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Can you explain?
I realize the point of the article is that he isn't some wealthy elite like the vast majoring of politicians. I think if one wishes to drive this point to everyone, one should not leave out details that would allow someone to dismiss it entirely no matter how wrong they would be for dismissing it.
I'm not saying it should be dismissed. Perhaps I wasn't clear about that. I'm looking at it from the perspective of trying to change or win minds. And I think it's best to include a more complete picture even if the additional details do not change the picture much if at all.
They said his net worth. You’re upset about not talking about his pension. You don’t list your pension in your net worth, just like you don’t list your take home pay in your net worth. Your net worth is the total after adding up your total assets and subtracting your debts/obligations.
If this is new information to you then I apologize for my tone in the other comments. The point is there is nothing omitted or neglected. This number is accurate as-is.
I'm not upset. The other commentor might be. But I'm not.
I guess I always thought you included retirement accounts in net worth because they carry a cash value even if it hasn't been cashed out yet. Just like you would include shares in a company in someone's net worth even if they hadn't sold the shares.
Perhaps pensions are slightly different. Everyone I work with who opted for the pension over a 401k includes their pension in their net worth and, to my understanding, so do the financial planners that work with the Union.
A pension is not a retirement account, it’s an income stream. It’s completely different from 401k’s.
It’s not an investment account, it’s payment. The institution keeps paying you at regular intervals after you’ve left. As an income stream it is not part of your net worth, just like folks’ hourly wages/salary are not part of their net worth. Social security is another example - not net worth, not an investment account, but an income stream delivered at regular intervals.