2016 Postmortem
Related: About this forumWhy is Bernie Sanders net worth so low?
He has been earning at least 100k for 20 years (higher than that, I estimated low) and his wife has earned 100k+ for quite some time.
He's only worth 500-700k.
On salaries like that for so long, shouldn't they be worth more? I mean he's been working a long time, I know of household incomes of around 80k with a higher net worth, and the Sanders are probably triple that.
I'm not slamming him, it's a legitimate question. Where does he spend his money?
livetohike
(22,133 posts)arcane1
(38,613 posts)And it's just as stupid a question as it was the first time. Why is it anyone's business how he spends his personal money?
metroins
(2,550 posts)I'm sorry if I don't spend a lot of time here.
What was the answer?
arcane1
(38,613 posts)What is the correct net worth that he should have?
Like I said, it's a stupid, desperate question.
It is low relative to his income.
arcane1
(38,613 posts)Is there a formula that says if one's income is "X", then one must have "Y" amount in the bank?
No, there isn't.
At a household income of 200k+ at their stage in life.
To only have 500kish in nw seems exceedingly low based on the time they've been in that income bracket.
One poster suggested he donates a lot, that might be it.
truedelphi
(32,324 posts)Realizing that Bernie and his wife have a serious problem with gambling, boozing it up and weekend after weekend of sex filled orgies with steamy prostitutes!
Of course, if that was really the answer, the Mainstream Press would have been on it like white upon rice months ago.
I remember several years ago, (2007 or '08?) Reader's Digest had an entire article devoted to the notion that JFK had been a most deceptive leader, as he had Addison's disease yet never let the electorate know about it until after he had secured the WH.
This brought about a whole spate of letters to the editors saying what a joy it had been to hear JFK mentioned, and what a great guy. And Please, couldn't the readership have more articles about JFK?
I don't think he has been mentioned since...
metroins
(2,550 posts)I'm literally curious.
truedelphi
(32,324 posts)metroins
(2,550 posts)Apparently others have asked the question before.
Uncle Joe
(58,339 posts)a pop while raking in tens of millions over the past decade or so and how that might not jive with her public portrayals?
metroins
(2,550 posts)I try to not have ADD.
Duckhunter935
(16,974 posts)Rosa Luxemburg
(28,627 posts)Cal33
(7,018 posts)The Velveteen Ocelot
(115,659 posts)that he had too much money for a "socialist." So how much money should he have? Is he too poor or too rich?
metroins
(2,550 posts)Do you know the answer to my question?
CoffeeCat
(24,411 posts)is a very nice combined income for a household, and I don't think a 700k net worth is all that unusual. Or terrible. It's not ideal, but it's not alarming.
I know many people who make that much and some (but not all) have very little in savings. I know people may balk, but if you live in a nice house in the suburbs with a few cars, kids in many activities and college-bound kids--it's not hard to spend 200k. Everything adds up.
It will cost us $160k to send our two kids to college. That's in-state tuition r/b/t, not Ivy League.
I will agree that 700k is on the lean side. However, without knowing about his lifestyle, what he gives to kids and grandkids or even to charity--it's just impossible to know their complete financial picture.
Bernie doesn't strike me as Mr Extravagant. He seems very frugal. It is an interesting question though.
I don't see any signs of his net worth being an alarming issue, although I do agree that it's on the low side.
liberal_at_heart
(12,081 posts)madokie
(51,076 posts)I don't give two damns what he does with his money. For all I care he lights his stove with 100 dollar bills. Its none of my business.
As long as he isn't on the take I'm fine with what ever he does.
hollysmom
(5,946 posts)Look I made over 100K a year for decades and I am lucky that my house raised in value, that is a around my current net worth, but I did not raise any children or support a family, which is expensive. Actually most of my savings came after my divorce, I would have been worth a lot more if I ditched him.
Response to metroins (Original post)
FlatBaroque This message was self-deleted by its author.
kennetha
(3,666 posts)Bernie Sanders alone has more wealth than the bottom 40% of Americans combined, though. Did you know that? Of course, that's easy to achieve, if you have even 1 dollar in net worth, your net worth exceeds the net worth of the bottom 40%.
metroins
(2,550 posts)That makes sense.
karynnj
(59,501 posts)Witness that John Kerry immediately became one of the richest when he married Teresa - even though they keep their assets seperate.
metroins
(2,550 posts)Karmadillo
(9,253 posts)they give out money by the boatload as long as you're willing to give a brief speech and there are absolutely no strings attached (you can even keep the transcript of the speech secret if you want to--they don't care). Poor judgment on his part if you ask me.
metroins
(2,550 posts)But a poster above did, they said his worth was in his wife's name.
Karmadillo
(9,253 posts)TM99
(8,352 posts)AND a piss poor capitalist who can't get his net worth up to a million at the exact same time?!
Did someone goof up in mission control and send out two competing & opposing talking points on the same day?!
metroins
(2,550 posts)TM99
(8,352 posts)from your fellow Clinton supporters.
Then you might know what you are talking about.
