Elizabeth Warren's Net Worth – From Law Teacher to President?
For the 2020 presidential election, there are plenty of candidates to consider (including a few women). Surprisingly, almost all of these candidates are either millionaires or billionaires. Elizabeth Warren is one of these millionaire candidates. Read more to dive into her life before politics, how she made her millions, where she spends, and how she plans to better America.
Senator Warren Net Worth (Estimated): $12 million
How Old is Elizabeth Warren?
At age 70 years old, she has had plenty of time to create her net worth. Even so, her largest achievements could just be beginning if she becomes the president. Elizabeth Warren was born on June 22, 1949.
What Does Elizabeth Warren Do For a Living?
It's easy to wonder how Warren has created millions of dollars over the past few years. She made the majority of her money in the past fifteen years, primarily as a law teacher, author, and senator.
Although Elizabeth and her husband do make generous salaries, most of their wealth is in retirement accounts and real estate investments. Who is Elizabeth Warren's husband? Bruce Mann and Elizabeth have been married for over 40 years. Like Elizabeth, Bruce is a law professor at Harvard.
Senator Warren Taught Law
Before diving into politics a few years ago, she generated income from teaching, writing, consulting, and investments. Warren is one of the nation's top experts on the financial pressures of middle-class families.
Technically, Warren is a college drop out! She attended George Washington University on a debate scholarship but dropped out at age 19 to marry her high school sweetheart. They moved to Texas, where she resumed her studies at the University of Houston. She majored in speech pathology and audiology. In 1970, they moved to New Jersey, and Warren pursued a law degree at Rutgers University. She graduated in 1976 and began teaching at the school the following year.
Warren continued to teach law over the next 20 years, working at five more universities (including the University of Houston, University of Texas-Austin, University of Michigan, University of Pennsylvania, and Harvard University). She found her place at Harvard in 1995.
Although she taught law, practicing law helped boost Elizabeth Warren's net worth as well. She served as a consultant, writer of amicus briefs, mediator, or expert witness for dozens of corporate cases. Warren revealed that she made about $2 million representing private clients over 30 years. She stopped doing consulting work once she began her political career.
Warren's Political Career
So, how did a law teacher like Elizabeth Warren get into politics? After rising in the ranks of law professors, Warren began increasingly speaking out on behalf of low-income and middle-income Americans who could not afford health care and who faced bankruptcy. This soon led her to a new career in politics. Her national profile grew during the late 2000s after her forceful public stances in favor of more stringent banking regulations after the 2007–2008 financial crisis.
During this financial crisis, Harry Reid asked Elizabeth to serve as Chair of the Congressional Oversight Panel and provide oversight of TARP, the Wall Street bailout. She fought to protect taxpayers, hold Wall Street accountable, and ensure oversight of the Bush and Obama Administrations.
In 2013, Elizabeth Warren became a U.S. senator from Massachusetts. She was sworn in by Joe Biden (net worth $9 million). Warren is also a top candidate for the 2020 presidential campaign – she raised $24.6 million in fundraising money in the third quarter of 2019. That's more than any other Democratic candidate, aside from Bernie Sanders (net worth $3 million).
Money-wise, Elizabeth makes around $172,000 yearly from her senator's salary. Plus, she has additional sources of income from books.
Books by Elizabeth Warren
Warren has also written and co-written several books on bankruptcy law and the middle class throughout the 1990s and 2000s. In total, she has written five books herself and co-authored six books.
Currently, she has a couple of top sellers, boosting her net worth significantly. According to published tax returns, Warren received $430,000 from book royalties in 2017 alone and close to $400,000 in 2018. With her husband's annual income of around $400,000, the couple generates close to $1 million yearly. In 2018, Elizabeth Warren's net worth 2018 reached over $10 million according to financial documents.
The following are some of her best-selling titles.
A Fighting Chance
Published in 2014, this book explains Elizabeth's journey into politics and what inspired her to become a politician.
