How Ex-Presidents and Prime Ministers Make their Money

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Getty Images

Upon taking up residency in the White House, a president also assumes a tidy salary of $400,000 a year, plus extra cash for expenses. That's certainly not the kind of change you'd find under most couch cushions, but it's not such a princely sum that the president will be set for life when leaving office. While many leaders are either independently rich enough or old enough that they just retire after leaving office, others are desperate to make a buck or a pound. So how do ex-presidents and other former world leaders support themselves as they while away the autumn of their years?

The Very Broke Harry Truman:

When Truman's presidency ended in 1953, he headed home to Independence, Missouri, but there was a nagging problem: he didn't have any money.  His business interests from prior to his political life hadn't generated any sort of savings for him, and he thought that taken a corporate position or endorsing products would cheapen the presidency. His only income was a $112-a-month army pension, so he did what former presidents now do without thinking:  he sold his memoirs. Truman received a $670,000 deal for the two-volume memoirs, but after taxes and paying his assistants, he only netted a few thousand dollars on the project. Things got so dire that Congress passed the Former Presidents Act in 1958, which gave retired commanders in chief pensions of $25,000 a year.  At least his health insurance was eventually covered; when Lyndon Johnson signed Medicare into law in 1965, he presented President Truman and his wife, Bess, with the first two Medicare cards.

Jimmy Carter:

Carter famously rose to the presidency from humble roots as a Georgia peanut farmer, but when he assumed office he placed his business and farming issues in a blind trust to avoid any potential conflicts of interest. It was a noble act, but it didn't play out so well for Carter; when he resumed control of his assets, he was a million dollars in debt. He needed dough, so he started writing. And writing. Although he's known for his work with Habitat for Humanity and his willingness to go on global diplomatic missions, Carter is a shockingly prolific author of over 20 books. Some of his tomes are standard memoirs and political texts, but Carter's also penned children's books, a volume of poetry, a historical novel, and Bible-study guides.

Bill Clinton:

Bill Clinton pulls in $250,000 to give a speech, which has been a fairly lucrative racket for him. A 2007 report in the British newspaper The Independent estimated Clinton's earnings from speeches alone at somewhere in the neighborhood of $40 million since he left office six years earlier. Clinton also sold his memoir My Life to Knopf for $15 million, and he serves as an advisor for the private equity firm Yucaipa Companies, a post that has pulled in at least $12.6 million. When the Clintons released their tax data in April 2008 as part of Hillary's campaign disclosures, they showed income of $109 million since leaving the White House.

Margaret Thatcher:

Although declining health has slowed her down lately, Thatcher was fairly busy after stepping down as Prime Minister in 1990. She remained in the House of Commons until 1992. She received the title Baroness Thatcher that year, which got her a spot in the House of Lords. Thatcher also penned a two-volume memoir, The Path to Power and The Downing Street Years, which hit the New York Times' best-seller lists in 1993 and 1994. On top of that, she served as Chancellor of the College of William and Mary from 1993 to 2000 and penned the international relations text Statecraft:  Strategies for a Changing World in 2002. All of this work must have left Thatcher pretty set; after all, she has given Cambridge two million pounds to endow a chair in her name.

John Major:

Thatcher's successor as Prime Minister has had a decidedly more low-key life since leaving the post in 1997. As an avid cricket fan, he served as the president of the Surrey County Cricket Club from 2000 to 2001 and has been on the Committee of the Marylebone Cricket Club since 2005. He also joined the private equity firm the Carlyle Group's European Advisory Board in 1998 and supposedly rakes in 25,000 pounds for each speech he gives on the lecture circuit.

Tony Blair:

Like Bill Clinton, Blair got a book advance that ensured he wouldn't have to hit up any of his friends for a pound or two from time to time. In October 2007 the New York Times reported that Random House purchased Blair's memoir for a staggering $9 million. Or rather, they purchased the rights to the memoir once it's written; despite receiving the gigantic advance, Blair's spokesman admitted that the former Prime Minister hadn't gotten a chance to "put pen to paper" when he signed the deal. On top of the sweet advance, Blair's also pulling in cash as an advisor on climate change for Zurich Insurance and as a senior advisor for JPMorgan, both of which have been reported as six-figure-a-year jobs. He's also making 500,000 pounds for a series of speeches and will teach a course on faith and globalization at Yale this year.

Can You Name the President Just by Looking at Their Facial Hair?

