[User] Please transcribe this text

[Assistant] What is considered to be small? $499 or less. And if you do owe a bill, you're supposed to pay it, right?


[User] Please transcribe this text

[Assistant] And there are circumstances that if you just ignore a bill...


[User] Please transcribe this text

[Assistant] We're close to two thirds of all collections efforts in the United States being for medical debt. Two thirds. And so you have this situation where people who


[User] Please transcribe this text

[Assistant] Are very careful, take good care of their bills and all that and maybe have health insurance and


[User] Please transcribe this text

[Assistant] A doctor's office or a lab or somebody.


[User] Please transcribe this text

[Assistant] We'll send a bill to, let's say an old address for you. Something like that. Never makes it to you. And then they just assume you ignored them. They turn it over to a collector and the collector gets to have fun trying to ruin your life, but no more.


[User] Please transcribe this text

[Assistant] Because now once that bill shows up, even if it's larger than that, if you know that the bill's there, you recognize it as a legitimate bill, you're going to be able to pay it


[User] Please transcribe this text

[Assistant] Which are actually today, because this stuff doesn't go into effect until later this year, that will not


[User] Please transcribe this text

[Assistant] You will have a year, even if it's a legitimate medical debt and you just don't have the money right now, you get it taken care of in a year, it will not harm you in the future like it would in the past. And I'm giving you just a little brief look at the changes coming and we will at Clark.com as we approach the summer, we will have a how to guide


[User] Please transcribe this text

[Assistant] How to navigate medical debt under the new rules.


[User] Please transcribe this text

[Assistant] And make sure that you know how it plays and you're not going to say, Oh, I should go read that today. Cause I just want to go bore myself reading about medical debt. But if you have one and you don't know your rights and how to deal with it, we're going to be there. We're going to have your back and we're going to protect you. Krista.


[User] Please transcribe this text

[Assistant] This is something we took a lot of questions about, I guess a couple of months ago about how the money you get.


[User] Please transcribe this text

[Assistant] As a business owner through Venmo or Cash App or something like that, that


[User] Please transcribe this text

[Assistant] You're gonna get a 1099 forth. There ain't even a number of things you do now that are gonna generate a 1099, uhm, you know, sellers on eBay. There are a bunch of things.


[User] Please transcribe this text

[Assistant] As long as he doesn't net a profit from them, there's no tax consequence. And it's just like a gambler. So if you're a gambler,


[User] Please transcribe this text

[Assistant] Like you are Krista. Yes. And you win a lot of money. I don't know, I've watched you lose money before in a casino. Anyway, I'm embarrassing you. Anyway.


[User] Please transcribe this text

[Assistant] If you have all your losses as well that you've had over the years, you can offset.


[User] Please transcribe this text

[Assistant] And there's no tax. It's like people with lottery tickets.


[User] Please transcribe this text

[Assistant] You know, the lottery is set up, the house wins most of the time, but if you're a regular player of the lottery, keep all your losses.


[User] Please transcribe this text

[Assistant] Because generally you will be able to set off everything you paid for them against when you do hit that lucky ticket and you win that money that that can be an offset.


[User] Please transcribe this text

[Assistant] I never recommend anybody play the lottery. You know, they'll have those giant jackpots and people lining up to buy tickets. Never this guy. Not gonna happen.


[User] Please transcribe this text

[Assistant] If you receive payments, this is like almost tied in with the last question. If you receive payments through one of the payment apps on a regular basis.


[User] Please transcribe this text

[Assistant] If somebody wants to pay you electronically, the best way for you is for them to set up automatic bill pay, which pretty much every credit union


[User] Please transcribe this text

[Assistant] And you don't have to make that phone call, hey, where's my rent? Where's my rent?


[User] Please transcribe this text

[Assistant] That's the easiest. Now the other thing is they can potentially pay by ACH and that means you would be disclosing your checking account number and routing number to your tenant. Makes me very uncomfortable for you to do that. So I think electronic bill pay is my favorite way for them to pay you. Oh, they also have to have your information to pay electronic bill pay.


[User] Please transcribe this text

[Assistant] Yeah, that's right. So they just have to have your name and address, phone number, and then you get the automatic payment the first day of each month. As a landlord over the years, that's how I've been paid as far back as I can remember. I have my tenants pay me by automatic bill pay, electronic bill pay from their credit union or bank account.


[User] Please transcribe this text

[Assistant] Okay, so what's going on with Prime? The way the fees are charged on Prime


[User] Please transcribe this text

[Assistant] To their third parties and most merchandise that you buy on Amazon is sold by third parties.


[User] Please transcribe this text

[Assistant] There are different fees that Amazon charges merchants.


[User] Please transcribe this text

[Assistant] For different levels of service that Amazon may provide.


[User] Please transcribe this text

[Assistant] And so a lot of merchants have made the decision that the fee schedule they face from Amazon for being part of prime delivery isn't worth it to them. So they are now, uh, not part of prime for a lot of the products they sell, a lot of the third parties and your delivery will be significantly slower in many cases.


[User] Please transcribe this text

[Assistant] And if you want them to get it to you in a hurry, you have to pay.


[User] Please transcribe this text

[Assistant] And that's why one thing I want you to do when you're looking at buying something that's a smaller item from an independent seller, please check other outlets. Check, uh, eBay.


[User] Please transcribe this text

[Assistant] When you're looking to buy something versus Amazon and check Walmart plus.


[User] Please transcribe this text

[Assistant] That for you, I was like a meditation and that, that I was able to help you find inner peace, I think is absolutely great. It's, it's always humbling to hear.


[User] Please transcribe this text

[Assistant] When I've affected somebody in a positive way.


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[Assistant] And I'm really glad that I've been able to be of service to you in a very serious way.


[User] Please transcribe this text

[Assistant] Involving your emotions and your life and best to you going forward.


[User] Please transcribe this text

[Assistant] Well, I am such a believer in Habitat for Humanity.


[User] Please transcribe this text

[Assistant] Is it creates independence, creates affordable housing, and I'm so cheap.


[User] Please transcribe this text

[Assistant] And that I've been involved with Habitat since 1996 and put my hard earned money into it.


[User] Please transcribe this text

[Assistant] Is because I know it works and I believe in it and I was really impressed with uh, Mackenzie Scott. Is that her name? Yes.


[User] Please transcribe this text

[Assistant] Ex-wife. Isn't that terrible to be referred to as somebody's ex-wife instead of in your own right? But she's worth $58 billion.


[User] Please transcribe this text

[Assistant] It was giving away your money all over the place at a rate that.


[User] Please transcribe this text

[Assistant] She's, uh, she wants to spend down all her money looking at causes she believes in and giving money.


[User] Please transcribe this text

[Assistant] And she gave almost half a billion dollars collectively to habitat affiliates around the United States. I don't know how she picked the one she gave money to, but habitat


[User] Please transcribe this text

[Assistant] Homes affordable for people who might not be able to afford to buy a home at regular market prices.


[User] Please transcribe this text

[Assistant] And I love the spirit of community is volunteers come together to build homes. And I'll mention that.


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[Assistant] Coming up in just a few weeks, we're going to have a Clark Howard Blitz build in Tulsa, Oklahoma.


[User] Please transcribe this text

[Assistant] And we're going to kick off with five or six new homes in just a few weeks. And if you live in Northeast Oklahoma, even if you live in OC, come on over and join us as we build


[User] Please transcribe this text

[Assistant] These homes to improve the lives and communities of Tulsa. Thank you very much for joining us


[User] Please transcribe this text

[Assistant] And however you can make a difference in the world, we always wonder how we can make the world better. And habitat's my thing. You may have something else that really speaks to you. Get involved each of us one by one. Make this world better.


[User] Please transcribe this text

[Assistant] This was only one of only two or three carriers that had great service from the third level basements and in most of the over 45 elevators.


[User] Please transcribe this text

[Assistant] But the $70 a month charge for the two cell phones never increased, and for some reason, nobody, including Consumer Reports, ever mentions Cricket. We do not own any stock or know anyone that works for AOT and Tier Cricket.


[User] Please transcribe this text

[Assistant] Speaking of our cell phone reviews, Larry in Oklahoma says I have found Pure Talk to be a well-priced and dependable cell phone service provided.


[User] Please transcribe this text

[Assistant] Why are they never included in your cell phone provider reviews? And this was not the only question we got about this. Thank you in advance. I'm a long time follower of Clark's advice and I look forward to your response.


[User] Please transcribe this text

[Assistant] With the noise and the condition of the amenities. Unfortunately, we moved from out of state and didn't tour the facilities prior to signing the lease. We live under tenants who have a large dog and this dog is always playing and jumping which is extremely noisy.


[User] Please transcribe this text

[Assistant] We can also hear every footstep the tenants make. It sounds like a thunderstorm above us all the time.


[User] Please transcribe this text

[Assistant] The outdoor furniture in the courtyard is extremely dirty and there's dog waste all over the grounds. Now the gates at the front are not operational so they are left open all day which allows anyone to enter the complex.


[User] Please transcribe this text

[Assistant] We thought that by leasing luxury apartments we could expect more. We're paying $2,000, so you would think the floors would be insulated better and the amenities would be kept clean.


[User] Please transcribe this text

[Assistant] I've complained to the manager, but nothing's resolved. I want to move.


