by Lynn Sweet, of AOL’s Politics Daily
President Obama says daughters Malia and Sasha may be looking for babysitting jobs to supplement their allowances.
He made the remark during an interview with ABC News about the consumer benefits in the financial overhaul bill he signed on Thursday. In the interview, broadcast on Friday, the president was asked what he and wife Michelle are teaching their daughters, who are 12 and 9, about money.
“You know, it’s a great question. What I’m doing now . . . is they’re getting an allowance. They’re starting to get old enough where they may be able earn some money babysitting. They’ve got their own savings accounts,” Obama said, adding, “What I’m trying to explain to them are basic concepts about savings, about interest. If they keep a hundred dollars in their bank account at 2 or 3 percent interest for six months, this is how much money they’re going to have at the end of it.”
(It’s rare to find regular savings accounts these days that pay 2 or 3 percent.)
Obama became a multimillionaire by writing two best-selling books. Before that, he has often said, he and Michelle found it hard to pay off their college loans, credit cards and save for their future.
Read the rest of this article in Lynn Sweet’s column, “The Daily FLOTUS.”