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[Assistant] I also want to thank all those people. When I read that negative review on Apple podcasts, like 30 people went in and gave great reviews, which is so helpful and nice. Thank you. We read them all.


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[Assistant] Spencer in South Carolina says my credit rating is 815 or better depending on the day. I also have three credit cards that I play the reward game with depending on the type of purchase. I want to add the fidelity card since it has no foreign transaction fees. The problem is I'm also looking to buy a house if the right one comes along.


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[Assistant] I've been looking for two years so the odds aren't good. I'm kind of picky. I have found articles saying applying for a card really only hits your credit for five to fifteen points and only lasts on there around six months.


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[Assistant] I've not applied for credit in years, so I don't think history's an issue. Am I good to go ahead and get the card? I have a trip to Ecuador coming up in May. On another note, if I pay back a 401k loan within seven months for a down payment on a new house, would that be such an awful thing to do? It would allow me to pay cash and then sell my current house to pay it back.


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[Assistant] Earnings could be as much as $8,000 per month working part time. It requires you to be at least 20 years old and a U.S. citizen. The area code was from northern Wisconsin. Is this a known scam?


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[Assistant] Tamara in Florida says, I'm trying to decide if I should buy airline tickets from a ticket broker. I gave you the name Clark. Would you buy international airline tickets from them?


[User] Please transcribe this text

[Assistant] This is from Diane in California. We just received a mailing from Genworth concerning our long term care insurance. We each have and have paid for the golden policy Clark's mother had since 2008.


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[Assistant] Each of us has paid in excess of $90,000 total to date. We're 73 and 72 respectively. We're basically in good health with some complications of aging bodies. We have been presented with several options to continue our coverage with two major caveats as we see it.


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[Assistant] First, if we continue with our current coverage or even similar coverage, the initial paragraph states there will most likely be a 200% increase this coming year with continuing significant increases in years to follow.


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[Assistant] Second, the last paragraph states that Genworth currently has only a C++ rating, which we interpret to mean they prob- C++? They probably will not be able to stay in business. We do not wish to spend more money for something which may disappear before we need it. We really don't know how to proceed. Is there any insight you might have to help us make this decision?


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[Assistant] This is what Jenworth has on their site, that they are, um, B plus would they invest.


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[Assistant] Larry in Michigan says, Clark, I recently turned 65 and am now on Medicare. My dentist did not inform me that their Medicare patients and only Medicare patients are now considered out of network. This means that I received an unexpected dental bill of $350. Do I have any recourse?


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[Assistant] Ronald in Korea says I'm moving from Korea to Washington next month and I'm looking to get a vehicle new or used. I took your advice in amusing Costco's auto program because I don't really want to go through the hassle of haggling with a car dealer. And you said they have to be straightforward and give me the best deal. Otherwise their dealership loses the Costco partnership.


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[Assistant] I got a quote on a vehicle I want and I saw that they added on $1590 for an anti-theft GPS tracking system that quote, they install an ever used car and quote, and $851 for fees for the lender.


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[Assistant] Are these two things standard for dealers to add on or are these unnecessary junk fees that I should let the Costco program know about?


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[Assistant] Means that I need to go down and see what's happening, usually. So that's when I told him, I told Edward, I was like, okay, I gotta go, I'll call you later. And I hang up the phone with him.


[User] Please transcribe this text

[Assistant] So I believe he told me to stand up so he could tie my hands together. And I was trying to...


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[Assistant] Asking him if he had money in his wallet. And where the money was in the house.


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[Assistant] The Black Bear is what I was using with my own Roger Sim card. The phone I'm using now was an old phone that I no longer used.


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[Assistant] I had an iPhone that I kept in my room that my parents didn't know about. Uhm, cause my brother, I had one that Daniel gave me earlier, but it broke.


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[Assistant] Fix the part so he can have one that he used himself. But uh, the one I had wasn't fully functioning. It was just, it had no internet access on it.


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[Assistant] It's my pleasure to welcome you here to the Friday edition of the Clark Howard show. Now our mission is the same though every day of the week is to serve you with advice and information that empowers you so you make better financial decisions in your life. So,


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[Assistant] But today, I have a really positive...


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[Assistant] Economic story I'm going to share with you later in this podcast, but first.


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[Assistant] It's Clark Stakes Day, where you share with me your feedback, where you feel like I have messed up.


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[Assistant] And how I could do a better job serving you and your fellow listener or viewer.


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[Assistant] Karen, thank you. Okay, so let me tell you where the Consumer Action Center came from. Team Clark.


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[Assistant] Back, uhm, early in my career, it was very frustrating to me. I started in media in 1987.


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[Assistant] I was talking to so many people but so few were able to ask me the question and that's how I came up with the idea.


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[Assistant] Of having, eh, uh, what we called an off-air center, as in it was traditional broadcast media.


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[Assistant] Where, uh, we brought together volunteers, trained them.


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[Assistant] And we have three paid staff members and the rest are volunteers.


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[Assistant] And so they volunteer. The Consumer Action Center costs money to run.


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[Assistant] To our volunteers. And we do it for a very simple reason. It was.


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[Assistant] It was done simply to be a service to people and the volunteers love being a part of that service.


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[Assistant] My wife and I, uh, I live an overprivileged life.


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[Assistant] We spend about six weeks a year, every year, overseas. We're very experienced travelers.


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[Assistant] She calls me when she's done, I come back and get her, and then we proceed to wander around together. As for tours,


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[Assistant] I've traveled so much over the years and I've seen so much that


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[Assistant] Tours are not something that I've found to be necessary for me to do. We travel without an agenda, with no plan. We just wander where we do and that's how we travel and that's what works for us. Everybody's got to do with travel what feels best for them.


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[Assistant] Brian, thank you and I just talked about how I've traveled all over the place. I've never been to Guam. That's something someday I have to fix. And I apologize for the way I say that. The reason I say that, you pointed out the actual reason, is that the rules and procedures


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[Assistant] I'm not talking about the states that are Commonwealth, I'm talking about Commonwealth of Puerto Rico.


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[Assistant] And because of those differences, I really talk about whether something is all 50 states or not. And I apologize if the way I say that makes you feel excluded, which truthfully, a lot of times people in us territories do feel overlooked and underappreciated.


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[Assistant] As I discuss nauseam, the big chain pharmacies, the workers are so understaffed in their pharmacies and so overworked.


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[Assistant] I don't even think they have time to worry about drug interactions. Your idea of working with an independent, non-chain


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[Assistant] Pharmacy with the pharmacist there and having a relationship with them.


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[Assistant] Is obviously, as in medicine, anytime you have continuity of care, it is better for the patient, whether that's in a medical facility,


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[Assistant] Or at the pharmacy counter. Point well taken.


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[Assistant] Rob, thank you so much. I was not aware that Fidelity offered this tool. Being able to do periodic investing.


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[Assistant] In an ETF, stock, mutual fund, whatever is really great because so often we'll have the best of intentions and then life gets in the way and we can't keep those habits in place or can't keep them regular, which is the goal of what you're doing.


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[Assistant] And I love that that is something you're making happen in your life.


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[Assistant] Done, alright, let me answer in reverse with that. So, something like that, that it becomes like a signal to people, and it becomes like a memory track.


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[Assistant] When they hear it, and that's why even when something grows old for some listeners or viewers, you keep it in place because it becomes like an appointment, like a signature, and I'm sorry that you find the track.


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[Assistant] Uh, boring. I guess we've also had suggestions potentially to shorten it a little.


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[Assistant] Whatever you're feeling understand that, that if you think about the, the audio signals, the audible signals you hear,


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[Assistant] From different things, you immediately relate it to a person or an event taking place. Like, uh, those of us that are football fans, you know, there'll be certain jingles.


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[Assistant] That maybe we're tired of, but it tells us that it's time for football.


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[Assistant] Which is not sadly again until September.


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[Assistant] As to the credit karma thing, that's why I have credit karma, is for the reason you said.


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[Assistant] But an individual who's annoyed with credit karma if they want to delete it.


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[Assistant] They can go ahead and delete it, but I love having the free credit monitoring as part of it with my credit frozen. I would know there's really something wrong if an alert pops up on it.


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[Assistant] So, uh, the Postal Service is, was created, it's constitutional, it is an independent agency, it does receive


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[Assistant] Out of the federal government, it's birthed in the constitution and it is, uh,


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[Assistant] If nothing else, it's federally influenced because Congress decides what kind of trucks they can buy to deliver the mail as an example.


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[Assistant] Buddy, thank you. Alright, so not everybody's gonna, if you're doing a FISBO for sale by owner, not everybody's going to come to see it who has a buyer's agent. You're gonna have people who want to come direct. And that's why you have to have the thick skin, because somebody may come in and they say,


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[Assistant] Oh man, that is really ugly. Err, why didn't they ever fix that over there or whatever? Err.