TM99
(8,352 posts)The rest is on you.
metroins
(2,550 posts)And you haven't even attempted to answer my op.
cherokeeprogressive
(24,853 posts)metroins
(2,550 posts)Not sure what that has to do with my thread but I can see why there would be deflection.
-none
(1,884 posts)Another is Bernie is honest, where most of the other politicians are on the take. Look at Hillary and Bill for example.
metroins
(2,550 posts)And I did live in DC.
A poster above said it was in his wife's name.
shawn703
(2,702 posts)DC and Vermont.
metroins
(2,550 posts)That's 80k a year in mortgages on 500k properties with zero down.
Income was 300k+....200k after taxes.
Leaves 120k discretionary.
60k savings a year, 10 years = 600k plus equity in houses.
Just seems like 500k at his length of work history and income level seems very low.
"length of work history"
Wait. I thought you Hillary supporters claimed he didn't have a long enough history given that he was over 40 when he got his first steady job. Which is it?
You seem to be confusing with who I am and what my post is.
scscholar
(2,902 posts)You sound very angry. Very angry.
metroins
(2,550 posts)How am I attacking anybody?
ALBliberal
(2,334 posts)But it's clear he considers his step kids his own.
Herman4747
(1,825 posts)metroins
(2,550 posts)I did not check any of his finances, that might be it.
thereismore
(13,326 posts)metroins
(2,550 posts)But a poster said it was in his wife's name.
That makes sense.
Autumn
(45,037 posts)Hoyt
(54,770 posts)metroins
(2,550 posts)A poster above said it was in his wife's name, but then another poster said wife's income is included.
He only has 2x their salary in nw.
It's confusing.
Hoyt
(54,770 posts)I think he probably has to maintain a Vermont residence and one in Washington, which ain't cheap. Maybe he didn't report everything. He would not be the first person with a household income of $250-$300K who didn't have a lot left over.
metroins
(2,550 posts)Running as an independent, he might have had to self fund.
I dunno.
It just struck me as odd.
Agnosticsherbet
(11,619 posts)Consensual spending is safe spending.
This is ridiculous.
metroins
(2,550 posts)I am genuinely wondering.
Agnosticsherbet
(11,619 posts)I am a Clinton Supporter, of course, and I don't care what she does with her money, either.
Of all the differences between them, for me, money is absolutely irrelevant.
metroins
(2,550 posts)Rubio had his personal finances scrutinized earlier
But honestly, I made the thread genuinely curious.
If it was just Bernies income at 179k, it might have made sense, but his wife earned decent income too.
He doesn't seem like a Range Rover kind of guy.
Agnosticsherbet
(11,619 posts)His retirement package is among the best you will find anywhere.
From Factcheck.org
He is in the top 3% or 4%. I just don't see that as an issue.
Smarmie Doofus
(14,498 posts)metroins
(2,550 posts)His nw is only 2x his income at his income level and length of work history?
Smarmie Doofus
(14,498 posts)metroins
(2,550 posts)If he's over spending, donating a lot or if he's helping out his child.
I don't see him spending crazy amounts of money. I also don't think he's donating 100k+ a year or giving to his child a ton.
I just don't know where it all goes. Curiosity, nothing more.
djean111
(14,255 posts)You sure are dogged about your curiosity - but just because you are curious, that does not mean you are entitled to answers in the detail that you are asking for.
mythology
(9,527 posts)Plus it costs a fortune to get his hair like that.
But more seriously, there are any number of perfectly good reasons. He might donate heavily to charities, or have given for his kids/grandkids educations. His net worth isn't particularly relevant to him as a candidate. FDR was really rich and he was a great President. Kerry would have made a great President. Money doesn't make the man.
metroins
(2,550 posts)I'm just wondering why it was so low.
That is literally it.
If he donates a lot, that would explain.
jfern
(5,204 posts)Joe Biden also isn't a millionaire.
metroins
(2,550 posts)Why he only has 2x his nw at this stage in life with such high income.
jfern
(5,204 posts)I wasn't really asking about Biden but sure...where are both of them spending their money?
jfern
(5,204 posts)Art_from_Ark
(27,247 posts)Really, with Bernie's relatively modest lifestyle, his Congressional pension, his Social Security income, and his wife's income, and no debts, he's set for the rest of his life. He doesn't need a million dollars in the bank. But he no doubt feels that his kids and grandkids might need financial help from time to time, especially with rising college and medical costs.
SunSeeker
(51,550 posts)metroins
(2,550 posts)It's just curious to me.
ALBliberal
(2,334 posts)And maintaining living arrangements in DC near the capital is very expensive not to mention raising four? Children between Jane and Bernie.
His modest wealth make sense and doesn't concern me either way.
metroins
(2,550 posts)I thought they had 1.
4 kids starts to make sense.
BernieforPres2016
(3,017 posts)before you ask a nonsensical question?
That's what I would call trolling.
metroins
(2,550 posts)I googled him and his wife and read a little bit about their income levels and jobs.
Then it seemed low for net worth.
BernieforPres2016
(3,017 posts)But never saw a mention of how many kids they had, never thought about maintaining 2 residences. Like I said, troll. You go on full ignore.
metroins
(2,550 posts)I didn't know about the 4 kids.
