The all-American working man demeanor of Tim WalzāKamala Harrisās new running mateālooks like itās 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 aĀ reportĀ by theĀ Wall Street JournalĀ 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 theĀ median figureĀ for Americans his age (heās 60), and even poorer than the average. One in 15 Americans is a millionaire, a recent UBS wealth reportĀ 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 $127,629Ā salary he receivesĀ as state governor, but he has elected not to receive the roughly $22,000 difference.
āWalz represents the stable middle class,ā tax lawyer Megan Gorman, who authored a book on the personal finances of U.S. presidents, told the paper.
If I had an investment account that would give me $10k per year, it would be worth about $125k. If I was entitled to $10k a year through a pension, wouldnt it be fair to say that entitlement is an asset thatās worth (at least a portion of) that same value?
Is that money being spent, or saved? If itās being spent in a year on regular expenses, how would that contribute to net worth?
Most peoplesā pension is spent, not saved, because itās meant to replace their working income in order to allow them to pay the bills. In Walzā case, is it at all similar to the example you gave? Like come on, letās not enter fluentinfinance levels of hypotheticals.
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