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[Assistant] Who would come up with a color for the bathroom like that? You know, you just, and they completely forget that you're not a merchant. You are the owner of the house. So that's why you have to have a thick skin. Uhm, on fixing things.


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[Assistant] When a buyer is looking at a house, except in the strongest of strong markets, the buyer is buying a fantasy. They want it to be their dream they're moving into and they don't want to see the reality of peeling paint or faded this or broken that


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[Assistant] And so they aren't going to give you, except in the strongest markets, they're not going to give you as generous an offer and your house may not sell as quickly as if the house has great curb appeal, looks happy, well maintained.


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[Assistant] And a lot of those improvements you can do will cost a lot less than the additional dollars.


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[Assistant] Or the quicker sale will save you in getting the house moved at a faster pace.


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[Assistant] And Bill, thank you. I was not aware of Google fit. Did you know about it?


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[Assistant] In my Garmin fitness tracker. So, uh, I gotta tell you.


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[Assistant] Yeah, that's the key. And Bill, I don't know if you saw Aldi recently was selling their own branded fitness tracker. There was a wristband fitness tracker.


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[Assistant] Once you guess how much it was, Krista, cause you think about how expensive these fitness trackers are, and people buy the really fancy garments, pay $700 for them.


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[Assistant] I was almost tempted to buy it. Who knows? I was almost tempted to buy it just to see.


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[Assistant] I'm sure they're all gone now. Maybe, maybe someone will let us know.


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[Assistant] If it was, uh, if it became instant e-waste, or if the Aldi $4.99 fitness tracker actually does the job too.


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[Assistant] But Bill, your cost is free because you already have your phone and you're using the Google fitness tracker without another device you have to charge. Speaking of which, my, uh, aura ring.


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[Assistant] That's going to be an ugly expense if I have to replace this. I will. Coming up ahead, do you know what makes an economy grow? What actually makes an economy grow? What is it that ultimately makes people wealthier over time?


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[Assistant] Well, we're in the midst of it right now in a time that so many people feel so gloomy. I'm going to tell you what the secret sauce actually is. A trend is something that you hope when it's good continues.


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[Assistant] And there's a trend going on right now in the U.S. economy that is beyond fantastic. And hopefully it will have legs.


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[Assistant] We only think about what are the slices of the pie.


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[Assistant] And human nature, we never think about what if the pie got bigger? Well, there is,


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[Assistant] A no-cost free lunch that's truly free with the economy.


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[Assistant] And it's when we become more efficient as a society.


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[Assistant] And this is in the dismal area of economics.


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[Assistant] But the stats are very clear.


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[Assistant] That American industry, American businesses, both service businesses and manufacturing businesses have had one good effect


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[Assistant] And that is, people had to adapt.


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[Assistant] Businesses had to adapt. You adapted or you might not have survived as a business. And people did that. They became more efficient. And out of that efficiency,


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[Assistant] We now produce the only way you create more wealth in a society. We create more.


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[Assistant] Goods and services per hour, per person worked than we did before by a good amount. And if that trend continues, that's what creates a wealthier society. And productivity is the magic. Productivity tied with technology. If you go back in the way back machine,


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[Assistant] And you go back to post-World War II, 1950.


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[Assistant] And you look at how the average American lived in 1950, almost 75 years ago. And you look at how we live now.


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[Assistant] So much is so much better than it was. And we as a society, we may have a terrible problem with income inequality, but the reality is all through people are living much better, not because some tooth fairy


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[Assistant] Put money under our pillow. We're living better because we now are able to create so much more with the same hours worked. And so this is, this is big time stuff. We just went through almost a generation where productivity just kind of went nowhere.


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[Assistant] Why do you think people are frustrated? You take the fact that...


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[Assistant] And that wealth was not being evenly distributed. You want to create unhappiness? Well, we did it right then and there, and we weren't alone in the world. And so out of all the badness of COVID,


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[Assistant] We are out of our rut and we're doing things much more efficiently in so many different businesses than we did before. It's all about learning how to do things simpler and better.


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[Assistant] An example I've given probably three times before now, I'm going to give again because it's so illustrative. Was there any reason


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[Assistant] We needed hundreds of different styles of toilet paper from the same brand.


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[Assistant] Or dozens of different types of paper towels or you name a product category where we were giving people


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[Assistant] More choice than the marketplace needed and when push came to shove and manufacturers are like okay, so we make all our real money


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[Assistant] From these top 8 sellers and these 192 others, well, they don't really do much for us, but create a lot of hassle and inventory problems and all that. Simplicity pays. Why is it?


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[Assistant] We heard about Aldi and Clark Stinks. Why is it that Aldi can sell groceries for 40% less, 40% less than a traditional supermarket? Because they have so few skews, you know, uh, they have so few units of different products they sell.


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[Assistant] Stock keeping units is what SKU stands for if you wonder what the SKU means. And so they, they sell


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[Assistant] Instead of like the thing I was talking about the other day with, with spaghetti sauces that you go in a traditional supermarket,


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[Assistant] And there are a zillion of them, which I now know because I can only use low sodium. And then you go to Aldi. How many do they have? They have two? Three?


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[Assistant] Let's be more efficient. Let's not have to bring down assembly lines so we change out. We're making this instead of that and all that. And so,


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[Assistant] There is a fundamental change that will fall into old habits eventually, but also in service businesses, people had to adapt or die in service businesses during COVID and those that could adapted and they became more efficient. Now in service businesses, do you consider this to be more efficient or more impersonal?


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[Assistant] At what people might think of as a fancy sit down restaurant and pay your bill yourself right from the table. Now, of course, people bring you your food.


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[Assistant] And if you want they'll collect your, your payment from you.


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[Assistant] But you can do the ordering and you can reorder drinks and you can pay and all that good thing or bad thing.


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[Assistant] And so that, that efficiency that also creates a certain, for many people, a depersonalization.


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[Assistant] Is an example of what we've done that's made the U.S. economy more efficient. I realize it's not as personal.


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[Assistant] But more efficient in that efficiency, that does create more wealth.


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[Assistant] Okay, so let me explain to you what happens, Steve, in many level term insurance policies.


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[Assistant] So at the end of that time period, the insurer can just have the policy die, even though hopefully you're still living, right? Or they can convert it into what's known as annual renewable term at whatever the actuarial


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[Assistant] Tables or in your case what the contract calls for.


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[Assistant] Is the maximum they can charge after that time. So the premiums would go crazy high.


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[Assistant] And 44 is so much higher than your actuarial risk to the insurer in 24, i.e. you're much closer to potentially passing away 20 years hence than you are today.


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[Assistant] So the insurer may want to keep you on their book of business. And then suddenly in 2044,


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[Assistant] If you don't cancel, you're gonna get a premium notice that's gonna be, uh, mind-blowing how much more to keep that insurance in place after those 20 years. Now let's say, uh, let's deal with gloom and doom here for a second. Let's say 2044 comes along.


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[Assistant] And you're in the throes of a terrible illness that means you can never qualify for insurance again.


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[Assistant] And your lifespan, sadly, may be relatively short.


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[Assistant] So that the benefits, the, the amount of face amount of insurance.


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[Assistant] Can then go to your loved ones, your designated beneficiary or beneficiaries at that time.


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[Assistant] Okay, so what a wonderful question, Gary. So when you look at compounding with a simple


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[Assistant] Savings account or CD, it's clear. Every year it's going up so much and you can see the compound. Unfortunately though, uh, savings and CD's


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[Assistant] You're going to have up years, you're going to have down years. But over the trend line, when you look back, even through disastrous times, you look, you're going to see that there's going to be more net good years than bad years.


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[Assistant] And so the compound, yeaah, one year the value of your account may go down, but then if you look at the trend line over the years,


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[Assistant] So you're compounding long-term value, and when people say, well the compound long-term return of your portfolio should be around 7.7%, or whatever number they say.


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[Assistant] Then that doesn't mean every year it's gonna earn 7.7. Some years it'll be more. Some years it'll actually have a loss. Some years it'll be in between.


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[Assistant] It's the long term performance that leads to the extreme long term gains from years invested.


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[Assistant] And that's why even later in life, you still need to have some of your funds in stock type choices because inflation is the enemy that will erode your living standard later in retirement. So you don't have


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[Assistant] Uh, overwhelmingly your money in stock type choices once you're no longer working, but it still needs to be part of the mix to outrun that inflation factor.


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[Assistant] I don't want to get too in the weeds with this, but PBMs obviously hurt the American economy and hurt the American people. PBMs are corrupt influence in the medical business.


