Michael Bloomberg Talks Frugality, Career, Money, And How He Pays For Stuff

If elected, he plans to take a salary of $1, just as he did as the mayor of New York, Michael Bloomberg tells MarketWatch in an interview.

On Giving Away

“When I was mayor, I took a salary of just a dollar a year. I still have all 12 one-dollar checks — 93 cents, after taxes.” Bloomberg said in the interview. He added, “I’d do the same as president.”

According to Forbes, Bloomberg is among the top 5 philanthropists in the United States and has donated for causes like shutting down coal plants, fighting opioid addiction, and reducing obesity. 

Bloomberg revealed that he gave virtually all of his company’s profits to his foundation that is helping people across America live better, longer lives. The foundation’s work also extends to fighting climate change and gun violence as well as improving education and health. 

He said, “I’ve given away $10 billion — after all, you can’t take it with you.”

On Value Over Paycheck

Laying down the importance of finding the right job, Bloomberg advised young people to take a closer look at the job itself, not only a paycheck: “Take the job, not the money. When I was applying to jobs, I turned down a job offering $14,000 a year and accepted one offering $9,000, because I thought it was a better fit.”  

His advice to 20-year olds just starting out is to leave salary out of the equation but judge the quality of opportunity and room for growth.

On Importance Of Struggle 

Even though Bloomberg got fired at the age of 39, he was able to bounce back and start a business from scratch. He also managed to secure a college education even though his father only made $6,000 in the best year of his life. Bloomberg wants all Americans to have similar opportunities and recognizes the existing hurdles in their path. 

He said in the interview, “For too many Americans, that path is virtually impossible: Student loans weigh graduates down, wages are stagnant, and a long legacy of discrimination and injustice continues to hold back minority communities.”

On 'MetroCard'

When asked whether he uses cash, credit or mobile payment, he replied, “When I’m in New York, MetroCard.”

Photo Credit: Public domain photo via Wikimedia.