[User] Please transcribe this text

[Assistant] But breaking the lease will cost us $5,000. Sub leasing is not allowable so we can't go that route. What rights does a tenant have in this situation?


[User] Please transcribe this text

[Assistant] Where I hold the fidelity zero mutual funds. As long as I switch off auto reinvest so that any capital gains would be received by me in cash rather than reinvested in the fund,


[User] Please transcribe this text

[Assistant] Would I avoid what happened to the Vanguard customers? My thinking is that by receiving the cash, I then have z- I have money to pay any capital gains taxes so there's no phantom gains. Is that correct?


[User] Please transcribe this text

[Assistant] From Heather in Florida, Clark mentioned Scott's cheap flights on a recent podcast. I went online to check them out. It is recommending a premiere and delete membership fee.


[User] Please transcribe this text

[Assistant] Any other membership travel oriented sites to help me find cheap tickets to Portugal in September.


[User] Please transcribe this text

[Assistant] And the story on Clark.com is called a retired travel agent secrets for getting the best travel deals. So if you just search for retired travel agent in our search bar, you will find the story. All right.


[User] Please transcribe this text

[Assistant] With all the craziness in the auto industry now, what do you think is my best option? I'm very under mileage due to COVID and want to reduce my monthly payments. Have the rates for leasing a new car gone up in general? And are there any hidden traps with extending a lease? I like my current car and would be happy to extend if it's a lower payment.


[User] Please transcribe this text

[Assistant] I know buying it out is also an option, but not sure I want to go that route. Of course I've Googled this, but any advice you have would be much appreciated.


[User] Please transcribe this text

[Assistant] It's my pleasure to welcome you to the Clark Howard Show, our mission to serve and empower you so you make better financial decisions in your life.


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[Assistant] I'm going to start out with something I've received a lot of questions about lately. Roth 401ks. I have updated advice for you about these and later


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[Assistant] I've got something that's pretty scary for your safety, a nefarious way. That's a big word. You can be tracked and most importantly, what you need to do about it.


[User] Please transcribe this text

[Assistant] I have been the man from Roth forever. First Roth IRAs, then Roth 401Ks. I'm obsessed with the Roth as a way to save for retirement. And why am I obsessed with the Roth? Because


[User] Please transcribe this text

[Assistant] There are a couple of reasons. The Roth IRA means a dollar saved is a dollar you're gonna have in retirement.


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[Assistant] Where in a traditional IRA or a traditional 401k, a dollar saved is not a dollar.


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[Assistant] It's really somewhere maybe 70 percent, 70 cents on the dollar or less because


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[Assistant] Everything in that account, everything that grows over the years, everything will be taxed at who knows what tax rate down the road.


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[Assistant] Tax rates in the United States today unusually low by historical measures, and if you just want proof of that,


[User] Please transcribe this text

[Assistant] We are bringing in far less in tax dollars than what we're spending.


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[Assistant] And most of that spending doesn't change depending on who's in power, because most of it is statutory.


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[Assistant] It's for programs that are already baked in for entitlements. And so ultimately the bill has to be paid


[User] Please transcribe this text

[Assistant] And it's my belief that eventually, rather than the country going broke, we will be expected to pay more tax. But there's also a sinister part to me that is why I love the Roth.


[User] Please transcribe this text

[Assistant] Because effectively people tend to put the same percent of their pay behind into a retirement account.


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[Assistant] Whether they do a traditional 401k or a raw.


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[Assistant] Which effectively means you're saving a lot more money.


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[Assistant] Because remember the Roth has already been taxed, so that money all flows to you tax free in retirement. And so if somebody decides they're going to put aside 10% of their pay, and they do the Roth version,


[User] Please transcribe this text

[Assistant] They're actually effectively saving a lot more than the person who does the traditional. So that's where I'm underhanded, sneaky, deceptive, terrible, is I'm using


[User] Please transcribe this text

[Assistant] Behavioral economics is a way to get you to save more money. So here's the key thing. If you've been working at an employer for a while.


[User] Please transcribe this text

[Assistant] They probably didn't have a Roth 401k option when you started. They probably only had traditional. But today, roughly 90% of companies that offer a 401k offer you the choice of traditional or Roth.


[User] Please transcribe this text

[Assistant] And if you've, particularly if you've been in a place a while, you've been doing traditional all through the years.


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[Assistant] I want you as long as you stay with them from this point forward to do Roth


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[Assistant] So then you have this pile of pre-tax money and this pile of after-tax money.


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[Assistant] And as people in retirement can tell you, there are specific advantages


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[Assistant] If you're spending from post-tax dollars versus pre-tax dollars. And so I want to tell you my obsession with Ross is that they're so great because


[User] Please transcribe this text

[Assistant] It's an opportunity to have money grow tax free and spend it tax free.


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[Assistant] And that's where I really want you to think, unless you are a mega wealthy person like Krista here, because Krista and her husband


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[Assistant] Make enough money that for you, you're in a really high tax bracket. You're not gonna acknowledge that? You're not gonna say anything, anyway.


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[Assistant] Anyway, if you are like my theoretical Krista here, and you're making really big bucks,


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[Assistant] Then you are in the highest of the tax brackets. And in that case, it would still probably benefit you to do traditional rather than raw. And we're talking big income earners. Like we're talking about huge, like half a million or more per year kind of money.


[User] Please transcribe this text

[Assistant] You'd have to be making, so now I'm talking about almost no one other than someone like theoretical Krista and her husband.


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[Assistant] Unless you're earning those huge dollars.


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[Assistant] You're gonna find that you will thank me down the road. I mean, I'll be long gone and dead, but anyway, you'll thank me down the road when you are spending that after-tax money.


[User] Please transcribe this text

[Assistant] Instead of having to pay tax on all that money you have. Why'd you make that face like four times at me?


[User] Please transcribe this text

[Assistant] In your traditional 401k and yes, the years you continue to work, you definitely want to, particularly with where tax brackets are at a very, uh, wonderful salary, like a hundred thousand tax brackets are such that you definitely want to do the Roth 401k option moving forward.


[User] Please transcribe this text

[Assistant] S corp. Teresa, there is no procedure for an S corp or an LLC to do a credit freeze. Credit freeze is established and the thought behind it is that your own credit is frozen. In your case, you really don't have to worry that much because if you're an S corp, generally when credit is granted,


[User] Please transcribe this text

[Assistant] Is what you're really interested in protecting and having a credit freeze in place for yourself and any other principles of the S-corp is the most important thing for you to do.


[User] Please transcribe this text

[Assistant] Thank you for your service. That's incredible 31. Most military personnel I hear from retire at 20.


[User] Please transcribe this text

[Assistant] So the, uhm, it's funny cause in the same breath you said TSP and 403B.


[User] Please transcribe this text

[Assistant] Most 403B plans are terribly high cost. Your TSP, the Thrift Savings Plan,


[User] Please transcribe this text

[Assistant] Is the lowest cost retirement plan offered in America. So no, I don't want you to take any money


[User] Please transcribe this text

[Assistant] Out of the TSP and move it into an IRA. I want it to stay in the TSP.


[User] Please transcribe this text

[Assistant] And yes, you'll have to do your required minimum distributions. Right now, the law says at age 72, odds are Congress is going to pass.


[User] Please transcribe this text

[Assistant] Uh, well, likely even this year in an election year where the RMDs, the age for, uh, starting RMDs will move later and later in life, maybe even to as late as 76, phased in over a number of years. So leave that TSP as it is.


[User] Please transcribe this text

[Assistant] And yes, you will pay some tax on it each year as you pull the money out.


[User] Please transcribe this text

[Assistant] I'm going to tell you a bizarre story about a great product, the Apple AirTag, and how it's being used for committing various crimes, and you need to know how to protect yourself.


[User] Please transcribe this text

[Assistant] My son lost his wallet a few months ago and it was really an important event in his life not because he lost his


[User] Please transcribe this text

[Assistant] Credit card and his debit card and his driver's license. Lost small amount of cash because as a teenager people don't use cash a lot anymore. But he lost some pictures that were near and dear to him. The wallet never found. It was pretty easy replacing his driver's license.


[User] Please transcribe this text

[Assistant] And we did everything we could helping him retrace his steps, couldn't find it. So he immediately bought an AirTag wallet. Do you know what that is? So people, if you go on eBay or


[User] Please transcribe this text

[Assistant] Amazon or walmart.com. People sell these wallets that, uh, for men and women.


[User] Please transcribe this text

[Assistant] Criminals got it, you know where they are if you just misplaced it.


[User] Please transcribe this text

[Assistant] So, uh, it was gone gone, somebody else was having a good time with it. So, you were able


[User] Please transcribe this text

[Assistant] To do that using Apple's technology, but it's nothing like the air tags where you're able to find things right away. It's a brilliant advancement on as Apple often does other companies invent a product.


[User] Please transcribe this text

[Assistant] And then Apple studies it, studies it, and comes out with their version, which is part of the Apple network effect and can actually potentially be more effective. Unfortunately though, as privacy


[User] Please transcribe this text

[Assistant] Bloggers were saying from the second the air tag was introduced,


[User] Please transcribe this text

[Assistant] And unfortunately that's what's happening. You see it all over social media. Women in particular have been targeted by, uh, undesirables who will, uh, somebody will be attracted to someone or they'll want to stalk them or whatever and they'll hide an air tag in the person's car and they're able to track them.


