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.
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 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.
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…