Empty Pockets? President Obama Has Just $1,001 In His Savings Account
This may be hard to believe, but President Obama only has $1,001 in his savings account, according to current financial records recently released.
Obama’s annual financial disclosure report reveals just one only savings accounts, a “JP Morgan Chase Private Client Asset Mgmt Savings Account.” And his balance is just $1,000.
But don’t go thinking the Obamas are poor. Actually the President and the First Lady have put most of their earnings toward their daughters’ education. They have saved between $200,000 and $400,000 for Sasha and Malia to go to college. Add to this the the First Couple has more than $1 million in Treasury bills.
In all the President Obama has an estimated net worth of nearly $7 million, reports AOL. This is an increase from the $1.3 million he had in 2007. In fact, it is a 438% increase in net worth.
The Obamas also have personal properties, which were worth around $1.7 million. In December 2000, they paid $885,000 in cash and secured a $1.95 million mortgage for another home. But some experts say this was a bad financial move.
“The Obamas are throwing away thousands of dollars each year on a high-rate 30 year mortgage loan that hasn’t been refinanced since 2005. The President and First Lady are paying 5.625 per cent interest on the loan for their Chicago home, and owe between $500,001 and $1,000,000 on the note,” reports The Daily Mail. “Assuming only a half-million dollar loan, the Obamas are paying $2,879 per month on their home. They could be paying $2,335.”
But as far as top-earning White House couples go, Bill Clinton is considered the wealthiest president. He and Hillary’s combined net worth reached around $55 million, reports 24/7 Wall Street. And when Bill left the White House, according to 1999/2000 records the couple had as much as $15,000 in savings.