Presidents’ Day is a celebration of the birthday of George Washington and, in some circles, the birthday of Abraham Lincoln as well. In honor of these two great men, we thought we’d go back and look at their thoughts on money and finances. While times may have changed, they both offered wisdom that has held up over time.
“There is no practice more dangerous than that of borrowing money.” – George Washington
This quote comes from a letter Washington wrote to his nephew in 1797, showing him to be a source of support when it came to helping others navigate their finances. It’s doubly interesting when you consider the fact that according to biographer Ron Chernow, Washington himself had to borrow money to attend his own inauguration in 1789. Chernow also points out that Washington had to borrow money again after his presidency in order to move back to Virginia.
All this goes to show that even the best laid plans sometimes fall through. While its always best to spend money that you have, sometimes things pop up. Even George Washington had unforeseen moving expenses. One way to avoid having to borrow money or using credit is by setting up an emergency fund. You can do this using an Ally Bank Online Savings Account or Money Market Account where your savings will collect interest at a competitive rate.
“Property is the fruit of labor; property is desirable; is a positive good in the world. That some should be rich shows that others may become rich, and hence, is just encouragement to industry and enterprise.
‘Let not him who is houseless pull down the house of another; but let him labor diligently and build one for himself, thus by example assuring that his own shall be safe from violence when built.” - Abraham Lincoln
For us, this quote is all about enjoying the benefits of hard work and being inspired by the successes of others. It even reminded us a bit of Kevin Cupp and his story about using Ally Bank savings products to save for his dream car. Ally Bank understands that financial planning is a means to an end, which is why our products have some of the most competitive rates. If you have a long term savings goal that you’re trying to reach, take a look at the great rates and variety of benefits that come with our CDs. Helping you to reach inspiring levels of personal financial success, they can even be laddered over time.
What do you think about these quotes from these Founding Fathers?