[User] Please transcribe this text

[Assistant] That you would benefit from using an enrolled agent who is a classification of someone who is not a CPA but is


[User] Please transcribe this text

[Assistant] Registered with the IRS to do tax prep or in a more complicated situation, like in my case, I own multiple companies. I have pretty complicated.


[User] Please transcribe this text

[Assistant] Uh, financial situation with a lot of real estate and all that. I use a CPA who specializes in doing tax work. So as for the commercial or chain tax prep firms, your,


[User] Please transcribe this text

[Assistant] Really dependent on the quality of the individual at the particular office you'd go to.


[User] Please transcribe this text

[Assistant] With a commercial tax prep firm. And I find that someone who has a situation that's simple enough to use a commercial preparer is probably in a situation you'd be fine doing your own return using tax prep software that can be paid or available to almost all of us.


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[Assistant] Free tax prep software is there for the taking and asking. So again, I'll cover this in full.


[User] Please transcribe this text

[Assistant] On a future episode sometime soon because, well there are already people trying to do their tax returns.


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[Assistant] And thank you so much for joining us on today's podcast and I look forward to serving you tomorrow. Hope the rest of your day is fantastic.


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[Assistant] Wow, that's the slowest I've ever, well other than zero, the slowest I've ever heard.


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[Assistant] And Alex in Washington says, I have a fiance and a child in Malawi, Africa. I send money frequently while waiting for my fiance's visa. Also, I'm supporting some programs I started as a Peace Corps volunteer. I currently send the money through MoneyGram. Is this the best way?


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[Assistant] I feel like I need to spell it. W-I-S-E, even though that's a traditional spelling because of Wyzecam, I just think we should spell it. Oh, which is, yeaah. And then Revolut, Revolut, R-E-V-O-L-U-T.


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[Assistant] Lou in Illinois says, are home equity loans or HELOCs better if I need to do repairs to my house and would you recommend a particular company or credit union?


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[Assistant] Or into my emergency fund, which currently sits at one month's worth of expenses. I'm adding more money to it weekly and it's earning 4.85% interest. I've read it's more valuable to build up the emergency fund, but I'm nervous about being upside down in my auto loan. Any advice is appreciated.


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[Assistant] Alright, let's go to some questions. Brandt in Arizona says, my son has completed a master's in mental health counseling. He has learned that new graduates, he has an associates in the state of Washington, are way overworked and grossly underpaid and their clients lives are in their hands.


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[Assistant] But perfectly livable for those with modest needs. They have a healthy emergency fund and a fund for improvements. It can be done.


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[Assistant] Now, but I'm worried about using that because it's all I have right now in liquid savings. Sad I know at my age. I am 62 years old. Also, have you ever considered being on the show Shark Tank? I think you'd bring such a fresh outlook and vibe to the show.


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[Assistant] Brian, I just wanted to read Kevin in Pennsylvania's question. Uhm, he said, just wondering if you could give us a quick outlook to the economic future for 2024. What direction will the markets head with the upcoming elections and economic pressures?


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[Assistant] Brian in Georgia says, I know you usually say don't buy an extended warranty. What about an extended car warranty from a company like CarMax? Is it worth it?


[User] Please transcribe this text

[Assistant] Now in addition to the $69 for trash and $27 for recyclables, there's a $12 fuel surcharge and $6 environmental fee.


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[Assistant] Reminder that this is per quarter. I'm expecting there to be a fee fee and then another fee fee fee coming soon. Just trying to see if I need to potentially switch service providers or if it's a wash at this point.


[User] Please transcribe this text

[Assistant] I paid $30 a month to have compost picked up. Is that bad? That's a lot, huh?


[User] Please transcribe this text

[Assistant] Yeah, and you can get it, you can get soil delivered to you, but you can also opt to give it to like, school gardens, community gardens, um, restaurants, stuff like that, so.


[User] Please transcribe this text

[Assistant] I'm gonna get a lot of Clark Stinks telling me to get my own composter, but I don't know if anything to do with it. So, I don't know what to do with the soil.


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[Assistant] Alright, Todd in Washington says, I have seen something on credit card websites that seems new to me. I have an Alaska Airlines Visa card and a Macy's card and both are managed by Citibank. When I log into the site, I'm taken directly to a screen that says update your income information so we can consider you for future credit line increase or other offers you may find valuable.


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[Assistant] There's a form that asks for total annual net income, residential status.


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[Assistant] And monthly housing payment. Is this information required? I really don't want to share this info, but I assume it's optional, but if they make it very inconvenient, they make it very inconvenient to close the screen if you don't fill it out. There's no close button. What's going on here and would Clark provide this information?


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[Assistant] Misha New Jersey says, do you have any recommendations for pet boarding when traveling? You mentioned that you have pets and that you travel often. Also, if you travel with your pets, do you have any advice from your experience? I just rescued a small dog and would like to travel a little.


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[Assistant] Mark in Florida says, I love the podcast and I've listened to you for about 20 years. I have a crazy question. You have many people on staff and we all know that you have a podcast and do some TV work. Do you have other businesses that you don't talk about? I'm trying to figure out how you pay everyone. Just a curious listener. Love the show as I mentioned and happy new year to you and your staff.


[User] Please transcribe this text

[Assistant] It's my pleasure to welcome you to the Clark Howard Show where our mission is to serve you with advice and information that empowers you so you make better financial decisions in your life.


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[Assistant] I'm going to start out today with my favorite weekly segment, Clark Stinks. I can't wait to hear where I have messed up. Also today, do you use your apps?


[User] Please transcribe this text

[Assistant] To get points on free items at places or discounts. Well, a lot of times the apps do things in a way


[User] Please transcribe this text

[Assistant] There seem to be dirty tricks. In fact, it's led to some lawsuits because restaurants are pocketing your money. What's called breakage in the industry.


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[Assistant] And I'm going to tell you about a lawsuit concerning this, and there's two perspectives on this.


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[Assistant] First, I'm going to tell you why businesses do it. It's not necessarily sneaky, underhanded and dirty, but that the results are actually dirty. We'll talk about that. But right now it's time to find out where the advice I've given is rotten, terrible.


[User] Please transcribe this text

[Assistant] Have you ever heard of that? That you have to scream and yell and cuss?


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[Assistant] So, there was a company that I was having a customer no service issue with.


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[Assistant] And I called, and you go through the menu, and...


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[Assistant] Ultimately, you say on theirs, I don't think it was representative. Maybe you say operator, whatever it was. And I said it and it says, please hold. And then the next thing click, I'm gone.


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[Assistant] So then I call back, go through the menu again, same thing happens. So the third time I was basically screaming at the phone and


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[Assistant] Who knows, maybe they were having technical problems or whatever, but I hate this thing where


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[Assistant] And do you ever find that the robot actually does, does the job for you?


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[Assistant] Maybe, maybe as part of the separation package for CEOs who get fired and get $100 million in separation money, maybe they should also have to spend a month calling their own companies customer no service.


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[Assistant] Tim, thank you. You know, it's funny because I talk about these $15 dash cams that you can buy on


[User] Please transcribe this text

[Assistant] You know, you can buy them on eBay, you can buy them on Amazon.com. Uhm, and they're more difficult to use, more difficult to set up. And yes, you have to, often they won't come with an SD card and you gotta buy one, uhm, and then you gotta format it and all that. And that will go past the capabilities.


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[Assistant] of a lot of people. So you could have a shop install it, but if you're going to do that, maybe you buy a more expensive dash cam that you can self-install that comes with the SD card that's already properly formatted.


[User] Please transcribe this text

[Assistant] John, thank you. So first let me explain what an umbrella policy is. It's where it's an excess liability policy. And I call it a success tax. So you may own


[User] Please transcribe this text

[Assistant] Uh, automobiles, you may own a home or two or whatever. And you're required to buy liability coverage on them. So if somebody gets hurt, you're held responsible.


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[Assistant] Of all the other liability coverage you have and covers, uh, eventualities in any part of your life is the design.


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[Assistant] And you buy them in, uh, one million dollar increments. The insurers sell them to you amazingly cheap for a million dollar increments. A few hundred dollars for the first million and each million after that is cheaper. And the idea is that


[User] Please transcribe this text

[Assistant] It's almost never gonna happen, but if it does, you're gonna be really happy because it will preserve what you have.


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[Assistant] Speaking of which, how do you determine how much? So the simplest, although I've been told by insure, insurance people that my answer is anti-intellectual,


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[Assistant] But the simplest answer I can give you is you cover your uncovered assets. So if you have


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[Assistant] That's the amount of umbrella coverage you want to have. You want to have enough that protects what you have. Now if you have something that's just absolutely horrendous and somebody gets a ginormo judgement against you,


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[Assistant] It may not be enough, but usually the lawyer representing a plaintiff is just trying to get at what you got that's easy to get at from your insurance, and that's why I just want you to cover what you got.


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[Assistant] I use a lot of slang shortcutting phrases, a lot of, uh, I've always thought of what I do as like the concept of talking to a neighbor over the fence. I've always thought of it as so often


[User] Please transcribe this text

[Assistant] Things talking about your wallet, about money. They're way too stiff, they're way too formal. Uhm, those of you who watch the YouTube show.


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[Assistant] See how I'm dressed. Those of you who see me on the television stations that air me around the country see that I'm the only person, only guy on TV other than maybe a sportscaster. I'm just in a golf shirt.


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[Assistant] Everything else is in a really fancy suit. My thing is that I want to break that wall.


