Richard Nixon was the 37th President of the United States. He served in office from 1969 to 1974, and he is best known for his foreign policy achievements, particularly his efforts to improve relations with China and the Soviet Union, and for the Watergate scandal that led to his resignation.
Nixon was born in California in 1913, and he grew up in a politically active family. After serving in the Navy during World War II, he entered politics and was elected to the U.S. House of Representatives in 1946. He later served as a senator and as Vice President under Dwight D. Eisenhower before being elected President in 1968.
As President, Nixon pursued several ambitious foreign policy initiatives. He visited China in 1972 and met with Chinese leader Mao Zedong, paving the way for the normalization of relations between the two countries. He also signed the first Strategic Arms Limitation Treaty (SALT I) with the Soviet Union, which helped to reduce the threat of nuclear war.
However, Nixon’s presidency was overshadowed by the Watergate scandal, in which members of his administration were found to have illegally spied on political opponents and attempted to cover up their actions. Nixon resigned in 1974, becoming the first and only President in U.S. history to do so.
Despite the controversy surrounding his presidency, Nixon’s foreign policy achievements had a lasting impact on international relations. He will be remembered as a complex and influential figure in American history.
so what is the thing you can learn about finance from Richard Nixon?
Accountability. To fight allegations, he welcomes tax returns examination. It was Richard Nixon’s tax filings that spark some of the most famous quotes.
“I welcome this kind of examination because people have got to know whether or not their president is a crook. I am not a crook I earned everything I Have got.”
Since then it was like a ritual and like a rule which every president follow. Every president releases either summary or in full. Till Donald trump. His tax returns were disclosed by the US House committee. That wasn’t the topic of this blog post.
Coming back to the topic, of why this is important, Richard Nixon was an American politician who had a net worth equal to $15 million at the time of his death (adjusting for inflation). he was one of the achiever presidents. including the end of the Vietnam War, the first manned landing on the moon, and the establishment of the Environmental Protection Agency. His second presidential term ended early due to Watergate.
Like all those who held office through the end of the 20th century, Nixon earned $200,000 a year as president and was also afforded a $50,000 expense account. He reported $262,942 in income on his 1970 tax returns.
Nixon, who died in 1994, had a net worth of $988,522 in 1973, according to a Dec. 9 issue from that year by The San Francisco Examiner. That amounts to about $6.03 million in today’s dollars.
Here I want to mention one archive of Newyork times dated 9 December 1973, which state, how he achieve big wealth in just one year. frauds are one way to make money, unethically. and this archive mentions it all. You can read it here
Watergate and all the allegations are not the topics of this post but I am trying to prove accountability is important when you are talking about Finance.
Financial accountability means being open and transparent with one’s money and financial standing regardless of the balance sheet status. Setting up a budget, making more money than you spend, maintaining a savings account, paying off your debt, and preparing for the future are some of the basic personal financial goals to aim for.
Things, such as achieving financial goals, do not just happen. Successful plans are paired with a deliberate plan that is adhered to with fidelity. An accountability system is a key ingredient in the success of any financial goal. If you have set goals, and milestones and have evaluated the resources needed to achieve these goals, then you need a way to keep auditing your progress, identifying pitfalls, and course correcting.
Many simple things can teach you accountability. Considering the long-term effects of becoming financially accountable, budgeting becomes a critical aspect of the journey. Budgeting helps you keep tabs on where your money is going. Using this method, you’ll be more in control of your spending and more accountable.
You may already have some goals in mind that you would want to achieve. It helps to have those goals well written out, divided into long-, medium- and short-term goals, and matching them with the resources needed to achieve them.
After setting your financial goals, you have to develop a system to track your progress. Are you working towards these goals alone or with your spouse? Are you part of a challenge with colleagues, friends, or family? Working towards a collective goal can be a good accountability tool.
Writing about Nixon and not mentioning Watergate is not something acceptable.
In 1972, President Nixon’s re-election campaign was embroiled in a scandal when it was discovered that a group of men, including several White House officials, had broken into the Democratic National Committee headquarters at the Watergate complex in Washington, D.C. The incident was initially dismissed as a small break-in, but further investigation revealed that the President’s campaign had been involved in a massive cover-up of the event.
As the scandal unfolded, it became clear that the President’s campaign had used illegal campaign contributions to finance the break-in and cover-up. This included accepting illegal contributions from wealthy donors, such as Howard Hughes and Richard Mellon Scaife.
The Watergate scandal led to a massive investigation and several high-profile trials, including the trial of several White House officials. President Nixon himself was implicated in the cover-up, and he resigned from office in 1974 to avoid impeachment.
The Watergate scandal had a major impact on President Nixon’s finances, as he was forced to pay a large settlement to the government for his involvement in the cover-up. He also lost his presidential pension and had to pay for his legal fees. The scandal also affected his reputation and legacy, and he died in relative obscurity.
The Watergate scandal serves as a reminder of the importance of accountability in personal finance and the consequences of illegal or unethical financial actions.
In your life accountability is playing an important role. Holding yourself accountable for your financial decisions makes it more likely that you will achieve your financial goals. This could include saving for retirement, paying off debt, or buying a house. Being accountable for your finances requires you to educate yourself about financial matters. This can increase your financial literacy, which in turn can help you make better financial decisions.
