Tim Walz doesn't own any stocks: What to know about Kamala Harris' running mate's personal finances
Tim Walz doesn't own any stocks: What to know about Kamala Harris' running mate's personal finances
Gov. Tim Walz's financial disclosures reveal a man of relatively modest means.
- Gov. Tim Walz of Minnesota is a man of relatively modest means, according to financial disclosures.
- In fact, he doesn't own a single stock.
- Like other members of Congress, Walz even slept in his Capitol Hill office for some time.
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Me neither, Tim. Never have, never plan to buy any. If somehow I inherit some stock, I won't know what to do with it.
Do you have a retirement account like a 401k or IRA? That's almost certainly invested in stock.
I do not.
That's honestly terrible finances unless you have a pension like Walz
Worth keeping in mind his pension is definitely in stocks (and other investments too, of course). So he doesn’t own stocks, but the portion of the pension he owns is stocks.
I did, but I cashed it out for food and shelter.
So you own stocks of food.
I do (2 in fact) and they're locked in. I can't do anything with them or to them except add more money (that I don't have).
I'd like to know who made the rule that RRSPs, 401Ks, etc MUST be invested in the stock market instead of GICs or other forms of investment. Because if I had a choice I wouldn't have one red cent in stocks.
MUST be invested in the stock market
You can invest in bonds instead if you want to. Less risk, less reward.
I'm in my 30s so my investment portfolio is around 90% stocks and 10% bonds at the moment.
According to the terms (both are from former employers) the stock market is it. I have no other options.
That doesn't sound right, are you sure? The choice for investing in the bonds usually looks very similar to the others. Not saying you're wrong, just that it is peculiar.
I'm Canadian, so when I transferred one of the RRSPs to my bank after I left that job, the bank showed me the paperwork that stated the RRSP had to be invested in stocks.
If you have a 401k, HSA, or other common financial accounts offered by employers, you most likely have money in the stock market. Usually it's an indexed mutual fund of some kind.
I haven't read the article, but usually when people like this don't have any stocks, it's to avoid a conflict of interest, but they do potentially own something like a whole market etf that's being managed by a 3rd party. Something like XGRO
That varies though. Some really do have nothing.
Edit: And while it seems like in this case it's true to the intent, technically, owning an ETF share isn't owning a stock. You don't own the underlying stocks with ETFs
Yeah, I don't own stocks. I just have a 401k and shares of VTI, VXUS, and VOO in my IRA and traditional brokerage. But I don't own stocks!
To be honest though, I don't see a problem (or at least as big of a problem) with politicians owning total market index funds.
To be honest though, I don’t see a problem (or at least as big of a problem) with politicians owning total market index funds.
Oh I totally agree with you on this. There's no conflict of interest in that case so why not.