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Joe Biden’s Money Timeline — See the President’s Financial Milestones Through the Years

Published

10 months ago

5 July, 2024

Joe Biden’s Money Timeline — See the President’s Financial Milestones Through the Years

WILL OLIVER / EPA-EFE / Shutterstock.com

The road to success is rarely straight. Just ask President Biden, whose career is a testament to the power of human resiliency. On his path to the presidency, Biden became a multimillionaire — but not before facing challenges that would have derailed many of us if we were in his place.

So how did Biden get to where he is today?

Here’s his journey to financial and career success broken down step by step:

Check Out: I’m an Economist: Here Are My Predictions for Inflation If Biden Wins Again

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June 1968: Begins Legal Career in Delaware

Joe Biden was born in 1942 — the first of four children. He spent his early years in Pennsylvania, before moving to Delaware with his family.

Biden graduated from the University of Delaware in 1965 and then enrolled at Syracuse University for law school. He married his first wife, Neilia Hunter, in 1966 and graduated in 1968. Then, Biden took his first job as a practicing attorney. He worked as a trial attorney for a law firm in Wilmington, serving as a public defender on the side. However, the work would be short-lived.

Two years later, in 1970, Biden was elected to the New Castle County Council, launching his political career. It’s not clear what his net worth was at this time. But it was likely fairly minimal, given this early stage of his career.

Try This: 5 Changes That Could Be Coming for the Middle Class If Biden Is Reelected in 2024

For You: 3 Genius Things All Wealthy People Do With Their Money

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November 1972: Elected to U.S. Senate, Earns $42,500 Annually

Biden’s career in the federal government started with his election to the U.S. Senate in 1972. He earned $42,500 that first year. That may not sound like much, but it’s over $300,000 in today’s dollars.

Tragically, Biden’s joy at being elected to the Senate was short-lived. His wife and three children were in a car crash while Christmas shopping the month after he was elected. He lost his wife, Neilia, and daughter Naomi, but his sons Beau and Hunter recovered.

The incident profoundly impacted Biden, which he’s spoken openly about throughout his life. For instance, in 2020, he said, “There’s a reason to grieve. You’ve had great loss. But there will come a time … when you’ll think of your [loved one] and you’ll get a smile to your lips before you get a tear to your eye.”

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June 1977: Marries Jill Tracy Jacobs, Earns $57,500 Annually

Biden married his second and current wife, Jill Tracy Jacobs, five years after the accident, in 1977. He also got a raise that year when U.S. senator salaries increased to $57,500.

Story continues

From this point forward, the Biden household has two incomes. However, as a schoolteacher, Jill Biden likely didn’t earn very much. This means the new couple’s net worth was probably still relatively low.

monkeybusinessimages / iStock.com

1978 – 1987: Biden Establishes Himself, Gets Several Raises

Biden won re-election to the U.S. Senate two times between 1978 and 1987 [1]. He also became a member of the Senate Foreign Relations Committee, and then the Senate Judiciary Committee.

Over these years, the salary for U.S. senators gradually increased. Here’s what Biden earned on an annual basis during the period:

There are no official estimates of the Biden family’s net worth at this time. However, this is around the point when they may have begun feeling wealthy. The average U.S. wage was under $20,000 throughout the period. Joe earned over three times that for most of the decade, which doesn’t account for Jill’s income.

The family had enough to contribute a significant amount to savings every year. Their net worth likely went up substantially during this period because of that. But although Joe earned a good salary, the Bidens probably still weren’t millionaires at this point.

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June 1987: Announces Candidacy for Presidency

Joe Biden first revealed his ambitions for the White House in 1987 and announced his candidacy. He sought the Democratic nomination, but was unsuccessful, losing to Michael Dukakis.

Biden was thought of as a “bright new hope” in the Democratic party. However, a video surfaced of him plagiarizing another politician without attribution.

That may sound like a relatively minor scandal by today’s standards. But it was a big deal in 1987. Soon after, reporters discovered that Biden graduated near the bottom of his law school class. He got a reputation for being a candidate with style but not substance, and he dropped out of the race.

The future president also had a health scare this year. He had to have surgery to fix two brain aneurysms. In typical Biden fashion, he didn’t allow the health scare to derail him from his goals.

Discover More: How Obama, Biden and Other Elected Officials Have Made Millions by Being in Office

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1990 – 2008: Wins Senate Reelections, Likely Millionaire

From 1990 to 2008, Biden was reelected to the Senate three times. He started the 1990s earning $98,400 and ended his time in the Senate earning $165,200 in 2007.

During this period, Biden also taught at Widener University on the side, earning about $20,000 annually. His wife Jill taught English at Delaware Technical Community College, a role that paid her around $60,000 per year.

All in all, the family was earning around $230,000 annually by the early 2000s. Some years they made more, such as in 2005, when they earned an additional $81,250 from a literary agency.

Biden and his wife purchased their Delaware home during this era, too. The couple paid $350,000 for a four-acre lot in New Castle County, building a 6,850-square-foot home.

We can’t say for certain, but this is likely when the Biden family became net-worth millionaires. The property and completed home may have been worth close to $1 million on their own. The family’s savings likely put them across the millionaire threshold.

Xavier Arnau / Getty Images

2009 – 2017: Serves as Vice President, Over $1 Million in Pension and Social Security Funds

The next phase of Biden’s career brought him to Pennsylvania Avenue. He served as President Barack Obama’s vice president from 2009 to 2017. During this time, Biden earned about $225,000 annually and his wife earned around $83,000 teaching.

