In a move should sound familiar to readers who have been with Consumerism Commentary since 2003 and to those who have noticed my monthly personal financial reporting, the President and Vice President have used the White House blog to provide updates on the financial condition about each of the Executive Branch families.
President Obama and his wife Michelle seem to prefer investing in the Vanguard FTSE Social Index Fund (VFTSX. Barack’s retirement fund, valued between $50,000 and $100,000, is invested solely in this fund although he is carrying a pension as well. Michelle’s retirement accounts are invested in VFTSX as well. This seems to be a smart choice for the family, with an expense ratio of 0.24%.
Barack also own between $1,000,000 and $5,000,000 in Treasury bills, and for the daughters Malia and Sasha, the Obamas have between $100,000 and $200,000 in Bright Directions 529 college savings plans.
Both the President and Vice President Joe Biden have substantial income from royalties paid by publishers for their books. In fact, right before taking office, Obama agreed to postpone writing his next book until he is no longer in office and to a $500,000 advance for the royalties (from 7.5% to 15% of U.S. sales) to be paid for a new, abridged version of Dreams From My Father for children.