It's easy to forget that the presidency of the United States is a government job just like any other–in that it comes with a stipulated salary and benefits.

But regardless of their bombastic rhetoric or self-serious public image, politicians are like all other government employees. The president, vice president, and legislators earn an annual income from the government in exchange for their duties, which include: executing/circumventing the law, upholding/withholding the civil liberties of American citizens, and legislating/sabotaging how societal institutions meet the needs of citizens, from healthcare to education.

If you've ever wondered what American politicians earn for all their hard work arguing across the aisle and starting Twitter feuds, look no further:


President (Donald Trump): $400,000 with non-taxable perks including a $50,000 expense account, a $100,000 travel account, and $19,000 for entertainment (all annually).

Trump Salary Pixelbay

Technically, Donald Trump donates his presidential salary, but as an independently wealthy private citizen, Trump still earns income from his real estate investments. As USA Today points out, this has been challenged by lawsuits arguing that Trump is violating the Constitution's foreign emoluments clause.

Simply put, the emolument clause prohibits the sitting president of the United States from accepting money from foreign states–in any way, since doing so could influence his judgment on foreign or domestic affairs. Trump, of course, holds over $100 million of investments in foreign business interests. That's why he's been fighting emolument lawsuits since 2017.

But yes, technically, Trump writes a check for around $400,000 once a year in order to "donate" his salary. As for his travel expenses, that $100,000 travel "budget" seems to be irrelevant, since the government covers way more than that amount each year.

Vice President (Mike Pence): $235,100 (subject to annual cost of living raises)

Mike Pence

Let's remember that Mike Pence once spent over $240,000 to fly to a 49ers game just so he could dramatically walk out of the stadium when the national anthem played as a snub to Colin Kaepernick kneeling in protest of police brutality against Black citizens.

So Pence is payed over $230,000 a year to pull stunts like that as Vice President of the United States. (We won't be too hard on him, though; reportedly, Donald Trump ordered him to do it).

Speaker of the House (Nancy Pelosi): $223,500

Amidst a global crisis that has put nearly half of all Americans out of work, Nancy Pelosi doesn't believe in extending unemployment benefits because she would "lose leverage" when arguing with Republican representatives.

As a venture capitalist who's in business with her husband, Paul Pelosi, Nancy has a net worth of about $97 million (despite a popular meme that claims she's worth more than twice that). Yet, she's paid over $220,000 a year to do things like dismissing life-saving unemployment benefits as nothing but "leverage."

As for the rest of the house leadership, Steny Hoyer and Kevin McCarthy (the House Majority and Minority leaders respectively) earn $193,400 each year, while the rest of the standard salary for a congressperson is the same as a senator: $174,000.

Senate Majority and Minority Leaders (Mitch McConnell and Chuck Schumer): $193,400

Senate Majority and Minority Leaders US Senate

Mitch McConnell has an estimated net worth of $30 million (including a windfall from an inheritance his wife received after a relative passed away). He earns nearly $200,000 a year protecting his wealthy friends' special interests and blocking bills from the Senate floor that don't have "liability protections" for said rich friends.

Supreme Court Associate Judges: $246,800

As one of eight current Supreme Court Associate Judges, Ruth Bader Ginsburg is a priceless treasure who deserves to be paid in immortality and hugs. She's been an advocate for women's rights and racial justice throughout her career, including her 27 years on the Supreme Court.

It's unfortunate that she only earns about $250,000 a year, but Ginsburg's total net worth is about $4 million plus the hopes and dreams of an entire nation.

PayPath
Follow Us on

When you are newly hitched and learning how to combine your essential legal and financial information as well as your accounts, it can be confusing.

Many people live together before getting married and have begun the process of combining accounts and sharing responsibilities. However, some people wait to do this only after marriage, and others wait until they're married to live together. Whichever path you've chosen, it's still crucial to know a few tips to manage money together as newlyweds to determine where you should begin and how you can remain on the same page.

