We might never see their faces in the White House again, but the Obama’s still have a grip hold on the political world. Barack and his wife, Michelle were reported to have signed contracts on book deals, guide offers, and paid speeches that can earn them a whooping amount of $250K per speech.
New income for the former family
Although done with all the presidential work, former President Barack Obama’s political reputation didn’t even wane one bit. In fact, the Obama’s left the White House with a very good approval rating which means they would be very in demand for public appearances.
Aside from the new income, Mr. Barack Obama will also be receiving his annual pension from the White House, as is customary for each former president because of his service offered to the country. The expected amount to be received will be about $207K per year.
Although they haven’t agreed yet on a date for certain book releases and public speeches, the Obamas recently employed attorneys Robert Barnett and Deneen Howell to handle their upcoming contracts and public engagements. The two lawyers are part of a high-status public relations company which is known for handling the Clinton’s and Mia Farrow.
Kevin Lewis, Obama spokesman, also revealed that the Harry Walker agency which has been represented by former President Bill Clinton, former Vice Presidents Dick Cheney, and Al Gore among others will be in-charge of their post-White House speeches.
Estimated amount of money from their would-be-new jobs
According to Fox Business, “No doubt [former President Obama’s] first speech could easily [command] $250K at minimum. Michelle will also see numbers around [250K per speech] for the first year as well. Those fees probably won’t drop anytime soon, when you stop and think about it, especially if Obama continues to be vocal, as he [has] said he would.”
This information was revealed by Peter Shankman, founder and CEO of social media, advertising and marketing, and PR technique firm The Geek Factory. He has an impressive clientele on his sleeves such as Walt Disney World, American Express, and the U.S. Department of Defense.
Who knew this power couple could garner such income? They might never even have to seriously work for years. Like c’mon, they’ll just be giving inspirational speeches and book signing tours for the upcoming days or months.
Aside from the $250K speeches, the Obama’s will also be opening their doors to book contracts. The former president has already authored three books to his name, “Dreams From My Father, “The Audacity Of Hope,” and “Of Thee I Sing” which has earned him more than $10 million.
A comparison of earnings from other prominent government officials
Based on CNN reports, former President Bill Clinton earned about $13.4 million in 2011 alone after giving 54 speeches. He charged slightly less than $250K per speech, while his wife, Mrs. Hillary Clinton made $234K a speech from 2001 until she ran for president during last year’s election. Collectively, the Clintons were reported to earn $153 million grand total from all those speeches.
Meanwhile, Mr. George W. Bush charged $100K to $175K per speech, as reported by Politico on their 2015 evaluation.
When speaking of book deals, Bill Clinton topped the list for obtaining the world’s highest advance fee of $15 million for his 2004 autobiography, “My Life.” However, it’s possible that the Obamas will take over this spot as they will be earning an estimated $20 million to $45 million per book deal.
This is a huge opportunity for the Obamas to generate income even if they aren’t in the White House spotlight anymore. They have also decided to continue living in Washington, D.C. after renting a multi-million dollar mansion in a luxurious neighborhood.
When Obama leaves office in January, this is the home his family will be moving into. It's located in the Kalorama neighborhood of Northwest DC, just off Embassy Row. It is about two miles from the White House, and a half-mile from the D.C. home of Hillary and Bill Clinton. In the early 1880s, the Kalorama area, being located beyond Boundary Street (now Florida Avenue) and thus outside the city limits, which had remained primarily undeveloped, began to be subdivided for urban development. In 1893 Congress ordered L'Enfant's design of the city of Washington extended outward to include the rest of the District. Existing developments were exempted, which is why Kalorama is one of the few portions of D.C. that does not comply with the city's grid system for streets. Other notable former Kalorama residents include Supreme Court Justices Charles Evans Hughes, Louis Brandeis, Harlan F. Stone and Joseph McKenna, and Federal Reserve Governors Adolph C. Miller and Frederic Adrian Delano. More recent ones include the late U.S. Senator Ted Kennedy and former Secretary of Defense Donald Rumsfeld.
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