Obamas release financial disclosures revealing less than $1,001 in cash savings

The Obamas disclosed Friday that even though they have less than $1,001 in savings, they have bankrolled up to $400,000 in college savings plans for their two daughters.

michelle and barack obama
Source: www.cbsnews.com

The couple also reported a net worth of $1.9 million to $6.9 million, down slightly from last year, when their net worth was estimated at $7.1 million, according to Bloomberg Politics.

The president and first lady are still at or near the top 1 percent of American households, but fathoms away from former President Bill and Hillary Clinton, who reportedly earned upwards of $30 million in speaking fees in the last 16 months alone.

The Obamas also are employing “a cautious investment strategy while in the White House,” placing a large amount of their wealth into Treasury notes and bills, Bloomberg Politics reported.

The Obamas’ tax records indicate that their income also suffered a hit last year. Their 2014 gross income of $477,383 was at its lowest level in 10 years, primarily because of declining book sales.

Bloomberg also reported this little gem:

The Obamas hold a mortgage on their Chicago house, though they have more than enough in liquid assets to pay off the balance, which is listed as $500,000 to $1 million. The home’s value isn’t included in the tally of assets.

They also haven’t chosen to refinance the 30-year mortgage they took out in 2005, which has a 5.625 percent rate. The average 30-year loan this week carries a 3.85 percent rate, according to Freddie Mac.

“I would probably benefit from refinancing right now,” President Obama said in August 2013, according to Bloomberg. “I would save some money. When you’re president, you have to be a little careful about these transactions, so we haven’t refinanced.”

Vice President Joe Biden didn’t have any such qualms. He and his wife, Jill, renegotiated a sweet 2.75 percent interest rate on their own home mortgage, also according to Bloomberg.

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