The all-American working man demeanor of Tim Walz—Kamala Harris’s new running mate—looks like it’s not just an act.
Financial disclosures show Tim Walz barely has any assets to his name. No stocks, bonds, or even property to call his own. Together with his wife, Gwen, his net worth is $330,000, according to a report by the Wall Street Journal citing financial disclosures from 2019, the year after he became Minnesota governor.
With that kind of meager nest egg, he would be more or less in line with the median figure for Americans his age (he’s 60), and even poorer than the average. One in 15 Americans is a millionaire, a recent UBS wealth report discovered.
Meanwhile, the gross annual income of Walz and his wife, Gwen, amounted to $166,719 before tax in 2022, according to their joint return filed that same year. Walz is even entitled to earn more than the $127,629 salary he receives as state governor, but he has elected not to receive the roughly $22,000 difference.
“Walz represents the stable middle class,” tax lawyer Megan Gorman, who authored a book on the personal finances of U.S. presidents, told the paper.
Military retirement benefits and teachers pensions mean you don’t have to save a ridiculous 401k. Your average American wishes they had that freedom. Not a dig on Walz, just a dig on our retirement and healthcare system.
How do I have a higher (barely) net worth than Tim Walz? I smoke weed all day and write okay-ish python code. This guy is probably about to be one heartbeat away from the presidency. I am a faceless nobody in a corporation.
I’m not complaining. Working class people should run this fucking country. It’s actually nice to be surprised about this.
Perhaps it’s because our society values certain professions much more than others, particularly those in the social/educational sector, which are particularly undervalued. IMO, we need to put everything on the table and reconsider what we want to be considered as useful work for society.
TIL my net worth is higher than that of a candidate for the vice-presidency.
Well, it was before the correction this week. 🤪
Huh, hadn’t thought about that. Let’s see… 401k + stock grants + savings + home value - debts… Nope, I’m still well ahead of Walz, even accounting for the correction. I mean, he benefits from living in the governor’s mansion, so his bills are probably a lot lower, but still… If I liquidated everything, I’d come out with more than his net worth, by a fair bit.
He’s the real deal, and it’s very apparent he’s not in this for material wealth. The more I learn about him, the more I like him.
1 in 15 Americans is a millionaire?
Presses X to doubt
Anyone who owns a detached home within 50 miles of an ocean is already at least 3/4 of the way there. Not surprising.
A millionaire doesn’t mean “Has $1 million in cash sitting in a checking account”. It just means your networth is at least $1 million. So like if you bought a shitty rundown starter home you’re half way there. A 401k you can touch for another 20-30 years could get you the rest of the way.
This kinda checks out. I know more than 15 people, and I know a few millionaires. You probably do too, just it’s usually their wealth is in the form of a house.
Dual income homeowners with healthy retirement funds. The fucked up thing is 1 million dollars isn’t that impressive anymore – you can easily spend that in retirement living a middle class lifestyle in the USA. Particularly when you factor in age related medical expenses and elder care.
It’s not like our retirement, healthcare, and elder care systems are catastrophically broken or anything.
One in 15 Americans is a millionaire, a recent UBS wealth report discovered.
That’s why America doesn’t have healthcare?
The argument I’ve heard from my parents is why should I pay for public healthcare when I can afford my own private healthcare.
Which is so incredibly tone deaf
That’s THE Boomer take of all Boomer takes. Big “fuck you, I got mine” energy. And it’s everything that’s wrong with this country.
“Why should I take care of my aging parents when I can take care of myself” is the appropriate response to that.
EVERY argument I have heard against public healthcare has been tone deaf, statistically incorrect, and driven by gut feelings over kindergarten levels of economic understanding.
In a world of perfect understanding, public healthcare would be a given.
Society is objectively better when everyone is happy and healthy.
Society is objectively better when the needs of the most struggling are addressed first.
Also: regressives have no platform when everything right now is good.
How can they call back to a mythical past when their needs are met better in the present?
This does gloss over the multiple pensions, doesn’t it?
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2 teachers, military and Congress. I’m not saying they’re billionaires, or even that they’re closer to one than normal.
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It helps me. I was questioning either the facts or his intelligence, as it doesn’t seem like he has enough money to buy/rent a house when he leaves the governors mansion with no income. I was wondering if he gets his governor pay for life or something… I had forgot about other pensions. Scolding someone for giving information you didn’t want is how we got Donald trump…
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At no point did anyone say the article was deceptive, just that it didn’t dive very deep into the pension. Probably the writer just doesn’t know much about them. Which is sad. Journalists used to be allowed the time to learn up on things for an article. So you are defending the article from a perceived complaint that no one made. You just don’t want to hear anything bad about the article you liked. Just like trump was never told he did anything wrong while growing up. That is the connection. Don’t put you head in the sand, the article missed some useful detail, someone pointed it out. That is all that happened here.
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I’m sorry, 1 in 15 Americans is a millionaire?? Holy shit.
Maybe not the best idea to put people in charge that are obviously bad with money.
Wow, this is the best you got?
Love this logic. The dude is just a normal dude. He didn’t exploit his position and shake every penny he could out of his charges. So he’s bad with money.
Get a grip dude.
There is a huge difference in “exploiting his position” and being financially illiterate.
Not in the US. That’s how people get ridiculously rich. 100% of the time. Every time.
85% of millionaires are self made, received no inheritance, average age 50ish, and accomplished this feat by investing over 25-30 years in blue chip companies. It’s basic financial literacy.
Yeah no man. That isn’t basic knowledge. That was never taught to any of us. I’m sure it was if you were born with a silver stick up your ass. Being lazy is what those people do best. Soft hands and all you know. But for the rest of us, the wage slaves. Investing is something boomers like to scream about incoherently. Not a real thing in our world. We’re too busy paying bills and eating occasionally.
When i started learning about investing i lived in a crackhouse and am descended from a long line of poor white trash. Some people create results and others create excuses. Which are you going to be?
