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Sensible Phrases About Cash From Previous U.S. Presidents

In honor of President’s Day arising on Monday, we determined to delve into the monetary recommendation provided by former leaders of the free world. Though a few of these males lived greater than 100 years in the past, their cash suggestions can nonetheless be related in the present day. Most accountants don’t want extra money recommendation (you’re the consultants in spite of everything) so we gathered up some quotes about cash you may go alongside to your purchasers. Listed below are 4 monetary suggestions from previous U.S. presidents. 

“To contract new money owed isn’t the way in which to pay outdated ones.”

—George Washington, 1st President of the US

Washington served from 1789-1797 and had a web price of $587 million at his peak and in in the present day’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 remains 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 greatest to arrange a fee plan and keep on with it. 

“By no means spend your cash earlier than you may have earned it.”

—Thomas Jefferson, third President of the US

Jefferson served as president from 1801-1809 and had a peak web price of $236.8 million in in the present day’s {dollars}, as reported by USA Right this moment. Jefferson inherited quite a lot of land from his father and owned a big plantation named “Monticello” in Virginia, which contributed to his wealth. Nevertheless, he acquired quite a lot of debt later in his life.Jefferson’s monetary recommendation holds true in the present day 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 US

Kennedy served as president from 1961-1963 and had a peak web price of $1.1 billion, in in the present day’s {dollars}. Kennedy got here from a wealthy and outstanding 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 in the present day, simply as they had been when Kennedy stated this well-known quote. However, inequity hurts these in poverty and ultimately hurts the rich as properly. Nations ought to attempt to assist these in poverty, each as a result of it’s the morally proper factor to do and since it’s the sensible factor to do. Not spreading the wealth may 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 in the present day. Additionally…Does anybody else discover it loopy there’s by no means been a CPA president? Perhaps it’s time for one! Take a look at this 2010 article from AccountingWeb that goes into the topic. Tell us should you’d ever run for workplace, or vote an accountant into workplace within the feedback under. 

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