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[Assistant] Because what these big organizations do, many actually owned by insurance companies, is they live off of kickbacks.


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[Assistant] And they, the, the pharmaceutical manufacturers,


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[Assistant] Pay kickbacks that should be outlawed. It should be a crime, a federal crime to have these methods of bribery. And that's what they are. They are bribes.


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[Assistant] And so the customer who's supposedly saving money, the patient, is being cheated by the PBM.


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[Assistant] People who work for large employers are usually channeled into one of these PBMs to fill meds. For most of the medicines you have that you take,


[User] Please transcribe this text

[Assistant] You can fill them cheaper without the PBM than filling it with the PBM.


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[Assistant] I do this routinely with several of the meds I take that I fill them free market and I fill mine retail at Costco and I did talk about the Costco


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[Assistant] Pharmacy service that's, uh, but I did not describe it as it technically is, as a form of PBM, because I didn't want them tarred as being part of the corrupt,


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[Assistant] PBMs. But I can tell you, they're clearly hurting the public. Hurting you and me each and every day. And


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[Assistant] What you've got to do is know that it is a corrupt system and you've got to know the right way to shop for meds on your own and compare it at the price, filling on your own versus filling through the PBM. And they're like a, uh, they're, they're a curse on the American economy.


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[Assistant] And the cost that you and I have to pay for medicine. And it's one of those things that


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[Assistant] We know the problems with healthcare in the United States, but we're not focusing on how to fix them. And I hope at some point we get there. And this is the second time this week


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[Assistant] On Monday I did this, here I am again on Friday, ending on a negative note with the podcast. Krista, what has happened to me?


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[Assistant] You know, it's funny cause a lot of people don't know that what I wanted to do from when I was six years old was run for office. And I'm so glad that was never the path.


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[Assistant] I went down and when I thought, uh, twice about running for office, uh, in the time you and I have worked together, you were like, you sure you really want to do that?


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[Assistant] Remember we're about positive energy here. Yes we are. Positive change and you taking control in your own life and know that some things are a little sordid and gray and it's up to us to overcome them either individually or as a society and this is an example of that.


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[Assistant] So remember what we're devoted to, you having the knowledge so you can take more control in your own life and save more of the money you make, spend less of what you've got, and never


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[Assistant] Let anybody rip you off, including any stinking PBM.


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


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[Assistant] And I hope you feel empowered with the first topic we're going to talk about to get today, negotiating your bills.


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[Assistant] You may not realize just how many things you can receive discounts on just with a little work. Also, there are thousands.


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[Assistant] I'm sure it's hundreds of thousands if not in the millions of properties that people have purchased with the intention of renting them out.


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[Assistant] Short term, Airbnb, VRBO, that kind of thing. And as much as I love entrepreneurship,


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[Assistant] I love having rental property. Whoa. This one's getting to be more hazard at the same time there's opportunity. We need to discuss how to protect your wallet. So,


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[Assistant] The overwhelming amount of bills in the United States are hospital or hospital affiliated charges.


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[Assistant] Uhm, hospital systems have been trying to create, uh, local


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[Assistant] MRIs, that kind of thing. Hospitals want to own the whole thing.


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[Assistant] Well the crazy thing is, and it's what's driving up the cost of healthcare, without doubt,


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[Assistant] Are the hospitals not trying to create national footprint, but local?


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[Assistant] Monopolies or shared monopolies, meaning with typically one other in the biggest markets, two other big hospital systems to control the market. So here's the crazy part. These hospital systems overwhelmingly avoid paying taxes by claiming to be nonprofits.


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[Assistant] Are paying the non medical administrative people millions and millions of dollars a year with perks that rival big for profit.


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[Assistant] Non-medical companies, big, big corporations. Cause they now have a license to print money creating


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[Assistant] These feeder systems and these semi-monopolies are monopolies in a metro area.


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[Assistant] But the reality is the hospitals are running away even though they're, they're not paying taxes as profit enterprises and they stubbornly resist


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[Assistant] A price that you can afford and not have your credit ruined or them try to take your house from you as they can in some states and things like that. It's crazy what the lobbyists for the non-profit hospitals have been able to push through state legislatures. So if you get a large bill from a hospital, don't ignore it. It is negotiable. The hospital made up the costs anyway. When you have insurance,


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[Assistant] This back and forth between the insurance company and the hospital and


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[Assistant] When the hospital says, we're going to build this and the insurance company says, nope.


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[Assistant] And you'll find over and over again that that bill has things on it that were never done to you, that were not for you.


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[Assistant] It's like they just sit there and say, oh, what code should we put down and charge this, that and the other?


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[Assistant] They may call them patient advocate or hospital social worker or whatever. You avail yourself of that to negotiate.


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[Assistant] Are able to pay against that bill. Do not ignore a bill.


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[Assistant] You come forward, not aggressively or with anger or anything, assertively. Assert yourself.


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[Assistant] And never agree to pay what you know in your heart of hearts you can't afford to pay.


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[Assistant] As to hospitals creating these semi or total monopolies in a local area, terrible that they were allowed to do so.


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[Assistant] And I believe it ultimately hurts care in an area where you eliminate competition. Allowing hospitals


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[Assistant] To own medical practices is such a bad idea. Such a terrible thing. And those doctors.


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[Assistant] This came up the other day with one of our employees that they were being pushed.


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[Assistant] By the doctor, the primary care doctor, to go have various things. Oh, just because I think it would be good for you. Well, did you find anything wrong with me? No, I just think you should do this.


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[Assistant] And a lot of these hospital systems that own these practices push the doctors.


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[Assistant] To raise utilization of all these services and diagnostics that the hospitals are offering.


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[Assistant] Be aware, be wary, know this is how it works. Krista?


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[Assistant] Second, you would not have hurt your credit at all if you did not pay


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[Assistant] Passed new laws and ultimately they became rules accepted by the credit bureaus and implemented by the credit bureaus. Then up to $499, an unpaid medical bill from a provider


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[Assistant] No longer can be reported on your credit report and harm your credit.


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[Assistant] So this was a nuisance charge by this urgent care center.


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[Assistant] And you probably would find if you search them online, other people complaining about weirdo nuisance charges. You paid it not because you owed it because you were worried about it destroying your credit. And the good news now is up to that $500 threshold.


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[Assistant] Even unpaid, it will not harm you. I'm not saying that for people to say, ah, well, well, you know, it's not going to hurt me, so I'm not going to pay that bill. But I mean, if you owe a bill, you should pay it. But in this case,


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[Assistant] It was never in any way properly handled by the provider and I hate that they now have ill-gotten gains of your $300.


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[Assistant] So first of all, is it legal to have mandatory, uhm,


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[Assistant] Where you live in Pennsylvania, if there's any municipal ordinance that prevents it or county, uhm,


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[Assistant] Automatic mandatory fees in addition to your monthly rent, county or city. If, and the lack of that, it's up to what you agree to in the lease. And it, what's the answer?


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[Assistant] You don't have to agree to it. They can tell you, well, if you don't agree to this egregious charge, you can't stay here anymore. And then you have to pick up and move somewhere else or say, all right, I'll let you rip me off for the 75 a month, 900 extra dollars a year.


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[Assistant] No, it's not optional. Even if you don't take the internet, what Clark said.


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[Assistant] And it's not prohibited in your state and you've agreed to it in your lease. You have to pay the 900 a year.


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[Assistant] And so you have to decide if they treat you like this with this junk fee, what else are you going to come up with? Are you going to stay?


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[Assistant] Or are you gonna use this as a reason to go somewhere else? Now if the apartment market has softness where you are and you say, okay, I'm, I'm moving, I found another deal. They may at that point say, okay, what if we give you a $75 a month discount on your rent if they can't negotiate out


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[Assistant] There's $75 junk fee a month. You could do that. But it is, uh, something we've had complaints about as far back as I can remember.


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[Assistant] With people being hit with mandatory fees, and it's the two things. One, does local or state law permit?


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[Assistant] Mandatory junk fees on an apartment lease and two, did you agree to it in your lease and if you


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[Assistant] If there's no state prohibition or governmental prohibition and you agree to it in your lease, they can charge you the ripoff fee.


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[Assistant] Alright, so Linda, it's a half truth. By the way, when you're negotiating buying a vehicle, never tell a dealer upfront.


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[Assistant] You're a cash buyer because they will charge you more for the vehicle because they make so much money on the financing. Wait till you've made the deal.


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[Assistant] That's an exit, that's a, uh, agreed to deal on the price before you go to the F and I department, the finance and insurance department. And then there you say, here's my check. So the credit check.


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[Assistant] Auto dealers are required to verify that you are who you say you are. It's a Homeland Security law that was passed, uh, back in the OOs after the September 11th terrorist attacks.