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[Assistant] And so the casual nature of how I present is actually part of making it more comfortable to talk about topics that a lot of times are talked about in ways that I find are off-putting or uncomfortable for people.


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[Assistant] I'm able to buy eight t-shirts for 20 bucks, $2.50 each in the port at Cozumel. And so I wear those as my workout shirts, you know, my, uh, you know, if I'm doing a project around the house, that kind of thing. So my wardrobe, I don't spend a lot of money on.


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[Assistant] The thing you did, all the stuff you did with the two hours cleaning and all that, if you just did the vinegar, would you not have to do that or you need to do both of these things?


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[Assistant] Alright, so, uh, we're having this problem with our dishwasher where there's, uh, dishes that aren't coming out clean. They are gritty, just like you said, Liana. So, I see my next project. Yup.


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[Assistant] Well, I was planning for years to run for elective office, but no, when I, when I get off on a tangent, I completely forget where I was going. And so that's just me being a flake. So where do I travel? Uhm, so we take a big trip.


[User] Please transcribe this text

[Assistant] Somewhere in the world, every two or three months, uh, Europe, Asia, uh, we,


[User] Please transcribe this text

[Assistant] I, er, gonna go to Australia. I mean, we're doing all kinds of fun things. We're going to Italy and


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[Assistant] And so I just love going to other places in the world, although my wife is convinced that she's Italian and doesn't know it and says when we get to Italy, every time we land, she says, I'm back in my homeland.


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[Assistant] And so I travel wherever and what you heard from me is I just have this innate joy about it. I'm somebody who even loves airports.


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[Assistant] I don't mind lining up in South, at Southwest and group A, B or C to board a flight. I just love the whole experience. Everything about it. You basically go everywhere. Everywhere in the world except Antarctica.


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[Assistant] Pat, thank you, and that's never occurred to me, the difficulty.


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[Assistant] Getting a, uhm, factory authorized repair person to come to a rural area to do a repair and point well taken. Thank you.


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[Assistant] I have finally bent to the will of my family and when we're on a long trip, I go with my carry-on and I let them check a bag. So I haven't, I haven't compromised my principles.


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[Assistant] But I allow them to be their own person and they check a bag and I would never say I told you so if their bags go missing.


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[Assistant] Paul, thank you and I hear the passion in your post about this.


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[Assistant] So what, if you talk to lawyers who do wills, estates, and trusts,


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[Assistant] When a parent of, of means is doing their will,


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[Assistant] It is really not often done where it's just, okay, four slices, three slices, whatever. They really do think about each kid in their personal situation. And the problem I have with it is often they will leave unequal amounts, but they never explain


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[Assistant] Why? And then the will is read after they're deceased and one kid who gets a smaller portion or none at all is like,


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[Assistant] What happened here, that's why whatever the intention of a parent is,


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[Assistant] Please explain it to your children so that they don't later have resentment when you're in the great beyond.


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[Assistant] So the recharacterization, if you later then want to move the non-deductible into a Roth, what's known as the backdoor Roth, you have to take into account if you have other funds in a traditional IRA or traditional account that there's, uh,


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[Assistant] A very, uh, high income that makes you ineligible for a Roth.


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[Assistant] And why Congress writes rules like this.


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[Assistant] That just make accountants rich. I don't understand.


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[Assistant] Because if there's a way to get around the rule anyway that requires this extra work, the backdoor Roth, why not just be about encouraging people to save for retirement regardless of their income instead of having the complexity? So I appreciate the multiple posts.


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[Assistant] Calling me out for discouraging people from doing a Roth who are on the bubble.


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[Assistant] of earning too much money and your point is valid and I will modify the advice I give on that. And this is exactly why we do Clark Stinks because as one person, as any one person, we develop


[User] Please transcribe this text

[Assistant] Habits. We develop thought processes. And we can miss the bigger picture. We can miss the angle we didn't think about. And I appreciate so much that you take the time to expose me to, oh.


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[Assistant] Like the, like the thing about, you know, I'm so anti-extended warranty.


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[Assistant] And I never thought about the difficulty in a deep rural area getting a tech to come fix something.


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[Assistant] It wouldn't even occur to me that that would be a hardship that someone would face. So that's why I appreciate so much because I know it takes you time to sit down and write a Clark Stink. Clark Stinks. And so I do appreciate it. Coming up ahead,


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[Assistant] We're going to talk about how getting into the orbit of somebody's app


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[Assistant] Where you pay through the app instead of paying with, uh, plastic or cash or with Apple pay or GPay or Samsung. Does anybody use Samsung pay in the United States? Anyway, where you're doing tap with your phone and Starbucks recently was sued about


[User] Please transcribe this text

[Assistant] If you are someone who's a regular Starbucks person, regular Chick-fil-A customer, regular Whataburger customer, whatever,


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[Assistant] Uhm, and it doesn't have to be fast food. It could be any of a variety of things. And you load stored money onto the app and that's how you pay


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[Assistant] So you go into Starbucks or you order on the app and you just go and you pick up your item inside waiting for you or you go through, uh, this thing they have that cars go through called a through drive. What's that thing called? I hate drive throughs. Anyway, uh, I will not go through a drive through except, uh,


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[Assistant] If I'm threatened, it's just not going to happen anyway. So you load money on.


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[Assistant] But let's say, in the case of Starbucks, they're kind of ubiquitous, but let's say it's a smaller chain or whatever you loaded money on and they leave your market. And then you've got that money trapped in the app.


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[Assistant] And generally, there's no procedure offered for you to get that money back.


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[Assistant] The Starbucks lawsuit though goes further saying you can never get down to zero.


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[Assistant] You're always lending Starbucks money interest free because you're always having to add money.


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[Assistant] Every time you don't have enough money to purchase whatever it is you're buying. The alternative


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[Assistant] That many businesses offer in their app.


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[Assistant] Where you pay with a stored payment system as you do a purchase. And that's how retailers who allow you to buy and purchase through the app.


[User] Please transcribe this text

[Assistant] If you're a Sam's Club member, and you use the Sam's Club app to order,


[User] Please transcribe this text

[Assistant] Where you scan your own items as you go around with your smartphone.


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[Assistant] And then you slide across and pay with, if you have the Sam's Club MasterCard or whatever. So, Sam's is never holding your money. The difference, and why is it


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[Assistant] That quick serve places and restaurants hold your money in their apps, which is the whole allegation of this suit. Because of the enormous fees that you have to pay


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[Assistant] As a business to Visa and MasterCard. The Visa and MasterCard Cartel.


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[Assistant] Charge in the United States, the highest fees they charge anywhere in the world.


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[Assistant] Because of the power of their lobbyists that they've been able to


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[Assistant] Get laws in place in the United States that allow the cartel, the price fixing cartel, that does not exist in other countries.


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[Assistant] So if I'm a merchant and I'm processing, let's say you go in at Starbucks, I guess it's possible you could go in and spend, uh,


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[Assistant] Two and a half dollars on a cup of coffee, I guess. If somebody doesn't get one of those.


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[Assistant] Uh, espresso or cappuccino or what kind of, Krista, you gotta help me here since you used to go to Starbucks three times a day and you don't anymore.


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[Assistant] Alright, so if I'm, if you're getting an Americano, two dollars and


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[Assistant] So if you didn't have cash stored in the app,


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[Assistant] Where you add 25 bucks at a time or whatever and they're putting it on your credit card. The merchant fees will destroy.


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[Assistant] The profit they would make on selling you that low cost item and they probably lose money selling you that cup of coffee because of the Visa MasterCard Cartel. The lawsuit is against Starbucks but the real problem is the Visa MasterCard Cartel that has us with these


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[Assistant] With the form of payment that you've stored, or you add for that purchase,


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[Assistant] Just as you would if you were shopping online and so it's a much higher ticket and the Visa MasterCard cartel fees have a much smaller impact on the profitability of that business where in a quick serve restaurant or fast food restaurant or whatever


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[Assistant] McDonald's charges per transaction. So McDonald's is not, so McDonald's maybe because of their size has been able to go to the cartel and negotiate much lower fees. Maybe because they're so large. Probably. Um, who knows, but pretty much everybody else charges you


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[Assistant] The block of money that you then work against.


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[Assistant] Cannot. So we're listing a lot of, uh, more obscure...


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[Assistant] Financial institutions in those surveys of the best rates on savings and CDs.


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[Assistant] And the reason we don't do a filter like we would with other service providers is we


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[Assistant] Almost non-existent are complaints about customer no service.


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[Assistant] With online savings accounts. Online savings accounts are not transaction heavy accounts. Basically you open one, you put money in, at some point you pull the money out. And they've not been a source.


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[Assistant] Uh, problems or complaints when you're with an FDIC insured or NCUA which is for credit union insured account. So that's why we haven't done that filter.


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[Assistant] Checking accounts are a big source of problems and complaints. And truly,


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[Assistant] A customer no service area. So when you're doing a high transaction account like a checking account, that would be very important. It has not been a priority in my mind at all with the online savings accounts.


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[Assistant] Uh, first of all, SEP, yes, the SEP is not subject to income limits. You have self-employed income. The SEP is a great way for an entrepreneur in a great year for your either side business or principal business to put


[User] Please transcribe this text

[Assistant] Great amounts of money into if your self-employment income comes from a one-person entity.


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[Assistant] You can also look at doing a self-employed 401k, which is a wonderful vehicle that you can set up for free with any of my three favorite children and pay no fees.


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[Assistant] Uh, you could absolutely be eligible, as you heard earlier, you could be eligible for a Roth, or even do the backdoor Roth through this obscure thing called a non-traditional IRA, if you're above the income limits.


