*Hmm…from the looks of things revealed in a recent financial disclosure, the savings account for POTUS and FLOTUS may not look much different than yours.
A thousand dollars isn’t much money.
And the disclosure states, they don’t really even have that.
The reveal comes from those who would know: Barack and Michelle Obama, who, as top-tier government officials, are obligated to reveal their net worth annually. This worth, which also takes into account the investments in property and business, is under the actual name(s) of the individual(s).
And in comparison to say, the Clinton family, the Obama’s financial savvy leaves a lot to be desired.
When the Clinton’s left the White House in 1999/2000 they had roughly $15,000 in savings. And over the past year-and-a-half, according to Financial Juneteenth, their speaking fees and book royalty payments alone have enabled them to pocket more than $30 million dollars!
But don’t allow the “Tsk. Tsk. Tsk.” to enter your mind when it comes to our President and First Lady. They are far from broke. That thousand dollars we mentioned earlier?
It’s just movie money.
That’s what is in their JP Morgan savings account. They’ve managed to stash away anywhere from $200,000 to $400,000 for daughters’ Sasha and Malia’s college fund.
And when you look at their total assets, their worth is estimated somewhere between $1.9 and $6.9 million dollars.
But the comparison with the Clinton’s is not for naught. If anything it seems to reiterate the cultural association with financial savvy (or lack thereof).
While the Clinton’s, whose personal properties are said to be worth $1.7 million, were able to put a down payment (up front, cash) of $885,000 on a home in December; they also secured a $1.95 million mortgage for an additional home.
The Obama’s disclosure revealed they have actually been overpaying on a high-rate 30-year mortgage loan that hasn’t been refinanced since 2005.
With a 5.625 percent interest on the loan they had taken out for their Chicago home, they still owe somewhere between $500,000 and $1,000,000.
Present rates for a 30-year “jumbo” loan can be secured with a 3.82 percent interest; so had the Obama’s borrowed just $500,000, they would be paying $2,335. per month instead of the $2,879 they pay now; meaning they are paying an extra $6,500 per year.
But as the saying goes, don’t cry for me, Argentina! Even this is not a whole lot of money when you consider these folks own somewhere between $1 million-$5 million in U.S. Treasury notes, two checking accounts with an amount between $51,000 and $115,000 and retirement accounts worth at least $350,000.
Plus, they are both lawyers by trade; will have a gazillion opportunities for speaking engagements, book deals and no telling what else at their disposal, once they leave office.
And should they ever consider selling that Chicago home, a home once lived in by a family whose patriarch and matriarch were once President and First Lady…Well, let’s just say the lucky realtor who gets that client won’t have any complaints on their way to the bank.