Why is Bernie Sanders net worth so low?

[metroins]

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]

1. Poor investments with the evil Wall Street? n/t

[arcane1]

2. This "legitimate question" comes back every other week around here.

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]

13. Well I've never seen it before

I'm sorry if I don't spend a lot of time here.

What was the answer?

[arcane1]

16. The answer is "Who decides what net worth is "too low""?

What is the correct net worth that he should have?

Like I said, it's a stupid, desperate question.

[metroins]

24. What?

It is low relative to his income.

[arcane1]

32. According to whom?

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.

[metroins]

38. To me.

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]

44. Perhaps the people asking this question think it will jolt us into

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]

52. That is not my purpose

I'm literally curious.

[truedelphi]

57. you must have a lot of time on your hands. n/t

[metroins]

60. Not really

Apparently others have asked the question before.

[Uncle Joe]

84. Aren't you the least bit "literally curious" about what Hillary said in her speeches to garner $225k

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]

90. That's not what piqued my curiosity today

I try to not have ADD.

[Duckhunter935]

104. has it any other day, be honest now

[Rosa Luxemburg]

59. He probably buys things for his grandchildren?

[Cal33]

83. Don't senators and congresspeople have a lot more entertainment to do than average households?

[The Velveteen Ocelot]

3. Which is it? Earlier today somebody was complaining

that he had too much money for a "socialist." So how much money should he have? Is he too poor or too rich?

[metroins]

14. I don't know what you're talking about

Do you know the answer to my question?

[CoffeeCat]

105. My sincere answer is that $200k

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]

4. All I care about is he is not taking money from lobbyists. That right there says all I need to know.

[madokie]

68. Thats it in a nut shell

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. how about avoiding insider trading, unlike most people in government.

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.

[kennetha]

7. Cause a lot of it is in his wife's name

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]

15. I did not know it was in his wife's name

That makes sense.

[karynnj]

23. Senate disclosure forms include the spouse's assets

Witness that John Kerry immediately became one of the richest when he married Teresa - even though they keep their assets seperate.

[metroins]

25. Oh, I guess it's not just in his wife's name.

[Karmadillo]

8. He failed to go to the big banks and ask for millions of dollars. My understanding is

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]

17. I don't think that answered my question

But a poster above did, they said his worth was in his wife's name.

[Karmadillo]

20. Sorry. I tried my best.

[TM99]

9. So he is both a socialist who is in the 1%

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]

22. What are you talking about?

[TM99]

56. You better look around at the OP's today

from your fellow Clinton supporters.

Then you might know what you are talking about.

[metroins]

61. Huh?

[TM99]

63. Really, dude, I can only help you so much.

The rest is on you.

[metroins]

67. You're not making any sense

And you haven't even attempted to answer my op.

[cherokeeprogressive]

80. Clue for the clueless...

http://www.democraticunderground.com/12511370317

[metroins]

87. Oh.

Not sure what that has to do with my thread but I can see why there would be deflection.

[-none]

10. Try living in the Washington DC area and see how far your money goes.

Another is Bernie is honest, where most of the other politicians are on the take. Look at Hillary and Bill for example.

[metroins]

18. That didn't answer my question

And I did live in DC.

A poster above said it was in his wife's name.

[shawn703]

55. He has to maintain two households

DC and Vermont.

[metroins]

65. On the high end

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.

[scscholar]

85. What?

"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?

[metroins]

89. Huh?

You seem to be confusing with who I am and what my post is.

[scscholar]

92. You attacked him 37 times in just this thread!

You sound very angry. Very angry.

[metroins]

93. Did I attack him?

How am I attacking anybody?

[ALBliberal]

99. Yep four kids he has one she has three

But it's clear he considers his step kids his own.

[Herman4747]

11. I WOULD NOT BE SURPRISED IF HE DONATES A LOT TO CHARITY. n/t

[metroins]

21. I would not be either

I did not check any of his finances, that might be it.

[thereismore]

12. Low compared to what? nt

[metroins]

19. To what it should be

But a poster said it was in his wife's name.

That makes sense.

[Autumn]

26. Did you miss the memo? By some calculations he is in the top 4% of earners.

http://www.democraticunderground.com/12511370317 Nice touch on the "Where does he spend his money?"

[Hoyt]

27. His income puts him in the upper 3 to 4%. Worldwide, he's a 1%er.

[metroins]

29. But where did it go?

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]

42. Who knows, maybe he lost it in the stock market, gambles on the side, likes expensive wine, etc.

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]

46. I speculated he donates to his own campaign

Running as an independent, he might have had to self fund.

I dunno.

It just struck me as odd.

[Agnosticsherbet]

28. What Sanders does with his own money in the privacy of his own economy is his business.

Consensual spending is safe spending.

This is ridiculous.

[metroins]

31. Is it ridiculous?

I am genuinely wondering.

[Agnosticsherbet]

45. It's his money. I don't care what he does with it.

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]

49. I think it's a little relevant

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]

62. Sanders is very well to do. Congressmen and Senators are well paid. (even over paid)

His retirement package is among the best you will find anywhere.