25 Things You Might Not Know About Thomas Jefferson

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iStock

Thomas Jefferson (1743-1826), the third president of the United States, penned one of the greatest documents of the modern world in the Declaration of Independence. While that’s certainly a career highlight, it’s far from the only interesting thing about him. For more on Jefferson’s life, accomplishments, and controversies, take a look at this assembly of 25 facts.

1. He was addicted to learning.

Born April 13 (April 2 on the pre-Gregorian calendar), 1743 at his father’s Shadwell plantation in Virginia, Jefferson was one of 10 children (eight of whom survived to adulthood). While he attended the College of William and Mary (he graduated in 1762), he was said to have studied for 15 hours daily on top of violin practice. The hard work paid off: Jefferson moved into law studies before becoming a lawyer in 1767. Two years later, he became a member of Virginia’s House of Burgesses, the Virginia legislature. His autodidact ways continued throughout his life: Jefferson could speak four languages (English, Italian, French, Latin) and read two more (Greek and Spanish).

2. His greatest work was a study in contradiction.

As a member of the Second Continental Congress and the “Committee of Five” (a group consisting of John Adams, Roger Sherman, Benjamin Franklin, Robert Livingston, and Thomas Jefferson brought together for this purpose), Jefferson was tasked with writing the Declaration of Independence, an argument against the 13 colonies being held under British rule. While the Declaration insisted that all men are created equal and that their right to liberty is inherent at birth, Jefferson’s plantation origins meant that he embraced the institution of slavery. In any given year, Jefferson supervised up to 200 slaves, with roughly half under the age of 16. He perpetuated acts of cruelty, sometimes selling slaves and having them relocated away from their families as punishment. Yet in a book titled Notes on the State of Virginia (which he began writing during his stint as governor and published in 1785), Jefferson wrote that he believed the practice was unjust and “tremble[d]” at the idea of God exacting vengeance on those who perpetuated it. Though Jefferson acknowledged slavery as morally repugnant—and also criticized the slave trade in a passage that was cut from the Declaration of Independence "in complaisance to South Carolina and Georgia”—he offered no hesitation in benefiting personally from it, a hypocrisy that would haunt his legacy through the present day.

3. He didn't like being rewritten.

After drafting the Declaration, Jefferson waited as Congress poured over his document for two days. When they broke session, Jefferson was annoyed to find that they were calling for extensive changes and revisions. He disliked the fact the passage criticizing the slave trade was to be omitted, along with some of his harsh words against British rule. Benjamin Franklin soothed his irritation, and the finished Declaration was adopted July 4, 1776, spreading via horseback and ship throughout that summer.

4. He recorded everything.

After inheriting his family’s Shadwell estate, Jefferson began constructing a new brick mansion on the property he dubbed Monticello, which means “little mountain” in Italian. For operations at Monticello and the properties he would acquire later in life, Jefferson was preoccupied with recording the minutiae of his daily routine, jotting down journal entries about the weather, his expansive garden, and the behavior of animals on his property. He kept a running tally of the hogs killed in a given year, mused about crop rotations, and noted the diet of his slaves.

5. He doubled the size of the country.

Jefferson’s greatest feat as president, an office he held from 1801 to 1809, was the Louisiana Purchase, a treaty-slash-transaction with France that effectively doubled the size of the United States. The deal took careful diplomacy, as Jefferson knew that France controlling the Mississippi River would have huge ramifications on trade movements. Fortunately, Napoleon Bonaparte was in the mood to deal, hoping the sale of the 830,000 square miles would help finance his armed advances on Europe. Bonaparte wanted $22 million; he settled for $15 million. Jefferson was elated, though some critics alleged the Constitution didn’t strictly allow for a president to purchase foreign soil.

6. He fought pirates.

Another instance where Jefferson pushed the limits of his Constitutional power was his fierce response to Barbary pirates, a roving band of plunderers from North Africa who frequently targeted supply ships in the Mediterranean and held them for ransom. Under Jefferson’s orders, American warships were dispatched to confront the pirates directly rather than capitulate to their demands. The initial Navy push was successful, but the pirates were able to capture a massive American frigate—which an American raiding party subsequently set fire to so the ship couldn't be used against them. A treaty was declared in 1805, although tensions resumed in what was known as the Second Barbary War in 1815. Again, Naval ships forced Algerian ships to retreat.

