Random Presidents Who Were Way Poorer Than You Realize (7 items)

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  (#3) James Monroe

  • Dec. at 73 (1758-1831)

  James Monroe lost most of his money while serving as the fifth President of the United States. Since the parameters of the job were not well defined at that time, Monroe often had to go out of pocket to conduct business. He bankrolled his own travel, staff, and lodging expenses.

  Monroe really got into financial trouble when he and his wife attempted to refurbish and restore the White House. Monroe set a budget for fifty thousand dollars for the project, but spending went way above that. Monroe went further into debt after he ran a plantation into the ground.

  The sad part of Monroe's poverty is he started out in life pretty damn wealthy. But in 1831, Monroe died in debt.
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  (#4) Abraham Lincoln

  • Dec. at 56 (1809-1865)

  A series of unfortunate events left future president Abraham Lincoln poor and broke in the early 1830s.

  Abraham Lincoln purchased a stake in a general store in New Salem, IL, which made him business partners with a man named William Berry. Lincoln saw general store owners as an essential part of a community; they were informative, entertaining, and providers of everything the townspeople needed. In 1831, the Berry-Lincoln store was open for business, but unfortunately not for long.

  Despite the fact that the economy was strong, the store struggled. It is unclear if this was due to mismanagement or a miscalculation of the necessity of the store, but in 1833, Berry-Lincoln closed its doors for good and its owners were left with the debt.

  In 1835, William Berry died, leaving Lincoln with his portion of the debt. The total of Lincoln’s debt was $1,000, which is equivalent to about $27,000 today. This debt took Lincoln a long time to pay off in full. He even jokingly referred to it as his “national debt.”
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  (#2) Thomas Jefferson

  • Dec. at 83 (1743-1826)

  Thomas Jefferson spent his life in perpetual debt, always borrowing money with the hopes of impressing his peers with expensive clothing, fine wines, and his house, Monticello. Jefferson borrowed money from everyone, even one of his slaves! Can you believe the nerve?

  Other factors definitely contributed to Jefferson’s debt problem. For starters, his agricultural business ventures continued to drain him of money. He also inherited debt from his father-in-law's passing and a loan he cosigned. Things progressively got worse for Jefferson. He eventually took on new loans just to pay the interest on old loans.

  In 1826, Jefferson petitioned the Virginia legislature to sponsor a lottery for his belongings. While the legislature eventually approved this, it only raised a fraction of the money Jefferson needed. On July 4th, 1826, Jefferson died with over $100,000 in debt.
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  (#6) Harry S. Truman

  • Dec. at 88 (1884-1972)

  Harry S. Truman went broke well before he became president due to a failed business venture.

  In 1921, future president Truman and his business partner Eddie Jacobson opened a haberdashery called Truman and Jacobson Haberdashery. Business was initially great, as Truman and Jacobson were both veterans, and brought that military grade work ethic into their shop.

  Unfortunately, no amount of hard work could have prepared the duo for the recession following the Great Depression, and in 1921, their business failed, leaving them both broke and nearly bankrupt.

  Truman refused to file for bankruptcy and insisted he back all his debts. He used connections made from his shop to land other jobs. He eventually paid off his debt in the 1930s. However, that wasn't the last of Truman's fiscal woes. 

  In 1954, when Truman finished serving his second term as president, he had no savings, support, or income besides a $112-per-month pension from the army. Truman and his wife moved back to their home in Independence, MO.

  Truman lived without a significant source of income until 1958, when Eisenhower enacted the Former President's Act in 1958, which provided Truman with a presidential pension. Presidential historians often regard Truman as one of the least wealthy presidents in modern history. 
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  (#5) Ulysses S. Grant

  • Dec. at 63 (1822-1885)

  In the 1880s, Ulysses S. Grant lost practically every dollar he had to a Ponzi scheme.

  After losing his bid for re-election, Ulysses S. Grant moved to New York City to go into business with Grant & Ward, an investment firm run by his son, Ulysses S. Grant, Jr., and his business partner, Ferdinand Ward. Ward was described as a young, charming people pleaser with a talent for persuading investors to give up their money.

  Initially, Grant & Ward was a huge success. However, Grant Sr. soon discovered that Ward was taking investor money and using it to fund his own lavish lifestyle. In May 1884, Grant & Ward had failed, leaving the Civil War hero and former president absolutely destitute.

  Desperate for money, Grant eventually turned to writing as a source of income. Unfortunately, in 1884, he was diagnosed with throat cancer due to years of smoking. Fearful he would leave his family completely broke, Grant immediately began furiously writing his autobiography. In 1885, Grant died almost immediately after finishing his memoirs. Though he never lived to see it, the book was successful enough to ensure his family's financial welfare.
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  (#1) George Washington

  • Dec. at 67 (1732-1799)

  In the 1760s, George Washington went completely broke when his tobacco farm flopped. Washington went into business with a British Merchant named Robert Cary. Washington grew the tobacco and Cary distributed it. As you can probably guess, it did not go too well.

  Washington believed that Cary was selling his tobacco for too cheap and mismanaging his supplies. Within a few years of business, Washington's farm began to hemorrhage money, but Cary agreed to finance the whole endeavor on credit until Washington's business improved. Washington ultimately fell into so much debt that he began feeling like a prisoner. By 1773, Cary and Washington had and unsalvageable business relationship.

  The death of Washington’s daughter along with the decision to diversify his crops left Washington with just enough money to settle his debt. By 1774, he was able to settle his debt with Cary and sever all business ties with him.

  George Washington remained so poor that in order to go to Philadelphia to preside over the constitutional convention, he had to borrow money from George Mason.

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