By
Elizabeth Woods
To tell about America’s presidents, there are lots of things to mention. And today we will have chance to know about the poorest ones. These presidents used to be investors, businessmen, and plantation owners who was bankrupted and had to sell off all their estate and properties. Among them, many people couldn’t afford to pay his debts off even after their death. Here's the list of America's Poorest Presidents from 24/7 Wall St.:
Thomas Jefferson (1801-1809)
Although Thomas Jefferson had an ostentatious lifestyle, he owed money throughout his life. He also inherited debt from his father-in-law. His main income from plantation didn’t make ends meet. In addition, poor management along with price fluctuations made Jefferson lose considerably. At the end of his life, he owed so much that he petitioned the state of Virginia to auction off his land, but the state refused. After he died, his estate was auctioned off, and his daughter had to rely on charity.
Thomas Jefferson
James Madison (1809-1817)
Madison had a lot of difficulties with his plantation. Even though his agriculture businesses were occasionally profitable, in the end they lost him money. Moreover, he had to pay his stepson’ debt, a gambler. Therefore, Madison was forced to sell half of his plantation to pay for debts.
James Madison
James Monroe (1817-1825)
At the end of his life, Monroe had to petition Congress to relieve some of his family’s debt and was granted $30,000. However, this amount of money was insufficient and he was forced to sell his home in Paris and his 3,500 acre estate.
James Monroe
William Henry Harrison (1841)
While serving as the Ambassador to Colombia in 1829-1830, Harrison was forced to manage his farm from abroad. However, bad weather had destroyed his crops. When he returned to the states, not only his creditors were all demanding payment but also his sons also owed great amounts. Therefore, Harrison spent much of the time solving his financial problems, and was forced to sell off most of his land. By the time he reached the White House, he was still in debt. He died suddenly only one month after entering office.
William Henry Harrison
Abraham Lincoln (1861-1865)
Lincoln was an ambitious but poor young man. When he was over 20 years old, he bought a grocery store with a friend and business partner. Before the store went bankrupt, Lincoln sold his entire share. However, his partner died shortly afterwards and Lincoln was forced to pay for debts. He was taken to court by the creditors and lost all his properties. His later career as a lawyer eventually saved Lincoln out of poverty.
Abraham Lincoln
Ulysses Simpson Grant (1869-1877)
Grant owned a short career but outstanding. Though he never earned a great deal of money, he often lived well beyond his means. Especially after his presidency, he and his wife traveled around the world, dined with foreign dignitaries and stayed in luxurious hotels. In 1881, Grant’s son, Buck, convinced his father to invest $100,000 with Ferdinand Ward. However, Ward embezzled Grant’s assets. When the firm went bankrupt, Ward was sent to prison, and Grant was left in debt. His civil war memoirs which was published shortly after his death for nearly half a million dollars saved his family from financial troubles.
Ulysses Simpson Grant
William McKinley (1897-1901)
Most of McKinley’s life, his finance was relatively stable. However, the depression of 1893 made his tin plate company bankrupted. His debt was up to $130,000 and McKinley had to solicit some of his friends to manage his estate and sell off his property to pay for debts. Instead, his friends raised a sum of money to help him.
William McKinley
Harry S. Truman (1945-1953)
Truman is considered one of the saddest among the poorest presidents because he was poor throughout his life. He borrowed a lot of money to invest in a zinc mining operation, but it failed. Truman later did his living by a range of menial jobs. However, the real financial disaster happened when the clothing store he owned with a friend went bankrupt because of extreme deflation. Truman lost his $30,000 investment. He still owed thousands of dollars when he began working as a senator. It was Truman’s sad financial state that inspired the doubling of the presidential salary. Truman and his wife were the first to receive Medicare subsidy.
Harry S. Truman
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About the Author:
I am the fan of news on society and culture. I am currently the lecturer in social major. In free time, I am fond of reading articles and joining social activities.
Articles Source:
America’s Poorest Presidents from 24/7 Wall St., Harry S. Truman, William McKinley , Ulysses Simpson Grant, Abraham Lincoln, William Henry Harrison, James Monroe, Thomas Jefferson, James Madison