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[Assistant] Here's the easy way to do this. It's a twofer for them.


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[Assistant] They do a credit check, which can have the effect of lowering your credit score a little, not a lot, but a little, maybe 12 points.


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[Assistant] And so then they know, Oh, this is somebody we really want to try to push alone on or whatever. And they've complied with verifying.


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[Assistant] It is very common that they use a credit poll as the way of doing so. Coming up ahead,


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[Assistant] We gotta talk about the number one reason people are owning rental properties now.


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[Assistant] And that's for short term rentals and the opportunity that presents, but also the hazard that keeps hitting people hard in the face.


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[Assistant] Over the years, I've talked about with so many people, the opportunity as well as the hazard of doing short term rentals on Airbnb or VRBO. And the opportunity is clear.


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[Assistant] If you're willing to manage a place and be essentially a hotelier, you can make a lot more money from a rental property doing


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[Assistant] The rules of the game keep changing in the middle of the game. And...


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[Assistant] Had such a thriving Airbnb market, till the city passed.


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[Assistant] Tight restrictions that essentially outlawed almost all Airbnbs in the city.


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[Assistant] To make money as a rental on a short term basis and they either had to turn around and sell them?


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[Assistant] Or they had to go to long-term tenants where the economics were not nearly as favorable as they were with the short-term.


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[Assistant] Now the same thing has happened in Palm Springs, California and the LA Times reports that the impact, there's so many properties in Palm Springs were owned by people doing basically their own little one unit hotels.


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[Assistant] The day before, it became illegal to do the Airbnb rentals.


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[Assistant] Some of these price drops are like coming down a high roller coaster. And so know this and it's something that I've repeated the same refrain pretty much for the last eight to 10 years. And that is if you're buying a property to do as a short term renter, rental property,


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[Assistant] Where you're running your own little micro hotel on Airbnb or VRBO, they dominate.


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[Assistant] If the condominium association, if you own a condominium, homeowners association, if it's in a mandatory homeowners association community,


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[Assistant] Or the local government or whatever bans short term rentals.


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[Assistant] Can you still make a clear economic case?


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[Assistant] That you're going to be positive cash flow if you have to go from short term renters to long term renters. If you cannot make the case.


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[Assistant] That you will still have a profitable venture, not as profitable, still a profitable venture with longer term tenants instead of short term.


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[Assistant] Potentially face the Palm Springs thing where you're having to sell a property possibly at a loss and be able to absorb that or you don't become


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[Assistant] Is a short-term rental and does not work as a long-term rental. I mean, think about how many cities I've talked about, the stuff going on in New Orleans, uhm, the New York thing has been brutal.


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[Assistant] Was, it ended up being like two different kinds of condominium communities. Condominium communities where people buy in.


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[Assistant] Wanting stability, wanting it to be just people they knew.


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[Assistant] Before you buy in, if you want to feel more like an intimate community, make sure you're buying in one that bans short-term rentals. And on the other hand, if you want to have short-term rentals, make sure you're buying in one where the culture of that condominium is


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[Assistant] Permissive and in fact encouraging of short terms.


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[Assistant] You know, the cameras, the miniaturized cameras are so cheap.


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[Assistant] And now they've got this gateway with the cameras, they're showing up in public bathrooms, they're showing up in any of a number of places, dressing rooms.


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[Assistant] Remember it happened to a sideline reporter.


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[Assistant] I'm so sorry that, that the timing was just off. Now, the limit on Ross would not have covered $3,000, but you could have gotten some of the money in it, uh, if it had been


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[Assistant] Happening at that time, or you could have done a traditional. The thing is, you save the money.


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[Assistant] And yeah, it's not tax free like it would have been in the Roth, but it's great that you have a child who in diapers was working. Talk about child labor laws.


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[Assistant] And if they need kids in a commercial, they like to hire, when they're really young, they like to hire the parent who's an actor because they know the kid's gonna be more cooperative, hopefully, on set. And so two of my three kids made money very young.


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[Assistant] And, uh, fortunately for them, they were able to do the raw cause the first one did it 99%.


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[Assistant] Five and six, I think he'd, both of them did a couple of things. And so, uh, so they've got these Roths that have grown all these years. The fact that she's 26, she's doing a Roth 401k, she's got savings. This is great. And, um,


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[Assistant] If your kids are working anyway, single digit.


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[Assistant] Could be there, whatever business they're doing, they're doing babysitting, lawns, whatever.


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[Assistant] That money can be turned into Roth money, fully legally and properly and grow tax free for the next 60 years. Think about that.


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[Assistant] Okay, so first of all, Dave, I hope that soon you find a good work opportunity. Uh, that's what I'd focus on right now.


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[Assistant] It'll be 10% of the earnings. The money you contributed to the Roth is not subject to penalty. Only the earnings the Roth has had. So the tax burden you'll have will be a tiny fraction of what it would be with a traditional IRA.


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[Assistant] And so give your mind some peace about that.


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[Assistant] And just keep your focus on hopefully finding a great new job opportunity soon. Yes.


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[Assistant] You know when you're beyond 800, you're referred to as golden.


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[Assistant] Uh, whatever utilization you've got, it's not enough for you to worry about if your score is consistently above 800. Now, utilization, the percent of the available credit you're using on that one credit card,


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[Assistant] I talked about this just on another show recently. If it goes above 30%.


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[Assistant] Your score starts to dive. So it's very much to your advantage to, uhm,


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[Assistant] If you are charging a big percent of the credit you have on that card, to follow actually Credit Karma's suggestion, and get another card. Get one that's a no annual fee card, that's got a good cash back, which is 2%, and then use that card


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[Assistant] As well potentially so that you are reducing your overall utilization. I always like for everybody to have two cards from two different issuing financial institutions. So if one of them decides they don't want you anymore, you still have that other card. I call it the Noah's Ark rule.


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[Assistant] And so having just one credit card puts you a little on the edge. If for whatever business reason, even having nothing to do with you, they decide they don't want you anymore, you suddenly have instantly no access to credit.


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[Assistant] So for that reason alone, I think it's worthwhile for you to get a second card.


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[Assistant] And not to spend more on cards, just to spend less as a percent of the available credit on


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[Assistant] What's the card now that would become the two cards?


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[Assistant] And thank you so much for joining us today. Hope you learned something today, found something that was useful to you in your life. And remember what we're all about, our mission, for you to learn ways to save more, spend less, and don't let anyone ever rip you off.


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[Assistant] Yeah, I would just say there's no soliciting. I'm not mean, but I'd say there's no soliciting. Just so you know, please leave. Okay, we'll go to questions. Jeff in Virginia says, I'm looking for a new vehicle, either pre-owned or new. I currently am driving a 2000 Cadillac Escalade that's done me well for the last 20 plus years and I bought it used.


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[Assistant] And now I have almost a quarter of a million miles on it.


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[Assistant] It's really comfortable, very roomy, and I can haul a lot of stuff. Is this sponsored by Cadillac?


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[Assistant] I'm hoping to get some more miles, but I know it's not going to last forever. I'm hoping to buy one that will last me another 20 years. Can you let me know which I should be looking at that would be comparable?


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[Assistant] Okay, Annie in New York says, I'm listening to the podcast about preventing food from going bad. I worked in food service and we call it FIFO. First in, first out. When shopping, take from the back, but don't tell everyone this. If we all do it, it stops working.


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[Assistant] To be prepared for sure. Mark in North Carolina says Clark often talks about his travel philosophy of go where the deal takes you rather than setting your mind on a specific destination. And I love this.


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[Assistant] But I'm wondering if Clark has advised for a specific travel scenario where you don't have flexibility. That is, last minute booking to a fixed location, whether it's for a deceased relative, some other family emergency, or just because you want to make a spontaneous trip.


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[Assistant] But why can't this be an option for flights without breaking the bank? It seems to me that if a plane has open seats that still haven't sold near the departure time, why wouldn't there be opportunities for discounts? Does Clark have any tips for doing last minute flights at reasonable prices or is this just pure fantasy?


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[Assistant] And really in terms of the best one, everybody's taste is different in terms of like firmness and stuff, but the warehouse clubs, that's nice because you can test them out. Like they'll have at least a sample of the mattress that's in a box that you can feel and you can return them.


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[Assistant] Kristi in Georgia says, I just wanted to share an ongoing issue with the behemoth McDonald's. I used the mobile app to place an order while traveling to a relative's house. I preloaded my order and hit submit from the road so the food would be hot. And it was erroneously diverted to the closest store rather than the one preselected before my drive.


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[Assistant] When I arrived to the store to pick up the order, I was told that it was 10 miles away. I immediately called the store and asked for a refund and was told that I couldn't get one. The manager couldn't even give me the 1-800 number from McDonald's to complain, saying she didn't know it.


