No, that would just be $150k in the black column. Lay $100k in education debt he may have incurred on behalf of his kids against that and the NET becomes $50k.
I haven’t had to stare this one down yet, but I’m not so sure a parent has the choice to tell the school, “Yeah, I got tons of bread but I want my kid to incur the education debt because it builds character.” I seem to recall the college looking over dad’s balance sheet and saying, “OK, Domingo, the bill is $15k/year and Inigo qualifies for a 33% scholarship leaving $10k for you. That’ll be $5,000 from you and $5,000 in a student loan for the boy. Cash or charge today, sir?”
And even if he did have the choice to shift the education expense onto the kids, why would he? He’s looking forward to a nice retirement pension so he doesn’t need a ton of money. His kids, on the other hand, would definitely have a leg up in life if they could graduate with minimal student loans.
But yeah, it’s weird in a kind of refreshing way that he’s not loaded. I reckon O’Bama checked out his finances before giving him the nod. Knowing what’s at stake I would be flabergasted to find out that the guy’s anything but squeaky clean–which backs up the “not a lotta money” scenario. Why would O’Bama pick a veep who is obviously going to draw attention financially who’s been buggering the taxpayers for a quarter century? That’d be beyond stupid.
You seriously don’t think that it would take fairly unusual circumstances not to be able to live comfortably, own a house, and save some money on 170 grand a year?
My guess is those calculations are wrong. Any educated person 65 years old that’s worked over a long career should have a net worth several times 150K. Hopefully, Biden isn’t so stupid or incompetent that 150k is all he’s got.
I had a discussion with my father tonight about all this, and then I did some research. A monthly Amtrack ticket from Wilmington, DE to Washington DC is about $1,050. A 10 trip ticket was $472 or thereabouts. That’s a LOT of commutation expense.
I don’t dispute his net worth at all. His wife teaches at a local college, so there’s some additional income there, but I’m sure she’s not exactly rolling in dough, either.
Senators who are only Senators, and don’t have a lot of other business interests, especially those living in the northeast, aren’t exactly wealthy. Sad, but true.
Remember that Biden doesn’t NEED a nest egg - he has a Senate pension. Retired Senators get decent health care. And there isn’t any reason a guy like Biden can’t continue to be elected until he drops over dead in his 80s - not that he needs to - his pension will pay almost what he earns (and he won’t have the Senate expenses). There really is no need for him to do anything other than spend what he earns. And as I said before, we have no idea what he’s spent it on - better health care for his parents? Three kids through college? Sending needy kids with AIDS to summer camp? Hookers and blow?
If I had the social safety net Biden has in terms of pension, I don’t think I’d have much in the way of assets either.
Well, then I’m even less impressed with his status as a regular, middle-class person. If I made that kind of money, and didn’t have to worry even a little bit about saving for my old age, I would be having a grand old time!
This can only be bad because I find it almost inconceivable that he won’t turn out to be worth a lot more. And if he’s really only worth 150k after 35 years in the senate, I don’t want him making any financial decisions for the country.
Oh, cut me a break! The man’s honor is squeaky clean - no one has ever suggested the remotest corruption. There has also never been a whisper of his blowing his money in appropriate ways. He’s a senator, for Pete’s sake. He’s had to maintain a certain life style, entertaining in a pretty big way, dressing in good suits and ties, maintaining an attractive and reasonably good-sized home. He’s has elderly parents (still has one), three children all of whom went to college and possibly grad school, and grand children. His children have fine jobs, and he has a really good pension. I’m sure all of them have good life insurance.
What in the name of heaven is in that that would suggest he would mishandle the nation’s finances, especially since a president can’t pass a budget on his or her own, just submit one for approval to Congress? That’s just silly.
What Exit? is correct: if you want people to take this seriously, cite it. Otherwise it looks like you’re making it up.OpenSecrets.org calculates an a a maximum net worth of about $278,000 for Biden and actually estimates his net worth is negative, including some expenses…
What does this have to do with the price of tea in China? It didn’t turn out that the Clintons were rich when they left office. They raked in a ton of money over the last decade, mostly from Bill’s speaking fees, and also from sales of both their books. A net worth of more than $10 million would make Biden one of the 20 richest Senators. Instead they say he’s got the lowest net worth of any of them.
I think TW provided the answer - that these stats exclude considerable assets most of us would consider part of our “net worth.”
I also agree with those who suggest that if - in fact - JB was worth only $150K at his age and with his history of earnings, that would suggest some questionable money management choices IMO.
According to a Delaware newspaper article, the net worth figures cited above do exclude real estate holdings. The article reports that Biden owns a $2.5 million house, with a $700K mortgage.
The article suggests that both the sale of his previous home (to an executive of MBNA, a credit-card company) and the purchase of his current home (from a real-estate developer) were on unusually favorable financial terms. These charges, which are just circumstantial, have surfaced in past senatorial elections and apparently haven’t gotten any traction.
Well then, there you have it. 10X or more over the stated $150,000 of Biden’s net worth.
And…I don’t recall anyone in this thread accusing Biden of being on the take or otherwise being a crook. It was stated that a net worth of $150,000 for him fails a reasonableness test. It appears that reason is correct.
But that money is almost entirely in appreciation. Almost everything they paid for the house is in the mortgage, according to the Delaware On Line article. So that net worth is pretty much entirely on paper.
That’s fine, Real Estate and Stock appreciating in value is the typical way for a senior of retirement age to have accumulated some value or wealth. I know it is my plan. It is not the money I put into my 401k that will make my retirement easy, but the appreciation of that money that will.
This is no knock on him. I feel better that he does have a house with some real value above its mortgage.