How Did a Teen Fund His College Education with Pennies?

TL;DR

In 1987, Mike Hayes funded his college education by asking 2.8 million people to donate a penny each, raising over $23,000 in less than a month. With the help of columnist Bob Greene, Hayes's grassroots crowdfunding campaign demonstrated the power of community support and small contributions, allowing him to graduate without student debt.

Transcript

The term crowdfunding, a process by which a person raises money by asking others for small donations, has become popular online during the past few years. Websites like Kickstarter and Indiegogo offer individuals a platform from which to make their cases to an international community. Mike Hayes of Illinois used crowdfunding to pay for all four ye... Read More

Key Insights

• ❓ Crowdfunding has been around for decades, as demonstrated by Mike Hayes' successful campaign in 1987.
• 🖐️ Bob Greene's support as a well-known journalist played a crucial role in gaining attention for Mike Hayes' crowdfunding campaign.
• 🤨 Mike Hayes' grassroots approach of asking for small donations from a large number of people proved to be effective in raising the funds he needed.
• ✊ The success of Mike Hayes' crowdfunding campaign highlights the power of community support and the generosity of strangers.
• 🎓 Persistence and belief in his cause were key factors that enabled Mike Hayes to raise enough money to pay for his college education.
• 👯 The crowdfunding campaign received an overwhelming response, with more than 2.8 million people showing interest and supporting Hayes's cause.
• 😒 The use of traditional mail and physical donations, such as coins, added unique challenges to processing the funds received.

Questions & Answers

Q: How did Mike Hayes come up with the idea of crowdfunding for his college education in 1987?

Mike Hayes wanted to avoid putting his parents into debt and decided to ask 2.8 million people to each donate a penny to fund his education.

Q: How did columnist Bob Greene help Mike Hayes with his crowdfunding campaign?

Bob Greene, a renowned journalist and columnist, shared Hayes's story and request with his readers, urging them to send a penny to Hayes. This publicity helped generate a significant amount of funds for Hayes.

Q: How much money did Mike Hayes receive through his crowdfunding campaign?

In less than a month, Mike Hayes received over $23,000 from more than 70,000 pieces of mail, including pennies, nickels, dimes, quarters, checks, and paper bills.

Q: What did Mike Hayes do with the leftover money from his crowdfunding campaign?

After paying for his college expenses, Mike Hayes had $1,000 left, which he decided to give to a college student from one of the families that had sent him money. He randomly selected a letter from the pile and contacted the person to offer financial assistance.

Summary & Key Takeaways

• Mike Hayes, an 18-year-old student in 1987, needed to raise $28,000 for his college education but wanted to avoid burdening his parents with debt.

• Hayes came up with the idea to ask 2.8 million people to donate a penny each to fund his education.

• With the help of columnist Bob Greene, who shared his request with readers, Hayes received more than $23,000 in less than a month, ultimately raising enough to pay for his entire college education.