As America turns 250 years old, I thought it would be fun to dig into the finances of our Founders and see how they were with money.  

It turns out, their money stories are just as messy — and timeless — as ours!

Alexander Hamilton built our entire financial system — the Treasury and our first national bank. When the first market panic hit in 1792, he calmed it. The Federal Reserve still borrows from his playbook.

Surprisingly, the man who organized America’s finances died in debt. He and Aaron Burr settled their differences the old-fashioned way — with a duel! Hamilton lost, and died the next day, in 1804. His friends quietly raised money to support his widow, Eliza, and their 8 children. Eliza was 47 and lived another 50 years. She raised their kids, protected his legacy, and founded an orphanage.

That orphanage still exists today. It’s called Graham, and 220 years later it still serves more than 4,500 New York children a year. I give that broke widow so much credit!

In his day, George Washington was one of the richest men in America. He owned thousands of acres and a thriving estate. But land isn’t cash, and Washington had almost none. In 1789, he had to borrow money just to travel to his own inauguration.

It turns out that being house rich and cash poor isn’t a modern concept! 

Ben Franklin was forward-thinking, generous, and understood compound interest. When he died in 1790, he left about $4,500 each to Boston and Philadelphia. With a catch. The money had to grow for 200 years. Here’s what happened:

• By 1990, Boston’s gift was worth roughly $4.5 million.
• Philadelphia’s ended up around $2 million. Same gift. Same 200 years. Less careful management.

Ben Franklin certainly understood the power of compound interest — but careful money management matters.

250 years later, the still advice holds: keep some cash, make a plan, give it time … and stay away from duels!

I hope you have a fabulous and memorable weekend.
Barbara
 

July 5, 2026
 

Sources: The Franklin Institute; Mount Vernon Ladies’ Association; Graham (graham-windham.org); Ron Chernow, Alexander Hamilton.

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