Obama-nomicsBarack and Michelle are very cautious with their newfound wealth.

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In 2005 the Obamas did make some seemingly speculative—and ultimately controversial—stock bets (PDF) that made headlines last year. They bought shares of AVI Biopharma and SkyTerra Communications (for a reported total up to $100,000) in February of 2005, before selling later that fall. The sales resulted in a net loss of $13,000. The purchases caused quite a hubbub after the media learned that the two companies were backed by some of Obama's top donors. Obama has said his UBS broker bought the shares without his knowledge in a quasi-blind trust.

The Obamas have significantly increased their charitable contributions since declaring his candidacy. Last year, they gave $240,370, or about 5 percent of their income, to charity, with their largest contributions going to the United Negro College Fund ($50,000); CARE, the global poverty charity ($35,000); and Trinity United Church of Christ ($26,270), home of the Obamas' infamous former pastor the Rev. Jeremiah Wright Jr. Contrast that amount with the couple's charitable giving in 2004, when only 1.2 percent of their income went to worthy causes.

Compared with John McCain and his $270,000 in expenditures on household help, the Obamas lead a much more middle-class lifestyle. Between 2000 and 2007, they spent anywhere between $6,000 and $24,000 annually on household expenses, which appears to include child care for their two daughters, Malia, 9, and Natasha, 6, according to their tax returns. That said, their house is pretty plush: The Obamas purchased their $1.65 million Chicago home three years ago and took out a mortgage of $1.32 million through Northern Trust.

It's unclear whether the Obamas have invested in a 529 college-savings plan for the girls. (Contributions to their home state's 529 would show up on their Illinois state return, which wasn't made public) If they haven't, they probably should: The Illinois Bright Start College Savings Program recently made it onto Morningstar's list of best college-savings plans. By investing in Illinois' plan, those funds would grow tax-deferred, and they'd receive a state income-tax deduction.

Obama is familiar with the costs of higher education—he paid off his loans only recently (reportedly after his book money came in). The first bill he introduced in the U.S. Senate would have increased the Pell Grant maximum (that's college money you don't have to pay back). If elected, he said he would eliminate the Federal Family Education Loan program, in which private lenders provide loans that are guaranteed by the government to borrowers. He said this program is more costly than the federal government's direct-loan program, in which students borrow from the government through their schools, eliminating private lending middlemen. He would direct the savings toward student aid. You can argue about whether that's good policy, but it's a treat to have a presidential candidate discussing student aid with recent, firsthand knowledge of the subject.

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