 million to a social services agency is astounding. She was the quintessential outsider trader, modeling her portfolio after those of her bosses. Clearly she was more interested in her work than in tracking her investments. The idea that she continued working till shortly before her death is astounding!
172
Due to rampant - and illegal - age discrimination since the last economic collapse, there are many Americans over 55 who'd love to still be working but don't stand a chance with younger employers and managers who only want to hire lower wage millennials and immigrants.
23
Humbling. Ms Bloom is an inspiring example to follow.
143
I wish all the big earners in this country were as magnanimous as her!
Her contribution surpasses those of all the major philanthropic Foundations in its selflessness and humility.
251