Introduction
Tom Coburn was a former United States Senator from Oklahoma who passed away in March 2020. His political career and personal life are of great interest to many people, including his wealth, which has often been the subject of speculation. In this blog post, we will explore how much Tom Coburn was really worth and the different aspects that played into his fortune.
Early Life and Career
Born in 1948 in Muskogee, Oklahoma, Tom Coburn was the son of a car mechanic and a waitress. After graduating from high school, he attended Oklahoma State University, where he earned a degree in accounting. He then went on to attend medical school at the University of Oklahoma, earning his MD degree in 1983.
After working as a family physician for several years, Coburn entered politics, serving as a Congressman from Oklahoma’s 2nd Congressional District from 1995 to 2001. In 2004, he was elected to the US Senate, a position that he held until 2015.
Political Career and Income
During his career in politics, Tom Coburn was known for his conservative beliefs and his focus on reducing government spending. He was also a strong supporter of term limits and co-authored a book titled “Breach of Trust: How Washington Turns Outsiders into Insiders.”
As a Senator, Coburn earned an annual salary of $174,000, the same as other US Senators. However, he also earned additional income from speaking engagements and book sales. In fact, he reportedly earned over $350,000 in speaking fees in 2012 alone.
Real Estate Holdings
Tom Coburn owned several properties throughout his life, including a 3,500 square foot home in Muskogee, Oklahoma that he purchased in 1983 for $50,000. In 2016, he sold the home for $350,000.
In addition to his primary residence, Coburn also owned a second home in Arlington, Virginia, a Washington, DC suburb. The property, which was reportedly worth over $1 million, was sold after he left office in 2015.
Investment Portfolio
Tom Coburn was also actively involved in investing, and he reportedly held a portfolio worth over $2 million at the time of his death. Some of his investments included stocks, bonds, and real estate. However, details about his specific investments have not been made public.
Retirement Benefits
As a former US Senator, Tom Coburn was entitled to a Congressional pension, which is based on the number of years served and the salary earned while in office. Coburn served for a total of 10 years, giving him a pension of roughly $74,000 per year.
However, Coburn also waived his pension benefits while in office, citing his belief in fiscal responsibility. Instead, he donated the funds to charity.
Frequently Asked Questions
1. What was Tom Coburn’s net worth at the time of his death?
Tom Coburn’s net worth was estimated to be between $300,000 and $2 million at the time of his death.
2. Where did Tom Coburn earn most of his income?
Tom Coburn earned most of his income from his salary as a US Senator, along with speaking engagements and book sales.
3. How many houses did Tom Coburn own?
Tom Coburn owned two houses: a primary residence in Muskogee, Oklahoma, and a second home in Arlington, Virginia.
4. Did Tom Coburn have any investments?
Yes, Tom Coburn was actively involved in investing and had a portfolio worth over $2 million at the time of his death.
5. Was Tom Coburn entitled to a pension as a former US Senator?
Yes, Tom Coburn was entitled to a Congressional pension based on his years of service and salary while in office.
6. How much was Tom Coburn’s Congressional pension worth?
Tom Coburn’s Congressional pension was worth roughly $74,000 per year, based on his years of service.
7. Did Tom Coburn accept his Congressional pension?
No, Tom Coburn waived his Congressional pension benefits while in office and donated the funds to charity instead.
Conclusion
Tom Coburn was a successful businessman, doctor, and politician with a net worth estimated to be between $300,000 and $2 million at the time of his death. His income was primarily from his salary as a US Senator, along with speaking engagements and book sales. Additionally, he owned two houses, actively invested in the stock market, and was entitled to a Congressional pension. Despite his wealth, Coburn was known for his dedication to fiscal responsibility and donated his pension benefits to charity.