Discussing Money Motivations

As we begin to share money with our significant other, we soon find out what one person may rank as a priority regarding money and the other may not. As such, sitting down and discussing money motivations is important. Two people who cannot agree on how to handle money may cause serious issues. This should include:

  • How to deal with money following payday. Is a percentage put into savings? Is that the day to splurge on dinner, drinks, and more?
  • The frequency and size of payments made to debts. Some people like to pay minimums, whereas others pay in full or make double payments.
  • What do you each consider money well spent? Is it a new 70" 4K television? Is it an investment? Is it paying as much debt off as possible?
  • How do you go about consulting each other before making purchases over a certain amount?

Establishing Financial Goals

After you evaluate the motivations behind your money and how it should be spent, you'll need to spend time together hashing out financial goals. As newlyweds, there are certain things on your list that you're going to want to save for. How do you go about that? How much of each paycheck will you dedicate to a particular fund?

Some things in the future worth making a financial plan for include savings and paying down debts. This is the time to be honest about your current financial standing. If you're looking to buy a home, you'll want to assemble a first-time homeowner financial checklist to begin to develop topics of conversation. Some of the things to consider setting goals for are:

  • Student loans
  • Car loans
  • Future children
  • A house
  • Medical bills
  • Delinquencies on credit reports
  • Vacation and rainy-day funds
  • Emergency funds

Budgeting Together

The more honest and open you can be with each other about the money you have and now the debts you share, the better. Implementing plans for the best ways to have the things that you both desire while still taking care of existing demands is important. These can be uncomfortable things to talk about; however, these conversations are necessary.

Following these tips to manage money together as newlyweds will allow you to have a starting point for conversations that can be tough to start. The sooner you and your partner get on the same page with finances and the responsibilities that come with them, the easier the transition will be and the sooner you'll find success.

It's the dream: money you can count on to keep rolling in, even while you sleep.

Passive income isn't entirely passive, of course. You'll put in work up-front to get the profits rolling, so don't relax in your recliner just yet. But with so many potential sources of passive income available to you, picking one or several will mean that the day you can finally kick back will draw steadily closer.

Rental Properties

Real estate is a tried-and-true wealth builder for a simple reason: people will always need somewhere to live. Research the market in a growing community until you know a good deal when you see it. You can maximize rent by fixing up a deteriorating property or upgrading a mediocre one. The key is to hire a property manager to do all the day-to-day landlord duties for you—and you'll need a good one. Smart investors put their profits in another property and repeat the process until they have a diverse portfolio.

A YouTube Channel

You can start a blog if you're more comfortable hiding behind a computer, but consumers are more likely to prefer video content. Post a series of “how-to" videos to answer questions about whatever you're an expert in.

You can put up any content you want, but if you don't want to commit to regularly updating it, focus on “evergreen" topics that will draw clicks for eternity. Ads will create your income, especially if your channel grows in popularity. Better yet, sign up for affiliate marketing. If you recommend a product and provide a link to buy it, you'll get a small percentage of those transactions.

Auto Advertising

If you don't mind vinyl-wrapping your car with an ad for a company, you can get cash just driving around and running your errands. Make sure you contact a reputable company that doesn't ask for any money from you; if they're the real deal, they'll evaluate your car, your driving habits, your area, and more. Bonus: the brighter the ad, the easier it'll be to find your vehicle in the parking lot.

Digital Products

What's something that people will pay for but doesn't require shipping on your part? Finding that item is what can supplement your income indefinitely. Write an e-book, charge for your cross-stitching patterns, design prints that people can digitally download, invent an app, record a “masterclass," or whatever else you want. Every time someone new discovers it, the cash register rings. With a little more effort, this is a potential source of passive income for you that can continue to grow. Once you build up a customer base, they might want more products. The good part is that it's up to you whether you wish to give it to them.

Airbnb is a great option while traveling, but you should protect yourself from damage charges from unscrupulous hosts.

Airbnb offers an affordable option for people looking to be more comfortable as they travel.

However, there are downsides to staying in a host's home rather than a hotel. Whereas hotels are designed for constant streams of visitors and often have furniture built to last, at an Airbnb, you may be staying on old or cheap furniture that a host is using in order to maximize their profits.

And while most reputable hotels will have regular room inspections from staff to check for any wear and tear, Airbnb damage disputes are oftentimes he said, she said situations. If you are in an Airbnb and something breaks, there are a few steps you should take in order to ensure that you are not on the hook for damages out of your control.

Keep reading Show less