I heard this last night on television and Googled it today. Yes, it appears that Joe Biden’s net worth is indeed $150,000.
I am truly surprised by this, but at the same time, it makes me like him all the more. I think it is fair to assume this it the kind of guy who knows how gas prices and rising food prices are actually hurting the average person.
It certainly seems to indicate that he isn’t getting big bucks from any special interest groups, and he obviously isn’t spending lavishly on any big ticket items.
I just thought this was interesting. I guess not only is he what you would consider middle-class at best, but he may be the first VP to hold office who goes over to Human Resources in the White House to find out when payday is, as he needs the money! Boy, can I relate to that.
I don’t understand how he can possibly have only a 150k networth. He doesn’t own a home, have a retirement plan, or any sort of investments? Shit, I’ve been working for 10 months and have 15% of his NW.
I think he had to borrow heavily to put the kids through school. At least that’s the impression I got. And perhaps he’s not too good managing money at a personal level.
Let’s hope it’s the former and not the latter. There could be many other reasons why it’s this low, or maybe somebody failed to grasp the concept of financial accounting.
100k per year isn’t as much as it sounds. Plus all those Amtrack tickets. I hate to say it, but I’ve made more than Biden over the last 15 years and I don’t have any more saved then he does.
Biden’s been in the Senate since 1973, and his wife is a schoolteacher. The salary of a Senator is currently $169,300.00, though it was much lower earlier in his Senate service. If they’ve just been living on their salaries and putting three kids through school, it isn’t too surprising that they haven’t accumulated much capital.
I’m sure that Biden will be eligible for a Congressional pension and that his wife has a school system pension as well, but if these are defined benefit pensions (as most governmental pensions are) these wouldn’t count as assets.
It does seem - uh - exceptional that a guy could reach 65, earning six figures for the recent past, and rack up no more than $150K in total assets. I’m nearly 2 decades younger, earn less than him, yet am able to pay for 2 kids in college (3 next year) while amassing a net worth considerably more than his.
Yes, the life of a Senator undoubtedly has its costs, but I have no doubt that it has its perks as well. Heck, you would think the present value of his retirement and other bennies would exceed $150K. I wonder if he put anything in trust for his kids. Do they live in an apartment or SRO? Hard to imagine many senators living in what $150K can buy. And last night they described his wife as a “teacher.” Has she worked? I wonder what assets are in her name.
One possibility - recently I was talking to a co-worker who earns very close to what I make, and has a couple of kids similar in age to mine. He was moaning about how broke he was. At one point I flat out asked him why. Turns out he put his kids through private school, whereas I was content with public. And he and his wife took out a bunch of loans to pay for his schooling, while my wife and I financed ours through assistanships.
I have no doubt that he is far from wealthy - especially compared to his peers. But something is definitely hinky with that $150K figure.
Four years of college plus probably four years of grad school for each of three kids? Call it thirty thousand/year for for eight years each is $240,000, after taxes and basic living expenses. You find it incredible?