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[Assistant] You are not out of the loop. Okay, so a couple of things you should know. Uh, there was a scandal fifteen, approximately fifteen years ago.


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[Assistant] Where, uh, some state prepaid tuition plans did not have the full backing of their states. They went insolvent and owners of the plans got hurt.


[User] Please transcribe this text

[Assistant] I don't think that is a problem with any state prepaid tuition plan today.


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[Assistant] The prepaid tuition plans like the one in Florida is very popular. You're, you benefited from the one in Nevada. There are not many of these, but they are a very viable and have worked great for people in the last 15 years for this reason. Tuitions


[User] Please transcribe this text

[Assistant] At state supported colleges have gone up far more in percentage terms than tuitions at private colleges because state legislatures have de-emphasized financial support


[User] Please transcribe this text

[Assistant] to state-supported colleges. So the prepaid tuition plans where the credits were established


[User] Please transcribe this text

[Assistant] Years before when parents started putting money in have proved to be very beneficial. Is that going to be true going forward? Hard to know. The big limitation, first of all, I don't talk about them a lot because there, there's so few states that do them. But the second thing is you are limited.


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[Assistant] Uh, to the great benefit being going to a school in that state.


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[Assistant] And so if you do decide to go out of state, they all have escape hatches like Nevada had, had for you. But the great benefit was using those towards tuition credits in Nevada. So if you teach your kid, as I've always said to people who've asked me from Florida,


[User] Please transcribe this text

[Assistant] If you teach your kid the fight songs of Florida state colleges from when they're really, really young and brainwash them that the only choice they have is going to a school in the state where you've enrolled them in a prepaid tuition plan, it's a deal. Worth doing.


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[Assistant] And I want to thank you so much for joining us today.


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[Assistant] And I hope you heard something that is useful that you can put to work in your life and all the things that came up in today's podcast about saving money for the future. I hope you are inspired in your life to save more and spend less.


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[Assistant] And don't let anyone ever rip you off. Have a great day.


[User] Please transcribe this text

[Assistant] It's great to have you here on the Clark Howard Show. You know, our mission is to serve you with advice and information that empowers you to make better financial decisions in your life.


[User] Please transcribe this text

[Assistant] And today there's been so much noise about the court rulings concerning how commissions will be paid for buying and selling real estate. And I want to tell you how I actually see this picture different than the headlines.


[User] Please transcribe this text

[Assistant] And later, I've been watching what's going on with prices in the cruise industry, and I've got some tips for you if you're booking a cruise or considering booking one. So,


[User] Please transcribe this text

[Assistant] There have been a number of settlements in the real estate industry to break the, uh, historic price fixing on commissions. If you're not aware, commissions in the United States on real estate transactions


[User] Please transcribe this text

[Assistant] Typical commissions outside the United States hover around 2% or less on the sale of a home.


[User] Please transcribe this text

[Assistant] The United States has remained around 6%. At one time we were a 7% market and now, uh, depending on whose database you believe,


[User] Please transcribe this text

[Assistant] Just under six percent, somewhere upper fives. And the changes that have brought it down from seven to just under six have been because of all the technology that's available.


[User] Please transcribe this text

[Assistant] The information that's available at your fingertips as a buyer and as a seller to get a sense of what fair market value is. That information is so available online and


[User] Please transcribe this text

[Assistant] Much higher and stayed much higher than the rest of the world because of cartel-like pricing in the industry.


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[Assistant] Well, some of the lawsuit settlements recently


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[Assistant] Have led to story after story saying that commissions in the United States are going to collapse and end up like the rest of the world. And you read these stories and it's just not how this is going to play.


[User] Please transcribe this text

[Assistant] So what you need to know is someone looking to buy or sell a home.


[User] Please transcribe this text

[Assistant] That what you may have heard reported.


[User] Please transcribe this text

[Assistant] Is not actually what's going to happen. The changes in commissions in the U S no doubt are going to happen, but very gradually because businesses never willingly give up their streams of income.


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[Assistant] And I'm already reading in trade publications various, uh, consultants and people in the industry talking about workarounds where the industry will be able to preserve the 6% commission.


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[Assistant] So what will happen is this is going to be a gradual process over likely a number of years that the average commission paid


[User] Please transcribe this text

[Assistant] On a real estate transaction will decline. Now I do want to make a key point.


[User] Please transcribe this text

[Assistant] Agents who know what they're doing are very valuable to both a buyer and a seller. And they deserve to be paid for what they do.


[User] Please transcribe this text

[Assistant] But those commissions that they get paid or fees, which are more common in other countries where it's not a flat percent rate. It's just a flat fee for various services. Those fees should be set by the market.


[User] Please transcribe this text

[Assistant] And eventually we'll get there. But in the meantime, what you're going to see is you're going to see bleeding edge kind of players offer alternative models.


[User] Please transcribe this text

[Assistant] About how you pay as a buyer or as a seller. Right now, buyers don't actually directly pay.


[User] Please transcribe this text

[Assistant] And one of the things that the industry has lost in suit after suit is where the selling, the listing agent, the person representing the seller pays the buyer's agent.


[User] Please transcribe this text

[Assistant] And that's already baked into the cake. No negotiation. A percent is there.


[User] Please transcribe this text

[Assistant] And that's one of the things that will change sooner rather than later is I as a buyer will have to decide, am I going to go out in the marketplace by myself?


[User] Please transcribe this text

[Assistant] Is so worth whatever fee you end up having to pay him or her because these are complicated transactions.


[User] Please transcribe this text

[Assistant] But the way it should be done, and the way it will be done, is the way it's done in other countries. Is you as the buyer will decide, do you want that representation? And what's that worth to you?


[User] Please transcribe this text

[Assistant] And you'll decide to pay the fee or commission or whatever it is to represent you. If you want to go out on your own, you'll pay obviously


[User] Please transcribe this text

[Assistant] No fee for that, but there will be a fee that the seller will pay for representation just like before.


[User] Please transcribe this text

[Assistant] But that fee will more likely be 2 or 3 percent.


[User] Please transcribe this text

[Assistant] Instead of the automatic usual 6%. So change will happen, but this is not like a light switch. You know that we were paying six and now we're going to pay two. It's going to be a big era of experimentation.


[User] Please transcribe this text

[Assistant] Multiple pricing models and it's going to be one thing of complexity added in that does not exist at this point, but ultimately to the advantage of your wallet as a buyer or a seller.


[User] Please transcribe this text

[Assistant] Okay, I love, I love Chris on any of these.


[User] Please transcribe this text

[Assistant] Uh, financial stories, how the stories that, that writers write and report on television, whatever, they're always like, this is how it worked. This is how it's gonna work. And forget that there's a long period of time in between for transition.


[User] Please transcribe this text

[Assistant] The numbers that you gave Kevin are so extreme.


[User] Please transcribe this text

[Assistant] That I'd say the liability, the risk you face and your fellow owners face in a catastrophic loss.


[User] Please transcribe this text

[Assistant] Are so bad that I hate to say this because you have a property that you bought so low.


[User] Please transcribe this text

[Assistant] And here we are 14 years later. I don't even know how many times the value of that unit has potentially doubled. I would say with that kind of exposure, you should consider selling unless you're the gambling sort.


[User] Please transcribe this text

[Assistant] Because odds are there won't be a complete catastrophic loss. But if there is,


[User] Please transcribe this text

[Assistant] You're gonna walk away from so much of the equity you've developed over the last 14 years. So if it were me and your situation, you've got, you,


[User] Please transcribe this text

[Assistant] Clearly stated how bad the problems are. The fees going up, the special assessment, uh, enormously under-insured, the premiums for that under-insurance, five times what they were before. I would really consider bailing and


[User] Please transcribe this text

[Assistant] I would take your winnings and take the risk out of your life. You will have to pay capital gains tax on the gains you've had over these years.


[User] Please transcribe this text

[Assistant] Awesome. Okay, so I want you to do something first on that very last thing you said just to see what you've done for yourself by accumulating six figures in investment dollars.


[User] Please transcribe this text

[Assistant] If you go and you use one of the online calculators, we have one that we're proud of at Clark.com. There are many others out there and you see what just the money you've already put in.


[User] Please transcribe this text

[Assistant] Will be worth 40 years from now in your mid sixties. It will shock you how.


[User] Please transcribe this text

[Assistant] Wealthy, how financially secure you'll be just based on what you've already accomplished by your mid-twenties. Now, the home thing, you have thrown such


[User] Please transcribe this text

[Assistant] An unusual curveball here with having this four and a quarter, four and an eighth percent mortgage on a property. You're moving, uh, maybe a thousand miles away from Texas to Arizona.


[User] Please transcribe this text

[Assistant] Risk in the case that the mortgage is not paid at some point.


[User] Please transcribe this text

[Assistant] Because you continue to shoulder all the risk of that mortgage, not the trusted relative, because you're the one who took the mortgage out and the rest. Also, you may trigger what's known as a due on sale clause with a 50% change in ownership where you lose legally the right


[User] Please transcribe this text

[Assistant] To that 4.125% mortgage and you have to pay off the property because of the fact that you have had this substantial change in ownership.


[User] Please transcribe this text

[Assistant] If you really want to consider keeping the property, bringing this relative in, you need to hire a real estate lawyer.


[User] Please transcribe this text

[Assistant] My first preference, even though I hate you giving up the 408% mortgage, is when you give me the other either or, sell the property


[User] Please transcribe this text

[Assistant] Give up this incredibly great mortgage rate that's not available anymore.


