Here’s How Much Money President Obama Has Put Away For Malia And Sasha

While President Obama prepares to leave office, his daughters Sasha and Malia are preparing for college and their adult lives. Here’s how much the president has set aside for his daughters as they get ready for the next stages of their lives.

In a report published by Time on President Obama’s 55th birthday, the magazine takes a look at the president’s finances at the end of his second term. According to the report, President Obama is leaving office with a net worth of about $12.2 million.

The breakdown by Time shows that the Obamas have set aside between $200,000 and $450,000 in a 529 plan for college savings for Sasha and Malia. The New York Post reports that Barack and Michelle Obama have four tax-free savings accounts for their daughter’s college education, each valued between $50,000 and $100,000 as of November 2015.

Obama’s salary as president is $400,000 per year, but he has several other sources of income. Prior to being elected president, Obama earned roughly $60,000 per year as an Illinois State Senator, plus an additional $32,000 per year from teaching at the University of Chicago Law School.

Since then, Obama has made a large portion of his wealth from sales of his books. According to Heavy, sales of Obama’s books peaked in 2009, grossing roughly $5.7 million that year alone.

Heavy also reports that every year of Obama’s presidency, he has earned an estimated $1.5 million toward his pension. He also earns interest on investments made prior to and during his presidency.

According to Time, First Lady Michelle Obama also has a net worth of about $11.8 million. The First Lady made her fortune during her career as an educator and lawyer, as well as royalties from the three books she has written.

Barack and Michelle Obama also have a Chicago home valued at roughly $1.5 million.

Sources: Time, Heavy, New York Post / Photo Credit: Michelle Obama/Instagram