Joe Biden Net Worth: His Life Before Becoming U.S President!

Joseph Robinette Biden Jr. was born in Scranton, Pennsylvania, on November 20th, 1942. While growing up with three brothers and a sister in a Roman Catholic household, Joe's family was unable to make ends meet.

His father struggled to find work in Scranton throughout the 1950s due to the city's economic downturn. After a while, the family was forced to relocate to Delaware, where Joe's father went into the automobile sales business.

Early Life of Joe Biden

Joe Biden Net Worth
Joe Biden's Net Worth

Joe Biden was voted class president and a member of the football team during his high school years. When he was a history and political science double major at the University of Delaware, he also played collegiate football. In 1965, he earned a bachelor's degree from the university.

As a result, Joe went on to Syracuse University's College of Law, where he received his JD in 1968. He was famously accused of plagiarism during this time period.

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During the Vietnam War, Biden was allowed to delay being drafted because of his status as a student. Joe earned a medical deferral for asthma when he graduated and regained eligibility, despite having been an athlete his whole life.

The Career of Joe Biden

Joe Biden Net Worth
Joe Biden Net Worth

He began his legal career as a clerk for the U.S. Attorney's Office after graduating from college. After running and securing a seat on the New Castle County Council in 1969, he immediately set his sights on the US Senate as his next political goal.

As the clear underdog in Delaware's 1972 US Senate race, he prevailed with an overwhelming majority of the vote. Being one of the nation's youngest senators was an honor for him.

As a longtime member of the US Senate, Joe now has his eyes set on the highest office in the land: that of President. While he was a candidate for the Democratic Party's candidacy in 1987, he was accused of plagiarising a speech and was forced to withdraw. Biden's withdrawal from the campaign was sparked by further controversy.

In 2008, Vice President Joe Biden ran for the Democratic nomination once more. Despite many positive aspects of his campaign, Joe Biden's remarks on Barack Obama and Indians were huge gaffes.

It was also difficult for him to raise finances, so he never stood a chance of beating either Hillary Clinton or Obama. Obama ultimately made him vice president after all. To serve in Obama's administration, he resigned from the Senate in 2008. US Vice President Joe Biden will run as a Democrat for the presidency in 2020.

Net Worth of Joe Biden

Joe Biden Net Worth
Joe Biden Net Worth

The American politician Joe Biden has a personal wealth of $9 million, according to recent estimates. Between the years 1973 and 2009, Joe was a member of the Delaware Senate. After that, he became the 47th Vice President of the United States and served during the administration of Barack Obama from 2009 to 2017.

In the presidential election of 2020, he was nominated as the Democratic candidate to challenge incumbent President Donald Trump. In November 2020, he won an overwhelming win against Donald Trump, not just electorally but also in the popular vote, to become the 46th President of the United States of America.

Presidential Salary of Joe Biden

Joe Biden, in his capacity as Vice President of the United States of America, is entitled to a base salary of $400,000 per the provisions of Title 3 of the United States Code. Additionally, he is eligible for a non-taxable travel account in the amount of $100,000, an expenditure account in the amount of $50,000 each year, and an entertainment stipend in the amount of $19,000 per year.

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A gift of one hundred thousand dollars was made available to the Bidens so that they might spruce up the White House before moving in.

Salary of Joe Biden

Joe's annual tax returns show that his earnings were all over the place during the course of his life. The oldest papers that were made public date back to 1998. He has made his tax paperwork available.

During the course of this year, he raked in a total of $215,432 in earnings. After that, his annual income hovered at $200,000 until 2009, when it began to rise by $55,000 due to an increase in the amount he received from social security and pensions.

When Joe Biden was getting ready to depart his position as vice president in 2016, he was making close to $400,000 per year in salary and benefits. In the year 2017, that figure significantly increased to reach $11 million. Things slowed down a little bit for Biden in 2018, and he ended up earning a total of $4.6 million.

The Debt of Joe Biden

It has been discovered that Biden has struggled with debt for many years. For most of those years, Biden's only asset was his house in Wilmington, Del. He's used his house as collateral for a number of loans.

During the period from 1983 to 2015, Biden borrowed up to $50,000 from the cash value of his life insurance policies. It was reported in 2015 that he owed between $500,000 and $1 million on his home at the time he took out a mortgage in 2013.

Real Estate of Joe Biden

Joe lives in a house in the Greenville section of Wilmington, Delaware, where he spends most of his time. The lake in front of the house was initially constructed by rich du Pont family members. In 1997, Joe and Jill paid $350,000 for their house.

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There have been previous sales of similar properties in the region for over $2 million dollars. Rehoboth Beach, Delaware vacation house Joe and Jill purchased in 2017 cost $2.74 million. In McLean, Virginia, the couple paid $20,000 a month to rent a $4 million property.