We remember July 4, 1776, as the day the Declaration of Independence was signed—but American colonists were defying Great Britain for more than 100 years before that momentous event. Specifically, Americans repeatedly chose financial independence from the king, which was what allowed them to eventually break away from English rule.
And that’s why the most patriotic way to celebrate America’s milestone birthday is to take charge of your own finances.
Of kings, coins, and currency
Now that the U.K. is accessible to any American with an $800 plane ticket and nine hours worth of downloaded podcasts, it can be easy to forget just how remote the American colonies were from their king back in the 17th and 18th centuries. Travel from England to America could take six to 10 weeks, although many voyages took much longer.
The colonists thought of themselves as British citizens at the time, which meant they expected to use British currency for their transactions. In addition, English merchants who traded with the colonists required payment in British coins.
But one of the ways that Great Britain exercised its power over the colonies during that time was by restricting the import of British coins to America and prohibiting the colonies from minting their own coins. Between those restrictions and the long travel time for any ships bearing British coins, the colonies experienced frequent currency shortages.
Of course, economies don’t screech to a halt just because the preferred currency is unavailable. Instead, colonists used readily available currencies, such as nails, beaver pelts, foreign coins, and Indigenous wampum.
What Great Britain apparently didn’t take into account was the fact that American colonists would chafe at the coin restrictions—and find ways around them.
A paper trail to revolution
In 1690, the Massachusetts Bay Colony was the first to issue colonial paper currency. This currency was printed to pay volunteer soldiers when a coin shortage left the governor with no way to pay the troops.
Throughout the 1700s, each colonial government began to issue its own paper currency. These were the first type of fiat currency, meaning the money’s value relied on being issued and accepted by a government in payment of debts.
Colonial paper currency wasn’t a perfect system, since exchange rates between colonies weren’t entirely clear. But it indicated America’s growing autonomy from the crown.
As Americans grew angrier with Great Britain’s taxes and restrictions, they started using colonial currency to thumb their noses at the crown in even more direct ways. By the 1770s, many of the colonial notes bore political messages of resistance. When the Continental Congress issued paper money during the Revolutionary War, colonists could pay for their transactions with bills bearing Latin mottos such as “bear with me or let me alone” and “perseverance.”
Americans clearly stated their intentions with the Declaration of Independence on July 4, 1776, but they had been refusing to comply with Great Britain’s financial expectations for many years. Creating a money system for themselves was the slow-burn act of rebellion that made Independence Day possible.
Why money management is patriotic
Americans are proud of our rebellious origins. We visit Revolutionary War sites on vacation, create prestige television dramas about founding fathers, dress up in period costume to re-enact historical battles, and name anything that’s nailed down after our heroes.
But the original Fourth of July and the war that followed were the culmination of decades of Americans quietly (and sometimes not so quietly) claiming control of their financial future from Great Britain.
We tend to focus on the fiery speeches and exciting battles, forgetting that standing up to King George in 1776 was possible only because the American colonies had refused to accept the financial restrictions Great Britain had tried to impose on them. (That said, examining the particulars of how the colonies generated wealth is the topic for a different article.)
Though the last 250 years has changed the world in ways that would gast Thomas Jefferson’s flabbers, powerful people still use the same playbook as Ye Olde kings of England. Specifically, those in power will always try to restrict your access to money—since the lack of money keeps you scrambling to stay afloat in the system.
That’s why emulating the patriots of early America doesn’t necessarily look like the fiery rhetoric of “give me liberty or give me death.” It’s more like setting up your finances so you can tell the powerful where to shove it.
An American guide to financial freedom
Obviously, it’s been years since anyone could convince AT&T to accept beaver pelts as payment. And our government today frowns on individuals printing their own currency. But you can still channel the rebellious economic spirit of our colonist ancestors by following these steps to financial independence:
- Tackle your high-interest debt. Getting your debts down to zero will not only free up your financial resources, but will also lower your stress levels. And it’s a great way to say “Screw You!” to the King George types.
- Automate your savings. Create an automatic transfer of a small amount of money to your emergency fund to coincide with your paycheck. Pick a dollar amount you know you won’t miss. Even $1 is better than nothing.
- Grow your money. Don’t let your dollars be lazy bums. Invest them so they can earn their keep through the power of compounding interest. Like your savings, automate your investment contributions to coincide with your paycheck.
- Schedule a savings/investing step-up. Set a quarterly calendar reminder to increase your automatic transfers. Every three months, when Google calendar notifies you, step up the amount you set aside for both your emergency fund and your investment account.
All-American financial freedom
July 4, 2026, may mark an important anniversary in our country’s history, but we shouldn’t forget all the little rebellions that made this day possible. The Americans would never have been in a position to declare independence if the colonies had not refused to accept Great Britain’s financial restrictions for more than 100 years leading up to that day.
That’s why one of the ways to honor our country’s history is to aim for our own personal financial independence. Like our ancestors, many current Americans find their access to money restricted by those in power. And like our ancestors, we have the ability to defy those restrictions with small acts of rebellion.
Though it may not seem romantic, tackling your high-interest debt, automating your savings and investment contributions, and committing to quarterly increases of your savings and investments, are some of the most patriotic actions you can take this July 4.
Happy Independence Day!
