Alexander Hamilton was the first Secretary of the Treasury: He created the first national bank, consolidated the new country’s war debts, and established federal credit. You could say he was America’s first Chief Financial Officer. He was also a self-taught immigrant who started with no wealth but ended up on the $10 bill. Hamilton never reached retirement, but we can learn important financial lessons from him.
Know Your Finances
Hamilton grew up poor and was concerned with his own financial wellbeing and the country’s wellbeing in the long term. He wanted America to have a good financial system and credit status. After the Revolutionary War, the country had $75 million of debt. Hamilton untangled the messy financial situation, bundled all securities, and reissued them – George Washington had some of the first Treasury bonds. From Hamilton we can learn that building wealth takes knowledge and a long-term vision for your finances.
Adapt and React
Hamilton could be stubborn, but he also knew how to compromise. In 1790, there was a divide as to where the capital of the country would be. Both the north and the south wanted it, so Hamilton struck a deal where the capital would be in Virginia, and in return, the national government would assume state debts. Hamilton faced much opposition, and similarly, there could be any number of problems that arise as you near retirement. The ability to adapt your plan is crucial: Market volatility and personal crisis may come, but your retirement doesn’t have to suffer.
The Importance of Hard Work
Alexander Hamilton was very intelligent, but he also worked hard to get ahead in life. He spent hours reading, writing, learning, and perfecting his work. He said, “men give me credit for some genius. All the genius I have lies in this; when I have a subject in hand, I study it profoundly. Day and night it is before me.” Put more simply in the hit musical about him, “How to account for his rise to the top? – The man is non-stop.”
You’ve worked hard to save for retirement and should have a solid plan for the next 30 plus years. We’ve dedicated years to helping our clients retire and can help you create a plan to fit your unique needs. Click here to schedule your no cost, no obligation financial review to speak with us about your retirement at Solutions First Financial Group.