[User] Please transcribe this text

[Assistant] And use the proceeds towards buying your new home, your primary residence in Arizona. But if you do want to proceed with having the relative involved,


[User] Please transcribe this text

[Assistant] Don't do anything in terms of making a deal until a real estate lawyer who you have hired and paid for his or her time


[User] Please transcribe this text

[Assistant] Structures the deal in a way that it doesn't blow up your mortgage and that the deal itself doesn't blow up on you or your relative later.


[User] Please transcribe this text

[Assistant] From the way you have submitted this, I'm gathering that these are single family homes in a mandatory homeowners association community.


[User] Please transcribe this text

[Assistant] When you live in a mandatory homeowners association community, they are the equivalent of a government.


[User] Please transcribe this text

[Assistant] And they are allowed to set all kinds of rules including


[User] Please transcribe this text

[Assistant] Mandatory homeowners associations as well as condo associations.


[User] Please transcribe this text

[Assistant] And, uh, associations, especially condo associations, are banning Airbnb rentals. And it sounds like


[User] Please transcribe this text

[Assistant] That's what your community's after is ending the transient nature that occurs with Airbnb. So,


[User] Please transcribe this text

[Assistant] They have the right to do so. It is clearly an invasion of every person's privacy in a mandatory homeowners association community and


[User] Please transcribe this text

[Assistant] It is part of what you buy into when you buy into a mandatory homeowners association and


[User] Please transcribe this text

[Assistant] That's why there are people who one of the criteria when they look for a house to buy is they will only buy in a neighborhood that does not have a mandatory homeowner association so they can live as they wish pretty much on their property and in their home.


[User] Please transcribe this text

[Assistant] As for the fact that the, uh, the background checking organization is not a better business bureau member, I don't know what to say about that because they're a business to business kind of organization. They're not a business to consumer organization and that they, an organization like that,


[User] Please transcribe this text

[Assistant] Routinely would not be a member of a better business bureau, but it is.


[User] Please transcribe this text

[Assistant] More and more will, if you don't like it and other homeowners don't like it, throw out the board, run for office, change the rules.


[User] Please transcribe this text

[Assistant] The most unusual questions about real estate. What'd you do? You stay up all night, midnight oil coming up with those? I had them in my pocket. I love the variety of those. Well, coming up next, I want to talk to you about


[User] Please transcribe this text

[Assistant] What's going on in the cruise industry is we approach the summer cruise ship business, which is so big, what you need to know to protect your wallet. So we go on cruises a lot because it's something our son is obsessed with.


[User] Please transcribe this text

[Assistant] And he's graduating from high school in a couple of weeks and the thing he wanted


[User] Please transcribe this text

[Assistant] Is a graduation gift when we were talking about he wanted to go on a cruise. So I booked a cruise for summertime into the Caribbean and I got an email


[User] Please transcribe this text

[Assistant] From the cruise line, once you're booked with the cruise line, they're emailing you all the time with, uh, the latest, greatest special offer.


[User] Please transcribe this text

[Assistant] And I booked this cruise during wave season, which is when cruise lines normally offer their best deals of the year. But I'm seeing this email and I'm like, wow.


[User] Please transcribe this text

[Assistant] That sounds like that's an incredible offer. Is it just more hype or is it the real deal? So I go online and I go to the ship we booked for the date we booked and look at the prices.


[User] Please transcribe this text

[Assistant] For our cruise, for our cabin, for our sailing date.


[User] Please transcribe this text

[Assistant] And so then I start digging on the website of the cruise line and they have a lowest price guarantee. And if you find a price advertised lower than what you have booked, contact us and we will give you the difference.


[User] Please transcribe this text

[Assistant] So I'm like, okay, wonder how this is going to work. And in the case of this line,


[User] Please transcribe this text

[Assistant] If you've already made final payment, they give you a credit towards a future cruise. It's called a future cruise credit, or they give you back the money.


[User] Please transcribe this text

[Assistant] So I contact the travel agency that, uh, has the booking and sure enough, we got the 22% discount simply by asking.


[User] Please transcribe this text

[Assistant] And then I started hunting around and I started looking on.


[User] Please transcribe this text

[Assistant] Various sites, see if this was a fluke that was saving this money or not. Well, the cruise lands...


[User] Please transcribe this text

[Assistant] The long period that people couldn't cruise and the cruise industry's bookings have been just intensely strong.


[User] Please transcribe this text

[Assistant] But now there are signs that bookings are not as strong as before and the deals have gotten better. And so it varies by cruise line. But if you have a cruise booked for this summer or later and


[User] Please transcribe this text

[Assistant] You're sailing and go look as if you're, uh, do a speculative as if you're a new passenger. See what you're offered for the same cabin category you have and see if you aren't going to be lucky.


[User] Please transcribe this text

[Assistant] By being able to get a future credit or a refund.


[User] Please transcribe this text

[Assistant] Against what you were paying a lower price because


[User] Please transcribe this text

[Assistant] It's something I never thought of. Think about how often I've talked about how when you're going on a trip somewhere that you always reshop your hotel the week before you go. Never book a non-refundable hotel, by the way. Never book a non-refundable hotel.


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[Assistant] Because the rates move around so much. You want the freedom to be able to move into a lower price at that property or somewhere else close to your travel. And as I've said for the last 20 years, always re-shop a car rental


[User] Please transcribe this text

[Assistant] The week before you take a trip, because 90% of the time you'll get a lower price at the last minute than what you originally booked.


[User] Please transcribe this text

[Assistant] Now I can add something that never occurred to me, the same thing can happen with a cruise, that if the cruise line has a price guarantee,


[User] Please transcribe this text

[Assistant] You can then get that difference either as a credit or as actual. I got actual money back. 22% of the cost of the cruise back. That was good stuff. Oh, one other thing. I never buy shore excursions from a cruise line. Don't do it.


[User] Please transcribe this text

[Assistant] Because they mark them up so much versus booking shore excursions with a third party. Just make sure you leave plenty of time.


[User] Please transcribe this text

[Assistant] To get back to the ship before that ship's going to sail without you. Cause if you buy from a third party, you don't make it back in time. That ship sails without you. You're left on the dock.


[User] Please transcribe this text

[Assistant] So Saber, for those who don't know, is what's called a global distribution system. It's a computer system for the industry. It's one of the competitors that


[User] Please transcribe this text

[Assistant] That an agency would use to book various phases of travel. And if you work in an agency,


[User] Please transcribe this text

[Assistant] It's on Sabre, one of their competitors. You're sent to school to be able to use it often or there'll be an online course that the agency will have you do. And Robert, you've got the background of leading groups, booking groups and leading them.


[User] Please transcribe this text

[Assistant] I would like you to go to local agencies where you live.


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[Assistant] Tell them your interest in being a leisure or group travel agent.


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[Assistant] And talk to the owner or manager of that agency about how they would recommend you get started and what would be a legit path


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[Assistant] They just morph a little over time, but know that a lot of that is just a bunch of hooey. And that's why as someone who's had some peripheral experience booking these groups, I want you to go to an insider to an actual agency owner manager, local.


[User] Please transcribe this text

[Assistant] And find out their recommended path. And if it doesn't seem like they're really that forthcoming or welcoming or helpful, go talk to another local owner or manager.


[User] Please transcribe this text

[Assistant] And get the drill because they're always looking for good motivated people.


[User] Please transcribe this text

[Assistant] Doing, uh, you know, travel agent work full time. There are those that do just corporate volume booking all day long and those still exist, particularly for bigger companies that still use that kind of environment and then there are the leisure agents who tend to be


[User] Please transcribe this text

[Assistant] Really great at knowing how to book leisure and group travel.


[User] Please transcribe this text

[Assistant] Okay, so Gerald, I touched on this a little bit earlier. If you have a fixed itinerary, you know, okay, we're going to spend two nights here and one night there and, uh, you know, you've got a pretty clear itinerary where you're going to be day by day.


[User] Please transcribe this text

[Assistant] It's useful for you to book your accommodations in advance. And as I said just a few minutes ago, refundable hotel bookings, uh, most in, uh, non resort locations allow a cancellation without any penalty one to three days before arrival. And as you get closer to travel, you then can reshop those, but also,


[User] Please transcribe this text

[Assistant] If your itinerary is fluid, you have a general direction, but you don't know which day you're going to get there, it's okay.


[User] Please transcribe this text

[Assistant] Other than first night and last night where you know pretty clearly where you're gonna be.


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[Assistant] To let it float and book as you go.


[User] Please transcribe this text

[Assistant] I find that the best booking engine out there, not every time, but I find consistently


[User] Please transcribe this text

[Assistant] It is the lowest cost is using Priceline as you're going and often, uh, my oldest brother and his wife will be on a road trip and


[User] Please transcribe this text

[Assistant] My brother will call me and says, you know, we're starting to get tired.


[User] Please transcribe this text

[Assistant] Uh, what do you suggest? And I'll go online. I'll, I'll say, okay, well, if you drive to this town, there's this available in that town. And, uh, I end up finding the thing for him and.


[User] Please transcribe this text

[Assistant] They book at the last minute because the price is weirdly on a road trip.


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[Assistant] There can be enormous differences from one exit to another what's available and what competitive prices are available.


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[Assistant] They actually do have a number and you can terminate your membership, uh, pretty easily. Should I give the number?


