In this episode of the Serve to Lead podcast, author Megan Gorman illuminates a little explored aspect of our best-known political figures: their personal finances.
We all know George Washington was our first president, our first of all firsts—First in War, First in Peace, First in the Hearts of His Countrymen.
Was Washington also first in his financial and business acumen?
Abraham Lincoln is shrouded in myth. Megan Gorman demonstrates how “The Railsplitter” may be an apt exemplar for young people today, overcoming hardscrabble beginnings, poor business decisions, crippling debt, and marital tensions to achieve financial independence.
Franklin Roosevelt’s protean political accomplishments are well known. Less recognized is his indispensable role in creating modern philanthropy through his advocacy for polio research.
Gerald Ford is recalled as an accidental president, a footnote in history. Yet he emerges in Gorman’s reporting as the pioneer of the lucrative post-presidential career path that is now the norm.
In All the Presidents’ Money, Megan Gorman uncovers and distills the surprising and useful business and financial lessons of our commanders in chief.
Publisher’s Summary
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.
Critical Acclaim
“Presidents’ personal finances open a window to their souls. In Gorman’s perceptive telling, presidents pair up in unexpected ways: Truman and Coolidge were both worrywarts. Eisenhower and Truman both wanted to reduce taxes on their book profits. FDR lost $24,000 in the lobster business. This book is the right gift for anyone in finance or accounting.” —Amity Shlaes, New York Times bestselling author of Coolidge
“In this powerful book, Gorman examines the financial lives of American presidents and uses that as a platform to lay out clearly something that we all need to understand: the opportunity set for most Americans was greater in the past. But the insights she provides do not simply serve as a warning, they give us the understanding needed for a better future.” —Richard Vague, author of the Wall Street Journal bestseller The Paradox of Debt: A New Path to Prosperity Without Crisis
“Few topics are more humanizing and relatable than an honest review of our relationships with money. In a fresh take on presidential history, Gorman lucidly examines the personal finances of those who have sat at the apex of national power and influence, resulting in stories of humility, grief, prudence, splendor, and extravagance. The power of ATPM is that within a few pages it becomes clear that every president demonstrates a thoroughly modern and relatable range of experiences with money and money management despite being the most powerful people of their respective times. The takeaways become more poignant when considering their mindsets toward debt, future discounting, and entrepreneurship, and how those are balanced on a wide-ranging continuum of financial fragility, outlook, and opportunity. This hard-to-put-down account should be required reading for anyone taking a personal finance or US history course.” —Dr. Billy Hensley, CEO, National Endowment for Financial Education
“All the Presidents’ Money delves into the financial lives of America’s presidents, revealing the behaviors and decisions that shaped their fortunes. As someone who studies behavioral finance, I found her insights both fascinating and instructive. This book is a compelling read for anyone interested in the intersection of history, psychology, and finance.” —Dr. Daniel Crosby, author of The Soul of Wealth and The Behavioral Investor
“Wow! Presidents are just like us. They worry about money, too! Or they don’t worry...and go broke on bad gambles and good wine, as the case may be. This is a fascinating book, a fun read, a financial history lesson, and I’m sure one that will have tongues wagging in Washington.” —Bruce Littlefield, New York Times bestselling author
About Megan Gorman
Megan Gorman is the founder and managing partner of Chequers Financial Management, a female-owned high-net-worth tax and financial planning firm in San Francisco, California. Megan’s clientele ranges from entrepreneurs to corporate executives to inheritors of family wealth. An attorney by training, she is passionate about the problem-solving required to work in the world of complex financial planning. Megan has been named to the Forbes 2022 and 2023 lists of America’s Top Women Wealth Advisors—Best in State.
Megan spent the first twelve years of her career as a Vice President at Ayco, A Goldman Sachs Company. She was also a Vice President at BNY Mellon Wealth Management prior to launching her own firm. She has a BA in History from Bryn Mawr College and a JD from Rutgers School of Law.
She is a senior contributor at Forbes and writes on personal finance and income tax. She is frequently quoted across prominent financial media outlets, including the Wall Street Journal, the Washington Post, CNBC, and US News.
Megan is currently serving on the Board of Trustees for the National Endowment for Financial Education (NEFE). She is chairwoman of the Investment Committee for the $200 million endowment.
Image Credits | Megan Gorman
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