[User] Please transcribe this text

[Assistant] Yeah, I mean, it's, it's just terrible. And I'm telling you when, when this product was introduced almost a year ago.


[User] Please transcribe this text

[Assistant] I remember all the stories and all the tech blogs saying


[User] Please transcribe this text

[Assistant] This is going to be a nightmare for women's safety. And sure enough, it's become a nightmare for women's safety. Uh, the other thing that's happened that the privacy bloggers did not anticipate is it's being used by car theft rings. So they'll spot, um, a really nice car and a parking garage.


[User] Please transcribe this text

[Assistant] Parking structure, whatever you want to call them, parking deck, or parked in a lot or on the street, and they will come put, if it's a car that's really good for people to steal in terms of good, meaning the money they can make from it, uh, selling it to a shop shop or whatever, they'll place an air tag under it, they buy their time, they wait for the person to drive home, and then during the middle of the night while they're sleeping or whatever, they steal the car.


[User] Please transcribe this text

[Assistant] To an Android, an app that Google and Apple developed apparently together that allows you to know if somebody has put an air tag near you on your vehicle or whatever and iPhone users can do the same.


[User] Please transcribe this text

[Assistant] I'm not trying to create the school of paranoid here, but I want you to know, particularly if you are a woman who's out and about,


[User] Please transcribe this text

[Assistant] You know dangers from people putting something in your drink. You know all that stuff.


[User] Please transcribe this text

[Assistant] This is a new thing you gotta add to your protective toolbox to protect yourself from somebody


[User] Please transcribe this text

[Assistant] Who decides that they are going to stalk you or worse.


[User] Please transcribe this text

[Assistant] To be out, have that app sniffing to see if there is an air tag in your immediate environment.


[User] Please transcribe this text

[Assistant] I don't know how Apple fixes this. This has become a real revenue center for Apple. And again, like for my son, a very positive product. So I don't have an answer to whether Apple should


[User] Please transcribe this text

[Assistant] Withdraw the product if there's a way Apple can make the product not useful to criminals. I don't know that.


[User] Please transcribe this text

[Assistant] Uhm, they invented the product, maybe they can come up with a way that will make it not so useful to criminals. But I just think it's important that you know that the privacy bloggers were right a year ago and it turned out they underestimated the harm that this could cause.


[User] Please transcribe this text

[Assistant] Any of my three kids, or my wife, they would all say, I don't have a husband. My husband. Your husband, okay.


[User] Please transcribe this text

[Assistant] And having the devices coordinate and work together is an enormous advantage.


[User] Please transcribe this text

[Assistant] Or apple and potentially an enormous advantage to you.


[User] Please transcribe this text

[Assistant] If there's not things you're finding you're lacking using an Android phone, then keep using the Android. But if there are things you wish you didn't have to go to your Mac to do,


[User] Please transcribe this text

[Assistant] It would be great if the phone and the Mac were working closely together, then switch to the iPhone.


[User] Please transcribe this text

[Assistant] So this has been a disturbing pattern. We've heard from people about AAA for a number of years. AAA is a non-profit and this is something that they should have some form of appeal


[User] Please transcribe this text

[Assistant] When AAA decides that they have categorized you as an abusive member.


[User] Please transcribe this text

[Assistant] Generally, depending on the AAA affiliate you're a member of, uh, you are allowed, a lot of affiliates allow four service calls every 12 months, I think is the number you're allowed. And if you use that for regularly,


[User] Please transcribe this text

[Assistant] The letter said disproportionate use of services, Donna, but you hadn't gone over your


[User] Please transcribe this text

[Assistant] Call limit, which may be the four that's so often the case. So you need AAA, how would you do it?


[User] Please transcribe this text

[Assistant] Well you just have another family member join as the primary member and add the additional household members as members.


[User] Please transcribe this text

[Assistant] And you should probably be able to get around their system. But why would I tell you a way to sneak around? Because I think that AAA's no appeal process is ridiculous. And that if AAA feels that you are costing them too much money, then they should give you warnings through the process. There should not be something where suddenly they say, okay,


[User] Please transcribe this text

[Assistant] AAA would like to have a spokesperson on to explain how the process works. We're happy to have them.


[User] Please transcribe this text

[Assistant] Stella, that sounds unusual. What, if you had it for several years, you may have been a legacy customer.


[User] Please transcribe this text

[Assistant] Who's socials didn't transfer along just the accounts?


[User] Please transcribe this text

[Assistant] And that's probably what happened. I would contact Citibank.


[User] Please transcribe this text

[Assistant] And see if they have your social security number in their database. If they don't, give it to them.


[User] Please transcribe this text

[Assistant] So that they can properly report you to the credit bureaus having only a single credit


[User] Please transcribe this text

[Assistant] This being reported to the bureaus is very risky for you.


[User] Please transcribe this text

[Assistant] Citibank is not cooperative with you getting you into the database where you're reporting to the bureaus.


[User] Please transcribe this text

[Assistant] That exist out there so that your credit identity, uh, your credit reputation is not at risk. And I hope that you've enjoyed today's episode and Krista, I hope you get over your embarrassment. Me talking about how rich you are.


[User] Please transcribe this text

[Assistant] And I hope that you heard something today that will enrich your life.


[User] Please transcribe this text

[Assistant] In many different ways, even beyond just what goes in your wallet.


[User] Please transcribe this text

[Assistant] It's my pleasure to welcome you to the Clark Howard Show. Our mission is to serve and empower you so you make better financial choices in your life.


[User] Please transcribe this text

[Assistant] I'm really excited about a trend that started back in the 1990s, kinda petered out, and now is back stronger than ever.


[User] Please transcribe this text

[Assistant] It's called By Nothing Groups. This might be something you can incorporate into your life as maybe a New Year's resolution.


[User] Please transcribe this text

[Assistant] Also want you to resolve to make sure all your records and information are available to your loved ones.


[User] Please transcribe this text

[Assistant] In case you unexpectedly pass away. I know that Krista


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[Assistant] There is something that gets more and more organized over time. And it's this idea that instead of


[User] Please transcribe this text

[Assistant] Buying stuff that maybe your wallet can't quite afford. That you instead buy, instead of buying something, you engage in some kind of barter system. They're called many different things, but the idea


[User] Please transcribe this text

[Assistant] There are people who really like this from an environmental standpoint that it keeps stuff out of the landfill.


[User] Please transcribe this text

[Assistant] But I'm talking about the other side of it. The different green. Your wallet that if you're able


[User] Please transcribe this text

[Assistant] Right, and so with free cycle, you could put things up for people to take, and when we were moving, uh, from a house to a condo earlier this year, there were things that


[User] Please transcribe this text

[Assistant] There were things that we sold at various consignment outlets. There were things we gave to charity. And then there were things that we made available to people, um, for sale, very cheap prices or to take. And it was funny cause people were so excited, both who bought things ultra cheap from us and things that we gave away. And I remember,


[User] Please transcribe this text

[Assistant] Was a guy came from 150 miles away.


[User] Please transcribe this text

[Assistant] To get this, uhm, massage chair we had had. It was an old massage chair.


[User] Please transcribe this text

[Assistant] $100 or whatever and knew it had been quite a bit more. And it was his lucky day.


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[Assistant] And her even luckier day the next day for her birthday. In that case we sold, but the idea is that


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[Assistant] Paying full retail for things when money's tight in your life, really bad idea. So I know the big thing, the end thing.


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[Assistant] Is buy nothing. You can go if you want to learn more about it. There's a website for buy nothing. The web address is pretty messy. Uh, BN for buy nothing.


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[Assistant] ponfb.org. That's too much for people to remember.


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[Assistant] And so, if you really want to, uhm, just not spend any money,


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[Assistant] It's kind of a misadventure, sometimes an adventure, sometimes a miss, but this is something you could do. But also buying things.


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[Assistant] Gosh, that's great. It's a great, great thing to do to reduce your spending. And so if you know that, uhm, there's more days in the month than money for that month in your life, then where you can, not as a game, but as a way of balancing your monthly budget before you buy something, consumables are different.


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[Assistant] But for things that are not consumables, having the opportunity to get things or basically little or nothing is a real opportunity that


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[Assistant] Most people turn their noses up at. I don't get the turning your nose up at something like that. So it is an opportunity to save and you should take advantage of it. And, uh, you know, you and I've talked about when the house we were in, how much stuff in our house we bought on, uh, neighborhood groups and, you know, different websites and stuff.


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[Assistant] People would be moving or a couple would be getting divorced or whatever and we'd go buy stuff and how inexpensive it was to buy things was just incredible.


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[Assistant] Okay, I have no art side to me at all. Well, let's go to some questions first.


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[Assistant] Josh, I cannot thank you enough for posing this question, posting this question because I've done, uh, TV stories twice on this and I want you to know what's going on is people use this Google voice poi where they find you selling on


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[Assistant] And what they're trying to do is they're trying to engage in a full-bore identity theft where they end up being able to take control of your phone. I'm not gonna get into all the plumbing of it, but what they're able to do is they're able to intercept your phone calls, they're able to intercept two-factor authentication,


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[Assistant] If they've dug deep enough and they know where your bank accounts are and stuff like that,


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[Assistant] They can use intercepting your two factor authentication.


