Rod Blagojevich’s net worth has plummeted to about $100,000. This amount seems unbelievable for a former Illinois governor. His financial downfall came after his conviction on corruption charges, which included taking bribes for political appointments.
His promising political career took a sharp turn when legal fees and criminal convictions substantially damaged his finances and professional reputation. President Donald Trump commuted his 14-year prison sentence in February 2020 after he served 8 years. However, this early release barely helped his financial situation.
The controversial former Illinois governor’s financial story reveals a stark contrast between his early career success and his current economic reality. His actions led to hefty potential fines in the millions, and Illinois law stripped him of his state pension. Blagojevich now faces a new reality as he directs his life after his political disgrace, while his net worth shows the lasting effects of his past decisions.
Early Career and Political Rise
Rod Blagojevich started his life story as a child of Serbian immigrants in Chicago. His father Radislav worked hard at a steel plant after surviving a German prisoner of war camp during World War II. His mother Millie worked as a ticket agent for the Chicago Transit Authority. The family’s modest lifestyle shaped young Rod’s character. He took several jobs to support himself – from shining shoes and delivering pizzas to packing meat and washing dishes with the Trans-Alaskan Pipeline System.
From Chicago roots to law school
Rod’s high school years began at Lane Technical High School before he moved to Foreman High School in Chicago. He showed his athletic side by playing basketball and training as a Golden Gloves boxer. His college path started at the University of Tampa where he studied for two years. He then moved to Northwestern University and earned his bachelor’s degree in history in 1979[62]. Rod went on to get his law degree from Pepperdine University School of Law in 1983.
First steps in Illinois politics
Back in Chicago, Rod started his career as a clerk for Chicago Alderman Edward Vrdolyak. He then became a Cook County Assistant State’s Attorney under Richard M. Daley. His work focused on domestic abuse crimes and felony weapons cases.
Rod’s political career took off in 1992. With his influential father-in-law’s support, he beat 14-year incumbent Myron Kulas in the Democratic primary for the 33rd state house district in the Illinois House of Representatives[61]. As a state representative from 1993 to 1996, he used his prosecutor’s background to create laws that improved the judicial system and reduced crime[61].
Congressional years and early financial standing
Rod aimed higher instead of running for state legislature again. He ran for Illinois’s 5th congressional district in 1996. The victory was decisive – he beat Republican incumbent Michael Patrick Flanagan by almost 2-to-1. Rod served three terms in Congress from January 1997 to January 2003. He won easily with 74% of the vote in 1998 and faced just one Libertarian opponent in 2000.
Rod managed to keep a modest financial profile during his time in Congress. His service in the U.S. House qualified him for about $13,000 yearly in congressional pension starting at age 62. He also had access to a savings plan that matched 5% of his salary contributions. Experts believed this plan could have grown to “six figures” after he left Congress.
Governor Years: Salary, Power, and Perks
Blagojevich won the gubernatorial election and got both political power and a fat paycheck. His money matters would later become central to corruption charges while he served as Illinois’ chief executive.
Official salary and benefits as Governor
Blagojevich pulled in $177,412 yearly as Illinois governor, which made him the third-highest-paid governor in America. His salary was a big deal as it meant that he earned 40% more than the typical governor’s pay of $124,000. He still complained about money problems even with this generous salary. The wiretaps caught him grumbling about being “stuck” as governor. He dreamed out loud about making $200,000 to $300,000 running a nonprofit organization instead. The state also promised him a $65,000 yearly pension, but he lost that after his conviction.
Did he have outside income or investments?
His wife Patricia’s real estate work helped pump up their household earnings. The couple brought in around $344,000 yearly during his time as governor. Their combined income went up and down, hitting $375,000 in 2003 before falling to $220,000 in 2007. Legal troubles started eating into their money. His campaign fund shelled out over $1 million in legal fees and still owed $750,000 to Chicago’s Winston & Strawn law firm. The prosecutors later pointed out that his growing debt pushed him toward selling political influence.
Lifestyle and spending during his term
Money was tight, or so he claimed, but the Blagojeviches kept spending big. They racked up over $200,000 in consumer debt before his 2008 arrest. Luxury clothing ate up more than $400,000 of their money between 2002 and 2008. They chose designer clothes over family needs. The receipts showed $57,000 at Saks Fifth Avenue and $28,000 at Neiman Marcus. Their fancy lifestyle included custom suits, designer outfits, and furs. One day, he dropped $1,302.53 just on ties, and some days he spent more than $10,000 on suits. The family budget tells an interesting story – less than $50,000 went to childcare and under $100,000 to groceries during those same six years.
The Corruption Scandal and Financial Collapse
FBI agents showed up at Blagojevich’s door in December 2008 and arrested him on corruption charges. This moment started a financial nightmare that would strip away everything he had built – his wealth, income, and any chance of future earnings.
The Senate seat controversy
The biggest scandal centered on Blagojevich trying to sell Barack Obama’s empty Senate seat. Prosecutors said he wanted to trade the appointment to get something back – maybe a Cabinet position, campaign money, or other benefits for himself and his wife. His recorded words came back to haunt him when he called the Senate seat “fucking golden” and said he wouldn’t give it up “for fucking nothing.” The Illinois House voted 114-1 to impeach him, and the Senate kicked him out of office in January 2009.
