Saint Dolly: Celebrating Dolly Parton and a Legacy of Giving

At the bright, young age of 10 years old, I found myself standing in the Rags to Riches museum at Dollywood, staring at an artifact of folklore that I thought existed only in the realm of myth. I’d heard the song so many times growing up, it had been woven into the fabric of who I was. I still know the words by heart. I couldn’t believe that Dolly Parton’s “coat of many colors that my mama sewed for me” was real, that right in front of me was tangible proof that Dolly’s story was real. The pretty, rich blonde lady who was so famous was one of us.

To understand my thoughts on Dolly, you first need to understand a little about me. I grew up in a rural farming community called Dry Fork, Virginia. Yes, that’s the real name. No, I’m not kidding. Dry Fork has a population of about 4,000 and a median income of about $30,000. It’s a farming community that subsisted on tobacco farming. Every single family member I have has memories of pulling tobacco leaves in the sticky heat. It’s a humble place full of humble people, and as rural as you can imagine. I grew up on a dirt road, and we didn’t start getting rural broadband until late-2024 (even now, only about 15% of the area is covered).

All of that to say, I knew a little of what Dolly was talking about when she sang about her childhood growing up in the mountains of East Tennessee. I could relate to her stories, and so could everyone around me. Dolly was presented to me as a strange sort of southern demigod. Her music was the background track for a lot of my childhood, Truvy from Steel Magnolias imparted on me the wisdom of Southern womanhood, and “I Will Always Love You” buried many a relative.

For a girl growing up in rural southwestern Virginia, suffice it to say that Dolly was larger than life. Her success was our success. Her existence proved that it was possible for us to do it too, to become so successful and famous that the rest of the world had to acknowledge us and see our value. Even if we were just hicks with funny accents.

And here’s the thing about Dolly: she knew what she was carrying on her back, and she seized every opportunity to change the narrative about us, about who we were and what we were capable of.

Dolly could have easily reached billionaire status if she’d wanted to. At the time of her passing this week, Forbes estimated her net worth to be around $450 to $600 million. It’s estimated that throughout her lifetime, she donated an estimated $500 to $600 million to various philanthropic causes, and that’s just what was reported and trackable. It was well known that she gave, unannounced, to all sorts of friends, neighbors, and community members without ever making it known that she’d done so. She’d pay off medical bills, help local families in her community who needed it, and fund community projects quietly, without the need for media attention. In the wake of her death, media outlets like The New York Times have been reporting that she “gave away her fortune, dollar by dollar.”

You see, Dolly had the right idea about wealth. When she ‘made it,’ she chose not to sit on her wealth and hoard it like a dragon or wave it in the air like a status symbol. She didn’t strive for more for the sake of more, succumbing to the hedonistic treadmill of wealth. Dolly saw her wealth as a means of access, and she used it to plant seeds to widen that access to include as many others as she could.

In 1986, she founded Dollywood in Pigeon Forge, TN, her family-friendly theme park. Currently, the park draws approximately 3 to 4 million visitors to Pigeon Forge each year, generating an estimated $1.8 billion in annual economic impact for the surrounding region. Dolly helped make her home a place other people were interested in visiting, and created jobs for folks there who needed them. She wove charity and kindness into the fabric of Dollywood. The park still pays its employees well over double the federal and TN state minimum wage rate. Dollywood offers 100% full tuition coverage for high school degree equivalents, college degrees, and professional certifications, not just for full-time employees, but also for seasonal and part-time employees. And that benefit starts on their very first day of work, because Dolly believed that there shouldn’t be a vesting period for access to an education. The park also maintains an on-site employee healthcare center and childcare assistance benefits for employees.

In 1991, Dolly rolled out a Buddy Program initiative in Sevier County, TN, to combat high school dropout rates. Seventh and eighth grade students were assigned buddies with whom they signed a contract, promising to support each other and do everything they could to ensure both parties graduated high school. The reward for fulfilling the contract was $500, given to them personally from Dolly Parton. As a result, Sevier County’s dropout rate plummeted from 35% to 6%. And let me tell you, as someone who went to a rural high school, to those kids, it wasn’t about the $500. It was the fact that someone believed in them enough to put that money on the line in the first place.

In 1995, she founded her Imagination Library. She was concerned about equal access to education and wanted to raise literacy levels among children in all communities, but particularly ones that were underserved by the education system. Dolly had seen firsthand how illiteracy can impact people. Her father, Robert Lee Parton, was, like so many people society sweeps under the rug, a brilliant man who never learned to read or write. Dolly had seen the shame her father carried regarding his illiteracy, and she did something about it, in the hopes that other families wouldn’t face that same barrier.

Dolly’s giving was also responsive. In 2016, as Tennessee wrestled with devastating economic and environmental damage in the wake of the Great Smoky Mountain wildfires, she paid families in Sevier County who had lost their homes $1,000 per month for six months through the aptly-named My People Fund. The fund reportedly distributed about $8.9 million directly to victims of the wildfires. In April 2020, when the entire world quaked at the threat of COVID-19, Dolly pledged a $1 million donation to Vanderbilt University’s COVID-19 research fund, vital assistance that eventually culminated in the creation of the Moderna vaccine. It’s reported that Dolly’s gift formed an entire percent of the overall budget, which is pretty impressive for one person.

The whole of Dolly’s giving is impossible to sum up in a singular article, but here’s the real point I want to drive home about her: in a world where the current Forbes Billionaires list stands at no less than 3,428 individuals, Dolly’s life and legacy serve as a reminder that true wealth isn’t measured by what you own, but by what you give.

And for all her financial contributions, as I’ve reflected on her passing this week, I keep coming back to that 10-year-old girl standing in front of her coat of many colors. As I gazed at that mythological artifact come-to-life in its plexiglass display case, I also remember seeing my own reflection shining back at me. It’s impossible that the museum designers could’ve intended that, but somehow I think Dolly did. She wanted to show little girls from places the world forgot that if she could fly, so could we, and that’s exactly what she did.

We can all take a lesson from Dolly. We get the most out of our money by using it to fund meaningful causes that are rooted in our goals and values. If you haven’t considered a charitable strategy as part of your overall financial planning, I invite you to consider the good that you could do in the world.

As we mourn Dolly, let us also acknowledge that we’ve got some mighty big shoes to fill.

Let’s get to work.

**Written by Katelyn Murray, CFP®, ChFEBC®, FBS®, CFT-1™, ECA. The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Katelyn Murray and not necessarily those of RJFS or Raymond James. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy suggested. Every investor’s situation is unique and you should consider your investment goals, risk tolerance, and time horizon before making any investment or financial decision. Prior to making an investment decision, please consult with your financial advisor about your individual situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional. **