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[Assistant] To clean out your bank account, brokerage account, 401k account, blah, blah, blah. So this is a, uh, I would say it's a moderately sophisticated criminal who was contacting you. And if some UFO is trying to get you to verify a Google voice thing, you know you're this close


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[Assistant] Alright Mike, what numbers do I play in the, what are those things called? The power ball? Mega million, there's a bunch of them. I mean, man, whoever is lucky enough that it doesn't die two weeks after the warranty,


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[Assistant] Yeah, this is, this is a great unknown.


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[Assistant] Uh, those defective battery packs and the early generations of the Nissan Leaf, and uh, when they failed overwhelmingly, Nissan just said, huh, that's your problem.


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[Assistant] And it was, it was a terrible event because the battery pack was way more expensive than the Leafs were worth. And so the Leafs ended up essentially in junkyards. And I don't, I don't know how it will play with your Tesla if the, uh, refurb battery they put in


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[Assistant] If it gives you eight more years of life or whatever, it won't really matter at that point. But yes, this is the unknown. It's just a little higher stakes than what you tend to have with


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[Assistant] Uh, I can't even speak to that because the batteries are getting steadily cheaper and


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[Assistant] They're down 90% in cost I think in 10 years at manufacturer. So I don't think it's going to be as big a problem in the future as it would be with your car that has an older,


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[Assistant] Technology, early generation Tesla battery.


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[Assistant] Sean, you are bringing up something that has come up again and again with solar. I hate


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[Assistant] The leasing of solar and I hate the financing of solar because you're creating an obligation, a liability.


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[Assistant] And the solar itself may be floating out there as an asset on the roof, but the financing could kill a sale.


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[Assistant] It could kill your wallet in this case at the time your dad would pass away and no way


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[Assistant] Should any company have sold anyone who's elderly a 30 year payment plan?


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[Assistant] In Florida, as I recall, that might come under the elder abuse statute, but there's a separate thing here, and that is they haven't delivered the panels, so it's not even done yet. I want you to go see a real estate lawyer.


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[Assistant] But it says have not delivered, meaning the amount of energy they're producing. I think that's what it is. Okay. So if that's the case, there's a new interpretation. Thank you, Krista.


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[Assistant] Sean, what I would say is go seek out an elder law attorney. It's a subspecialty of the law. Elder law attorney in Florida will know


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[Assistant] Whether or not this comes under the elder abuse statute and that this would be voidable for that reason.


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[Assistant] If you're not familiar with the term voidable, any lawyer could explain to you that there are, let's say a company chooses to enter into a contract with a minor. The minor could hold a company to the contract, but in reverse, the minor could also say, I'm not going to do this. And because they're not an adult, the contract then can be voided in most cases. So under the elder abuse statutes,


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[Assistant] It works kind of like it would with a minor child, but this would require the services of an elder law attorney, because that is totally abusive to sell an elderly parent a solar system with a 30 year finance plan. Either your dad is


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[Assistant] The most optimistic person in the world who expects to live an extremely long period of time or the reality is he was taken advantage of. Coming up next, got a question for you.


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[Assistant] Do your loved ones, speaking of this kind of thing, do your loved ones know what assets you have?


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[Assistant] What accounts you have, where they are, where your important documents are.


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[Assistant] And what procedure have they left behind if they've left any?


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[Assistant] The answer to this for 99% of us is, gosh, we should have done that.


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[Assistant] So you might imagine with what I do for a living that it's been something that's just automatic with me that we have good records of our finances, our accounts and all the rest. But family dynamics are interesting and Krista could share with you


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[Assistant] She's all art, and I have no art side to me at all.


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[Assistant] Wow. It's true. Well we don't have in common that she's beautiful.


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[Assistant] Beautiful. Inside and out for sure. Right. So.


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[Assistant] Honey, I hope you hear that. Anyway, so uhm, finance is not her natural thing. And so we sit down twice a year and I'm older and


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[Assistant] She's in great health. I'm in okay health, but not great health. And so odds are I'm going first. Not always, but the odds tend that way. So it's really important, particularly with this imbalance of, uh, interest in finance that she and I, twice a year when we switch from daylight time to standard time, and when we switch from standard time to daylight time,


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[Assistant] I know it's not six months apart, it's four and eight, but it's a date we can count on, we know when it's gonna happen, and we go over documents, accounts, usernames, and passwords. And we talk about all that, and then every three years we do a consult


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[Assistant] It's something that for me is automatic, for her is not.


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[Assistant] But we both are motivated to make sure that we have protected the other. The truth, most couples are uncomfortable with the thought of somebody dying. Their partner, their spouse, they're uncomfortable about it.


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[Assistant] And so they don't have these conversations and none of us are immortal. We're all going someday.


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[Assistant] And the question is what destination, but we're all going someday. So.


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[Assistant] I really want you to come up with something in your life. It doesn't have to be twice a year like my wife and I do. Uh, one time a year is great.


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[Assistant] It's really key and it's more difficult now because of all the electronic stuff where you have the electronic access to accounts that your significant other or spouse or if you're not married and you're not in a relationship that whoever you trust to be the one, if you became incapacitated, who's going to pay your bills for you?


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[Assistant] Who's gonna know how to do that, that you can trust to do those kind of things? You have to think through these situations and


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[Assistant] When I say who you can trust, be very, very careful who you trust to give that information to. Uhm, a lot of times most, uh, fraud


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[Assistant] That involves families, involves affinity fraud. It will be someone we trusted within our family or a close friend. So you need to be really, really


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[Assistant] In tune with whether or not they are who you can trust. But you want to, uh, have a list of what accounts you have. You want to have a list of any insurance you have. If you work for a number of employers over the years, you may have several stray 401k accounts. Uhm, you may have who knows what going on in your life that I haven't mentioned. Uhm, series I savings bonds. We have those.


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[Assistant] Uh, this was back when they issued paper bonds typically. Now they're electronic. So we have the bonds in a safe and we have a record of all the numbers if anything happened where someone cracked our safe and stole them or anything like that. And so we have taken the steps where we continually revise and update what we got, what it's worth, how do you access them,


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[Assistant] We also have accounted for frequent flyer plans because we travel a lot and the airlines, you know, legally the courts have said those miles are the airlines. And if you haven't come up with something in your will that says who gets the miles and points, the airline can just run off with them. And we have a list of each person's sign-ins for the airline points so that in the event, uh, well, I'll tell you, this is what most people do.


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[Assistant] When somebody dies, they go ahead. The other person redeems those points many times.


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[Assistant] They use the deceased's points to do it. We gotta know how to sign into the accounts to do that. See, I'm talking a lot about death.


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[Assistant] You should make sure you have some kind of record of the jewelry you have.


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[Assistant] And if something is not costumed and is particularly valuable,


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[Assistant] I want you to think through your life, it may be a very simple one financially, it may be very complicated.


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[Assistant] You want to be prepared and if you're not sure about the whole trust thing and you have a lawyer who did your will, depending on your state, you may be able to store, uh, lists like this with the lawyer. Depends on the state whether that is an applicable way to do it and so


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[Assistant] These are just some heads up kind of things for you. The other thing we do every year is we videotape


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[Assistant] You don't call it that anymore. We take our cell phone and shoot video of our possessions around, now we're in a condo and we go around and we


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[Assistant] You know, we got this in June and it was this much money. We bought such and such a place and we do that walk and talk. So we have a record of our possessions in the case.


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[Assistant] of theft or fire or total loss cause of a violent storm or whatever. And these things don't take long, but I can tell you


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[Assistant] You're leaving a mess behind for your loved one or loved ones if you don't have these conversations.


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[Assistant] On a regularly scheduled basis, come up with whatever the time is for you, whatever that is, and it can be


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[Assistant] So Rhonda, uhm, this is, this is confusing because


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[Assistant] It's possible it's worth more for the gold itself than it is as jewelry.


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[Assistant] If the gold content of the jewelry is lower, then know that jewelry second hand carries relatively low value. There are now a number of websites that specialize in selling jewelry and uh, purses and stuff like that.


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[Assistant] And you may be able to get more for your mom's jewelry at one of the selling sites than you would trading it in as you were discussing at a jeweler.


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[Assistant] So, if you go to a place that specializes in buying gold as gold, not as jewelry,


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[Assistant] They'll give you a value and you'd be able to use that to weigh it against the trade in you're thinking of doing or selling through one of those third party sites.


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[Assistant] You didn't say if your 401k is a Roth 401k or traditional, if it, if the new owners don't want you around and they send you on your way, you would be free to move the money from the then ex-employers 401k to your own IRA, which would be a traditional. You then at that time, if you wish, could pay the tax ultimately,


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[Assistant] And move it from a traditional IRA to a raw. There are some hoops you have to jump through, but it's not a terribly complicated process.


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[Assistant] The Roth that they're now offering, the Roth 401k are you traditional? If your income is below


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[Assistant] Let's say $250,000 a year, uh, family income if you're married.


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[Assistant] Let's say uhm, 200 if you're single.


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[Assistant] You want to do the Roth 401k version because of where tax rates sit right now. Uhm, after you have done the 6% of your pay into the 401k, whether you do traditional or Roth, you then want to fully fund the HSA because the HSA has enormous tax benefits. The money goes in pre-tax. It grows tax free.


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[Assistant] And it's spent tax free. It's like the advantages of a traditional 401k.


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[Assistant] Six percent of your pay into the 401k, whatever version you take. Full funding of the HSA. You still have more money to save. You then put that money into the 401k.


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[Assistant] Going above the 6% you initially contributed. And I want to thank you so much.


