How Barack Obama Achieved a Net Worth of $70 Million
Barack Obama is one of the most notable figures in the United States, but the way he earned the bulk of his money may come as a surprise. What is Barack Obama net worth, how did he earn his money, and what does the future hold for him? Read on to discover Barack Obama’s financial status and what made him one of the most influential figures on earth.
Who is Barack Obama?
Most people know Barack Obama as the 44th president of the United States, but he is also a lawyer, author, and public figure. He continues to attend important events and has influence in the United States. Beyond his career, Obama is also a devoted husband to his wife, Michelle, and to his two daughters, Malia and Sasha.
Barack Obama’s Early Life and Career
Barack Obama was not born with the certainty of succeeding. Obama explained about reaching greatness, “…we understand that greatness is never a given. It must be earned.” Obama had to work to establish his place in American politics, and whether you agree with his political view or not, it is clear that his early life formed much of his view on the world and the decisions he would make as a person and as president of the United States.
Born on August 4, 1961, to two students living in Hawaii. Obama spent some of his early years in Indonesia before returning to Hawaii for schooling in the fifth grade. He eventually went to college at Columbia University, and he got a degree in political science, focusing on international relations. After graduating from college, he spent time as a community organizer in Chicago.
Five years later, he returned to school, and he became the first African American president of the Harvard Law Review. He then became a civil rights attorney. Around this time, he met his wife, who he would eventually have two daughters with.
Before long, Obama started his political career as part of the Illinois Senate. In 2004, he advanced his political career further and became a member of the United States Senate. He had a quick rise to political prominence and started his first term as U.S. President in 2008. He would then be reelected for a second term in 2012.
What Did Barack Obama Do Before He Was President?
Before Barack Obama was president, he still had an interest in making the world a better place. He was highly interested in a variety of causes, such as civil rights. This interest is reflected in his early role as a community organizer and his choice to work as a civil rights attorney.
He became a lawyer when, as an organizer, he determined that he’d be able to get a lot more done with a law degree, so he went back to school at Harvard Law to learn everything he could about how to use the law in his favor. His goal was to never make a lucrative career out of the law, but he wanted to make positive changes in his community. He also helped teach as a part-time lecturer at the law school at the University of Chicago.
For much of his life, Obama lived in middle-class communities. Being a state legislator is not the most lucrative career, and state senators often make less than $100,000 per year. Reportedly, Obama never made more than $30K until 2004, when he made $157,000 as a U.S. senator. His wife, Michelle, was bringing in most of the money for the family until Obama’s political career gained momentum.
What is Barack Obama’s Net Worth?
The most recent estimates of Barack Obama’s net worth suggest that he is worth around $70 million dollars, most of which he earned starting in 2004 and increasing significantly when he was elected president in 2008.
How Much Did Barack Obama Make as President?
The president makes $400,000 each year in his role as president, which means that for his eight years as president, Barack Obama earned around $3,200,000. However, presidents also receive other monetary bonuses, such as a travel budget, an expense allowance, and an entertainment budget. With the added money, the total a president gets is around $569,000 each year.
Business Insider reports that Presidents continue to earn money after they have finished their terms, and the pension for presidents is approximately $200,000 each year. They also get healthcare, certain travel expenses, and an office.
Presidents also get to live in the White House for free. They get served high-quality meals, and they have over a hundred members of staff like cooks, maids, florists, and plumbers there to help them if they have any problems. All of those services would equate to thousands of more dollars of benefits.
Presidents make a lot of money compared to most Americans, but most presidents earn even more money on other pursuits, such as book deals, investments, and other business ventures.
How Did Barack Obama Get Most of His Money?
Barack Obama’s net worth is thanks to a lot more than just his presidential income. For example, in 2011, Obama earned $789,674, and much of his revenue was due to book revenues. While he didn’t earn as much in 2015, he did earn $436,000, so he still had around $61,000 in book revenue, which was a healthy bonus to his presidential pay.
It may come as a surprise, but much of Barack Obama’s net worth comes from other avenues of revenue than politics. For example, some of his money comes from investments he made with his income. He has also pursued other revenue streams, many of these which are associated with his presidency while not being directly from his presidency.
Additionally, he has earned a lot of money from speaking engagements and his book. His speaking engagements have earned him up to $1 million plus dollars and counting, and his autobiography advance was a whopping $10 million dollars, which is significantly more than he earned for his entire 8 years as president.
What Is Barack Obama Currently Doing?
Barack Obama is still speaking and writing, even though he has concluded his political service. He and his wife, Michelle, have signed a joint-book deal, which was one of the biggest book advances ever at $65 million. They have also signed a deal with Netflix that is about $50 million. He also continues speaking engagement and has some involvement in politics, even if it is at a much different level these days. Barack Obama has been able to try new ventures post-presidency, and his ventures are often very lucrative.
Future Financial Avenues for Barack Obama
Barack Obama’s ambition goes much beyond earning money. While he has a high net worth, most of what he does is not revolved around making more money. Obama said about his goals, “Focusing your life solely on making a buck shows a certain poverty of ambition.” Obama and his wife are keeping busy, and they continue to work on pursuits like books and media to bolster their net worth. With that being said, Obama also enjoys time with his family and getting the chance to pursue his ambition in new ways. There’s no doubt that Obama has a healthy financial future. Even if he were to quit all his other monetary pursuits, he would still be guaranteed his $200,000 pension each year, which would still give him plenty of financial security.
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