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Gov. Tim Walz doesn't own a single stock
(www.axios.com)
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this post was submitted on 07 Aug 2024
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On one hand that’s good. On the other hand that’s a concerning approach to financial management
It's gonna shock you to find out he's a huge proponent of sharing wealth and not hoarding it.
Good, I still would expect him to have retirement plans and the financial habits to achieve them. He’s nearing that age and once he finishes with politics should probably be looking at that.
Fortunately others have mentioned he has government pensions, which are a good financial plan for those who have access to them.
He will be fine, with his teachers pension, and his national guard pension, and his congressional pension, and his governor's pension, and probably his vice president pension.
Why? I assume he’s got money in the bank and will have a government pension.
Some people don’t need to hoard as much wealth as possible, if he’s got enough to live comfortably with his family I don’t see the need to hold a ton of investments.
He has at least 2 pensions. I think congresspeople and governors probably get something too.
I’m gonna be honest sometimes I forget the government still provides pensions. I hear “no financial investments” and my brain goes to “no retirement money” because amongst many people I know that’s what that means. I don’t want my politicians to be rich or money obsessed, but I personally prefer prudent politicians. If I hear that a politician makes enough to save and chooses not to without having other financial strategies to handle retirement then I worry about how they will approach the government coffers. Not in a “spending our money on welfare” sense, but in a spending our welfare and infrastructure money that should be used as an investment in our country’s present and future on something stupid like corporate tax cuts.
And yes I get the irony there, but to me my first thought really was “oh does he not think about his own future?”
Also bonds really shouldn’t be treated like stocks. We want Americans buying bonds. They’re a literal financial investment in this country. If people stop buying American bonds get a passport now because that means they don’t trust this country is so good for it they can offer mediocre returns because the money is all but certain.
He's completely set with pensions. And I am unsure if index funds were specifically ruled out. The article doesn't really detail his wealth, and there's no way someone with his intelligence and pragmatism has completely bungled his finances.
Yeah, he's never going to go hungry or want for medical care for the rest of his life. Like it or not, successful politicians are financially above us peons.
Only concerning to those who control the capital (and the plebs that have been convinced that one day they will be in that position, and when that happens, they'd have reason to be concerned. Any day now).
Not everyone puts the same value on the accumulation of material things (including wealth). In fact, there are many of us who are only really interested in having the means to live a comfortable life and provide for our families.
Everything beyond that is unnecessary to us, and we find the constant, dogged pursuit of wealth at all costs, and the pure avarice that is borne (on a massive, planetary scale) because of it, to be abhorrent.
It seems like that was more of a gesture when he took office than a financial strategy.