Yes, that’s right! According to CNN Money, "The president and First Lady reported no debts." Many people are curious and want to know what’s up with the first family and their funds. So, let me tell you how the Obamas make their green backs work for them.
Based on a financial disclosure released Monday, a healthy portion of the president’s pocket jingle is invested in federal debt. In addition, an estimated $2 million – $10 million of the Obama assests are invested in dependable U.S. Treasury securities. The financial disclosure also states that they have between $350,000 – $800,000 invested in IRAs and other retirement funds. Oh, but President and First Lady Obama were also careful not to forget their precious babies, Malia and Sasha. In the name of the first children, there is an estimated $200,000 – $500,000 tucked away in over 500 college savings plans.
Don’t be finagled, though. All the money flowing into the Obama household does not come from holding office. Remember that our Mr. President engages in other prestigious activities such as writing books. In fact, last year the Obamas profited nothing less than $1.1 million in royalties from books.
There you have it – a template for debt free success hot off the press. Perhaps that book you have always wanted to write isn’t such a bad idea after all. Even if you don’t put the pen to the paper, just remember the above keys to being debt free from our first family.
by Ayvaunn Penn, Your Black World