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[Assistant] We're joining us for this podcast episode. I want to thank you in advance if you are interested in contributing.


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[Assistant] to our 31st year of Clark's Christmas Kids. This is our effort each year for 31 years to collect donations to buy gifts for children in foster care. Kids in foster care


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[Assistant] With this 31st year of Clark's Christmas Kids, you'll see how it works if you go to Clark'sChristmasKids.com. Thanks so much.


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[Assistant] But my job is to serve you and serve the audience. But anyway, you're the big shot and I do what you tell me. And happy new year to you.


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[Assistant] I will be living in a dorm and I want to get a part time job in the weekends since I would like some spending money and don't know anyone there. Would a place like Applebee's or a restaurant like that hire me part time for 12 weeks while I go to school?


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[Assistant] Totally. Okay, this is from Dan in Ohio. I was wondering if you're familiar with Alfred Camera Home Security. It's supposed to be able to turn an old cell phone into a security camera. I just wanted your thoughts. Thanks.


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[Assistant] And from Pam in Florida, years ago my husband and I bought savings bonds for our grandkids. Their father and mother have since been through a number of relationships. We have copies of when we purchased the savings bonds, but the mother and father have no clue as to their whereabouts. Where do we have to go for the kids to get the money due to them?


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[Assistant] Here's my question. I have about $50,000 in savings in three different financial institutions. I want to keep this cash fairly liquid just in case the opportunity to travel the world pops up.


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[Assistant] I already have a deferred compensation account, a fidelity Roth IRA, and a fidelity traditional IRA. I own my home with no mortgage and have no debt. Is there a better place to keep this money? Thank you for doing what you love. You are an inspiration.


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[Assistant] This is from Susie in Oregon. I have a two year old Honda Ridgeline that has paid off. I'm wondering with the high demand for used cars, would this be a good time to buy a new car to maximize the trade in value for my Ridgeline?


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[Assistant] And this one's from Donna in Massachusetts. I've started a new job, however they use a company called Empower for their 401k. All my other investments are with Fidelity and the reviews I've read are scary. Can you give me some insight regarding this company?


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[Assistant] It's my pleasure to welcome you to the Clark Howard show where our mission is to serve and empower you so you make better financial choices in your life. Today I'm going to talk about privacy in your cell phone. If you're a Verizon subscriber, you got to listen up and later


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[Assistant] Used car prices have gone up, up, up, and away, and I got a shocking stat to share with you in how you handle today's car market that's coming later.


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[Assistant] So Verizon, as I shared with you last year,


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[Assistant] In spite of that wants to make more money from you. They trade in your data. So when you are a Verizon customer, they are reading all your stuff. They're collecting data about your apps, where you browse on the web, everything you're doing and Verizon


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[Assistant] Is doing this because they're making money off of you, selling you cell phone service, and then they're making money selling your data. Not okay. Now, the good thing is that you can opt out of it, but the emails people are getting from Verizon


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[Assistant] Make it sound like it's a great thing that they're spying on you!


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[Assistant] This is such an exciting day. We're letting you know that we will spy on you all the time, unless you tell us not to spy on you, but you're going to miss all the advantages of letting this big and personal Verizon spy on you.


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[Assistant] Well, you know what I just realized, Krista? What? Do you know in the last few weeks, I picked on T-Mobile, I picked on AT&T, and now I'm picking on Verizon? What's wrong with me?


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[Assistant] Why am I picking on these huge impersonal entities? Because they're doing things they shouldn't be doing!


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[Assistant] I mean, it's only the 13th. We got lots of time the rest of the year. But Verizon says that they use the data.


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[Assistant] To personalize communications with you.


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[Assistant] Give you more relevant product and service recommendations.


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[Assistant] And develop planned services and offers that are more appealing to you.


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[Assistant] This is funny, they are even spying on your children!


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[Assistant] Unless you live in the state of Maine where that's not allowed. Spying on your children!


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[Assistant] And it's so funny because they pretend this is all good stuff, that they're developing individualized profiles.


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[Assistant] The reality is you say thanks but no thanks and opt out. So.


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[Assistant] What Verizon's done is this nasty practice where you're automatically into their spying network unless you opt out. It should be, if it's such a great program that Verizon has for you, it should be something that they get you to opt into. But they know what they're doing here. They know that most people ignore those emails.


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[Assistant] And they're not going to opt out, but you, because you are a listener to this podcast, you are savvy enough


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[Assistant] That you're not gonna allow the nation's most expensive cell phone carrier to also get in your wallet for extra money. And while we're at it,


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[Assistant] If you are a Verizon customer and you love Verizon's network and you want to stay with Verizon, why aren't you with Visible? What's Visible, you might ask? Visible is Verizon's brand.


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[Assistant] It is geared towards younger people who look at Verizon as being their great-grandparent cell phone company. And they have trouble getting their brand into the hands of young people.


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[Assistant] So they came up with a whole separate branding called Visible.


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[Assistant] It is a fraction of the cost of having your Verizon cell phone service with Verizon.


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[Assistant] And so, you don't have to be young to be visible.


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[Assistant] You just have to be flexible to go save the money you save.


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[Assistant] Being with Visible. So see, I get you on the same Verizon network, but at a fraction of the cost. You might ask, what is a fraction of the cost? I'm glad you asked. Because the most you can pay is $40 a month, and the least you can pay is $25 a month for unlimited talk, text, and data.


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[Assistant] Is fast, but not as fast as Verizon will be, uh, brand name Verizon will be in the fastest situations.


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[Assistant] But it's plenty fast enough, I'm hearing no complaints from people at all about dumping Verizon brand, staying with Verizon, but going to Visible.


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[Assistant] The stores for Visible are invisible. That's cause there aren't any. You can only sign up for Visible


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[Assistant] Visible.com and we have a full review of Visible on our cell phone guide at Clark.com. Lista?


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[Assistant] I'll tell you what the game is. So this is how this plays. So criminal, use the stolen number.


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[Assistant] And it went through the verification process with Chase because it was being shipped to the address of the card holder. Normally what happens in this case is the criminal is following the tracking for that computer and they porch pirate it. Soon as it's delivered to your stoop, the criminal is usually there grabbing it and running off with it. In this case,


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[Assistant] The criminal was clever enough to know how to use a stolen credit card number to buy the item, knew how to defeat the Chase, uh, fraud system, but did not execute at the back end getting the computer from you. So this is an individual who apparently has had the Mac stolen from.


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[Assistant] And what I would do is I would, you have only the name and address of the individual, I would write them and say that you have this computer that you didn't order, would they contact you? That's all you do.


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[Assistant] Give him an email address and you may want to use a disposable email address in case somehow that individual is involved in some.


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[Assistant] But the more likely thing is that is an innocent individual who was selling the computer and had their money stolen by a thief, had their laptop stolen by a thief, which actually did not happen because you're in possession of it. As for the money the seller would have gotten, they didn't get the money because the


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[Assistant] Uh, Chase people never would have paid that because it had been a fraudulent charge. That's pretty weird and complicated, isn't it?


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[Assistant] So uhm, Scott, I want to thank you for posting this question because I meant to put this down as a topic for us. The ongoing war between merchants and Visa MasterCard.


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[Assistant] So they're saying, hey, if we're going to give you a discount, Scott, you got to do it our way. So you can go into the full school of paranoid and open an account at an online bank and just put in enough money to cover your cell phone bill over time in that account.


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[Assistant] Plus any others that send you a notice that you only get a discount if you pay by uh, debit.


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[Assistant] And then it would be safe to give your checking account number or get a debit card from that online bank because then the only money at risk is what you have in that account.


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[Assistant] The discount you're getting almost certainly the auto pay discount is worth enough money to you that it's worth taking the risk of doing it by debit or by what's called ACH, automated clearing house with you providing them the checking account information, but not your main account. That is too high a level of risk. And the reason I mentioned online bank is there's no fees involved with having an account with an online bank.


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[Assistant] Now, something that's been brutal for people, let's say you're in an accident, you're not hurt in your car, and your wallet ends up being demolished because your car is totaled, and you gotta go out and shop for one right now, my goodness, an involuntary car buyer.


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[Assistant] What do you do if you're on the bubble about buying a vehicle with what's going on with prices? I got some suggestions for you straight ahead. It is beyond imagination what's happened to the vehicle market worldwide


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[Assistant] Since the pandemic started almost two years ago. We are in a position now


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[Assistant] Not just in the United States, but around the world is so severe that the cost of used vehicles all around the world is setting records in the United States. The average used vehicle pre pandemic cost $17,000 today, a whisker under 30,000 from the most recent industry data. The reason is,


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[Assistant] If you drive down one of those boulevards that has, uh,


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[Assistant] There's no new vehicles at all on those lots. None! And any that are being generated, well, they're already spoken for before they even


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[Assistant] Release them from the factory once they get the chips that vehicle needs. So the vehicle market's been hit first early in COVID by the factory closures. Second, by workers who are getting COVID and slowing the assembly lines down. And then third, the ongoing chip shortage. The chip shortage has


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[Assistant] Started to get better piece by piece. Tesla just proved recently that the chip shortage


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[Assistant] has pushed through a dozen price increases on their vehicles since the chip shortage came about because no matter how many they produce and no matter what they charge for the vehicle, people seem to be willing to buy it. So the average cost of their new vehicles, sky high. And so whether you go to the new car lot where you'll find nothing,


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[Assistant] Or the used car lot, where you'll find shocking prices.


