Presidents and Their Money: Surprising Financial Lessons from U.S. Leaders

Presidents and Their Money: Surprising Financial Lessons from U.S. Leaders

Presidents’ Day is a time to reflect on the leaders who have shaped America—but let’s talk about something we don’t often hear about: their personal finances. Some presidents were savvy investors, others went bankrupt, and a few made some very questionable financial decisions. At Asempa Wealth Advisors, we believe that understanding Financial history can help us make smarter decisions today - whether its in investment management, estate planning or tax efficiency.

 

Here’s a look at some of the most interesting financial lessons from U.S. presidents.  

 

George Washington: The Land Baron Who Almost Went Broke

George Washington wasn’t just the father of the country—he was also a serious landowner. At one point, he owned over 50,000 acres across several states. His plantation at Mount Vernon was massive, but farming wasn’t always profitable, and he struggled with cash flow.

Despite his wealth on paper, Washington often found himself short on liquid cash. He even had to borrow money to attend his own presidential inauguration! Thankfully, he made up for it later by becoming the highest-paid public official in the country at the time—his presidential salary was 2% of the total U.S. budget.

 

Thomas Jefferson: The Founding Father of Debt

Thomas Jefferson was brilliant, but financially? Not so much. He loved books, wine, and architecture—all expensive tastes. He inherited significant debt from his family and kept borrowing to fund his grand lifestyle at Monticello.

By the time he passed away, Jefferson owed the equivalent of millions in today’s dollars. His beloved home had to be sold off to cover his debts. Let’s just say he probably wouldn’t have been a big fan of credit cards.

 

Andrew Jackson: The Debt Slayer

Andrew Jackson hated debt—both personally and for the country. Before becoming president, he made a fortune in land speculation and at one point owned a successful cotton plantation. However, he had also experienced financial ruin earlier in life, which left him with a deep dislike for banks and borrowing.

As president, Jackson made it his mission to pay off the entire U.S. national debt—and he actually did it! By 1835, the U.S. had zero national debt, the only time in history that’s happened. (Of course, it didn’t last long—by 1837, the country was in a major financial crisis.)

 

Abraham Lincoln: The Penny-Pinching Lawyer

Abe Lincoln grew up poor and had to teach himself about finance. Before becoming president, he worked as a lawyer and even ran a small general store—which failed, leaving him deep in debt.

Lincoln’s financial troubles gave him a lifelong appreciation for living within his means. As president, he was known for his simple lifestyle and modest spending habits. His financial discipline probably helped him navigate the massive costs of the Civil War.

 

Theodore Roosevelt: Rich Kid Who Lost It All (and Got It Back)

Teddy Roosevelt was born into serious wealth, but he didn’t exactly hold onto it. After the tragic death of his wife and mother on the same day, he moved out West to become a rancher in North Dakota.

The problem? A brutal winter wiped out most of his cattle, and he lost nearly all his money. He had to start over, rebuilding his fortune through writing, speaking, and politics. By the time he became president, he was financially stable again—though never as rich as his childhood.

 

Harry Truman: The Struggling Ex-President

Truman wasn’t wealthy before the presidency, and unlike today’s ex-presidents, he didn’t have lucrative speaking gigs or book deals waiting for him.

After leaving office, he had almost no savings and lived off his $112-per-month military pension. Seeing his financial struggles, Congress passed the Former Presidents Act in 1958, ensuring future presidents would receive a pension. Truman never wanted wealth, but his struggles changed how America treats its former leaders.

 

Financial Lessons from U.S. Presidents

From land deals to crushing debt to financial comebacks, presidents have had wildly different money experiences. Some were savvy investors, while others spent far beyond their means.

Managing money wisely is key—not just for presidents!