No matter what income level, you will have a spending problem if you don’t live below your means. That is what happens to U.S. senator and presidential candidate Marco Rubio. Rubio has a spending problem, even though he earns over $200,000 last year. In a newly disclosed personal finance details, Rubio revealed that he sold $68,241 worth of retirement funds. Withdrawal from retirement funds for immediate cash is a bad move since it comes with a huge tax penalty. “It means that he is probably on some level living above his means, because he is borrowing against his future,” said Boston University economist Laurence Kotlikoff. In an interview on “Fox News Sunday,” Rubio said that he needed “access to cash” for personal expenses and in anticipation of running for president. According to the 2013 data, Rubio has a net worth of negative $140,000. (washingtonpost.com)
#thanks for sharing about personal finance, have a great Monday 🙂