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[Assistant] I've since made three calls to the 1-800 number requesting a refund for this $15 mobile order that I didn't pick up and I've been told 95% of our stores are franchises. We have no control over their processing of refunds. It has been almost a month now. Should I dispute the charge with my credit card?


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[Assistant] Yeah. Well, I'm, for one, I'm glad that you're eating less of that fast food.


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[Assistant] For everyone listening too.


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[Assistant] I'm not a big fan. I like sweet potatoes, big sweet potatoes, but I don't like regular baked potatoes. But I'm just saying an air fryer is a great option if you miss your greasy food to like have that sort of taste without all the fried fat.


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


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[Assistant] You know, recently I talked about making sure you're getting the best deal


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[Assistant] On the interest rate on your savings accounts or money market funds. But what if you're in the opposite situation?


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[Assistant] You don't have savings. You actually owe money on credit cards.


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[Assistant] The higher interest rates are making so many people feel hopeless. The default rate on credit cards, delinquency rate is up. So I'm going to tell you how I would attack that. Also,


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[Assistant] One item many people go into debt for is buying a car. And if you've been waiting,


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[Assistant] This is going to be the best year to buy a new car in the last five years. Cause it's been a rough go.


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[Assistant] But the situation's improving significantly.


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[Assistant] So let's talk about what's not improving and going the wrong way. And that is the amount of credit card debt people are carrying.


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[Assistant] In the last three years, overall credit card debt, 50%. I mean, it's a shocking increase in overall credit card debt. And a lot of people are really hurting because of it. And the reality is,


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[Assistant] This is something that there's that expression that's overused.


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[Assistant] You know, elephant, you take one little bite at a time.


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[Assistant] That's kind of the idea if your credit card debt feels like it's the size of an elephant.


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[Assistant] Is you do take it one bite at a time and I want to talk about.


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[Assistant] The strategies, and there are many good strategies, but I'm going to tell you what I recommend. First things first, number one problem people have with credit cards


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[Assistant] Is they won't look at the statement. And why won't they look at the statement? Because it's painful to look at the statement.


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[Assistant] But if you're gonna get well with credit card debt, you attack it. And my method,


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[Assistant] Is really ultra simple. There are others that work as well. But what I say, the first thing you do is pen and paper.


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[Assistant] Really simple, because I want you to write down what you owe on each credit card you have. I want you to write down the amount.


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[Assistant] And next to that amount, I want you to put what is the interest rate you're being charged on that cart.


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[Assistant] Is there's a box on your credit card statement. If you get electronic ones.


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[Assistant] You'll have to pull up the electronic and find all this stuff I'm talking about. If you've got paper statements, it's right there. There's a box that shows if you just pay the minimum payment on that card.


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[Assistant] How long you'll be in debt on that card? It may be 37 years, 44 years, 22 years, 27 years, something like that.


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[Assistant] Write it down because I want true serum.


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[Assistant] Not to overwhelm you or depress you, but I want it to empower you. So again, you have every card, you have what you owe on that card, the interest rate you're being charged.


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[Assistant] And the average interest rate now is over 20% on credit cards.


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[Assistant] Nobody ever got rich paying Visa or MasterCard twenty percent, let me tell ya.


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[Assistant] And then the third column, if you just keep doing what you're doing,


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[Assistant] When you write that down, also look at the box underneath.


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[Assistant] It shows what you have to pay per month to wipe out the debt in three years. And you'll be surprised that the payment you have to make versus let's say a card you owe for another 40 years, what you have to pay to pay it off in three.


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[Assistant] It's not crazy how much more it is to get something paid off in 36 months. But the whole idea is


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[Assistant] To really focus you on your credit card debt. So you write it all down.


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[Assistant] Add up your total. And then what I want you to do...


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[Assistant] With all your cards, pay the minimum as maybe you're doing right now.


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[Assistant] But pay every dollar you can pass that to the one carrying the highest interest rate.


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[Assistant] And so the idea is every dollar you're paying in is having the greatest impact because you're attacking the card with the highest interest rate. Let's say you have a store card from somebody. You owe money.


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[Assistant] That interest rate's probably 35-36% on that store card.


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[Assistant] If your other cards are at the national average of 20%, you can see you're having much more impact with every extra dollar you're paying towards that highest card that might be at 36%. Now there's one other thing that goes without saying. You can't use your cards.


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[Assistant] So you're not running up any more charges on any of your cards. And you'll find as you


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[Assistant] aggressively work to pay down the balance on the highest interest rate card and eventually get it paid off.


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[Assistant] Now if you're in way over your head and what I'm saying is like past too late, I want you to go meet with a counselor either with a video meeting or in person.


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[Assistant] With an affiliate of the National Foundation for Credit Counseling, NFCC.org.


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[Assistant] Avoid like a, like the plague, any of these supposed hero debt settlement companies. They are ripoff artists that only put you deeper in debt.


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[Assistant] And I know your situation may feel like it's never going to get better. It's all about attitude and direction and taking it on knowing the solution is not instant. The solution takes time, but you can do it. And Krista, you were talking to me, somebody wrote in about that.


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[Assistant] Actually, you rock. You're the one, Sarah. You're the one who had a problem that felt insurmountable.


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[Assistant] And you took the tools available and, and the idea marketplace, put them to work.


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[Assistant] Paid those credit cards off and now you've graduated from that credit card debt. This is fantastic.


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[Assistant] May I say you just inspired other people who feel


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[Assistant] Overwhelmed and hopeless that you can one step at a time, get it done. I'm so excited for you.


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[Assistant] So it's shocking that this plan is available, no surrender charge.


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[Assistant] That's very unusual. Uh, these insurance plans that are pseudo retirement or investment vehicles


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[Assistant] The thing you've got to look at first, you've got this incredible employer match.


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[Assistant] Uh, if they're gonna match dollar for dollar up to 10%, that is really phenomenal. So,


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[Assistant] Even if the plan is a junkie insurance company plan with that match being so good, it may be


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[Assistant] Potentially a good choice. What I want you to look at.


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[Assistant] That is the non-free lunch with one of these, is what are the fees, underlying fees. You said index funds, but there are underlying fees with these insurance products.


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[Assistant] And the underlying fees may be very, very high. It would not be unusual for the fees to exceed 2%.


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[Assistant] And if you think about what you pay in an index fi- fund, you pay as little as zero or more typically,


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[Assistant] Three one hundredths of one percent, five one hundredths, seven one hundredths.


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[Assistant] So because these are insurance company vehicles you're talking about, I'm always nervous.


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[Assistant] There are two things you said though that may make this okay. One, okay, not perfect, is the employer match.


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[Assistant] The second is if there truly are no surrender charges.


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[Assistant] And you'll have to find in there what the fees are. Insurance companies are really, uh, adept at hiding those fees.


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[Assistant] And so you've got to know what, what is the bad part of this because


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[Assistant] Unless this is set up specifically to benefit the core executives of a company, odds are


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[Assistant] There are a lot of insurance company junk fees involved with the plan.


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[Assistant] Okay, so I got a lot to say to you first.


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[Assistant] Thank you to your daughter for serving in the US military. There are so few


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[Assistant] Is if she did open the Schwab 2060 in an investment account with Schwab.


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[Assistant] She can, because she's earning income in the Air Force, she can open in a Roth IRA at Schwab.


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[Assistant] And sell her position in this index fund. Pay a little tax on that and move it inside.


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[Assistant] The Roth account, Roth account will be tax free, not just today, not just tomorrow, but it will grow tax free and she will spend from it tax free. She's allowed to put up to seven grand in a year in a Roth IRA.


[User] Please transcribe this text

[Assistant] Now the big advantage, Matt, that your daughter has is she can do the Thrift Savings Plan, the TSP, with the Air Force.


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[Assistant] TSP is just about, even with some of the changes I don't like.


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[Assistant] Recently with the TSP, she keeps it simple. It is the lowest cost investment plan any of us have available to us in retirement. And TSP is fantastic.


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[Assistant] And I want her putting money from each paycheck.


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[Assistant] That she received serving our country into


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[Assistant] How about some good news? The car market is right sizing.


[User] Please transcribe this text

[Assistant] And not like employers mean it. Where rightsizing means you're laid off.


[User] Please transcribe this text

[Assistant] No, this is actually good stuff I'm gonna share with you. Okay.


[User] Please transcribe this text

[Assistant] It's good stuff. Car market's been a mess from the start of COVID forward.


[User] Please transcribe this text

[Assistant] Started getting better, second half of 23, I was wrong, I thought it would be better in the first half of 23, and the trend is still you're my friend. The average purchase price of a new vehicle is going down.


