On Presidents’ Day this year, we can apply the wisdom from former American leaders to our financial lives. Here are 4 personal finance lessons from former Presidents posted on Credit Union Insight:
- George Washington said: “To contract new debts is not the way to pay old ones.” What we can learn from Washington’s wisdom: Refrain from frivolous spending until your personal finances are on solid ground.
- Thomas Jefferson inherited a significant amount of debt from his father-in-law, and despite his best efforts, his personal debt affected his legacy. What we can learn from Jefferson’s wisdom: No matter your income, never underestimate the value of living within your means.
- Abraham Lincoln often consulted with his advisers when making key decisions. What we can learn from Lincoln’s wisdom: There are many benefits to reaching out to others for financial advice, whether it’s consulting a professional or a loved one.
- Dwight Eisenhower once said: “The older I get, the more wisdom I find in the ancient rule of taking first things first.” What we can learn from Eisenhower’s wisdom: Organizing your finances is not always easy but if you accomplish things in manageable amounts, you can reach your financial goals.