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.
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https://thehill.com/homenews/4290971-heres-the-average-net-worth-of-americans-by-age-how-do-you-stack-up/
https://www.wsj.com/personal-finance/tim-walz-jd-vance-finances-money-ad08c67d
https://fortune.com/2024/07/29/us-millionaires-population-ubs-global-wealth-report-china-europe-americans/
https://fortune.com/2024/08/08/tim-walz-net-worth/
The average net worth is skewed by a rich minority and WAY richer super minority. Let’s see the median.
It literally says in the post that his net worth is roughly equal to the median.
Of course it’s age adjusted. What good does it do to compare accumulated wealth between a 60 year old and an 18 year old?
Yeah, but he does have that baby blue 1979 International Harvester Scout. That thing is a collector’s item.
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
They need to fucking run with this in their programming. It’s such a powerful contrast to billion dollar baby and Peter Thiel’s plaything. He is demonstrably not in it for the money. He’s just a guy, trying to improve people’s lives and that’s it.
They’ll spin it that he’s so poor that he is incompetent or just going for VP for the paycheck will “billionaire” Trump is a good business man and doesn’t need the paycheck at all. But it will probably backfire cuz that just makes Walz relatable AF, especially to younger or more rural voters.
“He’s just a guy doing work for MONEY!!! He doesn’t care about the JOB!!! He just shows up for a paycheck!!! He hates the American people, because as vice-president they’re his BOSS!!! He hates his BOSSES!!! Not like Donald Trump! Trump only hates people who aren’t white! But he hates people equally, regardless of their job!”
“Whoa! This Walz guy sounds just like me! I only do my job for the money too! And I hate my boss! My company used to be so much bigger until my bosses fucked everything up! Blockbuster used to be HUGE!”
“You work at a Blockbuster Video? Like the video tape rental place???”
“Yeah!”
“Where even IS a Blockbuster anymore??? I thought they all went out of business…”
“In Alaska. We don’t have internet up here, so nobodys heard of Netflix.”
“You live in Alaska? I’m not sure you even CAN vote in a USA election. That’s part of Russia, man!”
“What? No it’s not.”
“It used to be! And that means Russia can take it back anytime Putin wants.”
“That’s…not how that works…”
“Tell that to Ukraine! They’re invading Russia right now.”
“I mean…yeah, ok, they are, but only in self defense of a war that’s been going on for 2 years prior.”
“And that war started because Ukraine didn’t just hand themselves over back to Russia. As they’d previously been.”
“You’re an idiot.”
“And you work for Blockbuster.”
Would have thought someone his generation owned the house they bought for 50 years ago for $1,000 or something.
ejected governor
I know it’s a typo, but the mental image of him being ejected from a plane and parachuting down into his new office is just badass
This does gloss over the multiple pensions, doesn’t it?
Yeah he and his wife both have a teachers pensions, so what? They earned it working as teachers their whole lives. We should bring real pensions back for every American anyway, not this 401k shlock.
That isn’t what the parent comment stated. If I had a pension I’d include it in my net worth. It should be included if it wasn’t. Missing something like a retirement account or pension (most people’s highest value asset) will just allow people to dismiss these figures (regardless of how little the impact would be).
Edit: based upon replies it looks like I wasn’t clear in my comment. I’m not saying that including the pension changes the point of the article. But by leaving information out it might give some people an excuse to dismiss the whole thing.
The significance is that he doesn’t control how his pension is funded. It’s not like he has a vested interest in one company succeeding by having a bunch of stock there, and he’s been in politics since the aughts. It’s refreshing when compared to other congressmen
But pension typically isn’t included in net worth unless it’s unspent money, and given how small the average public school teacher’s pension is in comparison to their expenses, wouldn’t you agree it makes little sense to say his pension automatically should be added to his net worth?
A couple grand a month is what I expect a retired teacher to get for their pension. And a couple grand a month is what I expect a retired teacher to spend on rent/mortgage + food + other expenses.
2 teachers, military and Congress. I’m not saying they’re billionaires, or even that they’re closer to one than normal.
Only the portion of a pension income that is not spent is included as a part of net worth. Given the average expenses of a 60 year old and the piss poor pension of the average schoolteacher, I imagine there would hardly be any money of his pension that isn’t spent and is considered part of his net worth, no?
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 that’s worth (at least a portion of) that same value?
Is that money being spent, or saved? If it’s being spent in a year on regular expenses, how would that contribute to net worth?
Most peoples’ pension is spent, not saved, because it’s meant to replace their working income in order to allow them to pay the bills. In Walz’ case, is it at all similar to the example you gave? Like come on, let’s not enter fluentinfinance levels of hypotheticals.