[User] Please transcribe this text

[Assistant] I'll give the number because so many people are complaining about clear right now. 8-5-5 clear me. 8-5-5 clear me. And uhm,


[User] Please transcribe this text

[Assistant] I have had the experience, I've been traveling recently more than once a week, been in the airports a lot around the country.


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[Assistant] And I have found clear to be a waste of my money recently as well. I don't know what is happening behind the scenes.


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[Assistant] For free right now because of double things, airline status and the credit card I have. And it's not even worth free right now. So something has clearly gone wrong at clear.


[User] Please transcribe this text

[Assistant] That it's no longer functional. Now I do want to tell you, there's changes happening with security.


[User] Please transcribe this text

[Assistant] To get to Las Vegas cause it's just hasn't fit any of my travel at all. Cause I want to try the new


[User] Please transcribe this text

[Assistant] TSA process that's experimental that they hope to roll out in the whole country. Do you know about this? No. Alright, this is wild. It's a hundred percent self-service.


[User] Please transcribe this text

[Assistant] You go and you check yourself in to go to security. You do your own security check. It's all automated and you proceed.


[User] Please transcribe this text

[Assistant] And I've been reading the reviews about it and it just kills me. I haven't gotten to try it, but.


[User] Please transcribe this text

[Assistant] The way we do security, the nature of security is going to steadily change and


[User] Please transcribe this text

[Assistant] For clear in the future. And if anybody from clear is really sore about what I've


[User] Please transcribe this text

[Assistant] Just said about you, you're more than welcome to have rebuttal, but it does not work.


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[Assistant] Like it originally did where it was a big step up from even enhance, uh, the enhanced lines of pre-check.


[User] Please transcribe this text

[Assistant] Oh, I love being in an airport. I love everything about travel, uhm, except delays. That's the one thing.


[User] Please transcribe this text

[Assistant] Like delays any more than anybody else. I hate those. But everything else about travel I love because the whole world opens up before me. I mean, you, you get somewhere, you see new things every time I go, there's new discovery and new excitement and new enjoyment.


[User] Please transcribe this text

[Assistant] Cause a lot of people are angsty in airports. I don't know anybody who'd be angsty in an airport. And so sometimes you'll see not the greatest behavior from people.


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[Assistant] Alright, well thank you so much for joining us today. We can give James rebuttal time if he wants.


[User] Please transcribe this text

[Assistant] Okay. And just know what we're about.


[User] Please transcribe this text

[Assistant] What we're about is you learning ways to save more and spend less.


[User] Please transcribe this text

[Assistant] Avoid getting ripped off and spend more time joyously in airports.


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[Assistant] It's my pleasure to welcome you here to the Clark Howard Show. You know, our mission is to serve you with advice and information that empowers you to make better financial decisions in your life. I want to remind you, we have a lot of empowerment available.


[User] Please transcribe this text

[Assistant] Through our 31 year old Team Clark Consumer Action Center, where you can get free one-on-one advice, information and guidance.


[User] Please transcribe this text

[Assistant] Just go to Clark.com slash CAC to see how to reach one of our Team Clark members for that free one-on-one advice. You know what today is?


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[Assistant] It's time for Clark Stinks, where you get to hear in the first Clark Stinks broadcast of 2024, how I have messed up.


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[Assistant] I'm also going to talk about the problems happening with people looking for jobs where they're getting scammed instead of getting a job. But right now it's time for how I'm stinking it up.


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[Assistant] Who didn't hear this story last year, Brian, let me recap quickly. I had gone to self check out at Costco and you know how they have the employees there.


[User] Please transcribe this text

[Assistant] Who have the scanning guns if you have a heavy item or whatever. And so one of the nice employees came over, scanned the items in my cart with the, with the scanning gun. I paid and I go to the door. Well it turned out they'd missed two of the items.


[User] Please transcribe this text

[Assistant] That, in the cart, when they were scanning it, and I was sent back and written up, and they have a, a, a list of members, they wrote down my member number and all that, who, I guess, were attempted shoplifters, I don't know.


[User] Please transcribe this text

[Assistant] But nothing happened after that. My membership wasn't stripped from me or anything like that and I paid for the two items that weren't scanned. The interesting thing about that story was that the person working self-checkout came over and said, that was my fault, that was my fault, that wasn't, that wasn't the member's fault.


[User] Please transcribe this text

[Assistant] And the person just didn't even acknowledge and wrote me up. So, uh, I...


[User] Please transcribe this text

[Assistant] You know, there's such a problem with shoplifting and retail.


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[Assistant] That I understand all the heightened.


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[Assistant] Oh never, never, never, not ever. I want to be treated like any other person at all times.


[User] Please transcribe this text

[Assistant] Both Sam's Club and BJ's wholesale having scan and go. Costco, what's the drill? I mean, scan and go is so great.


[User] Please transcribe this text

[Assistant] And then you pay on the app and you go straight to the door. No checkout lines at all. And there's a special checking they do at the door to make sure you're not a shoplifter putting things in your cart. You haven't.


[User] Please transcribe this text

[Assistant] Judy, thank you. And you're right. That was a careless statement on my part. A lot of loans now are done strictly based on credit score.


[User] Please transcribe this text

[Assistant] And not looking at overall indebtedness, not looking at income, anything like that. But then there are other loans where there are many other factors beside the credit score. And that was careless of me to say that.


[User] Please transcribe this text

[Assistant] Darren, thank you for that. Let me tell you, I've been reading a lot on this. I just read a story that was...


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[Assistant] So in Barron's or the Financial Times, one or the other about how employers


[User] Please transcribe this text

[Assistant] Are actually, there are employers now that were begging for workers in 22 and 23 that are now strategically doing layoffs.


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[Assistant] At the same time, there are still other employers who don't have enough workers and are looking for them. There's still a velocity in the job market.


[User] Please transcribe this text

[Assistant] An employee market today, but there's still benefit and opportunity potentially going out and looking for other work.


[User] Please transcribe this text

[Assistant] Just not easy like it was relatively the last couple of years.


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[Assistant] Jonathan, thank you for that different perspective on the TSP. I liked so much the simplicity of how the TSP worked before and having the lowest overall expenses of any retirement plan


[User] Please transcribe this text

[Assistant] Pretty much in the U.S., uh, TSP, Thrust Savings Plan, is planned for federal workers and members of the U.S. military. It's now been all gummed up with these options that you're happy with, Jonathan. I'm not because


[User] Please transcribe this text

[Assistant] Most people need investing because of the paradox of choice. They need it to be simple.


[User] Please transcribe this text

[Assistant] My answer to you and to others who actually like these new much higher cost options is do that stuff in your own IRA.


[User] Please transcribe this text

[Assistant] And leave the TSP really simple, streamlined and low cost. So I don't support it because I feel that although it's for now working very well for you having more higher cost choices, most federal workers and military personnel


[User] Please transcribe this text

[Assistant] We're on balance much better off with a simpler, cheaper plan.


[User] Please transcribe this text

[Assistant] Shelly, thank you. You know, there's been such a shift in the marketplace I want to address on a future podcast, that very few individuals are selling


[User] Please transcribe this text

[Assistant] They're used cars to other individuals now. The market is heavily shifted and I need to address that and what people are doing that now makes it, uh, potentially easier for the seller of a vehicle because the buyers are now, uh,


[User] Please transcribe this text

[Assistant] People in the automotive industry instead of other individuals, but I appreciate that pose, Shelly.


[User] Please transcribe this text

[Assistant] With just my arms carrying the discretionary items I might buy in the store. When I run out of, out of arm space to carry stuff, then I have to do the process of putting things back. I always put them back where they came from.


[User] Please transcribe this text

[Assistant] Hate that when members drop things anywhere, particularly perishables, dropping them anywhere and spoiling them. Anyway, so.


[User] Please transcribe this text

[Assistant] Then, once I've finished shopping all the fun aisles, what they call the treasure hunt at Costco, I then put those items in a cart,


[User] Please transcribe this text

[Assistant] And go buy the dull kind of food items like this particular egg thing my wife loves and whatever other items are on the list that I'm buying from groceries.


[User] Please transcribe this text

[Assistant] I appreciate this very much. You know, I've thought about my answer to that question since I gave it.


[User] Please transcribe this text

[Assistant] And I've thought again about the Turo angle.


[User] Please transcribe this text

[Assistant] Uh, where you rent somebody else's car that you use for a time. Do you remember, this is off the subject, but when there were the severe rental car shortages and people in Hawaii were renting U hauls to drive around in because they couldn't get a rental car at any price, that's over now.


[User] Please transcribe this text

[Assistant] And out of all those extreme shortages, there's a very active private rental market in Hawaii that Turo is the biggest player in and that


[User] Please transcribe this text

[Assistant] Probably should have been the first option that I brought forward instead of buying a car you'd have to sell three months later because you pointed out very wisely there's a lot of cost and possible hazard doing what I suggested.


[User] Please transcribe this text

[Assistant] Lisa, thank you and that's a blind spot of mine. You know, the Walmart credit card went through a ownership change and people seem much happier with it now that it's with Capital One, I think is now the issuer.


[User] Please transcribe this text

[Assistant] of the Walmart card. And if you are a Walmart loyalist, it's a great choice, no annual fee.


[User] Please transcribe this text

[Assistant] And you have managed to, not just the first year, but moving forward by jumping through their hoops, continue to get the 5% cash back.


[User] Please transcribe this text

[Assistant] And it matches and mimics. What does it mimic? Where did they come up with the idea? Costco. Target.


[User] Please transcribe this text

[Assistant] And that is a great suggestion and I'm sorry we have a nice review of it on Clark.com. I have never not once ever mentioned it on our podcast.


