Why Did Presidents Seem Incredibly Rich Yet Were Completely Broke Most of the Time?

History Unplugged Podcast

Was Harry Truman really our poorest president or simply a man up at 2 a.m. struggling with financial anxiety? Did Calvin Coolidge get bad advice from his stockbroker to buy stocks in 1930 as the market continued to crash? Is it true George Washington enhanced his net worth by marrying up?
We often think of the US presidents as being above the fray. But the truth is, the presidents are just like us—worried about money, trying to keep a budget, and chasing the American financial dream. While some presidents like Herbert Hoover and Gerald Ford became wildly successful with money, others like Thomas Jefferson and Joe Biden struggled to sustain their lifestyle. The ability to win the presidency is no guarantee of financial security, although today it’s a much easier path to monetize.
Today’s guest is Megan Gorman, author of “All the Presidents’ Money.” We look at the different personal money stories of the presidents. Grit, education, and risk are just some of the different ways that the presidents over the last 250 years have made (or lost) money.