Think being president makes you rich? Think again.
Before 1958, there was no presidential pension, and according to Congress, some commanders-in-chief left the White House facing crippling debt, bankruptcy, and even poverty. Their official salary, just $25,000 a year back in 1789, often couldn’t cover the immense personal costs of the job.
In 1890, the average American family earned about $380 a year. While the president’s pay was huge in comparison, it often wasn’t enough to stay afloat.
Thomas Jefferson: The founding father who died millions in debt
Thomas Jefferson, the man who wrote the Declaration of Independence, died broke.
When he passed away in 1826, he was saddled with $107,000 in debt—that’s between $2 and $3 million in today’s money. He inherited a huge chunk from his father-in-law in 1774, quadrupling his financial burdens overnight.
But Jefferson’s expensive tastes didn’t help. According to Consumer Credit, he spent a fortune on his 40-year project of building Monticello. His presidential wine bill alone topped $10,000—about $150,000 today.
The final nail came in 1818 when he co-signed a $20,000 loan for a friend who died shortly after, leaving Jefferson on the hook.
To settle his accounts, his entire estate was sold. According to Monticello, this included 130 enslaved men, women, and children who were auctioned off, tearing families apart.
Ulysses S. Grant: The war hero wiped out by a Ponzi scheme
Grant saved the Union, but couldn’t save himself from a con artist.
With no pension, he invested his life savings into Grant and Ward, co-owned by his son and swindler Ferdinand Ward. It was a total scam. When the Ponzi scheme collapsed in 1884, according to the National Park Service, Grant lost everything.
The former president and first lady were left with just $210. Grant repaid a $150,000 loan to William Vanderbilt by giving him his priceless Civil War memorabilia.
Just as he hit rock bottom, Grant was diagnosed with terminal throat cancer. That’s when Mark Twain stepped in, offering Grant a 75% royalty deal to write his memoirs. In his final days, wrapped in blankets and in fearsome pain, Grant finished his manuscript.
According to the Miller Center, the bestseller earned his widow around $450,000—over $13 million today.
Harry S. Truman: The president whose poverty is debated
Truman’s tale of post-presidency poverty directly led Congress to pass the Former Presidents Act in 1958.
But in recent years, a different story emerged. Some historians argue the struggle was a complete fabrication. According to new evidence, Truman was actually very wealthy when he left office, with a net worth equivalent to $58 million in 2021 dollars.
According to Colorado Law, just three weeks after leaving office, Truman sold his memoir rights for $600,000—over $6 million today—exactly the kind of cashing in he publicly opposed.
James A. Garfield: The log cabin president who was penniless
Garfield is often described as perhaps the poorest man ever to become President.
Born in a log cabin, his father died when he was an infant, leaving his mother near penniless. According to the Miller Center, to pay for his education, he worked as a canal boat operator, carpenter, teacher, and janitor.
The struggle left a mark. He once reflected: To some men, the fact they came up from poverty is a matter of pride. I lament it sorely.
Tragically, just 200 days into his presidency, he was assassinated with no fortune to his name.
William Henry Harrison: The aristocrat with empty pockets
Harrison was born into Virginia’s elite but inherited almost nothing as the youngest of seven children.
When his future father-in-law questioned how he would support a wife, Harrison replied, “Sir, my sword is my means of support.”
According to the Miller Center, he was chronically short of money and constantly in debt. President John Quincy Adams called him the greatest beggar and the most troublesome of all office-seekers.
He died of pneumonia just 31 days after the inauguration, never achieving financial stability.
William McKinley: Saved from bankruptcy by friends
McKinley co-signed bank notes for a friend, thinking the amount was $17,000. When the Panic of 1893 hit, his obligation had ballooned to $130,000—about $3.3 million today.
Facing ruin, McKinley planned to resign as governor. But according to the McKinley Library, wealthy supporters pooled resources and paid off the loans completely.
The public saw him as an honest politician who had not used office for personal gain. The crisis bolstered his reputation, paving his way to the presidency.
Abraham Lincoln: 17 years paying off debt
Before he was Honest Abe, he was a failed shopkeeper. At age 23, his general store failed, leaving him with what he called his national debt—about $1,100.
It took 17 years to pay back the debt. According to Savant Wealth, he did it through odd jobs, surveying, and serving in the state legislature.
That struggle shaped his financial discipline. He entered the White House with $15,000 and invested his salary in government bonds to help fund the Civil War. By his death, his estate was worth over $110,000.
James Monroe: Begged Congress for money
Monroe’s public service cost him his fortune. By 1825, he was deeply in debt.
His situation was so dire that he had to petition Congress for reimbursement. He calculated the government owed him around $53,000—more than $1 million today—for expenses he’d covered.
Congress paid him $60,000, though Monroe felt it wasn’t enough. After his wife’s death, he was forced to sell his Virginia estate and move in with his daughter.
James Madison: Sold his own land
During retirement at Montpelier, Madison faced increasingly dire financial straits. His stepson, a notorious gambler, racked up enormous debts.
Madison absorbed these obligations himself. To pay creditors, he sold off half of Montpelier. According to Princeton & Slavery, he also yielded to necessity and sold several enslaved people to raise funds.
A tragic compromise for the Father of the Constitution.
Andrew Jackson: Lost his famous plantation
Jackson had a lifelong aversion to debt after a business partner defaulted on a loan in 1795. He only bought The Hermitage after being forced to sell a larger farm to cover debts.
His adopted son was a terrible estate manager. After Jackson’s death, his son inherited The Hermitage but quickly fell hopelessly into debt.
In 1856, he was forced to sell the family home and 500 acres to the state of Tennessee. The iconic home of Old Hickory was lost due to financial mismanagement.
Key takeaway
From the founding fathers drowning in debt to war heroes wiped out by scams, the path to and from the White House was often paved with financial hardship.
These stories reveal that these larger-than-life figures dealt with budgets, bad investments, inherited debt, and family money problems—just like the rest of us. Their struggles remind us that behind the monuments were real people, not immune to the financial anxieties that are a timeless part of the human experience.
Disclaimer – This list is solely the author’s opinion based on research and publicly available information. It is not intended to be professional advice.
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