People often associate U.S. presidents with wealth. Donald Trump is a billionaire (according to him). John F. Kennedy’s family had a huge fortune. The Roosevelts were from money. The Bush family’s wealth came from investment banking. George Washington owned a tremendous amount of land. (This is where America’s presidents are buried.)

Not all presidents, however, were rich, or even middle class, by the measure of their times. Abraham Lincoln was born into poverty and never made money. And Harry S. Truman, who had been a shoe salesman before running for office, was the poorest president in history.

24/7 Wall St. reviewed historical sources in order to determine which U.S. presidents never amassed a high level of wealth. We have accounted for hard assets such as real estate and estimated lifetime savings based on work history and inheritance. We considered annual salaries, incomes earned from royalties on books, ownership of companies, yields from family estates, and other forms of income. The ranking is based on peak net worth — how much a president’s combined assets were worth at the time in his life when he was the richest.

Despite the advantage that those with money and power have in presidential campaigns, and despite the lucrative opportunities afforded to former presidents, nine presidents nevertheless never achieved a net worth of over $1 million in their lifetimes. (These are the best perks of being president of the United States.)

Many presidents who never became highly wealthy came from humble beginnings. Andrew Johnson, Lincoln, and James Garfield were born in log cabins. And while most of the wealthiest presidents inherited family money, many of the presidents born to less well-off families were never able to accrue much money since public service jobs often do not pay much.

Presidents who never became wealthy had many different reasons for not achieving greater wealth, even if they managed to overcome the obstacles that came with their origins. During the 1800s, access to education and upward economic and social mobility was extremely difficult for those living in rural areas, and yet they managed to run for president successfully.

A few of the poorer presidents struggled with their business ventures. Ulysses S. Grant invested tens of thousands of dollars in a business venture that ended up being a scam. Truman was deeply in debt after his hat shop failed to take off before becoming president.

Truman was born in Lamar, Missouri, and worked a number of odd jobs in his early life. He did not attend college and started out working on his family farm before going to work at a railroad construction company and then a bank. He did not find his passion for politics until he returned from service in the National Guard during World War I.

Truman used the contacts he made in the military to launch his career in politics, but his failed attempt at running a hat shop left him deeply in debt. His finances were in such poor shape, the presidential salary was doubled while he was in office. The 33rd president served from 1945 to 1953.

Click here to see the America’s poorest presidents

9. James Buchanan
> Term: 1857-1861 (15th president)
> Other occupations: Congressman, senator, secretary of state
> Birthplace: Franklin County, Pennsylvania

James Buchanan came from a well-off family, but he never made much money of his own since his entire career was in public service. After getting a law degree, Buchanan joined the military and served during the War of 1812 before being elected to the Pennsylvania House of Representatives. His political career included positions such as congressman, senator, and secretary of state. Buchanan never had to provide for anyone else as he was the only president who never married.

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8. Abraham Lincoln
> Term: 1861-1865 (16th president)
> Other occupations: Lawyer, general store owner, rail-splitter
> Birthplace: Hardin County, Kentucky

Born into a modest family, Abraham Lincoln’s rise to become one of the most well regarded presidents in history is nothing short of remarkable. Tall and strong, Lincoln made money in his early 20s doing manual labor like splitting wood. After moving to New Salem, Illinois, Lincoln tried out a number of other occupations, serving as town postmaster and owning a general store.Eventually, he found politics and won a seat in the Illinois state legislature. It was only after his election that he decided to become a lawyer, an occupation which set him on his political path.

7. Andrew Johnson
> Term: 1865-1869 (17th president)
> Other occupations: Tailor, alderman, mayor
> Birthplace: Raleigh, North Carolina

Andrew Johnson began his working life as a tailor, but his true passion always seemed to be in debating. Johnson frequently advocated for the common man and railed against plantations. He gained the support of his Greeneville, Tennessee community, eventually becoming alderman and mayor of the town. His political career continued its upward trajectory until he was put on Abraham Lincoln’s ticket for reelection in 1864. He took office after Lincoln’s assassination.

6. Ulysses Simpson Grant
> Term: 1869-1877 (18th president)
> Other occupations: General, leather shop worker, farmer
> Birthplace: Point Pleasant, Ohio

Ulysses S. Grant is renowned for his leadership of Union forces during the Civil War, but between that and his earlier service in the Mexican-American War, Grant struggled to find a career. After resigning from the Army in 1854, Grant failed in his attempts to work in farming and real estate, so he went to work for his father, who worked in leather goods. He returned to his true calling when the Civil War broke out.

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5. James Abram Garfield
> Term: 1881 (20th president)
> Other occupations: Teacher, general, congressman
> Birthplace: Orange, Ohio

James A. Garfield never pursued a lucrative career track, instead focusing on service. After completing his education at the Eclectic Institute, he returned to his alma mater and became a teacher of Greek and Latin. Before entering politics, Garfield was also ordained as a minister. He fought for the Union during the Civil war, leading Ohio’s 42nd volunteer infantry regiment.

4. Chester Alan Arthur
> Term: 1881-1885 (21st president)
> Other occupations: School principal, attorney, customs collector
> Birthplace: Fairfield, Vermont

Chester A. Arthur’s first job out of college was a school teacher. He rose to become a school principal before leaving to focus on his law career. This led him to his position as a customs collector for the Port of New York. As president, Arthur dismantled that system, using his inside knowledge of how it worked.

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3. Woodrow Wilson
> Term: 1913-1921 (28th president)
> Other occupations: Professor, college president, governor
> Birthplace: Staunton, Virginia

Few presidents have been as knowledgeable about political theory as Woodrow Wilson. After earning his Ph.D. in political science, Wilson returned to Princeton, his alma mater, to be a professor. He worked his way up to become Princeton’s president, but he soon left political teaching behind to put his policies into action. Wilson won the election to become Governor of New Jersey in 1910, and just two years later he was elected president.

2. Calvin Coolidge
> Term: 1923-1929 (30th president)
> Other occupations: Lawyer, writer
> Birthplace: Plymouth Notch, Vermont

Calvin Coolidge, known as “Silent Cal,” had a steady 20-year career as a lawyer while he built up his political career. Coolidge started as a city councilman in Northampton, Massachusetts before working his way up to becoming the state’s governor and eventually president. After leaving office, Coolidge busied himself by writing his memoir and regular columns in various magazines.

1. Harry S. Truman
> Term: 1945-1953 (33rd president)
> Other occupations: Farmer, hat shop owner, judge
> Birthplace: Lamar, Missouri

Harry S. Truman worked a number of odd jobs in his early life. Truman, who did not attend college, started out working on his family farm before going out to work at a railroad construction company and then a bank. He did not find his passion for politics until he returned from service in the National Guard during World War I. Truman’s failed attempt at running a hat shop left him deeply in debt. He later used the contacts he made in the military to launch his career in politics, but his finances were in such poor shape, the presidential salary was doubled while he was in office.

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