Q: You’re excited to lead the nation, but you also loved the job you had before being elected president—owning and operating a peanut farm. Are you allowed to do both?
YES (sort of). Technically, you can still own a private business while serving in office. However, many experts believe it’s best for the president to pause outside work so he or she can focus on running the country.
For that reason, presidents will often put their business into a blind trust. In that type of arrangement, a business is overseen by someone else so the owner doesn’t know how it’s being managed. (President Jimmy Carter put his family’s peanut farm into a blind trust after he was elected in 1976.)
Why is this a good idea? A side gig could put the president in an awkward position. There’s a clause in the Constitution that says the president cannot accept gifts or payments from a foreign power. The rule is meant to prevent the president from being influenced, persuaded, or paid to take certain actions. If a leader from another country were to buy peanuts directly from the president, for example, that transaction could be considered a violation of the clause.
But if you do decide to put your other work on hold, you won’t be hurting for cash. The president’s government salary is $400,000 a year!