In honor of President’s Day developing on Monday, we determined to delve into the monetary recommendation provided by former leaders of the free world. Regardless that a few of these males lived greater than 100 years in the past, their cash suggestions can nonetheless be related at this time. Most accountants don’t want extra money recommendation (you’re the consultants in any case) so we gathered up some quotes about cash you’ll be able to cross alongside to your shoppers. Listed below are 4 monetary suggestions from previous U.S. presidents.
“To contract new money owed just isn’t the way in which to pay outdated ones.”
—George Washington, 1st President of the USA
Washington served from 1789-1797 and had a internet price of $587 million at his peak and in at this time’s {dollars}.
Like Jefferson, (and plenty of different leaders from this time) Washington owned a big plantation in Virginia named “Mount Vernon.”
Washington’s recommendation continues to be related greater than 200 years later—these in debt mustn’t tackle new debt in an effort to repay their preliminary debt. As an alternative, it’s finest to arrange a cost plan and keep on with it.
“By no means spend your cash earlier than you might have earned it.”
—Thomas Jefferson, third President of the USA
Jefferson served as president from 1801-1809 and had a peak internet price of $236.8 million in at this time’s {dollars}, as reported by USA At this time. Jefferson inherited a number of land from his father and owned a big plantation named “Monticello” in Virginia, which contributed to his wealth. Nonetheless, he acquired a number of debt later in his life.Jefferson’s monetary recommendation holds true at this time and emphasizes the significance of budgeting and dwelling inside your means.
“If a free society can not assist the numerous who’re poor, it can not save the few who’re wealthy.”
—John F. Kennedy, thirty fifth President of the USA
Kennedy served as president from 1961-1963 and had a peak internet price of $1.1 billion, in at this time’s {dollars}. Kennedy got here from a wealthy and distinguished household and his father was one of many richest males within the nation on the time.
Wealth gaps and disparity are nonetheless an issue in many countries at this time, simply as they had been when Kennedy mentioned this well-known quote. However, inequity hurts these in poverty and ultimately hurts the rich as effectively. Nations ought to try to assist these in poverty, each as a result of it’s the morally proper factor to do and since it’s the good factor to do. Not spreading the wealth might result in dire penalties and the collapse of the societal construction that allowed the ultra-wealthy to earn their riches within the first place.
America’s former leaders gave nice monetary recommendation that may nonetheless be utilized at this time. Additionally…Does anybody else discover it loopy there’s by no means been a CPA president? Possibly it’s time for one! Try this 2010 article from AccountingWeb that goes into the topic. Tell us when you’d ever run for workplace, or vote an accountant into workplace within the feedback under.
On the lookout for extra weblog posts concerning the accounting trade? Be sure you subscribe to our e-mail publication.
