The latest News item is here. Again borrowed from www.metro.co.uk
In less than a week, Donald Trump will be sworn in as the 45th president of the United States and we’ll have to bid adieu to the Obamas.
Though the end is near for him, things aren’t looking too grim for Obama as he’s set to leave office a very rich man.
Just how many $$$ are we talking?
Well, based on a recent study by American University in Washington DC, the Obamas could stand to make as much as $242 million in the future after leaving the White House.
And they’re not doing so bad at the moment either.
Obama’s net worth
According to CelebrityNetWorth.com, Obama has a net worth of $12.2 million while First Lady Michelle Obama follows closely behind with a net worth of $11.8 million.
That’s been accumulated throughout his years in office, where he earned $400,000 a year throughout his entire eight-year term.
He also received a $50,000 annual expense account, a $100,000 nontaxable travel account and a $19,000 entertainment budget.
So what does he plan to do with all that money?
After Obama leaves the White House, his initial plan is reportedly to ‘sleep for two weeks’.
When he’s done that, he’s likely to return to community activist roots and work on issues such as gun control, immigration, race relations and criminal justice reform.
He’ll continue to receive the salary of a Cabinet secretary for the rest of his life, which will be $205,700-a-year, and he’ll also get health insurance and 24/7 Secret Service protection until his death.
Not bad, ey.
On top of his salary, Obama is expected to make a LOT of money from speeches.
According to CNN, former President Bill Clinton and his wife Hillary earned an average of $210,795 per speech after he left office, which totals approximately $153 million for 729 paid speaking engagements.
Similarly, if Obama makes as many as 50 speeches a year when he leaves the White House, at $200,000 per speech, he’ll be close to making close to $200 million before taxes, the American University study found.
While experts predict that he could reportedly earn about $30 million from his memoir.
And he won’t be missing out on all that floor space in the White House either.
The Obamas are expected to remain in Washington DC after leaving office and will be moving in to an 8,200-square-foot, nine-bedroom mansion in the capitol’s Kalorama neighbourhood.
So though he leaves with a heavy heart (and we’re very sad to see him go), he’ll be leaving office a very rich man.