The couple also began collecting Social Security benefits. They earned about $385,000 between 2009 and 2019. The Bidens also collected around $890,000 from pensions and annuities over the same era.

That means Joe Biden was undoubtedly a net-worth millionaire by 2009. He likely became a multimillionaire while serving as vice president, thanks to his pension, Social Security income and real estate investments.

©Shutterstock.com

August 2016: Decides Against Running for President

Joe Biden decided not to run for president at the end of Obama’s second term. He had recently lost his son, Beau, the attorney general of Delaware, to brain cancer.

Some say the decision not to run wasn’t entirely Biden’s choice. Bernie Sanders took the nation by storm during the primary. But Democratic party power brokers rallied around Hilary Clinton. Biden may simply not have had the support he needed to run.

Find Out: I’m an Economist: Here’s My Prediction for Social Security If Biden Wins the 2024 Election

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2017 – 2019: Leaves White House, Earns $11.1 Million in 2017 Alone

Biden’s best-ever financial year came in 2017. The former VP and his wife earned $11.1 million — nearly twice as much as they’d earned over the past 18 years combined.

The bulk of the money — around $10 million — came from speaking engagements and book payments for Joe’s memoir. Biden also got a position as a professor at the University of Pennsylvania in 2017, earning $372,000 in salary that year.

In 2018, the Bidens did well again. Joe earned $405,000 from the University of Pennsylvania and more money for speaking gigs. Jill was also working and writing her own memoir during this time.

The Bidens were also still getting payments from their pensions and Social Security. They took home a collective $4.6 million in 2018.

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April 2019: Announces Campaign for Presidency, Earns Around $1 Million

Biden returned to the political scene in 2019, announcing his campaign for the presidency. He took a leave of absence from UPenn but still earned a salary of $135,000. Biden and his wife made around $900,000 more collectively to reach $1 million in income for 2019.

At this point, the Bidens have a net worth of roughly $9 million. They had earned $16.7 million in the three years since Joe had left the Oval Office. The couple invested $2.7 million of that into a second Delaware home by the water. They also donated around $1 million to various charities.

stevanovicigor / Getty Images/iStockphoto

January 2021: Becomes 46th President of the United States, Reaches $10 Million Net Worth

In 2021, Joe Biden’s political career culminated as he was elected president of the United States. He earned $580,000 for the job in 2022 and about $620,000 in 2023.

Now, analysts estimate the Bidens have a net worth of roughly $10 million. This includes their savings and the value of their two Delaware properties.

The couple may have been worth more today if they had remained in the private sector. However, money has never seemed to be Joe Biden’s primary ambition. His early work as a public defender and lifelong commitment to public service proves that.

Explore More: How Big Is Senator Lindsey Graham’s Social Security Check?

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Key Takeaways From Biden’s Journey

Joe Biden’s life took him from humble courtrooms in Delaware all the way to the White House. We can’t all hope to become president, but Biden’s story is instructive. Here are a few lessons the average person can take away from it.

Henglein and Steets / Getty Images

Building Wealth Takes Time

First, consider how long it took for Biden to become a millionaire. He began his career in 1968 and likely didn’t reach millionaire status for two decades.

It’s a good reminder that building a fortune takes time. Instead of trying to get rich quickly, you’re often better off taking the methodical route. Practically, that means consistently spending less than you earn and allocating savings to smart investments.

The most realistic path to wealth for the majority of people is investing in the S&P 500, according to financial experts like Warren Buffet and Mark Cuban. It returns an average of around 10.26%. That can add up to quite a bit throughout your life.

For example, say you invest $20,000 into the S&P today. Then, you continue investing $1,000 monthly for the next 30 years. You’d end up with over $2.5 million from just $360,000 in contributions. This shows how time creates wealth when you invest well.

SrdjanPav / iStock.com

The Power of Resiliency

Biden’s story is also a good lesson in the power of resiliency. He’s experienced some of the highest highs that a person can because he never gave up during his lowest lows.

For example, Biden lost his wife and daughter just after winning his first Senate election. He lost his first presidential primary to Michael Dukakis in 1987 and lost his son Beau to cancer in 2015.

Not many people would have persevered through challenges like these with the strength that Joe Biden has. Look what he’s gone on to achieve because of that. It’s a lesson we can all apply to our own lives and the challenges we face.

Be Aware: How Rich Is Former President Donald Trump?

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Money Isn’t Everything

Joe Biden’s life of public service is also a good reminder that financial milestones aren’t everything. Biden never seemed to prioritize money over his beliefs and goals. He’s still managed to become incredibly wealthy, despite that.

There’s nothing wrong with trying to make money to support yourself and your family. Biden’s story simply shows that you can do that while still pursuing a life of service and meaning. The best way to do that will depend on your goals and passions.

Who knows? You may end up with a net worth of $10 million or more someday, too.

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This article originally appeared on GOBankingRates.com: Joe Biden’s Money Timeline — See the President’s Financial Milestones Through the Years

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News

Breakfast on Wall Street: The Week Ahead

Published

9 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.

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Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

9 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

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News

Latest Business News Live Updates Today, July 11, 2024

Published

9 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.

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News / Business / Latest Business News Live Updates Today, July 11, 2024

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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Published

9 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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