Never despise humble beginnings; they are always prone to a happy ending. Elizabeth Warren is one of the people who are from a humble background but have become wealthy. Her early life was full of financial challenges due to the type of work that her parents were doing. Her father was working in the maintenance sector but later suffered a heart attack that led to the accumulation of medical bills. Her mother was also working in an ordering department. Due to the financial state of the family, Warren started helping them when she was 13, working in her aunt's restaurant in Mexico. To overcome the financial strain, Warren worked harder in school and was successful. She is now a prominent politician and is willing to change the lives of many people who might be experiencing poverty. Elizabeth Warren net worth is $12 million as of 2019 and she has been on the run to fight for some tax laws that Bernie Sanders wants to implement. Let us get to know how she managed to amass such wealth.
Her career as a lecturer
Elizabeth Warren took a course in law and ended up being a teacher of the law. She was mainly interested in working in universities as a lecturer. Elizabeth was a lecturer at many universities including the University of Pennsylvania, University of Texas and University of Houston. She ended up working at Harvard University in 1995. According to the wiki, Elizabeth was paid a total of $350,000 in Harvard University as a lecturer in the law school. She did commendable work as a lecturer before she decided to switch gears and venture into politics.
In 1985, Elizabeth worked as a consultant and a mediator dealing in corporate cases. According to Forbes, she claims that she was paid more than $200,000 while working with travelers insurance on an incident at the Supreme Court between 2008 and 2010. The case involving the traveler's insurance was on damages sought by victims of asbestos. She also discloses a payment of $90,000 for serving as a witness of a law firm in 2010. The law firm from Miami was representing grocery stores that conflicted with financial firms such as Bank of America and Visa violating some laws. She did excellent work as a consultant and attracted many clients for the consultancy services. Most of the cases that she handled had successful endings.
Publishing of books
Elizabeth dropped her consultancy work when she became a senator. To recover the lost money, she ventured into book deals. She wrote several books with some of them aimed at assisting members from the middle class. Most of her books gained popularity and performed well in the market. Her story on the journey she took from the humble background to senate became a motivation to many, and it gave her an advance of $525,000. She earned approximately $140,000 payment between 2010 and 2011 from Aspen Publishers for her books on bankruptcy. Between 2013 and 2018, she discloses advance payments from Macmillan Publishing group amounting to $3.2 million. Additionally, in 2014 alone, she received $1.2 million advances for the book deals. She has published several other books over the years that are both academic and for the general audience.
Real estate and other investments
Real estate is one lucrative investment with good returns. Elizabeth ventured into real estate with the help of her husband. She owns one of the biggest real estate agency in Massachusetts. The financial information about the real estate agent is available in The Warren Group. The value of the property keeps appreciating each year and the change in their value over the years since 2005 portrays a consistent increase. They bought one house at $447,000 in 1995, but the estimated worth is now $3 million. Elizabeth's wealth in the form of real estate is, however, on the risk of declining because of the tax plan by Bernie Sanders. Bernie wants a 50% tax imposed on estates that are worth between $10 million and $50 million. Elizabeth, however, has her tax plan of having only properties worth above $50 million taxed to save her property from being taxed. Apart from investing in real estate, Elizabeth also invested in stocks and bonds with her husband. According to their financial disclosures, they have warrants and shares of between $367,000 and $830,000 in several banks.
Her political career
Politics is a whole field that is associated with wealth. Arguably, all politicians are wealthy, and Elizabeth is not an exception. Elizabeth had the chance to venture into politics, having developed the interest while serving in consultancy. She won an election to Senate in Massachusetts in 2012, and Elizabeth earns $174.000 a year as a senator. She made history by becoming the first female to be elected to the Senate in Massachusetts. Elizabeth has been assigned several responsibilities in the legislature ranging from housing, banking, pensions, education, and labor. She is fighting for the people who are less privileged in the society and has announced her quest for the presidential election in 2020.
Her husband's career
As the saying goes, unity is strength abd Elizabeth did not amass all the wealth alone. Some of her wealth comes from her husband's career as a lecturer. Most of the projects and businesses are through a combined effort of the two. Bruce Mann, her second husband after divorcing her first husband, is a highly recognized lecturer at Harvard University School of law. They have initiated many projects together with the funds that they get from their careers. In some of the financial statements that they have submitted, the two donated nearly $50,000 for charity. In 2017, the income combined with that of her husband experienced a growth of $913,000. In 2018, they made a total income of $905,742 from the business with $400,000 coming from the husband's salary at Harvard University. The unity that exists among the two has enabled them to gain financial prosperity.
Written by Garrett Parker
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