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All the Presidents' Money: How the Men Who Governed America Governed Their Money
Megan Gorman, author
A journey through the personal money stories of the US presidents and how they built wealth—or didn’t. 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. In All the Presidents’ Money, tax attorney and wealth manager Megan Gorman takes us on a journey to understand 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. With lively storytelling and rigorous research, All the Presidents’ Money reveals how some of the greatest leaders are the worst money managers and our least favorite presidents are good at making money.
Reviews
Observing that “most of their money problems are just like ours,” wealth adviser Gorman probes the financial highs and lows of American presidents in this absorbing debut. From Franklin Delano Roosevelt’s passion for start-up ideas to John F. Kennedy’s penny-pinching, readers will find Gorman’s presidential revelations fascinating, delving into the most intimate of financial woes for powerful public figures in this “intersection where personal finance [meets] history.” She also examines socio-economic trends that have helped—and hindered—economic mobility, including the cost of a college education, healthcare, housing, and more.

Gorman asserts there are valuable lessons to be learned from studying the finances of these larger-than-life men who “started out as ordinary” and modeled some of the best, as well as some of the most questionable, monetary decisions. Many, like Thomas Jefferson, the Roosevelts, and John F. Kennedy, were born into wealth; others rose from poverty. Gorman relays their journeys in detail, sharing Barack Obama’s last student loan payment just eight years before he ran for president alongside Thomas Jefferson’s careless spending and lavish parties that culminated in shocking debt in his later years.

Gorman’s true rags-to-riches president—and one that she names as incredibly successful with his personal finances—was Abraham Lincoln. Unable to afford a college education, he was an enigma in many ways: a voracious reader, with a dislike of alcohol and gambling, who transformed himself into one of the most respected American presidents of all time—all while carefully growing his personal wealth. Examples like those form the basis of Gorman’s financial pointers sprinkled throughout, from her assertion that Jimmy Carter’s consistency with his money makes him an inspiration to the flawed financial decision-making that placed several presidents at risk. She closes with a briefing on the five presidents “to emulate in your personal finances”—and a warning that the American dream may not be as achievable as we think.

Takeaway: Fascinating briefing on the financial habits of America’s Commanders in Chief.

Comparable Titles: Cyrus A. Ansary’s George Washington Dealmaker-in-Chief, Charles Renwick’s All the Presidents’ Taxes.

Production grades
Cover: A-
Design and typography: A
Illustrations: N/A
Editing: A-
Marketing copy: A

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