5 Presidents Who Were Terrible with Money | Summary and Q&A

TL;DR

Past presidents teach us valuable financial lessons, including the importance of living below your means and diversifying investments.

Key Insights

• 😀 Personal finances of past presidents varied widely, with some experiencing great wealth and others facing financial struggles.
• 🤑 Risky investments and poor money management led to financial ruin for some presidents.
• 🍝 Debt was a common issue among several past presidents.
• 🤩 Diversifying investments and finding alternative sources of income were key to financial success.
• 🖐️ Government assistance, such as pensions and Medicare, played a role in the financial well-being of some presidents.
• 🫒 Personal finance lessons from past presidents are still relevant today, emphasizing the importance of living below your means and avoiding debt.
• 💄 Success stories, like that of George Washington, show the benefits of diversification and making wise financial decisions.

Transcript

Alison Southwick: Robert decided to dig into the personal finances of our great leaders, and perhaps, not surprisingly, he learned that's just because you're sitting in the White House, it doesn't mean you're a great budgeter. Robert Brokamp: It's true. Southwick: So, you have some lessons for us today from presidents past. Brokamp: Yes. The formul... Read More

Questions & Answers

Q: How did Ulysses S Grant lose his fortune?

After his presidency, Grant invested $100,000 in a brokerage firm that failed, rendering his investments worthless. He lost all his money and lived in poverty until he wrote his memoirs, which earned his family a substantial sum after his death.

Q: Why did Harry S Truman struggle financially?

Truman lost everything after investing in a mineral company and an oil company. He even started a failed men's clothing store. He was one of the first presidents to receive a pension from Congress and relied on government assistance like Medicare.

Q: What financial difficulties did William Henry Harrison face?

Harrison incurred debt due to failed crops while he served as an ambassador to Colombia. As a result, he had limited funds when he became president and died after serving only 32 days.

Q: How did Thomas Jefferson end up in debt?

Jefferson was land-wealthy but cash-poor. His expensive tastes, including the construction of Monticello, contributed to his debts. He also signed loans for others, which he eventually became responsible for, leading to the need to sell his belongings.

Summary & Key Takeaways

• Ulysses S Grant lost his fortune through risky investments, but his memoirs earned his family almost $500,000 after his death.

• Harry S Truman struggled financially and was one of the first presidents to receive a pension from Congress.

• William Henry Harrison faced debt due to failed crops and did not have much money when he died after serving only 32 days as president.

• Thomas Jefferson, despite owning land and property, was cash-poor and had to sell his belongings to repay debts.

• George Washington's wise financial decisions, such as diversifying investments and investing in a fishery and whiskey distillery, made him wealthy by the time of his death.