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The road to success is rarely straight.
Just ask President Biden, whose career is a testament to the power of human resiliency.
So how did Biden get to where he is today?
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.
However, the work would be short-lived.
Its not clear what his net worth was at this time.
But it was likely fairly minimal, given this early stage of his career.
He earned$42,500that first year.
That may not sound like much, but its over$300,000in todays dollars.
Tragically, Bidens 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 hes spoken openly about throughout his life.
For instance, in 2020,he said, Theres a reason to grieve.
Youve had great loss.
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 didnt earn very much.
This means the new couples net worth was probably still relatively low.
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.
However, this is around the point when they may have begun feeling wealthy.
The average U.S. wage wasunder $20,000throughout the period.
Joe earned over three times that for most of the decade, which doesnt account for Jills 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 werent millionaires at this point.
He sought the Democratic nomination, but was unsuccessful,losingto Michael Dukakis.
Biden was thought of as abright new hopein the Democratic party.
However, a video surfaced of him plagiarizing another politician without attribution.
That may sound like a relatively minor scandal by todays standards.
But it was a big deal in 1987.
Soon after, reporters discovered that Biden graduated near the bottom of his law school class.
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 didnt allow the health scare to derail him from his goals.
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$20,000annually.
All in all, the family was earning around $230,000 annually by the early 2000s.
Biden and his wife purchased their Delaware home during this era, too.
The couple paid$350,000for a four-acre lot in New Castle County, building a 6,850-square-foot home.
We cant 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 familys savings likely put them across the millionaire threshold.
He served as President Barack Obamas 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 had recently lost his son,Beau, the attorney general of Delaware, to brain cancer.
Some say the decision not to runwasnt entirely Bidens choice.
Bernie Sanderstook the nation by stormduring the primary.
But Democratic party power brokersrallied around Hilary Clinton.
Biden may simply not have had the support he needed to run.
The bulk of the money around $10 million came from speaking engagements and book payments for Joes memoir.
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.
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.
He earned $580,000 for the job in 2022 and about$620,000in 2023.
Now, analysts estimate the Bidens have a net worth ofroughly $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 Bidens primary ambition.
His early work as a public defender and lifelong commitment to public service proves that.
We cant all hope to become president, but Bidens 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 didnt reach millionaire status for two decades.
Its a good reminder that building a fortune takes time.
Instead of trying to get rich quickly, youre often better off taking the methodical route.
Practically, that means consistently spending less than you earn and allocating savings to smart investments.
It returns an average ofaround 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.
Youd end up with over $2.5 million fromjust $360,000in contributions.
This shows how time creates wealth when you invest well.
The Power of Resiliency
Bidens story is also a good lesson in the power of resiliency.
For example, Biden lost his wife and daughter just after winning his first Senate election.
Not many people would have persevered through challenges like these with the strength that Joe Biden has.
Look what hes gone on to achieve because of that.
Its a lesson we can all apply to our own lives and the challenges we face.
Biden never seemed to prioritize money over his beliefs and goals.
Hes still managed to become incredibly wealthy, despite that.
Theres nothing wrong with trying to make money to support yourself and your family.
The best way to do that will depend on your goals and passions.
You may end up with a net worth of $10 million or more someday, too.
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