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[Assistant] Apparently, uh, the data's not as good, but what I've read


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[Assistant] Is this the worst time to buy a vehicle since 1946? Wow. 1946 was, uh, the year after the end of World War II, obviously, and factories had all been making war material, and all the returning, uh, GIs coming back to the United States, there weren't vehicles for them to buy.


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[Assistant] And that was the other time based on war, this time pandemic.


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[Assistant] That we've had this much distortion in the vehicle market.


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[Assistant] I'm going to say something right now I've been thinking about for the last couple of weeks and I can't believe I'm saying it. Okay, you have an older car and it's not worth that much anymore and it needs a significant repair.


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[Assistant] Okay, I'm going to say it. Even if the repair costs more than the remaining value of your vehicle, you probably need to repair it and then drive that vehicle till the car market gets back to some semblance of equilibrium, which


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[Assistant] The vehicle market won't just all on one day be healthy.


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[Assistant] But the conditions will gradually improve through 22. And the extreme distortions in the used vehicle market with prices up, is that 80% in two years? I think it's 80%, whatever.


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[Assistant] 17 to 29 something, almost 30,000. It's a, it's a big number. Anyway, uhm,


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[Assistant] The used vehicle market, the price pressures will ease before the, uh, new vehicle market comes fully into equilibrium. But those ultra-spiked used car prices will ease gradually through the year. And the new car thing will be normalized by either the fourth quarter of this year or the first quarter of 23. Now originally I said


[User] Please transcribe this text

[Assistant] We'd be fine with the new vehicle market by this summer, when I was talking about it last summer. I was wrong. It's going to take a little longer, but we are going to get there.


[User] Please transcribe this text

[Assistant] Alright, so Krista, you've known me since 1997.


[User] Please transcribe this text

[Assistant] What's gonna be the answer to this question? Cash. Cash is king. Cash is it.


[User] Please transcribe this text

[Assistant] You have earned the reward, Jacqueline, of not having to pay interest at all.


[User] Please transcribe this text

[Assistant] At a time where stocks are so highly valued is riskier even than normal times and you can't leverage that. You can't expect.


[User] Please transcribe this text

[Assistant] Well, I'm going to earn more on it, so I should borrow money at one and a half percent. Uh-uh. Pay cash, be done, know you own that Model Y free and clear, and you cannot equate the value of long-term investing in the stock market versus short-term value of money. Long-term, of course, being invested in the stock market pays huge benefits to you.


[User] Please transcribe this text

[Assistant] But we're not talking long-term here with the comparison you presented to me.


[User] Please transcribe this text

[Assistant] Go ahead and take the trips in your SUV, the 19 miles per gallon.


[User] Please transcribe this text

[Assistant] It's nothing compared to how inflated the market is right now for you buying something else.


[User] Please transcribe this text

[Assistant] Next, uh, second half of this year and definitely moving forward, we're going to have more and more deals.


[User] Please transcribe this text

[Assistant] On electric vehicles and the quality of the ones coming out is going to be off the charts.


[User] Please transcribe this text

[Assistant] And it's not just going to be a one horse race. It's not just Tesla. We're going to have automaker after automaker, both traditionals and new entrants selling a lot of SUVs, uh, pickup trucks, passenger vehicles, because the prices have gotten to a point that the economics are going to heavily favor electric. And so I think you nurse this.


[User] Please transcribe this text

[Assistant] 19 mile per gallon SUV along, take the trips, pay the high prices for the gasoline and know that that's like a down payment on you having wonderful, wonderful choices at lower costs on electric vehicles as you look months away, not years away.


[User] Please transcribe this text

[Assistant] Oh, I should say on renting. Thank you for mentioning that. I completely forgot. Okay, I'm going way out on a tangent here. The benefit right now when you rent a car.


[User] Please transcribe this text

[Assistant] Of renting it when you originally book your travel, your airline tickets, whatever. And then re-shopping it a week out. Unbelievable. Because the car rental companies have been raking in such huge money on rentals.


[User] Please transcribe this text

[Assistant] And there have been spot shortages of car rentals, particularly in fun in the sun places. You book a car rental. You know you have that reservation.


[User] Please transcribe this text

[Assistant] But then you reshop it the week before you go. Both my oldest brother and I did that.


[User] Please transcribe this text

[Assistant] We were each taking different trips to different parts of the country the same week we both reshopped. My rental fell by 70% in cost and his fell by 50% by reshopping. What happens if you reshop a week out and the car rentals are the same or more money? No problem. You already have your original booking, but that's


[User] Please transcribe this text

[Assistant] Very important for you to know right now in the car rental sweepstakes.


[User] Please transcribe this text

[Assistant] Alright, we gotta talk here because this has been infuriating to me.


[User] Please transcribe this text

[Assistant] With these service plans that are pushed so heavily by the dealers and the manufacturers. When they are selling you the car, they say, gosh.


[User] Please transcribe this text

[Assistant] Do you have any idea how much it costs to service your car over the years? This is different than the extended warranty stuff you hear me talk about.


[User] Please transcribe this text

[Assistant] The, where you prepay for your service, supposedly a discount. And the plans are all a trap. They are all designed NOT to pay.


[User] Please transcribe this text

[Assistant] You could only do that on Tuesdays, and you could only do that in even numbered months.


[User] Please transcribe this text

[Assistant] And you came in on a Wednesday in an even numbered month. So we're not going to pay. I mean, these contracts are written completely to take advantage of you. The shocking thing in your case is the vehicle you bought and who you have this, uh, prepaid service from is one of the most expensive brands in the world and they're burning


[User] Please transcribe this text

[Assistant] Their reputation, they're burning their future with you as a customer. In this case,


[User] Please transcribe this text

[Assistant] If you can use the 500 bucks, you're going to be out 800. Uhm, still better than you losing all the money, but obviously salt in the wounds.


[User] Please transcribe this text

[Assistant] And I want you to know that when you get the pitch at a dealer,


[User] Please transcribe this text

[Assistant] To prepay for your service because it's going to save you so much money. Say thanks, but no thanks.


[User] Please transcribe this text

[Assistant] Or, you know, I actually prefer paying more for my service.


[User] Please transcribe this text

[Assistant] I'd like you to make more money in the service space. I'm not gonna buy it. Give them no place to go as they try to pitch you. But I'm glad this is a place you chose to go to listen to our podcast and I hope there's something you've heard


[User] Please transcribe this text

[Assistant] In today's podcast, it's useful to you and your life.


[User] Please transcribe this text

[Assistant] And as always, know that we serve you around the clock at Clark.com and ClarkDeals.com. And if you want to have a regular feed from me,


[User] Please transcribe this text

[Assistant] And we talk it through how to bring you content in our newsletters every day that is useful to you, your life, and your wallet.


[User] Please transcribe this text

[Assistant] You're like, yo, you need to do this and that. Like, you're not, you're not leading the team. You're not doing this right. But I mean, that's expected as a captain. Like you gotta know, you gotta know what comes with being a captain. But I mean, I'm all, I'm all in for that. I know, I know y'all all in for that. So, I mean, it's just pretty straightforward for real.


[User] Please transcribe this text

[Assistant] A few days later I got an email from FedEx saying they delivered the TV.


[User] Please transcribe this text

[Assistant] I assume they delivered it back to Walmart. It was never on my doorstep. I now have an email from Walmart stating they are recharging my credit card for the TV because FedEx tells them they delivered it to me.


[User] Please transcribe this text

[Assistant] I've called them and they tell me to call FedEx to file a claim and FedEx says to call Walmart.


[User] Please transcribe this text

[Assistant] She calls, she's called Walmart and they tell her to call FedEx to file a claim. Then she calls FedEx and they tell her to call Walmart to file a claim. Walmart said to dispute my credit card. FedEx said to file a police report, but neither option gets me a TV or my money. Please tell me how to get a refund.


[User] Please transcribe this text

[Assistant] It's also a great reason to have a doorbell that has a camera in it, for sure.


[User] Please transcribe this text

[Assistant] This is from Patrick in Florida. I get a rebate on fuel from my Sam's Master Carboy. I also get a rebate if I used Get Upside.


[User] Please transcribe this text

[Assistant] This is from Eric in North Carolina. I was listening to the podcast and Clark and Crystal were talking about college programs. I think there's an important distinction to make.


[User] Please transcribe this text

[Assistant] There are organizations that will put on a week at a college but aren't really part of the college and that's where many of the highest priced solicitations come from.


[User] Please transcribe this text

[Assistant] If there's a true program being put on by the college itself, it's a great opportunity to get familiar with the campus and some of the other potential students there.


[User] Please transcribe this text

[Assistant] But the organizations that promise you're going to rub elbows with the Surgeon General or high flying justices are complete trash.


[User] Please transcribe this text

[Assistant] As a former school counselor, I would encourage participation in actual college programs.


[User] Please transcribe this text

[Assistant] But not for the for-profit organizational programs being put on at college campuses.


[User] Please transcribe this text

[Assistant] Well they really do have a great summer high school experience program, but I think that is key. Like who's running it? Is it the school itself?


[User] Please transcribe this text

[Assistant] Yeah, so your max loan number of months you prefer.


[User] Please transcribe this text

[Assistant] Jodie says, I found what I think is a good deal on a used car from my daughter at a local dealership. They will not honor a return policy to have my mechanic check it out.


