Serve to Lead® | James Strock

In this episode of the Serve to Lead podcast, author Megan Gorman illuminates a little explored aspect of our best-known political figures: their personal finances.

We all know George Washington was our first president, our first of all firsts—First in War, First in Peace, First in the Hearts of His Countrymen.

Was Washington also first in his financial and business acumen?

Abraham Lincoln is shrouded in myth. Megan Gorman demonstrates how "The Railsplitter" may be an apt exemplar for young people today, overcoming hardscrabble beginnings, poor business decisions, crippling debt, and marital tensions to achieve financial independence.

Gerald Ford is recalled as an accidental president, a footnote in history. Yet he emerges in Gorman’s reporting as the pioneer of the lucrative post-presidential career path that is now the norm.

In this compelling book, Megan Gorman uncovers and distills the surprising and useful business and financial lessons of our commanders in chief.

Publisher’s Summary

A journey through the personal money stories of the US presidents and how they built wealth—or didn’t.Was Harry Truman really our poorest president or simply a man up at 2 a.m. struggling with financial anxiety? Did Calvin Coolidge get bad advice from his stockbroker to buy stocks in 1930 as the market continued to crash? Is it true George Washington enhanced his net worth by marrying up?We often think of the US presidents as being above the fray. But the truth is, the presidents are just like us—worried about money, trying to keep a budget, and chasing the American financial dream. While some presidents like Herbert Hoover and Gerald Ford became wildly successful with money, others like Thomas Jefferson and Joe Biden struggled to sustain their lifestyle. The ability to win the presidency is no guarantee of financial security, although today it’s a much easier path to monetize.In All the Presidents’ Money, tax attorney and wealth manager Megan Gorman takes us on a journey to understand the different personal money stories of the presidents. Grit, education, and risk are just some of the different ways that the presidents over the last 250 years have made (or lost) money.With lively storytelling and rigorous research, All the Presidents’ Money reveals how some of the greatest leaders are the worst money managers and our least favorite presidents are good at making money.

Critical Acclaim

“Presidents’ personal finances open a window to their souls. In Gorman’s perceptive telling, presidents pair up in unexpected ways: Truman and Coolidge were both worrywarts. Eisenhower and Truman both wanted to reduce taxes on their book profits. FDR lost $24,000 in the lobster business. This book is the right gift for anyone in finance or accounting.” —Amity Shlaes, New York Times bestselling author of Coolidge

“In this powerful book, Gorman examines the financial lives of American presidents and uses that as a platform to lay out clearly something that we all need to understand: the opportunity set for most Americans was greater in the past. But the insights she provides do not simply serve as a warning, they give us the understanding needed for a better future.” —Richard Vague, author of the Wall Street Journal bestseller The Paradox of Debt: A New Path to Prosperity Without Crisis

“Few topics are more humanizing and relatable than an honest review of our relationships with money. In a fresh take on presidential history, Gorman lucidly examines the personal finances of those who have sat at the apex of national power and influence, resulting in stories of humility, grief, prudence, splendor, and extravagance. The power of ATPM is that within a few pages it becomes clear that every president demonstrates a thoroughly modern and relatable range of experiences with money and money management despite being the most powerful people of their respective times. The takeaways become more poignant when considering their mindsets toward debt, future discounting, and entrepreneurship, and how those are balanced on a wide-ranging continuum of financial fragility, outlook, and opportunity. This hard-to-put-down account should be required reading for anyone taking a personal finance or US history course.” —Dr. Billy Hensley, CEO, National Endowment for Financial Education

“All the Presidents’ Money delves into the financial lives of America’s presidents, revealing the behaviors and decisions that shaped their fortunes. As someone who studies behavioral finance, I found her insights both fascinating and instructive. This book is a compelling read for anyone interested in the intersection of history, psychology, and finance.” —Dr. Daniel Crosby, author of The Soul of Wealth and The Behavioral Investor

“Wow! Presidents are just like us. They worry about money, too! Or they don’t worry...and go broke on bad gambles and good wine, as the case may be. This is a fascinating book, a fun read, a financial history lesson, and I’m sure one that will have tongues wagging in Washington.” —Bruce Littlefield, New York Times bestselling author

About Megan Gorman

Megan Gorman is the founder and managing partner of Chequers Financial Management, a female-owned high-net-worth tax and financial planning firm in San Francisco, California. Megan’s clientele ranges from entrepreneurs to corporate executives to inheritors of family wealth. An attorney by training, she is passionate about the problem-solving required to work in the world of complex financial planning. Megan has been named to the Forbes 2022 and 2023 lists of America’s Top Women Wealth Advisors—Best in State.Megan spent the first twelve years of her career as a Vice President at Ayco, A Goldman Sachs Company. She was also a Vice President at BNY Mellon Wealth Management prior to launching her own firm. She has a BA in History from Bryn Mawr College and a JD from Rutgers School of Law.She is a senior contributor at Forbes and writes on personal finance and income tax. She is frequently quoted across prominent financial media outlets, including the Wall Street Journal, the Washington Post, CNBC, and US News.

Megan is currently serving on the Board of Trustees for the National Endowment for Financial Education (NEFE). She is chairwoman of the Investment Committee for the $200 million endowment.