[User] Please transcribe this text

[Assistant] There's something that is, uh, you know, we had the, the Clark sinks earlier about the shifts in the job market.


[User] Please transcribe this text

[Assistant] And I've got something you've really got to focus on if you are out looking for a job right now in the job market. Very important for your wallet and your identity during the height of COVID.


[User] Please transcribe this text

[Assistant] There were a lot of problems going on with people that were looking for remote work.


[User] Please transcribe this text

[Assistant] Where there was a lot of legit work that was remote, but there were also scamsters that came out of the woodwork. And now that the job market has been tightening some,


[User] Please transcribe this text

[Assistant] The scamsters are back big time when you're looking for work and it doesn't even have to be remote.


[User] Please transcribe this text

[Assistant] But you apply so much for jobs now online.


[User] Please transcribe this text

[Assistant] There's a new alert from the Federal Trade Commission. I've read several, uh, stories about the problems with people getting scammed, looking for a job. And again, I want to emphasize this is for both job title descriptions that say remote work and regular


[User] Please transcribe this text

[Assistant] Uh, job titles where you will be going to a physical facility in office or whatever to work, but the applications initially are done online.


[User] Please transcribe this text

[Assistant] You need to know that the scamsters are out there.


[User] Please transcribe this text

[Assistant] And they are even on legitimate job sources, you know, job sites.


[User] Please transcribe this text

[Assistant] And the job sites don't want the crooks there. There's just so many listings that so many slip through the cracks. So know that when somebody, uh, for particularly for an in-person job,


[User] Please transcribe this text

[Assistant] There's never any intention of having you come in person.


[User] Please transcribe this text

[Assistant] Uh, interviews being done over some kind of messaging service.


[User] Please transcribe this text

[Assistant] The various apps people use for like it could be meets or it could be a zoom call, anything like that.


[User] Please transcribe this text

[Assistant] Be aware that you have to be careful how you proceed following an initial contact through a series of emails, messaging, or even a face to face digital kind of supposed interview.


[User] Please transcribe this text

[Assistant] That what happens next is where you can end up with some harm.


[User] Please transcribe this text

[Assistant] There are a lot of supposed job opportunities where they're then going to tell you


[User] Please transcribe this text

[Assistant] You have to pay some kind of money. That's where you know.


[User] Please transcribe this text

[Assistant] That you were about to be scammed and that one's easy. But what about if they say,


[User] Please transcribe this text

[Assistant] Uh, wow, we're really interested in you as an applicant. We need for you to fill out more information.


[User] Please transcribe this text

[Assistant] And remember, you haven't been to a physical office. You don't know that person really represents a legitimate company. You don't know if that person represents as being from a well known and recognized company. They really are with them. Not necessarily. Particularly if you're not getting emails


[User] Please transcribe this text

[Assistant] From that company, you're instead getting them through some kind of messaging app or something like that.


[User] Please transcribe this text

[Assistant] You need to be very aware. You can be very close to having your identity stolen.


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[Assistant] Because it seems like, why would somebody go through all that work to steal your identity? They're doing it.


[User] Please transcribe this text

[Assistant] Because once somebody has your social security number, they have your current address, they've got your phone number, they've asked for prior addresses. They might ask, oh, we need your bank account information for direct deposit purposes. Remember, you don't know you've really been offered a job or hired for a real job and they're trying to get your direct deposit information. You've got to do more research.


[User] Please transcribe this text

[Assistant] employer, a legitimate job offer, and all the rest.


[User] Please transcribe this text

[Assistant] And if you're going to be working in a facility, you want to be interviewed there. Maybe an initial screening is done online in some way.


[User] Please transcribe this text

[Assistant] Man, don't cough up key personal information until you have been able to be confident that you're getting an actual real offer. What do you expect for that?


[User] Please transcribe this text

[Assistant] You want on company letterhead an actual real offer with a start date and all the information where you're going to be working and all that. And then you get in your car and you go to that supposed address you're going to be working at.


[User] Please transcribe this text

[Assistant] And you want to check, is there actually somebody working there of the name who, whoever is supposed to be the one actually interviewing you. This is art more than science on your part. You've got to, you want that job.


[User] Please transcribe this text

[Assistant] So many times you're going to out of wanting that job, you're going to suspend disbelief and you're going to give.


[User] Please transcribe this text

[Assistant] Just know that this is a big problem right now and you have to be on your card.


[User] Please transcribe this text

[Assistant] So first of all, why is it that I talk about death so openly? Because as best I know, none of us are immortal, but we, at our peril and for those of our loved ones who survive us, we leave a real burden on them if we don't.


[User] Please transcribe this text

[Assistant] Make our wishes well known and I'm glad that this is something you've spoken about in your family. So for me, uh, it is true that in the United States, particularly the organ donation programs are


[User] Please transcribe this text

[Assistant] Or a mess right now. Uhm, and that's something that is a shame and we need to get it functioning well. I want every organ in my body that could be useful to somebody else to be available to them.


[User] Please transcribe this text

[Assistant] I think the safest way to donate your body, uhm, and there's been conversation when I've said this, is to a university-based medical school.


[User] Please transcribe this text

[Assistant] And medical hot, you know, uh, university based hospital, research hospital where, uh, your body will be made good use of. On the issue of harvesting organs for profit,


[User] Please transcribe this text

[Assistant] That has not been an issue or problem in the United States. That came up recently in a national election in South America where one of the candidates was advocating for sale of organs of deceased as a way for survivors to have money to live on.


[User] Please transcribe this text

[Assistant] I am totally for the free market. I'm not there yet on my organs being sold off for the highest bidder, but I do want my body to go to science. And I really believe that the medical school hospitals,


[User] Please transcribe this text

[Assistant] I am so opposed to these, uh, prepaid funeral plans. First of all, the funeral industry is going through a lot of transition now.


[User] Please transcribe this text

[Assistant] Several have gotten into financial trouble. You don't want a situation where you prepaid for a funeral and then they're not there when the time comes. You're dependent then on whatever state guarantee fund exists for funeral homes or cemeteries in your state.


[User] Please transcribe this text

[Assistant] I don't advise this at all. What I do advise instead Henry is look at, uh, to see what


[User] Please transcribe this text

[Assistant] Uh, funeral and memorial societies are available to you. These are non-profits where or near where you live in Wisconsin. And if you go to funerals.org, you'll be able to see what is available to you. These funeral and memorial societies use, uh, excuse the term, but they use group buying power.


[User] Please transcribe this text

[Assistant] To negotiate lower rates for funerals with burial, funerals with cremation, caskets, the whole, the whole shebang. And uhm, my goal is to have obviously a zero cost.


[User] Please transcribe this text

[Assistant] Because in the time of sadness and grief, they may spend money and do things that aren't what you wanted. Or you may want something that's very specific and very elaborate and you want your family to know so your wishes are carried out.


[User] Please transcribe this text

[Assistant] Okay, this is gonna freak you out. It is so weird the way it works at a mutual fund company or a brokerage house. So your actual individual holdings, index funds, ETFs, stocks, uh,


[User] Please transcribe this text

[Assistant] Direct assets of the firm, even if they're Fidelity branded or they're Schwab branded or they're Vanguard branded funds.


[User] Please transcribe this text

[Assistant] Your money is still okay in those funds because those funds hold underlying investments. So even if the brokerage or it could be one of those, uh, full commission brokerages or bank related ultra high cost brokerages,


[User] Please transcribe this text

[Assistant] Your money in the individual investments is absolutely safe and if a brokerage fails, your account is transferred to another firm, a successor firm and all the holdings go as they are. Money you have in a firm,


[User] Please transcribe this text

[Assistant] That is, let's say cash in a firm or whatever. You're insured not by the federal government, but by a private organization called SIPC. Securities, investors.


[User] Please transcribe this text

[Assistant] Protection Corporation, I think is what it stands for.


[User] Please transcribe this text

[Assistant] Uhm, to half a million dollars. And the big brokerage houses have additional insurance that they provide on accounts beyond the 500,000 that you have from SIPC. Did I have it right? Securities Investor? Okay. Thank you, Krista. You're welcome. And so, uhm, your money


[User] Please transcribe this text

[Assistant] Is not at risk, but it's not as simple a process as FDIC. Now, if there is fraud that occurs, like an internal employee, which has happened unfortunately


[User] Please transcribe this text

[Assistant] Too often at full commission stock brokerages, an employee of the firm steals money from someone's account.


[User] Please transcribe this text

[Assistant] Then that is a cost borne by the brokerage firm itself.


[User] Please transcribe this text

[Assistant] And is not part of the SIPC insurance. So in the event that the brokerage itself, this would only tend to happen in a smaller brokerage, the brokerage itself was crooked and was stealing money from customer accounts. And then they go insolvent.


[User] Please transcribe this text

[Assistant] In any bank related brokerage firm, I don't want you using, but with, if you're with one of them, you're with one of the low costs, your money is protected multiple ways, just different and I would say a little inferior


[User] Please transcribe this text

[Assistant] In terms of cash in your account from how FDIC or NCUA works, because SIPC is not.


[User] Please transcribe this text

[Assistant] An agency of the federal government like NCUA or FDIC are for banks. But I feel completely secure and sleep well at night knowing my money is spread among my three favorite children. And that's not my kids.


[User] Please transcribe this text

[Assistant] Even though my kids truly in real life are my favorite children, but we're talking about Fidelity, Vanguard, and Schwab.


