Skip to main content

Pete Buttigieg tells MarketWatch about his approach to spending and saving money — and not getting scammed

They say the best way to understand a politician is to follow the money. But tax returns and campaign contributions only tell part of the story. The real window to the financial soul is the wallet. People reveal a lot about their character and priorities by how they handle money: what they splurge on, what they are frugal about, how they use it, and how they don’t.

With that in mind, MarketWatch asked each of the presidential candidates the same personal-finance questions. Pete Buttigieg is up first — and the former South Bend, Ind., mayor has a cautionary tale that any kid who’s ever collected baseball or Pokémon cards will relate to.

What are you most frugal about?

I’m frugal with most things, including food at home. I love a good meal out or cooking something special with Chasten, but if I’m at home alone then my go-to is a can of tuna or chili.

What purchases do you tend to splurge on?

Again, food — but as a treat.

What is the one piece of financial advice you would give to a 20-year-old just starting out?

Save what you can, even if it’s just a sliver of what you have coming in, so it becomes a habit. And focus on what you can most control — which may have more to do with spending than income.

Who had the biggest influence on your approach to money?

My parents. They made countless little decisions that I didn’t always understand as a child, from always favoring store-brand cola and food to planning vacations around my Dad’s frequent-flier miles, that helped them stay on good footing financially.

What’s the worst mistake you ever made when it comes to money, debt or investing? And what did you learn from it?

Maybe not the worst, but the first, came at a baseball-card show when I was maybe 12 years old. I had saved up a good set of rare cards, and when I went to try to sell them, a guy talked me into trading them for a box set he said was extremely rare and valuable. It wasn’t, I later found out. That was when I learned to check a lot of sources, including some disinterested ones, before deciding how valuable something is. It was less than a hundred-dollar mistake, but it stayed with me when I was making multimillion-dollar economic development deals as mayor.

Cash or credit or mobile payment?

Mobile payment whenever possible. Easy to keep track of, and one less thing to get out of your pocket.

What is the best book (fiction or nonfiction) you ever read about the role of money in our lives?

I’ve begun reading “Debt: The First 5000 Years,” by David Graeber. A reminder of how an abstract concept like money, and how we deal with it, affects everything in private and public life.

What’s the most important policy change the government can make to improve the state of America’s wallets?

It’s simple: People should be paid more. We need a higher federal minimum wage, and other policies to empower workers to seek better pay and benefits for their work.

Source: Read Full Article


Popular posts from this blog

Google accused of creating 'creepy' spy tool to squelch worker dissent

Google workers are accusing the company of developing an internal surveillance tool that they believe will be used to monitor their attempts to organise protests and discuss labour rights.Earlier this month, employees said they discovered that a team within the company was creating the new tool for the custom Google Chrome browser installed on all workers' computers and used to search internal systems. The concerns were outlined in a memo written by a Google employee and reviewed by Bloomberg News, and by three Google employees who requested anonymity because they aren't authorised to talk to the press.The tool would automatically report staffers who create a calendar event with more than 10 rooms or 100 participants, according to the employee memo. The most likely explanation, the memo alleged, "is that this is an attempt of leadership to immediately learn about any workers organisation attempts."Google is using the new software tool to police its own workers amid r…

At Least 23 People Dead in Australia Bushfires As Blazes Continue Raging

SYDNEY (AP) — A father and son who were battling flames for two days are the latest victims of the worst wildfire season in Australian history, and the path of destruction widened in at least three states Saturday due to strong winds and high temperatures.The death toll in the wildfire crisis is now up to 23 people, Prime Minister Scott Morrison said after calling up about 3,000 reservists to battle the escalating fires, which are expected to be particularly fierce throughout the weekend.“We are facing another extremely difficult next 24 hours,” Morrison said at a televised news conference. “In recent times, particularly over the course of the balance of this week, we have seen this disaster escalate to an entirely new level.”Dick Lang, a 78-year-old acclaimed bush pilot and outback safari operator, and his 43-year-old son, Clayton, were identified by Australian authorities after their bodies were found Saturday on a highway on Kangaroo Island. Their family said their losses left them…

It will take 100 years for women to earn the same as men at this rate

The wage gap between men and women is 20%, meaning women get paid 80 cents to every $1 men earn, according to a recent study.The pay gap narrowed about 2% in the last ten years. If things don't improve, it will take a century for women to reach equal pay, according to Goldman Sachs.The firm said at least part of the unexplained gap could be due to the lack of women in highly-paid senior roles, despite being on average more educated than men.It could take a century for women to be paid as much as men, if things stay as they are now.The wage gap between men and women is 20%, meaning women get paid 80 cents for every $1 men earn. In the last ten years, the pay gap only narrowed about 2%, and if performance stays consist with the past decade's, it would take 100 years to reach equal pay, according to Goldman Sachs."The latest data show there's more work to do," said Amanda Hindlian, global COO of global investment research at Goldman Sachs in a note titled "Clos…