Marco Rubio’s net worth has been marred by student loan debt and mortgages. (Getty)
Depending on which source you consult, Marco Rubio’s net worth ranges from $100,000 to a little over $400,000. He’s been worth more in the past, but student loan debts and high spending have kept him from maintaining a higher net worth. Some media sources posit that Rubio may have a spending problem. However, it’s equally likely that the 43-year-old simply had to learn from his mistakes after being raised by very poor parents and then suddenly coming into money.
1. Rubio’s Net Worth Is Between $100,000 and $443,000
Marco Rubio is worth between $100,00 and $443,000. (Getty)
Forbes estimated Rubio’s net worth in late September as being around $100,000. Much of that is due to debt, putting four children through private school, and poor spending decisions. However, The Center for Responsive Politics placed Rubio’s net worth in 2013 as being about $443,000, CBS reported. This net worth is typically derived by taking a candidate’s reported assets, subtracting liabilities, and estimating the average net worth at the midpoint.
2. His Earnings Came From His Senator Salary, Book Royalties, And a Teaching Position
Book deals contributed significantly to Marco Rubio’s net worth. (Getty)
Much of Rubio’s earnings come from his salary as a U.S. Senator, which is $174,000, The Washington Post reported. He also earned $52,000 from royalties on his books and a teaching position, plus about $5,000 from rental properties. He agreed to teach at Florida International University for $69,000 a year just before running for Senate, but the salary was later reduced after negotiations showed that he was strapped financially, The New York Times reported. Over the years, he’s also made money working as a lawyer for his wealthy campaign donor, Norman Braman. Rubio has held attorney jobs for law firms also, and his wife Jeanette runs a business called JDR Events.
3. He’s Made Some Financial Mistakes, Including Accidental Misuse of a Republican Credit Card
Marco Rubio recently had to cash out a $70,000 retirement account. (Getty)
Rubio has had his fair share of financial mistakes over the years. He paid for some early campaign costs from his personal credit card. And he once accidentally used his Republican Party of Florida credit card for personal purchases. He used the card to repair a family car for $1,000, to spend $135 at a silent auction at a barber shop, and to pay $3,000 for flights to family reunion, The Washington Post reported. He said all these expenses were mistakes and he reimbursed them.
Rubio’s been hit with a few additional problems recently. He had to put a home on the market for $10,000 less than what he paid for it and he recently had to cash out nearly $70,000 in retirement funds.
4. His Debt Has Come Mostly From Student Loans and Mortgages
Student loan debt crippled Marco Rubio for a long time. (Getty)
Over the years, Rubio’s debt has come mostly from student loans and mortgages. When he was first elected to Congress in 2000, he had $150,000 in student loan debt and $30,000 in credit card debt, The New York Times reported. At one point in the mid-2000s, after achieving a couple book deals, he and his family owned three homes and their liabilities increased from $330,000 to $1 million in a year. His advisers, however, said that his debt-to-income ratio never exceeded 43 percent, which is the rate that the federal government labels as troublesome.
5. Rubio’s Spending May Be an Result of Growing Up Poor and Learning How to Manage Money by Making Mistakes
Marco Rubio and his wife both work. (Getty)
Although Rubio has had high salaries at times, he still was barely able to make it by due to debt that had accumulated when he was poorer. In 2008, for example, Rubio’s net worth was estimated at anywhere from $0 to $8,300. He was making $300,000 as a lawyer, but he had accumulated $900,000 in debt including his student loans that were accruing interest, The Washington Post reported. Part of the problem, he has said, is that he had to learn about finances the hard way. Rubio was raised by immigrant parents who just barely made it. His dad was a bartender and his mother was a hotel maid. Rubio has said that growing up with parents who had so little money to manage didn’t prepare him for handling larger amounts of money, so he’s had to learn from his mistakes, The New York Times reported.