[User] Please transcribe this text

[Assistant] Uh, used vehicles are in more availability now. They're still inflated in price, but not as bad as they were. The market is better.


[User] Please transcribe this text

[Assistant] Then it's been in a long time. If you drive down one of those suburban corridors where you see the dealers tend to congregate


[User] Please transcribe this text

[Assistant] Right by their competitors and you'll see brand after brand.


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[Assistant] In an area what they call the auto mall concept and those lots.


[User] Please transcribe this text

[Assistant] We're empty empty for so long.


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[Assistant] And I was by one of those stretches recently and I actually, because I'm so interested in this stuff, I actually pulled off the road because I was by a dealer.


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[Assistant] That for the last many years had nothing on their lot. Nothing. And then suddenly, they're all these vehicles.


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[Assistant] And so I pulled in and I got out to see if they were putting


[User] Please transcribe this text

[Assistant] Used inventory where normally there would be new just so it didn't look so empty. They were new cars!


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[Assistant] One after another after another. It's like, wow.


[User] Please transcribe this text

[Assistant] It was not 1999, way back in 1999, it was way back like 2019. And the time vehicles sit is rising on dealer lots.


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[Assistant] And do you know that there's such a surplus because the country turned hard and turned really


[User] Please transcribe this text

[Assistant] Anti-electric vehicle? Like in a blink?


[User] Please transcribe this text

[Assistant] And so the average electric vehicle selling today is cheaper than the average gas engine vehicle.


[User] Please transcribe this text

[Assistant] Uhm, two automakers still are short of inventory on their lot, specifically Toyota and Honda. Most models are still short of, but now so many vehicles are being sold below manufacturer suggested retail price.


[User] Please transcribe this text

[Assistant] Dealers were marking them way up and dealers even got bold. And you'd go to a dealer of luxury cars and they'd put right on the window next to the Monrone, that's the label they have to put on a car.


[User] Please transcribe this text

[Assistant] Is going away and the market is normalizing. There are even deals where manufacturers are offering special subsidized financing.


[User] Please transcribe this text

[Assistant] And definitely deals below MSRP. I was on CarGurus yesterday preparing to talk about this and I was looking on different models and looking at the prices.


[User] Please transcribe this text

[Assistant] And it was showing MSRP and then what the dealer price was.


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[Assistant] It was showing again and again where dealers were disclosing.


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[Assistant] Uh, offering meaningful discounts from MSRP so the market is improving. Now the bad part of it


[User] Please transcribe this text

[Assistant] For you trading in a used car, the used cars are not bringing the crazy inflated values that they were bringing for about a 30 month period. That's over. Uhm, 30, yeaah, at least 30 months. But used car prices, buying them,


[User] Please transcribe this text

[Assistant] Still inflated for you as a used car buyer, but again, not as bad, not as much as it was. So that's a definitely improving picture. How do you get the best deal? It's up to you.


[User] Please transcribe this text

[Assistant] Get your financing arranged in advance at a credit union, not a bank.


[User] Please transcribe this text

[Assistant] Credit union loans almost always are substantially cheaper, one and a half to three points cheaper than a bank and


[User] Please transcribe this text

[Assistant] A lot cheaper except from a dealer, except with factory-subsidized financing. So get pre-qualified at the credit union and you're good to go.


[User] Please transcribe this text

[Assistant] There are some annexes to that. Uh, USAA Federal Savings Bank for USAA members could be offering a really good deal. And you want to shop the car price today.


[User] Please transcribe this text

[Assistant] And there are other ways to buy a car locally.


[User] Please transcribe this text

[Assistant] Or far away as well, and we get a lot of questions about that.


[User] Please transcribe this text

[Assistant] Yeah, and what you experience does, this is one thing we can't blame on COVID because the car buying programs morphed away from the consumer's advantage back about 2015 is when


[User] Please transcribe this text

[Assistant] I noticed the clear trend away from them being the consumer's friend.


[User] Please transcribe this text

[Assistant] The car buying services found the money was to be made making money from dealer referrals.


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[Assistant] Not from giving the consumer the best deal.


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[Assistant] So most of the car buying services are lead generation services for dealers to


[User] Please transcribe this text

[Assistant] Bring in customers. And that's why the pricing is no longer transparent.


[User] Please transcribe this text

[Assistant] With most of the car buying programs in the marketplace. Costco is an exception. Costco car buying program


[User] Please transcribe this text

[Assistant] Is as best I know, unique in the marketplace. Costco has a very large membership base.


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[Assistant] And it's much more affluent than the average income in the United States.


[User] Please transcribe this text

[Assistant] So car dealers really want the Costco buyers. Uh, one, I asked a, uh, a general sales manager at a dealership


[User] Please transcribe this text

[Assistant] Why, why they wanted the Costco buyers? Because they're giving them a lower markup. They're getting less money from it.


[User] Please transcribe this text

[Assistant] And it was an interesting answer with just one person's perspective that car dealers have a lot of sales that fall through


[User] Please transcribe this text

[Assistant] So there's less employing labor and time spent selling those cars even though the markup is lower. So the Costco program I strongly recommend


[User] Please transcribe this text

[Assistant] Uh, not as the only way you look for a car, but with the Costco program.


[User] Please transcribe this text

[Assistant] They'll send you to the dealer they work with in


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[Assistant] The area closest to that store and usually one brand.


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[Assistant] per market, one brand location per market.


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[Assistant] They have to disclose the price to you. There'll be the Costco.


[User] Please transcribe this text

[Assistant] Uh, salesperson you deal with at the dealer. They're not a Costco employee.


[User] Please transcribe this text

[Assistant] But they handle those. That's still not the cheapest way to get a car. Cheapest way to buy a car is what I alluded to earlier. That you shop multiple dealers for the


[User] Please transcribe this text

[Assistant] Make model and version you want, the colors you'll take.


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[Assistant] In your local market and expand your geographical reach.


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[Assistant] It is worth savings of thousands of dollars to shop for, I'm talking new here.


[User] Please transcribe this text

[Assistant] Outside of your local market and see what's available with the geographic reach you're willing to do.


[User] Please transcribe this text

[Assistant] It may be two hundred miles away, a hundred miles away, five hundred


[User] Please transcribe this text

[Assistant] Or maybe a thousand miles is the furthest I really hear people do. That's how you save the money.


[User] Please transcribe this text

[Assistant] Right. Drive, what they call, drive out price. You want all junk fees. You ask, does this price include all fees that I will have to pay? You say that in writing, not on the phone.


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[Assistant] Okay Jack, thank you for sharing your story because this is important.


[User] Please transcribe this text

[Assistant] You're paying additional payments. In your case you were paying a lot extra.


[User] Please transcribe this text

[Assistant] What a lot of dishonest lenders do, and by the way, yours is one of the largest in the country that was playing dirty pool with you, is


[User] Please transcribe this text

[Assistant] To make sure if you're doing prepayments, that those prepayments are being applied as you want.


[User] Please transcribe this text

[Assistant] Is force you to pay all the interest you would have paid on the loan.


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[Assistant] And the greatest savings are if you're in what's known as a simple interest loan and you stood up for yourself.


[User] Please transcribe this text

[Assistant] You went to the New York Department of Banking and Finance, or Financial Services, whatever they call it in New York, Financial Services, is the most pro-consumer


[User] Please transcribe this text

[Assistant] Banking department in the United States. That was a threat that was not idle. They knew it at the lender that was trying to cheat you.


[User] Please transcribe this text

[Assistant] And did the right thing. But if you check your loan electronically every month, you'll see if they're trying to cheat you at that lender or if that bank applied the money as they were supposed to.


[User] Please transcribe this text

[Assistant] And the rental car agencies. And this has been around for a long time. The difference is that the insurance companies ever since Hertz went bankrupt and then reformed itself.


[User] Please transcribe this text

[Assistant] And now almost all rental cars are rented by three companies. There are many different brands, but they're all owned by three major players. Hertz, Avis, and Enterprise.


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[Assistant] And so they have become vicious with claims following an accident. So one thing I want to ask you


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[Assistant] To check what credit card did you use when you rented the car? You may have supplemental rental car coverage that ties in with your auto insurance from your credit card.


[User] Please transcribe this text

[Assistant] And then the credit card company becomes part of paying the money. Like they'll pick up your $500 deductible.


[User] Please transcribe this text

[Assistant] But all the junk fees, what happens since you have full coverage with your auto insurer?


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[Assistant] You want to get that adjuster on the line. You want that adjuster dealing with the


[User] Please transcribe this text

[Assistant] uh, with the rental agency and they will from a position of strength negotiate down those charges


[User] Please transcribe this text

[Assistant] With the, uhm, with the rental car agency and you should not be out of pocket beyond your $500 deductible. But again, you have the double protection


[User] Please transcribe this text

[Assistant] If the credit card you used is one that covers


[User] Please transcribe this text

[Assistant] Secondary coverage when you rent a car. And I'm hoping you do. That should certainly be a help with this.


