I did like most People do and reposted a post I came across on Facebook, then a friend quipped back, "Oh so maybe this is how he got so rich"....
I know and you might know, no this isn't how he got his money. So I put together a small bit of information for this friend and posted it to bring him up to speed on this matter...
Now Here is the whole thing with names changed to protect no-one....
FRIEND: Is that how his family wealth has more then doubled since he became president
ME: Book deals he signed under Bushes tax cuts years. He signed every book deal days before entering office for when he leaves office. He did this, got the money back then to avoid the higher taxes he had planned for the rest of Us.. Book sales on his 2 released books already.. That's how..
FRIEND: People actually paid money for one of his books...lmao
ME: Net Worth: Stats $11.8 Million
Source of Wealth Books, Politics (Annual Salary: $400,000)
President Barack Obama’s base salary is $400,000 a year.
He also has access to a $150,000 expense account as well as a $100,000 in tax free travel account, but he combines Business with personal travel alot and therefore flies free 100% of the time..Example: he makes a personal trip to Vegas, to see a friend or relax, but he plans and makes a speech, while in Vegas and the Tax payer covers the whole cost of his trip, as a "presidential duty" ( job travel) ...
Book sales
(as of 2010) Obama, a former law school instructor and U.S. senator, became a millionaire a few years ago through sales of his 1995 memoir "Dreams From My Father" and his 2006 political book, "The Audacity of Hope." He earned about $4 million in royalties in 2007, the year he launched his presidential campaign.
To Date: 2013
"Dreams From My Father"
sold more than 4.5 million copies
Most current for His other book August 2010
"The Audacity of Hope"
approximately 860,000 copies
Other book or books deal, for after being president, pays amounts are not releases but the money for the books was already paid to Him...
"About a week later, shortly before his inauguration, Obama agreed to a $500,000 advance for an abridged version of "Dreams From My Father" that would be suitable for middle school or young adult readers, according to a new personal financial disclosure report released this week.
Obama will get $250,000 of the advance and the publisher will get the other half, a White House spokesman said Thursday, speaking on condition of anonymity because he was not authorized to be quoted by name.
Obama didn't indicate how much he might get for writing the new nonfiction book, whose subject is yet to be determined. Terms likely would be negotiated at the end of his time in office. Former President Bill Clinton got $15 million for his book, "My Life." "
Source:
http://www.huffingtonpost.com/2009/03/19/obama-book-deal-500k-adva_n_176837.html
His Net worth : 11.8 million
"When Barack Obama first entered the White House, his net worth was $1.3 million. Four years later that net worth has grown to 800% to $11.8 million! How did this growth happen? Two words: BOOK SALES. Prior to becoming POTUS, Barack Obama earned roughly $60,000 per year as an Illinois state senator and $174,000 per year when he eventually became a United States Senator. Interestingly, back then Barack was not the big bread winner in the family, Michelle was. In her position as the Vice President of Community Affairs for the University of Chicago Hospitals, Michelle Obama was earning nearly $320,000 a year in salary before her husband became the most powerful man in the world."
Source: http://www.celebritynetworth.com/articles/celebrity/barack-obama-fortune/
I know and you might know, no this isn't how he got his money. So I put together a small bit of information for this friend and posted it to bring him up to speed on this matter...
Now Here is the whole thing with names changed to protect no-one....
FRIEND: Is that how his family wealth has more then doubled since he became president
ME: Book deals he signed under Bushes tax cuts years. He signed every book deal days before entering office for when he leaves office. He did this, got the money back then to avoid the higher taxes he had planned for the rest of Us.. Book sales on his 2 released books already.. That's how..
FRIEND: People actually paid money for one of his books...lmao
ME: Net Worth: Stats $11.8 Million
Source of Wealth Books, Politics (Annual Salary: $400,000)
President Barack Obama’s base salary is $400,000 a year.
He also has access to a $150,000 expense account as well as a $100,000 in tax free travel account, but he combines Business with personal travel alot and therefore flies free 100% of the time..Example: he makes a personal trip to Vegas, to see a friend or relax, but he plans and makes a speech, while in Vegas and the Tax payer covers the whole cost of his trip, as a "presidential duty" ( job travel) ...
Book sales
(as of 2010) Obama, a former law school instructor and U.S. senator, became a millionaire a few years ago through sales of his 1995 memoir "Dreams From My Father" and his 2006 political book, "The Audacity of Hope." He earned about $4 million in royalties in 2007, the year he launched his presidential campaign.
To Date: 2013
"Dreams From My Father"
sold more than 4.5 million copies
Most current for His other book August 2010
"The Audacity of Hope"
approximately 860,000 copies
Other book or books deal, for after being president, pays amounts are not releases but the money for the books was already paid to Him...
"About a week later, shortly before his inauguration, Obama agreed to a $500,000 advance for an abridged version of "Dreams From My Father" that would be suitable for middle school or young adult readers, according to a new personal financial disclosure report released this week.
Obama will get $250,000 of the advance and the publisher will get the other half, a White House spokesman said Thursday, speaking on condition of anonymity because he was not authorized to be quoted by name.
Obama didn't indicate how much he might get for writing the new nonfiction book, whose subject is yet to be determined. Terms likely would be negotiated at the end of his time in office. Former President Bill Clinton got $15 million for his book, "My Life." "
Source:
http://www.huffingtonpost.com/2009/03/19/obama-book-deal-500k-adva_n_176837.html
His Net worth : 11.8 million
"When Barack Obama first entered the White House, his net worth was $1.3 million. Four years later that net worth has grown to 800% to $11.8 million! How did this growth happen? Two words: BOOK SALES. Prior to becoming POTUS, Barack Obama earned roughly $60,000 per year as an Illinois state senator and $174,000 per year when he eventually became a United States Senator. Interestingly, back then Barack was not the big bread winner in the family, Michelle was. In her position as the Vice President of Community Affairs for the University of Chicago Hospitals, Michelle Obama was earning nearly $320,000 a year in salary before her husband became the most powerful man in the world."
Source: http://www.celebritynetworth.com/articles/celebrity/barack-obama-fortune/
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