Unraveling the Financial Tapestry of America's Presidents

In a captivating new book, "All the Presidents' Money," author Megan Gorman '98 delves into the personal finances of the United States presidents, offering readers a unique and insightful perspective on these larger-than-life figures. Combining her expertise as a tax attorney and wealth manager with her lifelong passion for history, Gorman presents a wealth of historical facts and figures through the lens of financial best practices, humanizing these iconic leaders and revealing their common struggles and triumphs.

Unveiling the Fiscal Realities of America's Highest Office

Opportunity, Skill, and the Pursuit of Wealth

Gorman examines how opportunity and skill affected presidents' finances, leading them to either success or ruin. While some, like Joe Biden, had an affinity for real estate, others, such as Thomas Jefferson, nearly auctioned off their prized possessions to pay off debts. The book also highlights the contrasting financial approaches of presidents, with Calvin Coolidge being a nearly lifelong renter who complained about the White House's spending habits, while Teddy Roosevelt and John F. Kennedy came from wealthy families but had vastly different spending habits.

The Influence of Marital Partnerships

Gorman delves into the role of marriage in presidential finances, noting that "a lot of presidents had an interesting wealth technique, which is that they married up." She cites examples like George Washington, Abraham Lincoln, and Dwight Eisenhower, who benefited from their wives' wealth, in contrast to the partnership of Kamala Harris and Doug Emhoff, where both earned their own money. The book also explores the impact of differing views on money within presidential marriages, such as the contrast between Nancy Reagan's budgeting and Mary Todd Lincoln's lavish spending habits.

The Complicated Legacies of Slavery and Wealth

Gorman's research uncovers the complex and often troubling connections between presidents, slavery, and wealth. After Jefferson's death, his debts were settled by auctioning the people he enslaved, dividing families. Similarly, James Polk was actively involved in the slave trade while in the White House, though he tried to keep it secret to maintain the support of Northern voters.

The Post-Presidency and the Pursuit of Wealth

The book also examines the financial lives of presidents after leaving office, highlighting the model set by Gerald Ford. Entering the White House with limited means, Ford left with only a few thousand dollars to his name. However, through speaking engagements and corporate board appointments, he was able to amass an estimated net worth of $8 million by the time of his death in 2006. Gorman also discusses the controversy surrounding Ford's partnership with the Franklin Mint on a series of medals, which was seen as a misstep at the time.

Wealth, Power, and the Presidency

Gorman's research delves into the wealth and power dynamics of the presidency, exploring the financial standing of various presidents. While George Washington was technically the wealthiest president, owning 20 percent of 1 percent of the U.S. GDP at the time of his death, Gorman argues that Herbert Hoover embodies the ideal of how wealth should be viewed. Hoover, a Quaker who worked his way up in the mining industry, was known for his generosity and his efforts to help save Europe from famine in the aftermath of the World Wars.Throughout the book, Gorman's insights challenge the common perception of presidents as distant, untouchable figures, revealing their shared struggles and experiences with money. By humanizing these leaders, "All the Presidents' Money" offers readers a unique and compelling perspective on the intersection of power, wealth, and the highest office in the land.