I guess you know the price of tea in China.
ALBliberal
(2,334 posts)Kall
(615 posts)Have you asked Joe Biden this?
metroins
(2,550 posts)Because I've never thought about his.
I made the post about Bernie's net worth being lower than it should be based on his income because that's what I thought about.
stillwaiting
(3,795 posts)that others CLEARLY get.
It pays to play ball with them.
metroins
(2,550 posts)With his family earnings of 200-400k a year but 500k in nw?
CajunBlazer
(5,648 posts)Bernie has been making the 2016 dollar equivalent of $174K a year in the House and the Senate for 25 years. If as some have posted his wife has made over $100 grand a year for a while, being 74 as a couple they should have far more put away. My wife and I are much younger, make far less and have far more put away for retirement, and that's not counting SS. Of course we have invested in the stock market all that time and maybe Bernie has not.
On on the other hand, my saving include my pension and I assuming that Bernie's figure does not include the pension he receives as a former House and Senate member. I found this:
Members of Congress are eligible for a pension at the age of 62 if they have completed at least five years of service. Members are eligible for a pension at age 50 if they have completed 20 years of service, or at any age after completing 25 years of service. The amount of the pension depends on years of service and the average of the highest three years of salary. By law, the starting amount of a Members retirement annuity may not exceed 80% of his or her final salary.
I'm assuming here that Bernie will receive the maximum of 80% of his present salary of $174K a year = $132K a year so he won't be hurting unless he is currently having trouble living on the near $300K that he and his wive earn now.
Still it would be interesting to know where all of his money went over the years.
Kalidurga
(14,177 posts)Then after you have read that you should go through his garbage just to see where all the waste is.
metroins
(2,550 posts)I thought asking here might be faster.
djean111
(14,255 posts)That's bizarre.
You can look at his yearly financial disclosures, and that really is all you are entitled to know about.
metroins
(2,550 posts)I said I was curious.
I'm not demanding anything.
Kalidurga
(14,177 posts)how that person spends their money?
metroins
(2,550 posts)There's like a thousand people here who follow politics and I doubt if I tweeted Bernie he'd respond.
Tierra_y_Libertad
(50,414 posts)Art_from_Ark
(27,247 posts)the first thing I thought of was, I should buy a house in a really ritzy part of Chappaqua, New York.
oldandhappy
(6,719 posts)He is not on the take as most people in Congress seem to be. You judge him for having a low net worth? I judge also, just the other way! The rich dudes are off my list.
randys1
(16,286 posts)If anything, it shows how even $15 an hour is WAY too low even for minimum wage.
Live and Learn
(12,769 posts)DefenseLawyer
(11,101 posts)Zorra
(27,670 posts)your concerns?
Please let us know how that works out for ya.
The Velveteen Ocelot
(115,659 posts)-none
(1,884 posts)pdsimdars
(6,007 posts)There are many important issues for the survival of the country and even the planet and you want to spend time on Bernie's investments?
Hillary supporter? Just asking.
jillan
(39,451 posts)It was a curiosity question.
So far the only close answer is he has 4 kids and 2 homes, but on 400k household income it still seems low.
lumberjack_jeff
(33,224 posts)CajunBlazer
(5,648 posts)At least by my standards. House and Senate members are paid the same - $174K a year. That's not chicken feed. I understand his wife salary was paid $160K a year as President of Burnington College. Again not pay from poor people.
cheapdate
(3,811 posts)Shit's expensive -- everything, all of it. No savings, no IRA, no pension.
Who knows? I'm not too concerned that Sanders' net worth is only 500-700K. I'm not sure why anyone would be.
Live and Learn
(12,769 posts)BlueStateLib
(937 posts)Senators are not required to declare personal residences or any other asset that does not generate income
http://www.rollcall.com/politics/us-senate-personal-wealth-111th-congress.html
Mike Nelson
(9,951 posts)...must have a ton of college tuition payments. He has several children and grandchildren.
malokvale77
(4,879 posts)moondust
(19,972 posts)Live and Learn
(12,769 posts)ozone_man
(4,825 posts)in many ways to promote a more fair and sustainable world adds up. The salary of a congressman is not all that much, and when you are not "on the take" like the Clintons, the living expenses take all your salary.
revbones
(3,660 posts)I know it's meant to insinuate that he isn't good with money or has some habit but it's pretty ridiculous.
The original poster is either just juvenileignorant or has malicious intent. Aside from thinking about cost of living differences in different locations, the fact that he has to maintain 2 residences his home in Vermont and someplace to sleep in DC, plus maybe he's given money to his family, or charity. Really who cares?
I make a decent living, but I don't have a high net worth currently. I lost money in my 401k, I have to give money to help family. I donate money to Bernie's campaign. I have a high mortgage. I say all that because it's just ignorant to make assumptions about someone's net worth in the manner you're doing so. Now when you get to someone that is being bribed with millions of dollars for speeches... if she didn't have a high net worth I'd be concerned.
It just says to me that he's not on the take like Hillary, and therefore not susceptible to bribery like she is...