Yahoo Finance Joe Biden’s Money Timeline — See the President’s Financial Milestones Through the Years
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:
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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.
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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.
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.
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:
1978: $57,500
1979 – 1983: $60,662.50
1983: $69,800
1984: $72,600
1985 – 1986: $75,100
1987: 89,500
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.
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.
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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.
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.
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.
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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.
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.
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.
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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.
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.
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.
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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
