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The Presidential Candidate’s Net Worth (Somewhat) Revealed

By Erik Folgate

Go check out the net worth of Democratic and Republican presidential hopefuls on CNN.com. It shouldn’t matter how much money someone is worth to qualify them to be president, but the sad thing is that it really does matter. You must have SOME kind of money in order to run for president, or you better be an amazing fundraiser. I think it does tell us something about the candidates and how they handle their money and investments.

The Democrats

Clinton and Edwards come in with the highest net worth. This doesn’t surprise me. Bill Clinton is probably responsible for most of their net worth. He made $10 million dollars last year just in public speaking. Hilary’s book was a flop and she doesn’t make much as a Senator. I’m guessing she wasn’t rolling in the dough as an attorney, either. Edwards made most of his money as a successful personal injury attorney. He should think twice about talking so much about rising health care costs, because I am sure he can be linked to numerous lawsuits against health care providers and health insurance companies. Whether they were warranted or not, lawsuits against health care providers and insurance companies will drive up the cost of premiums, because those companies will pass the cost to litgation onto the consumer.

Barack Obama is believed to have a net worth around $700,000. This is probably part of the reason that many people are drawn to him. He’s probably the most genuine person when he says that he can identify with the American public. I’m not saying that everyone has $700k lying around the house, but at least he’s not billionaire elitist.

The Republicans

On the republican side you’ve got a bunch of millionaires who don’t remember what it’s like to shop at Target. This doesn’t surprise me, because it seems like you have to be a zillionaire to run for the Republican ticket. I don’t think Huckabee has much money, and again, that’s probably why he’s gaining so much popularity, because the American people see a quality in him that they can identify with. Romney is by far the richest candidate out of the entire pool, but he did make most of his millions on his own. He’s wheeler and a dealer. Romney is an extraordinary business financial mind and he made most of his wealth from leveraged buy-outs and venture capitalism. Guiliani was a very successful lawyer, and he has a couple of books and does high-priced consulting work, so it’s natural that he’d be worth about $30 to $40 million. John McCain? I don’t know where he got his money, but he’s not going to win the nomination, anyway.

So, there it is. What is your take on all of this? Do you think their net worth has any advantage or disadvantage to their race for the presidency?

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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