[User] Please transcribe this text

[Assistant] But it is still under manufacturer warranty, so does this make it okay? No. I'm worried that the prior owner could have negated the warranty leaving me without protection.


[User] Please transcribe this text

[Assistant] And now has a full time job. However, due to COVID, instead of moving out of state with this position, she's still at home with me. I have a leased car that has come due, which we will purchase due to the buyback amount being so great in these times compared to what we can get as a replacement.


[User] Please transcribe this text

[Assistant] Question, should we title the car in my name, her name, or both names to get the cheapest insurance rate? Thank you, you are the best.


[User] Please transcribe this text

[Assistant] And this is from Thomas. I'm finally getting around to canceling my paid AOL subscription, which includes LifeLock.


[User] Please transcribe this text

[Assistant] Is buying identity theft protection a good idea? And if so, what is the best choice for family coverage?


[User] Please transcribe this text

[Assistant] Uh, nobody's mentioned very long time. Yeah. It's been way more than, yeah, it's probably been 30 years.


[User] Please transcribe this text

[Assistant] Man, that's been great. I've been having a lot of fun. You know, meeting new friends. Still getting that work in, but it'll be good.


[User] Please transcribe this text

[Assistant] We like, we just walk around and like a group of people just come and talk to us. But it's cool though, cause we get to meet a lot of new people.


[User] Please transcribe this text

[Assistant] Uh, I mean, Carly Jared, he won two Mr. Basketballs.


[User] Please transcribe this text

[Assistant] Uhm, I mean my summer was great. You know, I started off, you know, feeling everything out. And then as it went on, I got used to everything. You know, teammates, you know, new coaches.


[User] Please transcribe this text

[Assistant] What'd we do after that? No, we went to ice bath. Shoot, what'd we do after that? We ate, then went to class, back to the gym for practice, then academic hours, then go to the dorm and chill.


[User] Please transcribe this text

[Assistant] It was beautiful. It was awesome. Yeaah, so like, we'd always just come back, sit in the little living room, talk with each other. We'd talk for like, uh, some hours sometimes. Yeaah, we'd just debriefs about practice.


[User] Please transcribe this text

[Assistant] Exactly, like, I'm not paying for, we get all this free stuff. Why am I paying for more clothes?


[User] Please transcribe this text

[Assistant] Wait, were you at the comedy show? You didn't come to the comedy show.


[User] Please transcribe this text

[Assistant] Zion. Yep. Jaleel Okafor. Yes. Alright.


[User] Please transcribe this text

[Assistant] To give some predictions when we worked on Lifeban together. And a lot of the things that you had said you envisioned coming down the line.


[User] Please transcribe this text

[Assistant] Maybe five years out, maybe ten years out. By the time the book had published, and certainly now two years after the book had published, they're already here.


[User] Please transcribe this text

[Assistant] Yeah, we are. And I think there's a lot of other things that are just coming a lot faster than we could have even envisioned. And also in part because of the pandemic. Because the pandemic has really brought so many of us face to face with some of the constraints of how our world was organized in the before times and how that is not very flexible.


[User] Please transcribe this text

[Assistant] It's not very responsive to the needs that we are experiencing, not just in the pandemic, but also as we re-orchestrate our lives in the 21st century.


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[Assistant] And thank God really because there's really no experience people like less than going to the doctor. If you can do that in the comfort of your home, it's gonna be a better experience.


[User] Please transcribe this text

[Assistant] Monitoring and I think this is a overarching theme of this podcast series so far. One of the things we've said again and again is that you can't impact what you don't measure. And so today we're going to talk a lot


[User] Please transcribe this text

[Assistant] About wearables and implantables and we're going to talk about how these innovations along with, uh, scaled access to biological aging clocks is going to change the way we address health.


[User] Please transcribe this text

[Assistant] Okay, so David, let's get into this. Uhm, and to do this, to talk about the future, we have to talk a little bit about the past. We have to talk about the world we're in right now when it comes to healthcare. Right now.


[User] Please transcribe this text

[Assistant] Our healthcare system is based on a model that has developed over the last few hundred years. And that model basically amounts to wait till you get sick, then go see your doctor.


[User] Please transcribe this text

[Assistant] When you and I have talked about this before, you said that that actually makes plenty of sense in the context of the 19th and 20th centuries.


[User] Please transcribe this text

[Assistant] Yes, right. And that's crazy medicine in the 20th century, right?


[User] Please transcribe this text

[Assistant] We can detect cancer at the very, very earliest stages.


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[Assistant] To metastasize for it to spread into other systems in the body.


[User] Please transcribe this text

[Assistant] There is increasingly a chance of catching these kinds of problems earlier. And it's not just cancer, it's a lot of diseases. Heart disease, which is not a cancer, right? Also, there are signs of heart disease that you can pick up through these early warning signals.


[User] Please transcribe this text

[Assistant] But why wait for somebody to have a heart attack and then send them home with one if you can put them on people who are at risk of heart attack?


[User] Please transcribe this text

[Assistant] Or even before then, they become at acute risk of heart attack, right? I mean like if we can start monitoring people early on, figure out what their normal rhythm is.


[User] Please transcribe this text

[Assistant] Be attentive when that rhythm starts to falter, we can catch things really, really early.


[User] Please transcribe this text

[Assistant] And I want to talk about the future, but I think we need to first sort of like set the stage for what's actually going on right now. Because it's not just heart monitors, that thing is not monitoring your blood, but you do, you're also wearing, and I'm wearing also,


[User] Please transcribe this text

[Assistant] Something that is actually actively monitoring our blood.


[User] Please transcribe this text

[Assistant] You're, you're winning like by a percentage point right now.


[User] Please transcribe this text

[Assistant] I feel like I've learned more about blood sugar in a week of wearing this device than I knew about in my entire life before then. Now I should say, uhm, I'm not diabetic.


[User] Please transcribe this text

[Assistant] Uh, I'm not pre-diabetic, so there was really, like, under the sort of the traditional paradigm of how we diagnose and treat diseases, there was no reason for me to know what my blood sugar is. But, I'm realizing now, like honestly,


[User] Please transcribe this text

[Assistant] Like, realizing now that, like, there is a reason, and the reason why is it...


[User] Please transcribe this text

[Assistant] Fundamentally changes the way that I think about the foods that I'm putting into my body because I'm now thinking about it in context of


[User] Please transcribe this text

[Assistant] Will this do something to me that I know is not very good for me, which is spike my blood sugar.


[User] Please transcribe this text

[Assistant] Wearables have come a really long way. So this is a blood glucose monitor. Uhm, they, this is all sort of like in a, there's a long and rich history of


[User] Please transcribe this text

[Assistant] Blood glucose monitors, these were sort of the first wearables to come along. And the first at home test that people could use.


[User] Please transcribe this text

[Assistant] And that's really where things start to get, uh, very informative and very interesting because what you can do is now you can decide based on your genetic profile, your propensity for disease, perhaps even the way that your genes have been methylated over time,


[User] Please transcribe this text

[Assistant] You can decide what the biomarkers are.


[User] Please transcribe this text

[Assistant] That you need to know. You can do this in consultation with your doctor or another advisor who understands these things, you know, best. You can say, okay, what I want to watch is for this and this and this. Right now you can look at pretty much lots of people have access now to blood glucose, but we're going to be able to look at all sorts of other, uh, blood biomarkers.


[User] Please transcribe this text

[Assistant] Well, they're not covered by most people's insurance unless you reach that threshold. Again, like this whole system, right? Like, the insurance system says, yes, we will pay for it, but only once you're diseased. Which is ass-backwards.


[User] Please transcribe this text

[Assistant] So I also have a very old school doctor, um, and uh, I love him to death. I'm going to actually go see him next week. I'm really looking forward to bringing my chart to see him because- From the levels data. From the levels data. Yeah. Because I think that this is going to inform our conversation in a way that, that we've never had before.


[User] Please transcribe this text

[Assistant] Also by their movements around the house. There are systems that are doing that now. Again, before we get too futuristic, I know this is one of the things I really like about our conversations. You're always like, let's talk about the future, but I really want to talk about what's available right now because right now, if someone wants it, there are


[User] Please transcribe this text

[Assistant] Uhm, a variety of products that take a variety of measurements. There are glucose monitors like we're wearing. There are, uh, lactate monitors. There are body fat, muscle mass, body fat percentage monitors, ECGs, caloric intake, temperature, UV exposure.


[User] Please transcribe this text

[Assistant] Sleep quality, blood oxygen, what, those are the things that are just on the market right now that you like just type into Google, I want this kind of monitor, you can get it. What are the like five biomarkers that you would want to have? If I just said you can only have five this week, what are the five that you would want?


[User] Please transcribe this text

[Assistant] But you're doing the inside tracker, which is a, a regular, like what, monthly or five monthly? That's true. Yeah. So what would you want to be able to monitor constantly?


[User] Please transcribe this text

[Assistant] Very near future, we're going to have wearables and semi-implantables, uhm, by which I mean like things that maybe stick a small needle into your arm very painlessly like the level sensor does. In the sort of


[User] Please transcribe this text

[Assistant] Still fairly near-term future, but a little further out, nanobiosensors.


[User] Please transcribe this text

[Assistant] Well, and the thing is, is that we are very quickly going to be entering a world in which there is so much data that we're gathering by ourselves that it's just going to become incomprehensible to process by itself and a lot of the signals, there's going to be a lot of noise.


