From Gown to Town Mayor
Last November, Svante Myrick was elected Ithaca, N.Y.’s youngest mayor at 24. Here’s how he managed his own finances, and how he plans to deal with the city’s.
As told to Michael Stratford
Were you financially ready to run for office? I graduated from Cornell University in 2009 with only about $15,000 in student debt, and I had already started to pay it down aggressively. Once I made the decision to run for mayor of Ithaca, I started saving as much as I could while working full-time at Cornell as assistant director of student and young alumni programs, and part-time on the city council. When I left my job at the university last August to campaign full-time, I used my retirement account and savings. It was a bit of a gamble. As mayor, I will earn a salary of $53,561 in 2012.
How did you raise money for your campaign? We did direct phone calls and online solicitations on Facebook and Twitter. My angel investors were family and friends. Support also came from Ithacans who agreed with my policies.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
How much did you raise? We calculated that we would need about $40,000 to get the votes we needed, and that’s exactly what we raised. My campaign strategy was based mainly on face-to-face contact. That required a ground-floor office space that people could walk into and a small staff.
What are the financial challenges facing Ithaca? Like many municipalities and states, we have a recurring budget deficit. Pension and health care costs are rising. The deficit is $3 million in a $60 million budget.
What's your plan to tackle that deficit? We've got to get a handle on our personnel costs. We've stripped everything else to the bone. Seventy percent of our costs are personnel, and 40% of that is benefits—mainly pensions and health care. Step one will be working with our collective bargaining unions to find the best ways to bring down those costs. Then we need to expand our tax base in the city by increasing the number of housing units, and we also need to consolidate services with other municipalities.
Your term as mayor lasts four years. What are your plans after that? I have no idea. I'm just trying to get my head around this. The campaign was so exciting, and I'm thrilled by the prospect of what we can accomplish in the city. I love this form of service.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
What Is a Qualified Charitable Distribution (QCD)?
Tax Breaks A QCD can lower your tax bill while meeting your charitable giving goals in retirement. Here’s how.
By Kate Schubel Published
-
Embracing Generative AI for Financial Success
Generative AI has the potential to reshape how we approach learning about and managing our personal finances.
By Rod Griffin Published
-
Roth IRA Contribution Limits for 2024 and 2025
Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
By Jackie Stewart Last updated
-
How to Find Foreclosed Homes: Best Foreclosure Listings Sites
Making Your Money Last Find foreclosed homes for sale on these foreclosure listing websites. Search for properties on these free, paid or government sites.
By Bob Niedt Last updated
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
By Vaishali Varu Last updated
-
How to Figure Out How Much Life Insurance You Need
insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life insurance needs.
By Kimberly Lankford Last updated
-
Amazon Big Deal Days Is Coming! We’ve Got All the Details
Amazon Prime To kick off the holiday season with a bang, Amazon Big Deal Days runs Tuesday, October 8 and Wednesday, October 9.
By Bob Niedt Last updated
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
By Kaitlin Pitsker Published
-
Five Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.
By Daniel Bortz Last updated