Importance of saving money even presidents go broke
Importance of Saving Money
Even Presidents Go Broke
Many Americans struggle with financial
issues. We all have to set priorities and
decide for ourselves the importance of
Sometimes we feel like no one else will
understand our situation.
Trust me, you come in contact with
people every day that may look like they
have it all together, but they have
financial issues eating away at them.
Even some of our Presidents have had
Thomas Jefferson, the third President of
the US, is said to have inherited debt
from his father in law. More notable is
the debt he accumulated by living
beyond his means.
Jefferson had expensive taste and spent
money on fine furnishings and French
wines. Paying for these when he didn’t
really have the money contributed to his
One other event that affected Jefferson
was a friend he cosigned a loan for.
When he agreed to cosign, the friend had
an estate valued at $350,000 but that
depreciated and when the man died the
debt left behind had to be repaid by
Ulysses S. Grant
Ulysses S. Grant, born Hiram Ulysses
Grant, became the 18th President in
1869. Most of the occupations Grant
tried, he failed at. He was a talented
soldier who saved the country and that
led to him becoming President of the US.
His unfortunate bad luck led to various
business ventures that ended up with
him losing money.
One such venture was in 1884, after his
presidency term, when he invested in his
son’s investment firm. The firm and
Grant filed bankruptcy due to the other
partner stealing investors’ money. Grant
began writing and selling short magazine
articles to make money.
He also negotiated a book contract for
the writing of his memoirs.
The 25th President of the United States
had financial woes while he was
Governor of the state of Ohio. Prior to
that, he had lived most of his life in a
relatively stable financial state. The
depression of 1893 led to a tin plate
company he invested in going bankrupt.
His debts reached amounts of $130,
000.00 and he was unable to pay them,
forcing him to file for bankruptcy.
He tried reaching out to some of his
friends to help him manage and sell off
his property. Instead, they used personal
connections and raised the money for
him to pay off his debts.
Harry Truman assumed the role of
president when Franklin Roosevelt died in
1945 and he became the 33rd president
of the United States. Truman’s father
was broke when Truman graduated high
school so he took on odd jobs and helped
on his father’s farm to make money.
This continued until he joined the military
to fight in World War I. When he
returned from war, he opened a hat
shop, called a haberdashery.
Unfortunately, the store failed and
Truman lost a large amount of money.
After this, he began his career in politics.
Just because someone is in position of
power, or President, does not mean they
are exempt from financial woes. Learning
the importance of saving money is a
valuable lesson and one that we should
not take for granted. Comment below
and tell us your thoughts.
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