[User] Please transcribe this text

[Assistant] And I hope you have a great day and a wonderful weekend. And remember, save more, spend less, and avoid getting ripped off.


[User] Please transcribe this text

[Assistant] Sometimes I do add a tip if I'm eating in house. So if I add a tip in a restaurant or a fast food place, how exactly do these tips get distributed to the worker who waited on me or split evenly to workers on the front line? What about the cook's dishwashers? Does the owner keep a percentage?


[User] Please transcribe this text

[Assistant] Greg in California says I recently ordered a sports bag from Walmart.com and my confirmation email had this. Includes all fees, taxes, discounts, and driver tip.


[User] Please transcribe this text

[Assistant] Driver tip? They literally, during the minimum they can do for me and Walmart to complete our transaction. The driver didn't even ring the doorbell. How can they force me to tip the driver, especially considering they did nothing to actually earn it? Is there a way to get my money back or do I just have to not shop at walmart.com anymore? Fighting the good fight against excessive tipping.


[User] Please transcribe this text

[Assistant] When the time comes, do I as a beneficiary have the ability to move the funds back to the original account or am I stuck with the high cost servicer? And note, I've tried to have my parent move the funds away from them, but she is extremely resistant to do so. Thank you for all the advice over the years. My wife and I both 36.


[User] Please transcribe this text

[Assistant] Have 830 FICO scores and are on our way to have our home paid off in four years. We have no debts and max out our Roth IRAs at Vanguard.


[User] Please transcribe this text

[Assistant] Kathy in Idaho says we own a recreational property on a lake in an HOA development. Recently the lot next door sold and the owners want to upgrade our shared dock for $60,000 in shared expenses. The real kicker is the dock builder has a monopoly and wants half down to be put on a list to build with no promise for date for a year.


[User] Please transcribe this text

[Assistant] We would like to move forward, but it appears so risky. Any ideas on how we can protect ourselves and our investment?


[User] Please transcribe this text

[Assistant] James in Ohio says, my wife and I recently received a future purchase inflation offer from our insurance company to increase our long term care insurance. The offer was optional. It contains a semi-annual premium increase of 44% from $1,692 to $2432 with a corresponding DBA.


[User] Please transcribe this text

[Assistant] I talked to a rep who told me the offer, in quotes, may not be available later if we do not accept, also with the conditions of possible future medical qualification later.


[User] Please transcribe this text

[Assistant] Note that we are in our mid 70s, retired in reasonably good health and a net worth of 1.5 million. I'd much appreciate your opinion and any recommendation of how to evaluate the value of such a premium increase.


[User] Please transcribe this text

[Assistant] I think Jenworth said all their increase, their premiums all went up like 40% or something.


[User] Please transcribe this text

[Assistant] I have to say we, I'm dealing with a long-term care policy for one of my parents right now and I'm so glad he has it and the premiums are similar, uhm, for, for his, my dad's policy. But one thing I just want to say to anyone who has long-term care insurance, please make sure that you have


[User] Please transcribe this text

[Assistant] A couple of other people named on there that can talk to the company, either a spouse and a child, a spouse and a child would probably be ideal, but a couple people, because my father didn't have that, and I had to go, even though I had power of attorney, through a long process to be able to even speak with the company, so that's just one thing a lot of people overlook.


[User] Please transcribe this text

[Assistant] It's my pleasure to welcome you to the Clark Howard Show, where our mission is to serve you with knowledge that empowers you to make better financial decisions in your life.


[User] Please transcribe this text

[Assistant] One of those really smart decisions would be to sign up for our free newsletters at Clark.com slash newsletter. And if you're new to the show, you may not know


[User] Please transcribe this text

[Assistant] That they call me the man from Roth. What does that mean? Well,


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[Assistant] Roth IRA, named after Senator William Roth of Delaware, long, uh, deceased, late Senator.


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[Assistant] And the great news on the Roth IRA is the income limits that allowed you to qualify used to be so stinking low and now those have gone up and up and up the amount you can contribute gone up so both


[User] Please transcribe this text

[Assistant] The amount you can contribute to a Roth higher in 24, the income that qualifies you to get a full ability to contribute to a Roth up as well. I'm going to explain how that works and today's show


[User] Please transcribe this text

[Assistant] I want to tell you, I spoke recently about hybrid cars, how they work, but also used electric cars.


[User] Please transcribe this text

[Assistant] I've talked about those twice recently and neglected to mention something that is new as of this week.


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[Assistant] If you buy a used electric car that makes them even a better consideration for you to buy and I'm going to tell you all about it later in this podcast. But yes, the man from Roth. Why do I love the Roth so much? Well, because the money you put in the Roth,


[User] Please transcribe this text

[Assistant] Is what you have that grows tax free and you spend tax free. When you contribute to a traditional IRA, traditional 401k,


[User] Please transcribe this text

[Assistant] You don't have the money you think you have.


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[Assistant] When you hit retirement, because everything in that account in retirement, what you contributed, everything you've earned over the years, it's all subject to tax. And if you talk to people that are 65 and over,


[User] Please transcribe this text

[Assistant] They'll tell you about the dreaded Medicare tax that you face an increase in.


[User] Please transcribe this text

[Assistant] And it's, it's not technically a tax, but it's a much higher premium you have to pay for Medicare when you have a lot of money in traditional IRAs, traditional 401ks, and you don't face that tax when you have money and Roth IRAs


[User] Please transcribe this text

[Assistant] And raw 401ks because that's what generally will produce that very high tax. So yeah, you don't get a tax deduction upfront, but you get the long-term growth in that money that you put in after tax and all the money you have is yours to spend down the road.


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[Assistant] So the Roth, you're allowed to put seven grand in.


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[Assistant] This year, less you're over age 50, you can put eight grand in. So almost $600 a month.


[User] Please transcribe this text

[Assistant] You can put into a Roth IRA over the course of a year and now you are allowed


[User] Please transcribe this text

[Assistant] To contribute to a Roth IRA.


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[Assistant] For a single individual, you lose your eligibility starting at just a little under $150,000 in income. Now I know a lot of people are saying,


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[Assistant] I wish I had a hundred and fifty thousand dollars in income, but at that point the government in its infinite wisdom punishes you for making more money and then disallows you being able to save in a Roth IRA for a married couple,


[User] Please transcribe this text

[Assistant] It's 230,000. So in other words, most individuals, most married couples make obviously less than those amounts of money. Thus you're eligible to do a Roth IRA. Again, seven grand for an individual.


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[Assistant] 8 grand for an individual who's 50 and over. And here's the thing, if you are uncertain as an individual or as a couple, what kind of income you're gonna have in 24?


[User] Please transcribe this text

[Assistant] You can wait to make a Roth contribution till 25 before you file your income tax return.


[User] Please transcribe this text

[Assistant] And as long as your income is below the thresholds, you're good to go. Otherwise, you have to, it's a mess to, to shut down that money and that Roth after the fact. You don't want to have to get into that. And so that's why if you are close to the income limits, you should wait to make the contribution.


[User] Please transcribe this text

[Assistant] So I love your generosity and I love your spirit and you are allowed to give any other individual money every year up to


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[Assistant] I'm trying to remember if it's 17,000 or 18,000 now. Oh, check. And 24. You know, these, these, uh, types of things inflation adjust and I forget how they change. So while Chris is looking that up,


[User] Please transcribe this text

[Assistant] You can give your kids this money. It can go into a Roth for each of them. It's 18 now. I just, I thought it was going to 18 January 1st. Alright. So you can give up to 18,000 so you have no tax issue for you or for them.


[User] Please transcribe this text

[Assistant] And it doesn't have to even be a relative. You see somebody on the street, hey, hey, I feel good today. I'm going to give you $18,000. You can do that. No problem for you, except you don't have the 18,000 and a great win for them. No tax for either party. So you.


[User] Please transcribe this text

[Assistant] Can give them the money, but I, you said they don't have the money to put in.


[User] Please transcribe this text

[Assistant] I would really consider doing this as a match thing.


[User] Please transcribe this text

[Assistant] As long as you put up 250 yourself, you know, all of us have, um, unless we've got extreme


[User] Please transcribe this text

[Assistant] Obligations in our lives. We've got money that goes here, goes there, whatever.


[User] Please transcribe this text

[Assistant] And just little lifestyle changes might free up that money and you would benefit more and your kids would benefit more.


[User] Please transcribe this text

[Assistant] If they're in the game and they're contributing some of the money, they will appreciate it much more because they will have sacrificed as well. Just a thought. If you just want to give them the two or 3000 into a Roth, go ahead. But I love the idea of you doing it as an incentive match.


[User] Please transcribe this text

[Assistant] So I always say there's no scholarship for retirement and your first priority is to save for your own retirement. You're already doing that through the retirement plans at work, so I'm really comfortable in you setting up


[User] Please transcribe this text

[Assistant] The Georgia 529 plan, which is on our good list of 529 plans.


[User] Please transcribe this text

[Assistant] Get a current tax deduction. Have the plans grow tax free. If either of your kids don't need all the money for college, it then can convert later tax free exchange into a Roth IRA.


[User] Please transcribe this text

[Assistant] So, can't we have both? And yes, through a 529 plan, you can. You can move ultimately down the road up to $35,000 that was not needed for college tax free from a 529 into a Roth IRA.


[User] Please transcribe this text

[Assistant] You own the accounts for the benefit of each of your children. When I say you, one parent owns the account, not both, for the benefit of a child. And so, yeaah, pop that money in that


[User] Please transcribe this text

[Assistant] 529 plan, let it grow over the years, your kids middle school time, high school time, and then that money will help to fray some of that cost for college.


