Barack Obama’s money secrets reveal a remarkable ascent into the stratosphere of financial success.
After completing higher education at Columbia University and a law degree at Harvard, the young attorney took a job working for a law firm that specialized in civil rights and employment discrimination. Obama’s hourly billing rate was $165. As an Illinois State Senator, Obama earned an annual salary of $60,000. Teaching constitutional law at the University of Chicago enabled Obama to earn another $32,000 a year.
In 2005, Obama reported assets worth between $200,000 and $400,000. However, magnificent sales from his books The Audacity of Hope and Dreams from my Father have increased his net worth many times over. From the beginning to end of 2005 his assets had increased in value from $455,000 to $1.25 million. At the end of 2007, his assets were reportedly worth about $7 million.
The secret of Obama’s dramatic rise in wealth is attributed to his two books: The Audacity of Hope and Dreams From My Father. In 2009, Obama received $225,000 for an abridged version of his book “Dreams from my Father” that is geared for young readers. Obama promoted his books with many public book-signing events, autographing thousands of books with an abbreviated form of his signature.
Obama and his wife Michelle have joint checking accounts that fluctuate in value between $250,000 and $350,000. The bulk of Obama’s investments are divided between the Vanguard Social Index Fund and Vanguard Wellesley Income Fund. In addition to lucrative earnings from books, Obama has received valuable gifts. Gifts include Bo, his Portuguese Water Dog from the late Senator Ted Kennedy and his wife Victoria, and a first edition of James Joyce’s’ book Anna Livia Plurabelle that was valued at $3,500. In 2009 Obama became the fourth U.S. president to win a Nobel Peace Prize. Obama’s Nobel cash prize of $1.4 million was divided among several charities. Obama has saved between $200,000 and $500,000 in college savings plans on behalf of his two daughters Sasha and Malia.
After his presidency, Obama will be in a position to capitalize on his presidency. More books and lucrative speaking engagements will only add to his coffers. Since his presidency, Bill Clinton has commanded as much as $100,000 for a lecture. No doubt that Obama will be able to earn as much if not more. It is safe to say that Barack Obama’s money secrets does not need a monetary bailout.