4 things in the Obamas’ financial disclosure
WASHINGTON (CNNMoney) — The White House on Thursday released the latest financial disclosures for President Obama and First Lady Michelle Obama.
The Obamas were worth between $2 million and $7 million in 2013.
While about the same as the previous year, that’s down considerably from 2010, when they were worth between $2.8 million and $11.8 million.
The financial disclosures use broad financial ranges, making more precise accounting impossible.
1. They own mostly Treasuries.
Much of their wealth — between $1 million and $5 million of assets — is invested in U.S. Treasury securities.
2. They don’t pay the lowest mortgage rates
They pay a mortgage interest rate of 5.6% on their home in Chicago. That compares to an average mortgage interest rate this week of 4.2%.
3. Malia and Sasha don’t have to take loans for college
They have between $200,000 and $400,000 stashed away in 529 college savings plans for their daughters Malia and Sasha.
4. President’s books not best-sellers anymore
Over the years, most of the Obamas’ wealth has come from the President’s best-selling books “Dreams from my Father” and “Audacity of Hope.”
However in 2013, a lot fewer books were sold. Royalties from those sales came in no more than $165,000, a far cry from $1.1 million in 2010, according to the disclosure.
The president earns a salary of $400,000 for his day job.
Last month, the Obama’s federal income tax showed joint income of $481,098. They paid $98,169 in total tax.
Vice President Joe Biden and his wife were worth between $276,000 and $943,000.
In 2013, they refinanced property and locked a lower mortgage interest rate of 3.375%, down from their previous rate of 4.62%, on their home which is worth up to $1 million. The Bidens also refinanced a home equity loan rate down to 2.75% from 4.49%.