[User] Please transcribe this text

[Assistant] Putting money in themselves is a great fiscal exercise that will train them to continue funding the Roth IRA every year. David.


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[Assistant] Park seems to approve of account aggregators such as Mint and their coming replacements of giving your financial institution permission to green scrape your accounts to see your total assets.


[User] Please transcribe this text

[Assistant] However, allowing this access seems to void the customer protection security guarantee at Schwab and Fidelity because you're knowingly violating their security practices by sharing account numbers and passwords.


[User] Please transcribe this text

[Assistant] In the era of overwhelming hacks, it seems ill-advised to avoid this protection. And then they give an example, and that's from Lynn.


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[Assistant] The whip makers were only minor players. The correct analogy is buggy manufacturers. Only one of them, Studebaker, survived the transition to automobiles. The problem happens when a company doesn't understand the business they're in.


[User] Please transcribe this text

[Assistant] Most of the buggy makers thought they were in the buggy business. Studebaker understood they were in the transportation vehicle business. Eric.


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[Assistant] A while ago you mentioned how the quarterly tax penalty has gone up to 8% a year. This is not entirely accurate.


[User] Please transcribe this text

[Assistant] Since the first two quarters are now a 7% penalty, and the last two quarters are now an 8% penalty. On top of that, the penalty accrues daily from the date the payment was supposed to be made. Meaning, for instance, that the last missed payment of the year will only accrue a few months worth of penalty, especially if you're like me and do your taxes in February.


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[Assistant] According to my own calculations, since I myself am an independent contractor, when all is said and done, I will only be paying 4.6% of my total taxes due, meaning it's still more lucrative to keep my money in a savings account than pay quarterly taxes. I won't claim to be a tax expert though, so maybe I stink?


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[Assistant] Either way, I think this could have used a little more clarification. Isaac.


[User] Please transcribe this text

[Assistant] Cork, you've talked several times about how bad the notifications were in Tmoo when you had it installed. It's very easy to toggle off each category of notifications that you want or don't want within the settings of the app. Better yet, you can just turn off notifications


[User] Please transcribe this text

[Assistant] I'm sure it's not worth the cost for them to have me ship it back. I've saved hundreds of dollars, if not more, ordering from Tmoo instead of Amazon or Walmart. It might not be perfect, but it's my go-to if I don't need something quickly.


[User] Please transcribe this text

[Assistant] You definitely don't stink and I've listened to you every day for so many years. I was able to retire early at age 43, five years ago, following a lot of your advice. I now can almost always predict what advice you'll give.


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[Assistant] To those who write in, keep up the good work and let me know when you want me to take over, Jim.


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[Assistant] Isn't there a lot of stuff about their, like, child labor and stuff?


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[Assistant] Alright, let's go on. Clark, you smell like a one month old, forgotten leftovers, forgotten the back of the fridge. You called people who used auto pay because they may be forgetful. Something along the lines of freakazoids. I think it was flakeazoids.


[User] Please transcribe this text

[Assistant] I know it was not an intentional insult and uh, and you were saying it was okay to do if you must, but people with ADHD often have major problem with paying bills on time, causing a very hefty lifetime ADHD tax. They also tend to be highly critical of themselves and sensitive to others insults from being a lifetime of criticism that far outpaces the average person.


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[Assistant] Please be aware that using such language, while it may seem like fun or nothing to many, can be very hurtful to the many neurodiver-, in the neurodiverse community. We are not freakazoids. It's just a common thing that we have to be aware of.


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[Assistant] Far, far outweighs any issue I've ever had with AutoPay. Christina.


[User] Please transcribe this text

[Assistant] One more real quick. Clark stinks like your team losing a playoff game on a double doink, is that what you say? Double doink field goal attempt.


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[Assistant] Recently you took a question from a listener about their desire to keep their cell phone that had lost tech support from manufacturers. The suggestions provided included several options on how to obtain a cheap phone and advice to avoid using the phone for sensitive activities like banking. What you failed to suggest is to install an antivirus app as a potential solution.