[User] Please transcribe this text

[Assistant] And I'm surprised that the collection person who's been hassling you


[User] Please transcribe this text

[Assistant] Didn't ask you that question because they're just looking for the deepest pocket that will pay money.


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[Assistant] Hertz, Avis and Enterprise now and all their affiliated brand names.


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[Assistant] Will put you, if you just ignore this, they will put you on a lifetime do not rent list.


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[Assistant] The disputed bill right then and there or no car for you. Know that they eat glass for breakfast, lunch and dinner at the car rental companies and they are playing for keeps. So what is an administrative fee?


[User] Please transcribe this text

[Assistant] Well, it's a made up fee for the supposed time they had involved dealing with a vehicle that had been in a wreck.


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[Assistant] Diminish value, they have no right to seek from you.


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[Assistant] They only have a right to seek that from your insurer.


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[Assistant] Since you have full coverage and that is a negotiation between the insurer and the rental agency.


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[Assistant] Stay on this, stay tough, don't ignore it either.


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[Assistant] And I want to tell you, thank you so much for joining today and I appreciate you trusting us.


[User] Please transcribe this text

[Assistant] To provide information that empowers you at Clark.com, the deals we provide that are clean, honest deals at ClarkDeals.com and that you tune into either the audio or video version of our podcast or yet our free newsletters here for you.


[User] Please transcribe this text

[Assistant] So we are here to serve you whatever way we can, wherever we can, including social media, free one-on-one advice.


[User] Please transcribe this text

[Assistant] The idea is to give you the knowledge, the confidence and the power.


[User] Please transcribe this text

[Assistant] So you can save more, spend less, and avoid getting ripped off. Have a great rest of your day.


[User] Please transcribe this text

[Assistant] When I use my Citi double cash card checkout, it pops up an option to pay with thank you points. It costs 2500 points for $20 of the transaction. That's a bad deal because if you redeem the points online, those 2500 points are worth $25.


[User] Please transcribe this text

[Assistant] Okay, this is from Neil in Colorado. I'm in a little bit of a predicament. A gym that I've been going to for a couple of years offered one year membership at a discounted rate. Hoping to save some money, I signed up.


[User] Please transcribe this text

[Assistant] After six months, the gym announced they would be closing in 30 days during month seven. They sent out an email that they would be refunding the prorated difference. Great, I thought. In the email, they said to hang tight, that it could take some time to process the refunds. And if there was any questions to respond to that email.


[User] Please transcribe this text

[Assistant] Three months have gone by and nothing. I have responded to that email a number of times with no response. There's no phone number to contact anymore since they've closed. I've tried reaching out to the other gyms in the same name, but they say they can't help due to the fact that they are all individually owned.


[User] Please transcribe this text

[Assistant] Additionally, I reached out to my credit card company to try to dispute the charge, but they're saying it's past the 180 day window and I can't dispute it.


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[Assistant] Lots of stories of gyms closing recently and I've seen bridal store stories on the news that they've closed and left people on alert. So yeaah, month to month at a gym for sure.


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[Assistant] Truly, and wonderful people. Really, I feel lucky to work with everybody. Elijah in Texas says, I have $60,000 in student loans and $18,000, I believe, owed on a car.


[User] Please transcribe this text

[Assistant] I make around $58,000 a year. I can afford everything as is, but moving back would allow me to save up faster. Should I continue to live on my own or should I take the opportunity to save up money faster?


[User] Please transcribe this text

[Assistant] Bill in Illinois says, Clark, you mentioned that you and your wife bought a $499 king size mattress and it's the best mattress you ever bought. What brand and firmness is it? We are looking for a king size mattress and it has been a pain.


[User] Please transcribe this text

[Assistant] Brent in Texas says, Hey Clark, I may be moving out of town two hours away for work. I don't want to move or sell my current house, so I'm planning on purchasing an RV trailer and will live in it during the work week. What kind of insurance would I need for the RV that will be lived in 52 weeks of the year?


[User] Please transcribe this text

[Assistant] I use Venmo too. Uhm, so this is what it looks like for people. You have a feed.


[User] Please transcribe this text

[Assistant] Right, and I have my privacy locked down, so I'm seeing all these people that are maybe Facebook friends or whatever and what


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[Assistant] Uhm, but like this guy that used to work here in the building paid somebody for a Superbowl square. You can see, you know, where people went to dinner, they're paying for a phone, somebody paid another friend for a neat martini. I mean, it's like...


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[Assistant] More basic, like I don't want people knowing my business like that. You know? That I took a tennis lesson. I don't know, just think it's weird. How did you play? Not well. Oh, sorry. Not well.


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[Assistant] All right, we'll go to questions. This first one involves Venmo and I don't know that this one is a scam. I just want to tell you. Matthew in Tennessee says, scam alert and privacy tip for you. Someone on Facebook marketplace arranged to meet a meetup time would pay in advance and send their sister.


[User] Please transcribe this text

[Assistant] They said they needed my email address since they're sending from a Venmo business account. Suspecting a scam, I sent them an anonymous email address. Sure enough, I got an email from quote unquote Venmo saying you got the money, log in here to accept it.


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[Assistant] I asked the police if they want me to go ahead with the pickup appointment so they can nab this miscreant, but they said since no money has actually changed hands, they can't arrest him.


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[Assistant] So he will sadly continue to prey on people in my area. Listeners beware of this double scam. Email or phishing to clean out your financial account and if you fall for it they can show up and get your prepaid item for you for free.


[User] Please transcribe this text

[Assistant] Bonus tip, use DuckDuckGo's free disposable email service anytime you need to give email addresses and never worry about getting spammed if your email address gets out from data breaches. Mozilla, SimpleLogin, and Proton offer similar services, but DuckDuckGo is unlimited free. And if it's free, it's for me.


[User] Please transcribe this text

[Assistant] I disagree on this one. Uhm, I've used Facebook Marketplace a ton. So this could be a scam, I'm not saying, but it isn't definitely a scam. So, if you're getting paid especially, uhm, because it was a throwaway email address, there's no way that he has a Venmo account with that email address. So recently I was selling an item.


[User] Please transcribe this text

[Assistant] Right. And in this case as well, it would be the same thing. So, but at the same time, you don't want to get an email from Venmo and then have to log in through some random thing. Like you actually want to give them your Venmo email address.


[User] Please transcribe this text

[Assistant] This, and then they, she did pay me, like I wouldn't pay someone randomly like you said, I wouldn't pay in advance like this lady did with me, but she did. We had some mutual friends on Facebook, so I think she felt safer.


[User] Please transcribe this text

[Assistant] Uhm, however, one scam I am seeing on Facebook Marketplace, because I have been using it a lot, is immediately when someone wants to text you off the Facebook Marketplace app, they want to text you separately, they want you to text them, don't do it. It's usually a scam, the same kind of thing, so it's bad. But someone paying you with Venmo, if you do have an account,


[User] Please transcribe this text

[Assistant] Uhm, in advance, I think it's okay, it is on them, you know.


[User] Please transcribe this text

[Assistant] Right, no I'm, I'm with you, but I just think like, this case, I don't know that it was a scam.


[User] Please transcribe this text

[Assistant] Joseph in New Hampshire says, I've never heard you talk about the devices that car insurance companies have you install on your vehicle. I have State Farm and decided to try it. It saved me $80 per six months. What are your thoughts on these devices? My only concern is the tracking, yet anytime you have your phone with you, you're being tracked. Thanks for all Team Clark does.


[User] Please transcribe this text

[Assistant] I'm now approaching 36. Wait, I thought I did so well at 21. He beat me by three years. I'm now approaching 36 in a new house I built six years ago. Recently I saw a listing showing the neighbor's condo sold for just over 300,000.


[User] Please transcribe this text

[Assistant] I bought mine for 152k and still hold about a $90,000 mortgage on it.


[User] Please transcribe this text

[Assistant] I've never had any issue with tenants and the current, I'm currently getting 2160 a month with an annual increase. Recent research is telling me I could get rented out for even more. The rent more than covers the expenses and I'm making money on the property, but I'm seeing what the neighbors sold. It's definitely making me wonder if I should cash out and invest somewhere else.


[User] Please transcribe this text

[Assistant] With that said, we've been wanting to put an attached garage on our home, and I'm willing to bet it will cost about half the profit from the sale of the rental, still leaving us with a good amount of money to either save, pay down the current home mortgage, or invest. What do you think?


