For the most part, after leaving office in the White House, former Presidents take on other projects in philanthropy; most famously, Jimmy Carter founded the Carter Center in the advancement of human rights and the Clinton Foundation (co-founded by Bill, his wife Hillary and their daughter Chelsea) aims to "strengthen the capacity of people throughout the world to meet the challenges of global interdependence."

Barack Obama and wife Michelle, however, didn't wait until his term ended to go through this project, founding the Barack H. Obama Foundation with the purpose of creating the Barack Obama Presidential Library and Museum, which now has an official place: the Chicago South Side, and it could open as soon as 2020.

Watch the Obama Foundation announcement below!