From Factcheck.org

CRS, June 13: 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 Member’s retirement annuity may not exceed 80% of his or her final salary.

He is in the top 3% or 4%. I just don't see that as an issue.

[Smarmie Doofus]

30. He doesn't steal. nt

[metroins]

34. How does that explain why

His nw is only 2x his income at his income level and length of work history?

[Smarmie Doofus]

47. Re-phrase that and I'll take a stab at it. nt

[metroins]

50. I'm just curious

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]

81. How is it any of your business?

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]

33. Hookers and blow obviously

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]

36. I'm not inferring anything

I'm just wondering why it was so low.

That is literally it.

If he donates a lot, that would explain.

[jfern]

35. He doesn't use his position to profit in other ways

Joe Biden also isn't a millionaire.

[metroins]

37. That doesn't explain

Why he only has 2x his nw at this stage in life with such high income.

[jfern]

39. Biden has been Senator or VP for 43 years and also isn't a millionaire

[metroins]

40. Ok.

I wasn't really asking about Biden but sure...where are both of them spending their money?

[jfern]

48. Coke and hookers, obviously

[Art_from_Ark]

53. Why should you be so hot and bothered about Bernie's "net worth"?

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]

41. Apparently no one knows. nt

[metroins]

43. That's what it seems like

It's just curious to me.

[ALBliberal]

51. As I recall Joe Biden also had a modest net worth.

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]

54. I didn't know they had 4 children

I thought they had 1.

4 kids starts to make sense.

[BernieforPres2016]

64. So you don't even do even a minimal amount of research

before you ask a nonsensical question?

That's what I would call trolling.

[metroins]

69. Huh?

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]

74. So you found all this information about Bernie and Jane and their income levels and jobs

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]

76. I knew the 2 residences

I didn't know about the 4 kids.

I guess you know the price of tea in China.

[ALBliberal]

98. He has one she has at least two I think.

[Kall]

58. No, of course you're not slamming him. It's a legitimate question.

Have you asked Joe Biden this?

[metroins]

70. I haven't had a reason to ask about Biden

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]

66. He probably does not get the same Wall Street attention on his investments

that others CLEARLY get.

It pays to play ball with them.

[metroins]

71. What does that have to do

With his family earnings of 200-400k a year but 500k in nw?

[CajunBlazer]

72. I don't know - maybe he gives it all away - but it is strange.

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 Member’s 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]

73. You should email him and ask him to send you his budget spreadsheet

Then after you have read that you should go through his garbage just to see where all the waste is.

[metroins]

75. I could do that.

I thought asking here might be faster.

[djean111]

82. Why would we be entitled to know exactly how Bernie spends his money?

That's bizarre.
You can look at his yearly financial disclosures, and that really is all you are entitled to know about.

[metroins]

116. I never said entitled

I said I was curious.

I'm not demanding anything.

[Kalidurga]

115. How would it be faster to ask anyone who doesn't have control of another person's budget

how that person spends their money?

[metroins]

117. Well

There's like a thousand people here who follow politics and I doubt if I tweeted Bernie he'd respond.

[Tierra_y_Libertad]

77. Wall Steet didn't invite him to perform for them. Unlike some other "dead broke" performers.

[Art_from_Ark]

113. You know, when I was (literally) dead broke,

the first thing I thought of was, I should buy a house in a really ritzy part of Chappaqua, New York.

[oldandhappy]

78. educating his children, supporting his charities

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]

79. That's easy, his job requires he have two homes, at least most do assume he does.

If anything, it shows how even $15 an hour is WAY too low even for minimum wage.

[Live and Learn]

109. +10,000 nt

[DefenseLawyer]

86. All those years with Rick James at Studio 54 weren't cheap

[Zorra]

88. No one here could possibly know. May I suggest hiring a private investigator to try to address

your concerns?

Please let us know how that works out for ya.

[The Velveteen Ocelot]

91. Maybe because he doesn't give speeches at Goldman Sachs?

[-none]

110. Best answer of this thread.

[pdsimdars]

94. Man, talk about diversion

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]

95. Is this supposed to be a slam? Shameful.

[metroins]

96. No.

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]

97. Because working for the poor doesn't pay as well. On account of they're poor and all. n/t

[CajunBlazer]

111. But working for the US Government pays very well

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]

100. Our household income is around $100K. My net worth is deeply negative.

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]

108. +10,000 nt

[BlueStateLib]

101. :)

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]

102. He probably spends and enjoys some money, and he...

...must have a ton of college tuition payments. He has several children and grandchildren.

[malokvale77]

103. Probably because he pays his taxes. nt

[moondust]

106. He's not a greed monkey?

[Live and Learn]

107. WTF? Plenty of people make 100,000+ and have nothing to show for it. nt

[ozone_man]

112. Having kids, holding two households, giving

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]

114. This is kind of a stupid question

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...