Vice President Kamala Harris is the Democratic nominee stepping up to run for president in the 2024 election, which leaves many wondering how her economic policies will compare to those of her predecessor.
Examining her finances may shed some light on what a Harris presidency would look like, but it can also help your personal finances to see if copying those money moves could increase your own wealth. Remember: You don't have to be a millionaire to make money moves like one!
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Many successful investors eventually reach the same moment. The saving is done, the portfolio is built, and the question quietly changes from how much can I grow this to how much can I take out? Get that second question wrong and decades of good investing can come apart in a handful of years.
That is exactly what The Definitive Guide to Retirement Income helps answer.1 <p class="">Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. Guides are provided by Fisher Investments. The publisher may be compensated when readers request a guide.</p> It covers what your retirement could actually cost, which income sources are worth using, and the withdrawal math that decides whether the money lasts. It is free today from Fisher Investments. Read More Here ›
DO: Passively manage index funds
Kamala Harris' financial portfolio shows that she prefers passively managed index funds, which often have lower fees and reduced risk of bias.
These offer strong diversification, low turnover, and consistently over-perform compared to actively managed funds. This is a money move you'll want to copy for your own portfolio.
DO: Use high interest earning accounts
CNBC reports that Kamala Harris keeps a large cash pool of $850,000 or more set aside in interest-earning accounts.
Having cash on hand for emergencies is certainly a good idea, but this amount isn't feasible for most, and scaling down may not provide interest-earning options.
Take a look at the best savings accounts to see what will work with your own personal finances.
DON'T: Get an adjustable rate mortgage
Those who remember the financial crisis of 2008 may cringe at this liability in a mortgage. Adjustable-rate mortgages often offer a low interest rate upfront that then skyrockets several years into the loan.
This is a potentially volatile option if you can't refinance before the rate increase, although that is unlikely to be a problem for Harris. It is likely to be a problem for those with fewer resources, so this is a move most should avoid for their personal finances.
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Most people spend their entire working lives focusing on one thing: growing a pile of money. Then they retire and discover the skill they actually need is close to the opposite. Turning that pile into steady income, year after year, through good markets and bad, without ever running out. It may be the least discussed and most consequential transition in personal finance, and plenty of otherwise careful investors walk into it with no real plan.
That is exactly what The Definitive Guide to Retirement Income helps answer.1 <p class="">Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. Guides are provided by Fisher Investments. The publisher may be compensated when readers request a guide.</p> It is a free guide from Fisher Investments covering what your retirement will really cost, where the cash flow should come from, and how much you can safely withdraw each year. Learn More Here ›
DON'T: Own multiple properties — if you don't have the capital
Harris maintains properties in California and Washington, D.C., which is a perfectly sensible move if one can afford it and has a job that requires being in both those locations. However, most people would be better off purchasing just one property in which to live.
Many dual homeowners rent out their second property to earn additional income. However, this is risky if covering the mortgage payments depends on that rental income. Many investment properties dependent on things like Airbnb bookings do not earn enough to cover the loan used for purchase, leading to foreclosure.
Bottom line
As Vice President, Kamala Harris has a wildly different financial situation than most Americans. However, she still makes some money moves that can be copied to improve your financial health.
While she may have access to more money from things like book deals, she invests it moderately and depends on slow, steady results without much risk. The risks she does take are comparatively low for her circumstances, meaning they are less risky for her than for the average person.
If you're struggling to improve your financial health and eyeballing these moves as you would a winged unicorn soaring in on a rainbow, there are solid ways to earn extra cash with side hustles from home that can give you more wiggle room to start growing your own wealth.
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