Image Credits | Megan Gorman

Germany sustained a political earthquake in recent elections in the eastern states of Thuringia and Saxony. The parties of the national governing coalition sustained grievous losses—and a populist surge propelled the right-wing Alliance for Germany to record votes. Some sense ominous echoes of the rise to prominence of the Nazi Party in 1924.

Jürgen Resch is well suited to evaluate the historic changes underway. He leads the respected NGO, Deutsche-Umwelthilfe. He is a co-founder of the Euronatur Foundation, the Global Nature Fund, and the Lake Constance Foundation. Active worldwide, including throughout the European Union and the United States, he is a recipient of many recognitions, including the Haagen-Smit Award from the California Air Resources Board.

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In discussion with James Strock, Resch illuminates the recent shock election results, including their implications for Germany and the broader European political landscape. He surveys the challenges faced by Germany's current federal government coalition, the rise of populism, and the decline of traditional political parties. Resch considers the consequences for environmental and energy policies in Germany, the impact of electric vehicles on the auto industry, and the future of renewable energy.

Jurgen Resch is the author of a well-received book detailing his effective activist approach to environmental and energy politics: Druck machen!: Wie Politik und Wirtschaft wissentlich Umwelt und Klima schädigen–-und was wir wirksam dagegen tun können.

Image Credit | Deutsche-Umwelthilfe.

Elliot Ackerman is a widely respected writer. His reach extends across fiction and non-fiction, from novels to essays to memoir and commentary. He is an exemplar of Theodore Roosevelt’s ideal of service combining thought and action.

In this episode of the Serve to Lead podcast, Ackerman discusses his bestselling new book, 2054: A Novel. This is a successor to 2034: A Novel of the Next World War. Each is coauthored with Admiral James Stavridis. A third volume, 2084, is also planned.

Ackerman shares his views of the value of history and literature in comprehending the unprecedented challenges of our moment of global change and unrest—ranging from great power competition to climate disruption to the rise of new technologies, including artificial intelligence and biotechnology. He also reflects on how longstanding notions of spheres of influence may be transformed in our interconnected world.

In this episode of the Serve to Lead podcast, noted journalist Kourosh Ziabari shares his perspective on the intertwined destinies of Iran and America. Ziabari represents a rising generation in Iran and the US. Currently enrolled in the master’s program of the Columbia Journalism School, he has accrued experiences worthy of an extended career. Ziabari urges Americans to distinguish between our reactions to the authoritarian regime in Teheran and our affinities with the Iranian people.

Benn Steil is an award-winning writer in the fields of finance, history, and biography. He is a senior fellow and director of international economics at the prestigious Council on Foreign Relations in New York.

In this episode of the Serve to Lead podcast, Steil discusses his important new book, “The World That Wasn’t: Henry Wallace and the Fate of the American Century.' He explains the ongoing significance of Henry Wallace to our understanding of a hinge point of history, with parallels to our current moment.

Philip K Howard is a leading reformer of American law and government. He combines thought and action: A prolific, best-selling writer and frequent commentator who founded the non-partisan group, Common Good.

He is the author of an eagerly awaited new book, Everyday Freedom: Designing the Framework for a Flourishing Society.

In this episode of the Serve to Lead podcast, Howard discusses the urgent need and prospects for change, in time for vigorous and informed citizen engagement in the pivotal 2024 national elections. In additional to national issues, he offers informed perspectives on state and local developments, including the vast reach of the California state budget.

Can America overcome the political polarization and dysfunction afflicting us in recent decades?

Or are our circumstances so dire and unprecedented that decline is inevitable and history holds few lessons?

If you’re a pessimist, veteran political commentator and public official Ted Van Dyk would like a word.

In this episode of the Serve to Lead podcast, Van Dyk applies his extraordinary experiences in politics, government, and academe, pointing toward the potential for positive change ahead.

Jennifer Hernandez is a widely respected practitioner and thought-leader in environmental and land-use law. In this episode of the Serve to Lead Podcast, she discusses how some well-intentioned environmental laws have become impediments to governance--including imposing costly delays to environmentally protective infrastructure projects.

Richard Norton Smith is at the top tier of American presidential historians. He is the author of the highly acclaimed new biography: An Ordinary Man: The Surprising Life and Historic Presidency of Gerald R. Ford.

Smith is widely recognized for his regular appearances on the PBS News Hour, as well as a historical commentator on CBS and other networks. He’s a familiar and beloved guide to history on CSPAN.

In this episode of the Serve to Lead podcast, Smith discusses his new book, including its genesis and the many parallels and connections between President Ford’s era and our own.

Sasha Stone is a pioneering blogger and founder of Awards Daily, as well as a widely-read, provocative Substack, “Free Thinking Through the Fourth Turning.”

She is on the vanguard of the realignment and re-sorting underway in our politics and culture.

Sasha Stone’s lived experience is representative of those Bridget Phetasy calls “the politically homeless.” This refers to the rising plurality of Americans—nearing a majority of voters—who reject the enforced duopoly of the Democrats and Republicans. It’s as if the legacy parties are in a war of attrition, prompting a flood of refugees who have no place to call their own.

In this episode of the Serve to Lead podcast, Sasha Stone discusses her journey from Hillary Clinton activist to politically independent. She concludes that some of the core values that inspired her earlier affiliations have prompted her to find unanticipated empathy with many Americans who are routinely marginalized and disrespected by the dominant political and cultural narrative of our polarized moment.