Posted by Jack
For a guy with humble beginings he’s sure been brought along to great wealth and yet he did so llittle to obtain it. The money has just flowed to him. This is amazing.
How exactly did Obama grow his fortune? Here’s a timeline of his earnings over the years, as Chronicled by Business Insider:
– 2004: He earned a salary of $80,287 from the Illinois State Senate and $32,144 from the University of Chicago Law School, where he taught. The president also had assets in four financial funds worth between $50,000 and $100,000 each.
– 2005: Obama signed a multi-book deal with Random House and received a $1.9 million advance for “The Audacity of Hope,” plus royalties, following his appearance at the 2004 Democratic National Convention. Also that year he earned just over $847,000 off another book advance, plus $378,000 off additional book royalties. Meanwhile, his investments grew with the addition of a Nuveen Floating Rate Income Fund valued between $50,000 and $100,000. He also reported deposit accounts valued between $150,000 and $350,000.
– 2006: Obama reported book royalties of just under $150,000, plus $425,000 off an additional book advance. He also acquired publicly-traded assets worth tens of thousands, including funds with Goldman Sachs and Vanguard.
– 2007: Obama earned $3.3 million off book royalties from Random House and $816,000 from Dystel & Goderich Literary Management. He acquired a Northern Municipal Money Market Fund valued between $1 million and $5 million, in addition to U.S. Treasury notes valued between $500,000 and $1 million. For his daughters, he invested in two 529 college savings plans valued around $200,000 each.
– 2008: When Obama was selected as president, he owned somewhere between $1 million and $5.1 million in U.S. Treasury bills.
– 2009: Obama won the Nobel Peace Prize, which came with a $1.4 million award. He donated it to an assortment of charities.
– 2009-2015: Obama earned $400,000 a year as president and continued to earn book royalties, as well as interest on his investments.
According to Time, the first thing Barack Obama plans to do after leaving the hardest job in the world is to “sleep for two weeks.”
The president is likely to return to his community activist roots — following his slumber, of course, according to USA Today. That will likely include work on issues that were important to him during his presidency, such as gun control, immigration, nuclear nonproliferation, race relations and criminal justice reform.
According to the 1958 Former Presidents Act, Obama will receive the salary of a Cabinet secretary for the rest of his life. Currently, that’s $205,700 a year. Among the other perks are health insurance and round-the-clock Secret Service protection until his death.
The costs of Secret Service protection are not made public, but Obama will also receive funds for an office, staff and related expenses, which George W. Bush took advantage of to the tune of $1.1 million in 2015.
Many presidents establish foundations and enjoy lucrative second careers as in-demand speakers and authors. Although there is no hard data on Obama’s previous speaking fees, past presidents such as George W. Bush have earned between $100,000 and $175,000 per engagement after they left the White House.
First off, money talks. According to CNN, former President Bill Clinton and his wife Hillary earned an average of $210,795 per speech in the 15 or so years since he left office. That totals approximately $153 million for 729 paid speaking engagements.
American University estimates that the Obamas could make as many as 50 speeches a year once he is out of office, earning “a conservative $200,000 apiece and you’re already close to $200 million before taxes,” the analysis found.
Mr. Obama has already proven to be an accomplished and popular author. Following the presidency, experts predict that he could earn about $30 million for his memoir, while Michelle Obama could garner an estimated $10 million for hers, according to the New York Times.
Either way, Obama will be the first president in nearly 100 years to remain in Washington, D.C., after leaving office. He and the family will remain in town so his youngest daughter, Sasha, can finish high school.
Their new Washington digs are located in the capitol’s posh Kalorama neighborhood, where first daughter Ivanka Trump also owns a home. The Obamas have leased an 8,200-square-foot, nine-bedroom mansion that was built in 1928. The spacious home last sold for $5.3 million in 2014 and is estimated to be worth $6.3 million today.
Barack Obama will leave office a very rich man. He and the first lady are likely to remain a visible Washington power couple after an even wealthier power broker takes his place in the Oval Office.
More on MSN: The net worth of all the American presidents
This article originally appeared on GOBankingRates.com: Barack Obama’s Net Worth as He Leaves the White House
Obumble had 8 years of living high on the hog with countless vacations, campaign fundraising jaunts and lavish white house parties all paid for by John/Jane Q Taxpayer.
And the 10-year Secret Service protection for past presidents was changed to Lifetime early in his first term.
Guess he thought he might need the extra protection . . . . . .
J. Soden, honest question: if Trump makes it through two terms and ends up spending more taxpayer money on vacations, golf trips, rallies and security than Obama, will you care? Will you criticize him for that?
Sure would. As far as I’m concerned, campaign financing trips should be paid by the CANDIDATE and not the taxpayer. That has been abused by both sides of the aisle.
Also, the CANDIDATE should reimburse cities for the extra security costs that are incurred due to required for visiting “dignitaries.”
And my opinion on Secret Service protection still stands!
Thanks J, that’s a good response.
How do you feel about Trump golfing and vacationing far more at this point in his presidency than Obama did at this point? What about the costs incurred by Melania living in Trump Tower?
Not too worried. Report today that expen$e$ at white house cut $4%MILLION just by eliminating some staffers and cutting back on the handmaidens that Michelle Obama required.
http://www.nationalreview.com/corner/449181/smaller-government-least-1600-pennsylvania-avenue
OOPS! Should have been $5 MILLION. Sorry.
So it’s just Obama? Hillary?
The Red pill guys deserve it?
Cheney’s 5 mill bonus for becoming VP ? Ever hear of Genie Energy? ect ect
OMG you live to play the red pill / blue pill game? Enabling all of them to destroy our freedoms and quality of life?
Get over it and get in this fight. There are very serious issues that affect the security of every single citizen.
Yes Dewey, there are very serious issues that affect us and on that we can agree 100%.
Dewey please supply sources for your outrageous accusations regarding former VP Cheney…one of the most lied about figures in recent history!
“Cheney’s 5 mill bonus for becoming VP ? Ever hear of Genie Energy?”
You’re spit balling again Dewey.
What does Genie Energy have to do with Dick Cheney? We need actual information and/or evidence.
While on a tour of the Gettysburg battlefield I had an awesome guide who was also an instructor at the nearby military academy. The history lesson we got far exceeded anything written in history books and the battle.
Adjacent to the battlefield is president Eisenhower’s farm, which according to the guide was purchased by Eisenhower’s friends, during his final term in office. They made personal donations so he’d have a place to live after his presidency ended. The guide explained after serving in the military most of his adult life and being president he couldn’t afford to buy much of a place of his own. The farm was a solution to the problem because it was a producing farm and with the academy close by, where he had previously taught, Eisenhower could teach again while living at the farm to earn a income.
We decided to take the tour of Eisenhower’s farm too and were rewarded with a Civil War encampment set up in the surrounding fields. The home was a very 1950s modest ranch house that we were able to walk through. Surprising was the amount of pink the house was decorated in, which was Mamie’s favorite color. Just didn’t seem to fit the general.
My point being in my life time I’ve seen a man who gave his life for his country and when he retired had little of monetary value to show for it and had to rely on the generosity of others. Compared to a man who spent just eight years as president and a couple as a junior senator and ends up with millions and millions while vacationing on $300million yachts and jetting all over the world. What a contrast in how things have changed in just one life-time.
Reminds me of this Harry S Truman quote. And it applies to both parties.
“No man can get rich in politics unless he’s a crook. It cannot be done.”