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

Fears coronavirus will spark divorce surge as couples self-isolate for months

Coronavirus is "very likely" to lead to an increase in marriage break-ups because of people being confined together for long periods in self-isolation, a leading divorce lawyer has said.Baroness Shackleton of Belgravia, whose previous clients have included Sir Paul McCartney, the Prince of Wales, Madonna and Liam Gallagher, revealed the view of the profession as a growing number of households go into voluntary lockdown in a bid to curb the spread of infection.Official health advice states that if one person in a property has a persistent cough or fever, everyone living there should stay at home for 14 days.Nicknamed the "Steel Magnolia" for her skills and charm, Lady Shackleton told peers at Westminster: "The prediction amongst divorce lawyers is that following self-imposed confinement it is very likely that the divorce rate will rise."Our peak times are after long exposure during the summer holidays and over Christmas."One only has to imagine what i…

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…

Data-obsessed Brits spend an entire WEEK per year 'analysing their lives with gadgets', survey suggests

DATA driven Brits spend the equivalent of a WHOLE WEEK of each year tracking and analysing their behaviour, according to research.A survey of 2,000 adults revealed we typically use analytical apps and devices to monitor six parts of our lives.More than half (51 per cent) monitor their steps and movement, with 39 per cent tracking their fitness and 34 per cent regularly monitoring their heart rate.And one quarter of adults use apps to see how much sleep they get each night.But according to a new survey, commissioned to encourage the use of smart meters in UK homes during Big Energy Saving Week and beyond, three quarters (76 per cent) of Brits admit they haven’t the foggiest how much energy they use at home.In total, adults spend 30 minutes every day checking their health, behaviour and finances on apps and devices – the equivalent of 183 hours or seven-and-a-half days per year.A quarter like to track areas of their life because it inspires them to improve, while 22 per cent say it make…