Every year the White House must release a mandatory financial disclosure regarding the President Obama’s of the United States and his total assets. The document is released to the public to view, it helps shed light on how the President makes financial decisions.
The current figures estimate President Barack Obama and First Lady Michelle Obama are worth up to a total of $7 million. Their total net worth is approximately the same as from the year before, yet it is down from a few years ago where they were valued at up to $11.8 million in 2010.
Where exactly is the President investing his money? Take a look at some important details from the financial disclosure to see where Barack Obama’s financial priorities lie.
Barack and Michelle invested in college savings plans
According to the financial report released from the White House, the Obamas have invested wisely into education for their daughters Malia and Sasha. The family has a 529 college savings plan worth anywhere from $200,000 to $400,000 for both children. Seeing as how Malia won’t attend college for a few years, and her sister won’t attend until a few years after her, the Obama family still has more time to contribute to towards savings for the education of their daughters.
Obama is not taking advantage of low mortgage rates
President Obama is not perfect when it comes to handling all matters regarding his finances. While he definitely has planned ahead for the future of his children, he has failed to take advantage of the financial opportunities available to him in the present, namely low mortgage rates. The Obama family currently pays an interest rate of 5.6 percent for their home mortgage in Chicago. Considering average mortgage rates are at an all time low of about 4.2 percent, the Obama family could save a great deal of money if they refinanced to around 1.4 percent interest on their home loan.
There is no definite answer as to why the President doesn’t take advantage of low mortgage rates; maybe he is simply too busy to sit down and refinance. Seeing as how the President is not taking advantage of the best financial opportunities presented to him, don’t feel bad if you aren’t always capitalizing on every single beneficial financial opportunity. As long as you constantly strive to secure your financial future, you are on the right track.
The majority of the Obama family’s investment is in treasuries
The Obamas have most of their investments tied up in treasuries. The major reason why it is hard to determine how much the Obamas are exactly worth is because their total assets in treasuries range between $1 to $5 million.
The form does not require the President to fill out his assets in detail, only in a wide range. Therefore, it can be hard to determine Barack Obama’s net worth. He will continue to make $400,00 a year as our nation’s leader for a couple of years, but beyond that there is no telling where life will take him.