Motley Fool Money How US Presidents Manage Money
Jul 6, 2024
Megan Gorman, founding partner of Chequers Financial Management and author of "All the Presidents' Money," dives into the financial habits of U.S. presidents. She details how FDR, despite his trust fund background, faced money challenges. Reagan's humble beginnings shaped his budgeting skills, while Thomas Jefferson's financial mismanagement raises modern affordability questions. Gorman also examines how presidents and their spouses navigated finances and how their legacies influenced their financial strategies post-term. A fascinating exploration of wealth, wisdom, and missteps in presidential history!
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Jefferson's Financial Troubles
- Thomas Jefferson, despite his accomplishments, struggled with personal finances, accumulating substantial debt.
- His lack of budgeting and focus on immediate gratification led to financial strain, impacting his family and legacy.
FDR's Polio Investment
- FDR, though not a strong money manager, demonstrated financial resilience after contracting polio.
- He invested in Warm Springs and established a foundation that eventually led to the polio vaccine.
Find a Financial Steward
- Learn from FDR and find a good financial steward to navigate financial complexities.
- Seek a qualified advisor like a CFP to help manage your finances and achieve financial success.