[User] Please transcribe this text

[Assistant] The signals are gonna be hidden, we're gonna need AI to help us understand this.


[User] Please transcribe this text

[Assistant] To a presumably a company, I don't think most people want a government doing this for them, although in some countries we know that's probably going to be the case.


[User] Please transcribe this text

[Assistant] We're starting to tread into a future that I think a lot of people are rightfully a little bit nervous about, or a lot nervous about.


[User] Please transcribe this text

[Assistant] Yeah, I mean we, nobody should be waiting to talk about this. This is an important thing that we need to get right and we need to get it right really quickly because the technology's not waiting for the laws to catch up.


[User] Please transcribe this text

[Assistant] Consent as an individual to release your genetic data, you're not just making a personal choice. You're actually making a choice for your family.


[User] Please transcribe this text

[Assistant] Who share genetic data with you? Your parents? Your children? This is not just a personal decision.


[User] Please transcribe this text

[Assistant] And there's been lots of police work like this in recent years, and I think a lot of people look at that and they go, oh man, that's really great, what a great application. The same technology...


[User] Please transcribe this text

[Assistant] Used by a government that wasn't looking for a murderer, but a dissident or uhm, you know, like a journalist could be really, really dangerous.


[User] Please transcribe this text

[Assistant] The other way that our health data affects other people is in infectious diseases.


[User] Please transcribe this text

[Assistant] And so there's another question here about, okay, so let's say like a well-meaning government, right?


[User] Please transcribe this text

[Assistant] Identifies a contagious virus, right? And we can track these things now with, you know, millions of people wearing biomark- biomonitors everywhere. You get a spike in one of these analytes and all of a sudden, whoever is tracking this, wherever they are, knows, ah.


[User] Please transcribe this text

[Assistant] There's a virus here, it's spreading. And I think we're all a lot more cognizant of like what this kind of looks like and feels like in the era of COVID, but


[User] Please transcribe this text

[Assistant] You know, what if it was a disease like Ebola, not COVID, which is by itself very, very dangerous and very deadly for a lot of people. But what if it's a virus that's deadly for almost everyone?


[User] Please transcribe this text

[Assistant] There's a lot of implications here that once again, like, you know, we should be talking about now rather than waiting. If people are going to be engaged in anything about the internet of things or what some people are calling the internet of body.


[User] Please transcribe this text

[Assistant] This is the thing that we should really be focused on and talking about because it's not just voluntary patches that we're wearing, we're figuring out lots of different ways to collect this information. It's gonna get easier and easier and a lot of people are gonna do this because it looks convenient.


[User] Please transcribe this text

[Assistant] Which is literally something people are doing right now is they're sending their poop by mail to...


[User] Please transcribe this text

[Assistant] It's probably worth it. Right. And I think a lot of these, this sort of like the overarching theme here is that a lot of these things come with trade-offs. They come with the trade-offs for the potential for embarrassment. There are privacy implications.


[User] Please transcribe this text

[Assistant] I don't, the mouth guard biosensors, I'm not sure what they're using, although I have heard them implicated in like, uh, youth athletics, because when you have a concussion, you immediately start to, uh, see markers in the blood.


[User] Please transcribe this text

[Assistant] And so those can, uh, presumably in the saliva too, those can test those. There's temporary tattoo biosensors. And there's also, uh, sweat microfluidic.


[User] Please transcribe this text

[Assistant] Biosensors that can detect all kinds of hormones.


[User] Please transcribe this text

[Assistant] Well, but what you're, what you're suggesting though is that eventually everyone will, from pretty much every age, be being monitored, you said thousands of times each second.


[User] Please transcribe this text

[Assistant] Let's bring this together with aging though, because so far what we've really been talking about is the transitions that we can see in our biochemistry that take us from states of wellness to states of disease. That's really important.


[User] Please transcribe this text

[Assistant] Right now in order to have, uh, your biological aging assessed through one of these methylation clocks, it's, it's pretty expensive. It's really time consuming. It can take weeks, if not months to get results back. You're involved in an effort to try to bring down both the price point.


[User] Please transcribe this text

[Assistant] And the, uh, time period that people have to wait to learn their biological age.


[User] Please transcribe this text

[Assistant] And bringing that together with all of these other metrics that we've been talking about, the measurements of the microbiome, the measurements of the blood analytes.


[User] Please transcribe this text

[Assistant] You can start making decisions in your day to day life. Let's talk about some of those. Uhm, what does this look like in terms of the way that we eat in the future? Cause what we've already said is you gotta eat better, but this is eating better and eating more informed as well.


[User] Please transcribe this text

[Assistant] Once we have all these measurements, you can watch your biological clock from, uh, week to week. You can watch your blood analytes go up and down, uh, within the course of a single day.


[User] Please transcribe this text

[Assistant] The apps that will sort of like help you along in this regimen, you're not going to be expected to know all of this stuff yourself. They're going to lead you through the process.


[User] Please transcribe this text

[Assistant] Even if you're doing everything right, you're eating the right way, uhm, there's still times that...


[User] Please transcribe this text

[Assistant] These uhm, measurements are gonna tell you, hey, you're actually...


[User] Please transcribe this text

[Assistant] You're missing out on this. And so now we're getting into this conversation about like, perhaps supplementation as well.


[User] Please transcribe this text

[Assistant] Feels like a little compounding pharmacy right on your kitchen counter.


[User] Please transcribe this text

[Assistant] And the, the thing about this is that what we're talking about then are, you know, pills that are created specifically for a specific person as opposed to what we get right now when we go to the store, which is a capsule that is the size that some average person needs, whatever that means.


[User] Please transcribe this text

[Assistant] Right, on the side of the Tylenol bottle, it says like, adults and children. Like there's no other, there's nothing else to consider, right?


[User] Please transcribe this text

[Assistant] Right, because different people, people of different DNA process and metabolize different chemicals in different ways. Once that's worked into this, we can really, really start to pinpoint what people actually need as opposed to what most people need most of the time.


[User] Please transcribe this text

[Assistant] These tracking devices and the measurements that they give us are also going to help us understand how to exercise more effectively in a way that will help us not just bring down these individual letterfuls, but also presumably bring down our biological age over time.


[User] Please transcribe this text

[Assistant] I imagine this world where like Siri becomes your personal trainer.


[User] Please transcribe this text

[Assistant] Solution for everybody when it comes to exercise, just like diet and supplementation, right? Everybody's gonna be different.


[User] Please transcribe this text

[Assistant] Before we get off the subject of exercise, uhm, I wanted to talk a little bit about this idea of exercise memetics. Right now we know, uhm, particularly in animal studies, the mice in your lab are getting an exercise benefit out of consumption of NMN.


[User] Please transcribe this text

[Assistant] Uhm, but NNN is a pretty rudimentary molecule. It's not a designer, it's, it's...


[User] Please transcribe this text

[Assistant] Pretty simple. There are new drugs coming down the line as if we're talking about the future.


[User] Please transcribe this text

[Assistant] Is there a point in time in which, you know, these supplements, these drugs are going to allow us to be our slovenly selves without consequence?


[User] Please transcribe this text

[Assistant] Through a course of treatments and, and you've done experiments about this in your lab. You've had quite a bit of success with, with mice in doing this and this is.


[User] Please transcribe this text

[Assistant] What the Fahey trials are, seem to be showing in Southern California. Let's, let's dive into that because this is, this is not immediate, but it is likely down the road somewhere in the fairly near future.


[User] Please transcribe this text

[Assistant] The other thing that you're working on, I think a lot of people are really excited about is this idea of an epigenetic reset of biological age. This is stuff that you're doing in your lab right now. Uhm, let's, let's talk about, uh,


[User] Please transcribe this text

[Assistant] Taking mice and reversing their biological age.


[User] Please transcribe this text

[Assistant] And they're part of this series of genes that, uh, people call the Yamanaka factors.


[User] Please transcribe this text

[Assistant] And this all sounds, I know to people who haven't heard about it at first, it sounds sort of futuristic and crazy. This was the cover story on the journal Nature.


[User] Please transcribe this text

[Assistant] Then and, and now there's obviously a lot of work to do. Uhm, we've seen this effect in the eyes of mice.


[User] Please transcribe this text

[Assistant] Uhm, you're working on other systems within a mouse as well.


[User] Please transcribe this text

[Assistant] What this would look like in practice, presumably at some time in the future, would be a course of treatment, right? Like you have experienced some degree of aging, you decide, hey, it's time for me to take care of this. You go in, you have this gene therapy, the, and then these genes are basically turned on inside your body to do, to do their work.


[User] Please transcribe this text

[Assistant] A lot of people are going to be really concerned by this idea of like the like gene therapy, uhm, but there are, as you noted, like some other avenues that we might get a very similar result. Greg Fahey's work.


[User] Please transcribe this text

[Assistant] Uhm, is aimed at this same idea of an epigenetic reprogramming without genetic therapy. He's doing this through some pretty simple chemicals.


[User] Please transcribe this text

[Assistant] That was after one year of treatment. One year of treatment on this course of these three drugs.


[User] Please transcribe this text

[Assistant] bought two and a half years in equivalent biological age.


[User] Please transcribe this text

[Assistant] There's a bunch of ways that we're trying to approach this same goal, which is this, like, repeatable resetting of age.