2016 Presidential Candidates: Marco Rubio's Finances Show Uneasy Journey Ahead of Campaign Launch
For many Americans, finances could make or break an individual, and Republican presidential candidate Marco Rubio has been making his finances public.
Since the launch of his presidential campaign, Rubio has been public about debt and some expenses. As many millennials can relate, repaying college loans can be a long and turbulent time. Back in 2000, he reported nearly $150,000 in student loan debt. He was still repaying his loans during and after he won his Senate seat. Rubio, who received $800,000 from a publisher to write a book about his life with Cuban immigrant parents, used some of the money to complete his law school loans.
He also referenced student loan debt during his campaign launch. He said in Miami, "If we create a 21st century system of higher education that provides working Americans the chance to acquire the skills they need, that no longer graduates students with mountains of debt and degrees that do not lead to jobs, and that graduates more students from high school ready to work, then our people will be prepared to seize their opportunities in the new economy."
Rubio, however, has had enough funds to purchase luxurious items. One item is a speedboat worth $80,000. According to Rubio, the purchase of the 24-foot boat fulfilled a dream, The New York Times noted.
Ahead of his presidential launch, Rubio sold six retirement funds in September 2014 for $68.2 million, but financial experts warned the move could cost him more than $20,000 in taxes. Based on Rubio's personal financial disclosure statement, he reportedly had $100,000 and $250,000 in a checking account and between $50,000 and $100,000 in a money market account by the end of 2014. For 2015, so far, Rubio estimated earning between $100,000 and $1 million from a new book.
In addition to his $174,000 Senate salary, Rubio earned $52,000 from his part-time teaching role at Florida International University and royalties continued to flow in from his second book.
Rubio encountered a setback when he sold his Tallahassee home for $18,000 less than the purchase price approximately 10 years ago. According to The New York Times, the Tallahassee home faced foreclosure after Rubio and his friend failed to complete mortgage payment for five months.
"The implications of Rubio's fiscal habits could also be detrimental to his career. As a politician who's anti-government spending, the visibility of his own financial woes suggests a possible hypocrisy that gives some Republican supporters pause," wrote Inc.'s Zoe Henry.
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For the latest updates, follow Latin Post's Michael Oleaga on Twitter: @EditorMikeO or contact via email: m.oleaga@latinpost.com.
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