Legal fees and court costs
Legal defense costs hit the family hard. Blagojevich burned through his $2.6 million campaign fund just to pay for his first trial. He ran out of money, so taxpayers had to foot the bill for his second trial. They paid his lawyers $125 per hour and a paralegal $75 per hour. His brother Robert’s finances took a hit too – he needed a second mortgage and emptied his retirement accounts to pay legal bills over $350,000. Taxpayers also paid hundreds of thousands just for FBI wiretapping during the investigation.
Loss of pension and public income
The conviction meant Blagojevich lost his $65,000 yearly state pension under Illinois law about convicted felons. Attorney General Lisa Madigan said he should lose it all since his crimes happened while he was governor. He could still get a $15,000 federal pension at 62 from his time in Congress.
Impact on family finances
The scandal wrecked his family’s money situation completely. The Blagojeviches had racked up over $200,000 in credit card debt before his arrest. They spent big on clothes but worried about paying their daughter’s college costs. Money problems piled up fast – no income, huge legal bills, and no way to earn good money in the future. The family faced a financial hole they might never climb out of.
Post-Prison Life and Current Income Sources
President Trump’s commutation gave Blagojevich his freedom in February 2020, and he wasted no time rebuilding his financial life. He branded himself a “Trump-ocrat” right after his release and showed “profound and everlasting gratitude” to Trump who cut his 14-year sentence after he served 8 years.
Podcasting and media appearances
Blagojevich launched “The Lightning Rod,” a weekly podcast on Chicago’s WLS-AM radio station in May 2020. His show brings political analysis and conversations with politicians, celebrities, and influencers. The station’s Vice President promised the podcast would be “messy” and “raw”. These days, he runs Blue Suede Shoes Productions, a social-first media company that creates documentary series, podcasts, and political commentary. Fox News features him regularly, particularly on Tucker Carlson’s show.
Book sales and public speaking
Phoenix Books offered Blagojevich a “six-figure” book deal right after his impeachment. His publicist said the former governor would “expose the dark side of politics” and “not pull any punches” about potentially embarrassing details about himself and others. This deal helped cover some financial gaps after losing his $177,000 annual governor’s salary and his wife’s $100,000 job. Today, he earns money as a public speaker, sharing stories about politics and his unique journey.
Real estate and remaining assets
Patti, his wife, appeared on Fox News at least five times to advocate his release. She stated clearly their “fate is in one person’s hands”. The couple managed to keep their Chicago home, though public records don’t reveal much about their complete real estate portfolio.
Congressional pension eligibility
The state stripped Blagojevich of his $65,000 annual pension, but he can still claim about $15,000 yearly from his federal pension earned during six years in Congress. This steady income stream kicks in when he turns 62.
Conclusion
The Financial Aftermath and Future Outlook
Rod Blagojevich’s financial trip serves as a warning about what political corruption can do to someone. His net worth dropped from a comfortable upper-middle-class lifestyle to about $100,000 today. This represents one of the biggest financial collapses in modern American political history.
His life as Illinois governor paints a completely different picture from his current situation. Blagojevich earned $177,412 as governor, and his household brought in $375,000 each year. All the same, his expensive tastes – like spending $400,000 on fancy clothes – and growing legal problems created money troubles even before police arrested him.
His conviction brought devastating money problems. He lost his high-paying job, gave up his $65,000 state pension, and spent his entire $2.6 million campaign fund on legal fees. His family racked up over $200,000 in consumer debt during his prison time.
Life after prison since 2020 hasn’t been easy for Blagojevich financially. He makes nowhere near what he used to earn. His podcast “The Lightning Rod,” TV appearances, and speaking events bring in some money. A $15,000 congressional pension waiting at age 62 won’t help much either.
The former governor probably won’t ever get back to his old financial status. His conviction has permanently hurt his ability to earn and his professional reputation. His story ended up showing how political corruption can quickly turn prosperity into financial disaster – definitely a wake-up call for any political figures thinking about similar wrongdoing.
FAQs
Q1. What is Rod Blagojevich’s current net worth? Rod Blagojevich’s current net worth is estimated to be approximately $100,000, a significant decrease from his financial status during his time as governor of Illinois.
Q2. How did Blagojevich’s corruption scandal affect his finances? The corruption scandal led to Blagojevich’s loss of his governor’s salary, forfeiture of his $65,000 annual state pension, and exhaustion of his $2.6 million campaign fund for legal expenses. It also resulted in substantial consumer debt and severely limited his future earning potential.
Q3. What are Blagojevich’s main sources of income after prison? Since his release, Blagojevich has been earning income through his podcast “The Lightning Rod,” media appearances, public speaking engagements, and a media company he runs called Blue Suede Shoes Productions.
Q4. Is Blagojevich eligible for any pension despite his conviction? While Blagojevich lost his state pension, he remains eligible for a federal pension of approximately $15,000 annually from his six years in Congress, which he can start receiving at age 62.
Q5. How did Blagojevich’s spending habits contribute to his financial troubles? During his time as governor, Blagojevich and his wife spent extravagantly, including over $400,000 on luxury clothing between 2002 and 2008. This lavish lifestyle, combined with mounting legal troubles, contributed to their accumulation of over $200,000 in consumer debt by the time of his arrest.