7. He helped popularize ice cream in the U.S.

Jefferson spent time in France in the 1700s as a diplomat, and that’s where he was likely introduced to the dessert delicacy known as ice cream. While not the first to port over recipes to the United States, his frequent serving of it during his time as president contributed to increased awareness. Jefferson was so fond of ice cream that he had special molds and tools imported from France to help his staff prepare it; because there was no refrigeration at the time, the confections were typically kept in ice houses and brought out to the amusement of guests, who were surprised by a frozen dish during summer parties. He also left behind what may be the first ice cream recipe in America: six egg yolks, a half-pound of sugar, two bottles of cream, and one vanilla bean.

8. He bribed a reporter.

Presidential scandals and dogged newspaper reporters are not strictly a 20th or 21st century dynamic. In the 1790s, a reporter named James Callender ran articles condemning several politicians—including Alexander Hamilton and John Adams—for various indiscretions. In 1801, he turned his attention to Jefferson, whom he alleged was having an affair with one of his slaves, a woman named Sally Hemings. Callender went to Jefferson and demanded he receive $200 and a job as a postmaster in exchange for his silence. Disgusted, Jefferson gave him $50. Callender eventually broke the news that Hemings and Jefferson had been involved, a relationship that resulted in several children. Jefferson supporters ignored the story—which modern-day DNA testing later corroborated—but Callender was never in a position to gather more evidence: He drowned in the James River in 1803.

9. He had a pet mockingbird.

Even before the Revolution, Jefferson had taken a liking to mockingbirds, and he brought this affection to the White House, which they filled with melodious song. (And, presumably, bird poop.) But he was singularly affectionate toward one mockingbird he named Dick. The bird was allowed to roam Jefferson’s office or perch on the president’s shoulder. When Jefferson played his violin, Dick would accompany with vocals. Dick and his colleagues followed Jefferson back to Monticello when he was finished with his second term in 1809.

10. He invented a few things.

Not one to sit idle, Jefferson used his available free time to consider solutions to some of the problems that followed him at his Monticello farming endeavors. Anxious to till soil more efficiently, he and his son-in-law, Thomas Mann Randolph, conceived of a plow that could navigate hills. He also tinkered with a way of improving a dumbwaiter, the elevator typically used to deliver food and other goods from one floor to another.

11. His wife had a curious connection to his mistress.

Jefferson was married for just 10 years before his wife, Martha Wayles, died in 1782 at age 33 of unknown causes. Curiously, Jefferson’s involvement with his slave, Sally Hemings, was part of Martha's convoluted family tree. Martha’s father, John Wayles, had an affair with Sally’s mother, Elizabeth Hemings—meaning most historians think Sally and Martha were half-sisters.

12. He's credited with creating a catchphrase.

During his second term as president, Jefferson was said to have run into a man on horseback near his Monticello estate who proceeded to engage him in a lengthy complaint of everything wrong in Washington. Reportedly, the man had no idea he was speaking to the commander-in-chief until Jefferson introduced himself. The man, deeply embarrassed, quickly spouted “my name is Haines” and then galloped away. True or not, Jefferson is credited with originating the resulting catchphrase that was popular in the 1800s, with people saying “my name is Haines” whenever they wanted to feign embarrassment or were forced to leave abruptly.

13. He was served with a subpoena.

Long before Richard Nixon landed in hot water, Thomas Jefferson resisted attempts to compel him to testify in court. The matter unraveled in 1807, when James Wilkinson insisted he had sent Jefferson a letter informing him of Aaron Burr’s plot to invade Mexico. Government attorneys wanted Jefferson to appear with the letter, but the president—who said that the country would be left without leadership if he traveled to Richmond to answer the subpoena—refused to appear, an act of executive willpower that was never challenged in court.

14. He had a secret retreat.

Though Monticello remained Jefferson’s pride and joy, he had another residence for times when he wanted to be alone. Poplar Forest, located near Lynchburg, Virginia, was an octagonal home that he had built to exacting detail: The windows were measured so they would bring in only Jefferson’s preferred amount of sunlight. The home took years to construct and was nearly ready by the time he left office in 1809. It’s now open to the public.

15. He was a shabby dresser.

After taking office, Jefferson offended some in Washington who believed the president should be an impeccably-dressed and polished social host. While many of his stature would opt for a carriage, Jefferson rode a horse and dressed in plain and comfortable clothing. He acknowledged only two official White House celebrations annually: the 4th of July and New Year’s Day.

16. He was an early wine connoisseur.

Centuries before wine appreciation became a national pastime, Jefferson was busy accumulating an eclectic wine cellar. His love for the drink coincided with his trip to France, where he was introduced to the various tastes and textures. He kept a well-stocked collection at Monticello and also tried growing his own European grapes, but was never successful.

