I’ll admit it; I am one of those people that are curious about other people’s finances. My curiosity does not come form any desire to gossip or to be nosy; it is motivated by a sincere admiration for those who are financially adept and a desire to educate myself about how they keep their finances in good shape. Today I came across some interesting information about the finances of a very interesting family – the Obamas.
Some details of the Obamas’ finances are public knowledge, and there are lessons that we can learn from what we know. For example, did you know that Barack Obama makes nearly four times as much money each day from book royalties as he earns doing what is arguably the most important job in America? I have always known that best-selling authors can earn a lot of money, but that information really puts it into perspective. Now, if you’ll excuse me, I’ve got a book to write. Well, maybe not yet, but I do think that I may end up writing one during this lifetime.
Even though the Obamas reported assets worth between three and twelve million dollars in 2010, they are just as concerned about how they are going to pay for college for their children as the rest of us are. The Obamas are saving for Sasha and Malia’s college tuition by using 529 college savings plans. The plans are invested in an age-based portfolio, which allocates the invested assets differently for children in various age groups.
Perhaps one of the best things about the Obamas’ personal finances is that they are setting a good example for Americans. The Obamas are debt free, and hopefully they will inspire other Americans to eliminate their debts. The Obamas’ personal finances seem to make a statement that while there is not much that we can do as individuals to influence the amount of our national debt, we can each do our part to work towards getting our personal finances on solid footing.
Photo by sberg on morguefile.com.