Chris Carlson, Associated Press

Think debt is just for the average person? Even a few former presidents have hit bottom when it comes to finances. In celebration of Presidents weekend, here are 17 facts from Len Penzo that you probably didn't know about U.S. presidents.

Mining engineer
Scott G. Winterton, Deseret News

President: Herbert Hoover

Hoover decided to take a job with a British minimg firm, where he made $6,000 to $10,000 a year. That's about $129,120, according to Hoover Archivists' Musings.

Deseret News archive

President: Herbert Hoover

Hoover also knew how to invest. Due to this, his net worth peaked at $75 million, according to NBC News.

Buying baseball
Matt Slocum, Associated Press

President: George W Bush

In 1989, Bush bought a small stake in the Texas Rangers for $500,000. Ten years later, he sells his share for $14.9 million, according to ESPN.

Presidential salary
Carolyn Kaster, Associated Press

President: Any since 2001.

Sitting presidents receive an annual base salary of $400,000 and a $50,000 annual expense account. They also have a $100,000 nontaxable travel account.

Chris Carlson, Associated Press

President: All

Each year, the President gets $19,000 for entertainment. With that amount, you could play 38 rounds of golf at Pebble Beach.

Susan Walsh, Associated Press

President: Washington and Obama

When George Washington was president in 1778, he made 2 percent of the U.S. budget. Think Obama is over payed? If he made what Washington did, it would be $66.6 billion this year.

Independently wealthy
Stan Honda, Associated Press

President: George Washington

He didn't need presidential pay to be rich. Before Washington was president, he was already one of the richest men in North America.

Marriage inherited
Library of Congress

President:George Washington

A lot of Washington's wealth was from marrying Martha. She had inherited wealth after her first husband died.

Not frugal
Larry Sagers

President: George Washington

Of the many attributes of Washington, being frugal was not one of them. He loved spending money. He lived an aristocratic lifestyle.

Tobacco debts
Michael Lavin, Associated Press

President: George Washington

Soon after he was married, his money from tobacco exports dried up. He had large debts to a London merchant named Robert Cary.

Tracking expenses
Bill Wagner

President: George Washington

After getting into debt, Washington cut back on his expenses and added other crops to his farming business. He was out of debt within a few years.

Lifelong debt
Charlie Riedel, Associated Press

President: Thomas Jefferson

Jefferson had debt for most of his life. When he died he owed $100,000, which is almost $2 million in today's dollars.


President: William McKinley

While being governor of the state, McKinley declared bankruptcy in Ohio. Three years later he became president.

Grocery business
Chuck Kennedy, MCT

President: Abraham Lincoln

Lincoln started a grocery business when he was young. When his business partner died, Lincoln had a stack of bills so large that he called it "The National Debt."

Ponzi scheme
Library of Congress

President: Ulysses S. Grant

After he was president, Grant invested in a firm that was run by a swindler. When the scheme was uncovered, Grant was almost penniless.

War souvenirs
Museum of the Confederacy

President: Ulysses S. Grant

To make up for the swindled money, Grant sold his Civil War momentos. He owed $150,000 to William H. Vanderbilt. He wasn't able to raise enough money, but Vanderbilt declared the loan fully paid.

Store fail
University of Utah, Marriot Library

President: Harry Truman

Truman lost $30,000 when his clothing store failed. Today that would be about $400,000. Despite the setback, he never declared bankruptcy. It did take him 12 years before he could recover though.