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Thomas Jefferson

Jefferson had financial troubles for a large part of his life and died very deep in the hole: about $107,000 of debt to be exact. In case you’re wondering what that would be with modern-day inflation, it’s roughly estimated to be from $1,000,000 to $2,000,000. So how did he get himself into such financial straits? There were a few factors in play that had a vicious cycle effect that quickly drained what funds he had. He inherited a great deal of debt from his father-in-law John Wayles when he passed in 1774. His main source of income was some farmland he owned being worked by slaves, but the profits were inconsistent. He also loaned out portions of his own money as a creditor, but like himself, they frequently missed payments and caused him further distress. All of this was exacerbated by Jefferson’s lavish lifestyle, he lived well beyond his means splurging on wine, constructing new buildings, and furnishing his home expensively. His family sold much of his property after his death to make up for his stagnating debts.