[User] Please transcribe this text

[Assistant] Georgia has something that's nearly unique in the country where high achieving kids go to state school for free, the highest achieving, and others get a big discount on tuition. If you have a grade point average, is it 3-0 or higher? I don't know that. Something like that.


[User] Please transcribe this text

[Assistant] It is still called visible and it's actually a child, not a sibling. It is wholly owned by Verizon along with a million other.


[User] Please transcribe this text

[Assistant] Uh, off brands that Verizon owns. I mean, nothing like this I think has happened anywhere in the world.


[User] Please transcribe this text

[Assistant] Verizon has so many different off brands that they own for selling cell phone service to different markets. Visible is geared towards people, uh, who are teenage to about age 35. But anybody can use it and it's a steal of a deal.


[User] Please transcribe this text

[Assistant] It's, I think their cheapest unlimited plan is 25 bucks and their premium unlimited plan is 45 bucks all in, including taxes and junk fees. And people have been very happy with Visible. We have a long form review.


[User] Please transcribe this text

[Assistant] Uhm, it's like I've had an obsession recently, and I apologize, about why for a second car and a family, having a used electric is such a smart buy right now, and now it just became a smarter buy again.


[User] Please transcribe this text

[Assistant] In 24 new law that I'm going to share with you straight ahead. So here I am third time in a month touting used electric cars.


[User] Please transcribe this text

[Assistant] Why am I doing it? Because people are still looking for better deals on used cars. They're 80% of the car purchase market. Uhm, only a sliver of the marketplace goes out with the intention of buying new cars.


[User] Please transcribe this text

[Assistant] And used car prices have moderated but moderated at a point much, much, much higher than they were five years ago.


[User] Please transcribe this text

[Assistant] Before the pandemic in 20, I mean you look at the prices of used cars in 19, look at the prices of used cars now.


[User] Please transcribe this text

[Assistant] Whole different game, uh, one measurement shows they've gone 17 to 27 thousand.


[User] Please transcribe this text

[Assistant] Over five years average cost of a used car, although I think the 27 is a little antiquated. My reading is those prices have continued to trend down more like a 25, 26 for


[User] Please transcribe this text

[Assistant] And now, there's the added bonus attraction that used electrics qualified for most taxpayers for a $4,000 tax credit.


[User] Please transcribe this text

[Assistant] So whatever price you buy it at, you get another $4,000 off on your tax return. And so this is a real opportunity


[User] Please transcribe this text

[Assistant] And Edmunds put together a list of used electrics that they find are really good ideas to purchase. The Kia Niro EV, the Kona Electric EV,


[User] Please transcribe this text

[Assistant] The BMW i3, I've seen some great deals on the i3. Uh, the range on the i3 is really short. This is a run around.


[User] Please transcribe this text

[Assistant] Uh, town kind of purchase to get a BMW i3. Uh, they're a little unusual looking, but they get the job done and they're fun to drive. Uh, the Chevy Bolt EV, the original


[User] Please transcribe this text

[Assistant] Uh, Chevy Bolt that has been out for seven years now, lots of deals on those and


[User] Please transcribe this text

[Assistant] The one that's really one that you gotta have for the right situation.


[User] Please transcribe this text

[Assistant] Older Nissan Leafs that you can buy for several thousand dollars, battery pack dies, you just take it to the junk yard, have it towed to the junk yard.


[User] Please transcribe this text

[Assistant] Uh, but the older Nissan Leafs sell for dirt cheap money because they have a driving range of, uhm, it's not 10 miles. It's more like 35 miles.


[User] Please transcribe this text

[Assistant] 20 mile range. And so it's gotta be something that you're doing a tight.


[User] Please transcribe this text

[Assistant] We're defective from day one in the early Nissan Leafs. It is a great source of transportation. So I'm talking about this for what is so true in so many family situations. You might need a very part time second or third car.


[User] Please transcribe this text

[Assistant] And devoting a lot of money to it is not a great idea, but at the same time, if you buy one that's 25 years old or 20 years old, it's going to come with a history a lot of times not pleasant.


[User] Please transcribe this text

[Assistant] And a lot of potential maintenance issues and repairs it might need.


[User] Please transcribe this text

[Assistant] That you're not likely to have with these newer, early generation electrics that uhm, just don't go on any kind of road trip at all, just for bopping around town.


[User] Please transcribe this text

[Assistant] Okay, so Costco, uh, 97 cents is a regional or corporate office markdown in a Costco and they are selling below their cost. And I remember when I did a TV interview with the CEO who's now retired, Craig Jelanick, he said to me,


[User] Please transcribe this text

[Assistant] We're not happy to have those 97s because that means, well I won't use the language he used. They messed up because they, uh, overestimated demand for a particular item and the way Costco's inventory management works, they want those items to turn over in 21 days. If it goes past 35,


[User] Please transcribe this text

[Assistant] They're just trying to move it out and they will go ahead and 97 the item and take the hit and sell it below cost. The other thing that can happen at a Costco. So when you see something end in zero zero.


[User] Please transcribe this text

[Assistant] That means the store manager, uh, of that store, the general manager decided an item was not moving well, corporate wasn't listening, and they have the authority, the autonomy to go ahead and do a zero zero. So when you see something in the 97 or zero zero,


[User] Please transcribe this text

[Assistant] That means it's been marked down below their cost. They're trying to get rid of it.


[User] Please transcribe this text

[Assistant] And it is your opportunity to out Costco Costco in a deal. If there's an asterisk. If it's an asterisk, it means they're not going to restock the item again.


[User] Please transcribe this text

[Assistant] If you see, particularly in the housewares item aisle or the clothing aisles, if you see a big stack of stuff and there's an asterisk in the upper right hand corner of the price,


[User] Please transcribe this text

[Assistant] They're going to mark that down because it's going to be what they call a sell through. They're not going to restock that item. So when there's a big pile of them, even if I want to buy something, I don't buy it. I take my chances. And that happened to me recently.


[User] Please transcribe this text

[Assistant] With these, uh, long pants. You don't see me wearing long pants a lot. But, uh, today I'm wearing long pants.


[User] Please transcribe this text

[Assistant] Ending in one penny. It could be, uh, often it would be 41 cents or 91 cents, but it could be any number. It could be 31, 61, whatever. When it ends in a one penny,


[User] Please transcribe this text

[Assistant] That means it's the same thing as a Costco 97. It has been marked down below Sam's cost. They're trying to get rid of it.


[User] Please transcribe this text

[Assistant] Um, Sam's club uses a number sign instead of an asterisk for an item they are doing sell through on and they're going to get rid of that item and you're going to see big, uh, sell throughs on TVs.


[User] Please transcribe this text

[Assistant] In the next few weeks, every year leading into the Super Bowl, everybody tries to clear out


[User] Please transcribe this text

[Assistant] The 23 models of TVs, because the 24s are coming.


[User] Please transcribe this text

[Assistant] And they use, they can't call them Super Bowl discounts. They have to call them the big game discounts or something like that. And they'll be moving the TVs out. You'll see the 97s at Costco, the ones at Sam's, but you'll also see big markdowns and manufacturer


[User] Please transcribe this text

[Assistant] Markdowns as well that you'll see the store price and then there'll be a manufacturer discount on top of it. So it's probably, if you're not into shopping at warehouse clubs, I just bored you no end. If you're into shopping at Sam's and Costco, you probably loved it. Oh, one more thing about Sam's on Sam's clubs website.


[User] Please transcribe this text

[Assistant] They post a section where they list their clearance items, their items being sold at one penny and you'll find some really, really great deals that are available through samsclub.com.


[User] Please transcribe this text

[Assistant] There may be one that plugs into a light socket, but that wouldn't have been me talking about it because I don't know about that. But in terms of plugging into a regular outlet, uhm, I really love the Wyze Cam series, W-Y-Z-E. Uh, Wyze sells on its own site.


[User] Please transcribe this text

[Assistant] They also have a marketing relationship with Amazon and sell through Amazon for Amazon prime members often.


[User] Please transcribe this text

[Assistant] WISE cameras will cost a little more at Amazon, but after you account for the shipping that Prime members get for free through Amazon, the WISE cams will often be cheaper.


[User] Please transcribe this text

[Assistant] The price of the Wyze Cam starts at about $25. Sometimes they'll go down to $19.99 and there's a wide variety of models.


[User] Please transcribe this text

[Assistant] Maybe so here's one that's 25 bucks for one that goes into a socket, another one for 29 bucks. So that is something you can do and you'll find them available pretty widely here on Amazon at a bunch of different prices. There's one for $19.


[User] Please transcribe this text

[Assistant] With an instant coupon. And always compare amazon.com to walmart.com


[User] Please transcribe this text

[Assistant] Is depending on the item, there can be a very large price difference, up or down, one versus the other, because they are the Hatfields and McCoys of modern retail.


[User] Please transcribe this text

[Assistant] Okay, so Bruce, there's going to be a terrible thing I'm going to say. I'm going to try to say this in a way that doesn't sound snarky. But historically there's been a big


[User] Please transcribe this text

[Assistant] Incentive for money managers who charge a percent of assets under management.


[User] Please transcribe this text

[Assistant] To be biased towards you taking a lump sum instead of a monthly check and to have you migrate your 401k out of the 401k into an IRA that they're then making 1% on managing it as assets under management. Normal course of business, it's better to leave money in a 401k.


[User] Please transcribe this text

[Assistant] If you're with a company that's a larger company that has an extremely low cost 401k,