Speed Reads

big spender

Marco Rubio's finances are a complete mess

An investigation into Sen. Marco Rubio's (R-Fla.) financial history by The New York Times has revealed that the 2016 candidate could probably bone up on some personal finance tips. Among the ill-advised financial decisions compiled by the Times are the liquidation of his $68,000 retirement account, "a strikingly low savings rate," and the acquisition of luxury items, like an $80,000 speedboat.

That purchase came shortly after Rubio, a 2016 presidential candidate, was paid $800,000 to write his autobiography, An American Son. Rubio announced that he was using the earnings to pay off his law school loans, but he reportedly told friends he "could not resist" buying the 24-foot speedboat, too.

His financial decisions might have already come with a political cost. Sources told the Times that Mitt Romney considered Rubio as a potential running mate in 2012, but was worried about his financial management skills.

"Like most Americans, I know what it's like for money to be a limited resource and to have to manage it accordingly," Rubio said in a statement to the Times. "Our primary financial motivation over the last 15 years has not been to become wealthy. It has been to provide for our children a happy upbringing and the chance at a great future."