17. He shocked people by eating a tomato.

Jefferson’s multitudes of crops included what were, for their time, unique and sometimes puzzling additions. He grew tomatoes when their consumption in Virginia was uncommon, and, according to one account from 1900, Jefferson reportedly appalled some onlookers when he would consume one in front of witnesses.

18. He probably had a fear of public speaking.

Without today’s methods of addressing the public—radio, television, and Twitter—Jefferson was largely free to succumb to his reported phobia of speaking in public. While working as a lawyer, he found himself unable to deliver orated arguments as eloquently as he could write them. When he did speak, it was apparently with a meek disposition. One listener to his inaugural address in 1801 described Jefferson’s speech as being in “so low a tone that few heard it.”

19. He harvested opium.

At Monticello’s sprawling vegetable and plant gardens, Jefferson grew over 300 different kinds of crops, flowers, and other sprouts. Among them were Papaver somniferum, the poppy seed that can be used to create opioid drugs. Common in Jefferson’s time, the plant is now under much closer scrutiny and the estate was forced to pull up their remaining crop in 1991.

20. Abraham Lincoln was not a fan.

Though they weren’t contemporaries, Abraham Lincoln sometimes seethed with animosity toward Jefferson. William Henry Herndon, Lincoln’s onetime law partner, wrote that Lincoln “hated” Jefferson both for his moral shortcomings and his political views. But Lincoln also recognized the potency of the Declaration, citing its words as proof of equality among the population. “All honor to Jefferson,” he said, for making the document a “stumbling block” for anyone arguing in favor of tyranny. But he still never liked the guy.

21. He sold a lot of books to the Library of Congress.

Jefferson, a voracious reader, was dismayed when the War of 1812 resulted in British forces burning the Capitol in Washington and reducing its 3000-volume library of books to ashes. To repopulate the repository of knowledge, Jefferson sold Congress his entire personal library of 6707 titles for $23,950. The sale was finalized in 1815, and the books were sent via wagon from Virginia to Washington.

22. He helped found the University of Virginia.

A fierce advocate of education, Jefferson used his later years to propagate an institution of higher learning. Jefferson began planning the resources for a Virginia state university during his presidential term, writing to the Virginia House of Delegates that a college should not be solely a house but a “village.” In the proceeding years, Jefferson arranged funding, contributed design ideas, and helped shepherd the University of Virginia toward its formal opening in March 1825. Known as the “founding father” of the school, his influence has not always been welcomed. In April 2018, protesting students spray-painted the words rapist (in reference to his controversial relationship with slave Sally Hemings) and racist on a campus statue.

23. He was always in debt.

Status, salary, and opportunities should collude to make sure presidents are in solid financial shape during and after their tenure in office. Jefferson was an exception. Despite inheriting his father’s estate, he was plagued by debt for most of his life. He often spent beyond his means, expanding his property and making additions and renovations with little regard for the cost involved. His father-in-law, John Wayles, carried debt, which Jefferson became responsible for when Wayles died in 1774. Jefferson himself died owing $107,000, or roughly $2 million today.

24. His onetime nemesis dies on the same day.

Before Jefferson passed away on July 4, 1826, he had finally made amends with John Adams, the president who preceded him in office and for whom Jefferson had acted as vice-president. The two men, once on the same side, had grown to resent the other’s approach to diplomacy and politics, with Jefferson lamenting Adams’s preference for centralized and meddlesome government—though according to Jefferson, the major issue was the so-called “Midnight Judges,” appointments that Jefferson felt “were from among [his] most ardent political enemies.”

Strangely, Adams passed away the same day as Jefferson, just five hours later. The date, July 4, was also the 50th anniversary of the Declaration of Independence being adopted.

25. He wrote his own epitaph.

Jefferson wasn’t willing to leave his final resting place in the hands of others. He was exacting in how he wanted his grave marker to look and how his epitaph should read. He also directed the marker be made of inexpensive materials to dissuade vandals from bothering it. Following his death in 1826, several people chipped away at his grave in Monticello as souvenirs. Congress funded a new monument in 1882, which is still toured by visitors to the estate today. The engraving reads:

Here was buried

Thomas Jefferson

Author of the Declaration of American Independence

of the Statute of Virginia for religious freedom

& Father of the University of Virginia

This time, no one had the temerity to rewrite him.

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