[User] Please transcribe this text

[Assistant] Eric in Florida says, what's your opinion of Auto Trader's private seller exchange service? Is it a good way for both the buyer and seller to protect themselves? Also, is PSX's option required to require an inspection prior to purchase sufficient to verify the condition of the vehicle?


[User] Please transcribe this text

[Assistant] JD in California says we all know that your favorite retirement investments are target date funds. What are your thoughts on Black Rod's


[User] Please transcribe this text

[Assistant] Blackrock's new target date ETFs. I'd like to invest in a TDF through my brokerage account, but fear that the bonds included may trigger taxable events. Would the new target date ETFs be a possible solution?


[User] Please transcribe this text

[Assistant] Clark mentioned the quote, 500 biggest companies as a standard index fund investment, but I'm confused about which he meant and also what the difference between the two is.


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[Assistant] I hear people talk about Fortune 500 companies, but not really S&P 500 companies. Is there an index fund for both of them and separately maybe? Sorry, I know it's probably a basic question, but I'm just trying to learn.


[User] Please transcribe this text

[Assistant] Do you put anything on the potato? Or in it? Or eat something with it?


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[Assistant] David in Wisconsin says, does Costco raise prices during reward card issue season in February?


[User] Please transcribe this text

[Assistant] Well, I'm looking for my next renter because I don't want another squatter. What are your suggestions? Also, any advice on how to get good renters? My last renter was a bit of a nightmare.


[User] Please transcribe this text

[Assistant] It's only funny because you're, you're at the beach.


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[Assistant] In midway you went to lunch with your brother and you were in like a ratty t-shirt and your hair looked absolutely crazy. Remember that?


[User] Please transcribe this text

[Assistant] Lydia in Florida says, I'm in the market for an almost new car. I hear Clark repeatedly encourage us to get a potential car checked out by a mechanic before buying. Does Clark think this step is still necessary if we buy a manufacturer certified vehicle, one that still has its original warranty?


[User] Please transcribe this text

[Assistant] Well, our Consumer Action Center is definitely available. See details at Clark.com slash CAC. Melissa in Georgia says, I have my car listed on Facebook Marketplace, Craigslist, which I may remove, and Auto Trader. I'm getting what seem like legit buyers, but when it gets down to seeing it after


[User] Please transcribe this text

[Assistant] Josh and Montana says finally listening to you for years without a worthy idea to send in, but the day is here. I almost pulled the car over in the interstate to write to you guys, but I love my full size keyboard at home for contacting such penny pinching royalty.


[User] Please transcribe this text

[Assistant] My fellow Clark Sharks out there, a great way to deal with the junk debit slash credit gift cards, or in my case, small money digital credit cards from class action lawsuit settlements.


[User] Please transcribe this text

[Assistant] The paper check option seems to be going away, so rather than Venmo, direct deposit, etc., the next best option tends to be a digital only credit card. I will then add the card to my PayPal account, nickname it the dollar value on the card.


[User] Please transcribe this text

[Assistant] Make sure your billing address info is correct. Next, I use the split payment option when checking out on eBay in order to fully liquidate the stored value on the card.


[User] Please transcribe this text

[Assistant] I'm not sure if the split payment option is available outside of eBay's PayPal checkout method, but so far it's been a great way to harvest those pesky digital dollar payments without a physical card and avoid the junk fees.


[User] Please transcribe this text

[Assistant] We both bank at the same bank, it's a giant monster mega bank, and I have previously used Zelle to send her money on a regular basis with no issues. I know that you are adamantly anti-Zelle, but I would like your thoughts on this issue.


[User] Please transcribe this text

[Assistant] I couldn't believe it, you were just like sitting up as happy as could be.


[User] Please transcribe this text

[Assistant] But though, I have to say the funniest thing, I have to tell the audience that uhm, they brought in Clark his first meal after his surgery while I was there.


[User] Please transcribe this text

[Assistant] And he has to be on a low sodium diet now and eat healthier. And they had the cover on the meal and they revealed it.


[User] Please transcribe this text

[Assistant] All right, Cory in California says, my mom was trying to buy Lakers tickets as a gift for my brother.


[User] Please transcribe this text

[Assistant] And there's, I looked at it and I don't see a way that this could happen without entering your information.


[User] Please transcribe this text

[Assistant] Right, she fell asleep and so I think cause Cory says could she have accidentally purchased them? Maybe that's what happened.


[User] Please transcribe this text

[Assistant] Right, I don't know how somebody could hack and get everything if you were on the site. I'm not sure.


[User] Please transcribe this text

[Assistant] I mean, that's a tough one. That's really a tough one. Like, sometimes you'll put tickets in your...


[User] Please transcribe this text

[Assistant] Uhm, but she did dispute it, so we'll have to see what happens I guess, but I would try to resell them if I could. Uhm, cause that's, that's an expensive Lakers game.


[User] Please transcribe this text

[Assistant] That's a tough one, but other than disputing, I don't know what you can do.


[User] Please transcribe this text

[Assistant] She names a billing, medical billing company and how legit their business is.


[User] Please transcribe this text

[Assistant] There's a $30,000 one-time business fee, but they offer a 30-day money-back guarantee. It almost sounds too good to be true, is it?


[User] Please transcribe this text

[Assistant] And I looked on Reddit, I love Reddit, uhm, for this and looked at the parent company of this one that, uhm, Lea mentioned and


[User] Please transcribe this text

[Assistant] Also some of their other affiliates and people write about their experiences and you can see that they basically all say if you have to work, I mean night and day like 24 hours a day to make very little money in the end.


[User] Please transcribe this text

[Assistant] But I want to limit my liability in case of an accident. I would like her to be responsible for gas maintenance insurance but her budget for liability limits might not be enough to protect me. She's an excellent student and very responsible but accidents can happen to anyone.


[User] Please transcribe this text

[Assistant] It's like a, there's a menu at the top that goes across and it's almost like tabs and there's one that says podcast.


[User] Please transcribe this text

[Assistant] Yeah, so if you're on, if you use the Android, the Google Podcasts app on your phone, it is going away, so please go subscribe somewhere else so that we don't lose you.


[User] Please transcribe this text

[Assistant] I mean, I think one of the easy solutions, cause the family plans, a lot of times it is cheap, like their lines are $10 each, but you can have them then send you the money, you know, if they want to stay on the cheaper plan, they can go find their own plan.


[User] Please transcribe this text

[Assistant] He claims the system is paid for. He's requiring me to pay .155 times the amount of electricity generated by the system and claims that's what he's charged by the solar company. If the system is paid off, does he even owe the solar company anything? I don't totally understand solar billing and I need your help or explanation.


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[Assistant] I was promptly rewarded in quotes by one reducing my credit line to the amount I had reduced it to, thereby nullifying my action. What can I do and is it worth it to continue on this path?


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[Assistant] I opened an online savings account and I've earned a lot of money and interest. Thank you. My question is, how do I know I can trust an online bank? FDIC insurance protects us from bank failure, but it does not protect us from employee or bank theft or fraud. What assurance can I have that a bank won't abscond with my money?


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[Assistant] I'm not numb, I just don't deny that my information is out there.


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[Assistant] And then take the time to go back and redo your passwords in some way, have some systems so they're not all the same.


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[Assistant] For a few years, thank you, but with this much data being exposed is that enough? Is LifeLock a better idea? What else should we be doing to make sure we don't get taken advantage of by this?


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[Assistant] Justin Indiana says, I'm 32 and own a paid for rental property. My question is, what is a healthy amount of savings to set aside for future expenses, aka an emergency fund for such a property?


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[Assistant] Between the Fidelity Zero account and a broad market Vanguard fund, I barely put any money in the market until my mid thirties and I want to catch up.


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[Assistant] Into a brokerage fund or maybe seek a district for next school year that offers a real 401k. Thank you for all you do and best of luck with Clark's Christmas kids this holiday season.


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[Assistant] Margaret in Texas says, I'm drowning in unsolicited nonprofit mailings. I could wrap the earth in address labels. I don't like to toss the quote unquote gifts out, but I can't afford to send them money. How do I get removed from these mailing lists?


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[Assistant] If I have the cash, I'm looking to upgrade my small condo, but I'm content for now to get over 5% interest on my cash in online banks.


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[Assistant] Ken in Florida says, I don't have a question, I just want to thank you for your advice. A few months ago you answered my question about paying for seats on British Airways or waiting until they're free to select 24 hours before the flight.


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[Assistant] You suggested waiting. We did, and we were easily able to get seats for the three of us next to each other. We saved more than $300 by not giving into their scare tactics. Thank you.


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[Assistant] London was great and we had a good experience flying British Airways and would definitely fly with them again.


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[Assistant] We paid for everything with our phones and didn't think, don't think we pulled out our wallets at all.