An Inside Look at the Personal Finances of the Obamas and the Bidens-Kiplinger

An Inside Look at the Personal Finances of the Oba


An Inside Look at the Personal Finances of the Obamas and the Bidens

They may be the most powerful couples in the free world and rub shoulders with the likes of George Clooney and the Queen of England, but the Obama and Biden families face many of the same financial challenges as the rest of us.

"The vice-president in particular seems to be typical of what we see all the time," says Mark Wilson, a financial planner with the Tarbox Group, in Newport Beach, Cal. "People get busy with work and kids, and their finances never get cleaned up."

SEE ALSO: Those Quirky Investors On Capitol Hill

By contrast, the portfolio of presumptive Republican presidential candidate Mitt Romney is just what you'd expect from a multimillionaire with a blue-chip business pedigree and the ability to buy top-drawer advice: sophisticated, complex and well-diversified among many types of investments.

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But it's a different story for President Obama and Vice-President Biden. A review of the financial disclosures they filed in May uncovered what many of us see in our own financial lives -- neglect, inertia, poor diversification and spotty investment choices. In short, the First Families could use a money makeover. Kiplinger is here to help.

We called several seasoned financial planners and had them review the disclosures filed by Obama and Biden, evaluating both their debts and their investments. The planners saw plenty of areas that could use improvement -- starting with the president's and the veep's debts.

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