All Your Worth: The Ultimate Lifetime Money Plan
This 2006 title was written by Warren and her daughter Amelia. It relies on the simple guideline that 50% of your money should go to needs (rent, bills), 30% should go to wants, and 20% should go to savings.
The Two-Income Trap: Why Middle-Class Parents Are Going Broke
Released in 2003, Warren and her daughter Amelia co-authored this book. It explores how the increasing costs of housing and education are causing financial strain, even when there are two working parents in the household.
The Fragile Middle-Class: Americans in Debt
Co-written with Teresa A. Sullivan and Jay Westbrook, this title examines bankruptcy in the middle class and why so many people end up in debt during economic prosperity.
Warren's Presidential Campaign
So far, Warren is one of the top presidential candidates. One signature aspect of her campaign is her "Ultra-Millionaire Tax" plan, which proposes a 2% annual tax on households with a net worth between $50 million – $1 billion. The percentage rises to 3% for households with a net worth over $1 billion. She stated it could generate $2.75 trillion in revenue in a decade. Also, she proposed a 7% tax for business profits for those that make $100 million or more in yearly profits.
Under Warren's tax plan, wealthy people may move to Puerto Rico or other countries to pay less taxes. She also has a plethora of other plans involving free schooling, affordable housing, and more.
Where Does Elizabeth Warren Live?
A large amount of Elizabeth Warren's net worth lies in real estate. She owns two homes with her husband. One worth $3 million is located in Cambridge, Massachusetts. This is their primary residence. They purchased this home for $447,000 in 1995. Just 25 years later, it's estimated to be worth $3 million.
They also own a condo worth $800,000 in Washington, D.C. These homes alone make up a third of her net worth.
Elizabeth Warren has amassed a collection of awards and honors throughout her years.
- The Boston Globe named Warren the Bostonian of the Year (2009)
- The Women's Bar Association of Massachusetts granted her with the Lelia J. Robinson Award (2009).
- Warren was named one of Time magazine's 100 Most Influential People in the World (2009, 2010, and 2015).
- The National Law Journal has repeatedly named Warren one of the Fifty Most Influential Women Attorneys in America.
- The National Law Journal named her one of 40 most influential attorneys of the decade (2010).
- Warren was inducted into the Oklahoma Hall of Fame (2011).
- New Statesman magazine named her one of the "top 20 U.S. progressive" (2012).
Elizabeth's Personal Life
Growing up in Oklahoma without much money, it's impressive to see how much success she has created. She truly is a self-made woman. Warren and her husband, Bruce Mann, have been married for 40 years.
The Warren Family
Elizabeth Warren's children are named Alex and Amelia, both of whom she had with her ex-husband. Her daughter Amelia was born when Elizabeth was 22, and her son Alex was born a few years later (soon after Elizabeth graduated college).
The Warrens' Charitable Contributions
As a politician who advocates for heavy taxes for the wealthy to give back to the community, anyone would expect to see generous charitable contributions from her. Elizabeth and her husband donated $882,000 to charity in 2017 and $50,000 in 2018. Although their giving dropped significantly in 2018, she does seem to practice what she preaches.
Overall, Elizabeth Warren is a very successful law teacher, author, and senator. While most people retire before age 70, she aims to start the most stressful career in the world – president of the United States. So far, she has done well in the polls, and many seem to like her ideas. Even so, Elizabeth Warren's net worth of $12 million is impressive and continues to grow every year.
The Takeaway on Elizabeth Warren's Net Worth
If you ask most people how to make $10K a month or more, you're likely to hear advice steering you toward becoming a doctor or lawyer. There's this persistent perception out there that says professional careers are both lucrative and secure. While those career paths certainly can bring with them hefty paychecks, they come with equally hefty school loans and a considerable investment of time.
Entering politics is one way to create change in the world. But we believe owning a business, creating products, and serving people is a far more satisfying, direct, and accessible route. In fact, many of the most successful entrepreneurs we know started with less than $1,000. If you'd like to see how they did it, check out this free training.