[User] Please transcribe this text

[Assistant] This could be good advice, not just for this scenario, but for anyone wanting a little peace of mind or to guard against prying eyes on their phone.


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[Assistant] I'm not an IT guru by any means, but it seems like a small price that I'm willing to pay to have a little assurance against criminal hackers. In fact, in the process of writing this, Clark stinks.


[User] Please transcribe this text

[Assistant] I was able to find several cheaper options which were reviewed by reputable sources by doing a quick Google search. So I guess it's time for me to make a change and save a little bit more.


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[Assistant] Thanks for all you do and I hope you don't regret the Falcons passing on hiring the greatest football coach of all time, Lee in Milwaukee.


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[Assistant] Have you heard of it, Krista? I've seen it, A Man Called Otto. I read the book too, it's a great book. Oh.


[User] Please transcribe this text

[Assistant] Yeah, I think I've received messages from a similar student when, when he or she should be in his or her senior year class.


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[Assistant] I get videos for my kid. Like, I'm like, what are you doing?


[User] Please transcribe this text

[Assistant] Awesome. Well, I think it's a good reminder. Some people make, uhm, their families put their phones like in a dish or in a box, like for dinner, all sorts of things you can come up with, so.


[User] Please transcribe this text

[Assistant] How do I know I'm purchasing a good deal on toilet paper? I go through rolls and rolls in a week and when I purchase from the warehouse clubs, I purchase jumbo packs. Are there better deals and can you help me get to the bottom of this? A very punny question.


[User] Please transcribe this text

[Assistant] Some are more comfortable than others.


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[Assistant] Yeah, and they're skidded to the thinnest, like you try to pull out and you get one sheet. It's awful. The airports have those too, I'm like...


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[Assistant] John in Wisconsin says I'm 72 years old and I would like to set up a 529 plan for myself.


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[Assistant] Where I live in Arizona, 55 and above active retired community, there are other retired seniors that are going to go back for a second career but they have to get training. Yes, I would like to become a professional cook, so that means I'm going to have to go to a cooking school in Tuscany, Italy.


[User] Please transcribe this text

[Assistant] Have to go. So my question is, can I open a 529 plan for my education? I hope to use it, but if I don't, will it roll over to a Roth IRA?


[User] Please transcribe this text

[Assistant] And by the way, he did add in that he can't listen every day because right now he's on this like super long cruise around New Zealand.


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[Assistant] And I love the spirit of the 55 plus community. There are lots of people going back for second careers. It's so great.


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[Assistant] Michelle in Ohio says like Clark, I've always been anti-car leasing, but my mom has a unique situation. She's 92 in great shape and still very active and driving. For mobility reasons, she needs to trade her old paid off car for one easier to get in and out of.


[User] Please transcribe this text

[Assistant] At her age, would this be her best option or would lease of a new car, which she would love, be a reasonable financial decision?


[User] Please transcribe this text

[Assistant] It's great to have you here on the Clark Howard show where our mission is to serve you with information, with guidance that empowers you to make better financial decisions in your life. Today, have you heard of the term dupes? These are copies, items of clothing, cosmetics,


[User] Please transcribe this text

[Assistant] Things that are made to look like, to seem like, to even feel like designer brands, but much cheaper. Question is, are they worth it? Later, something that's not okay?


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[Assistant] Toyota just got hit with a big fine and having to pay restitution of millions of dollars to its customers.


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[Assistant] I want to tell you what Toyota did, what you need to be aware of because it could happen to you with any vehicle you buy, new or used, with the loan you get. So dupes, this is a phrase that


[User] Please transcribe this text

[Assistant] Of brand name goods. I mean there's always been reverse engineering where companies have tried to copy an it look. A designer this that or the other.


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[Assistant] And there are counterfeits obviously that are sold of brand names. And then there are just legitimate copies that are sold under a separate brand name. That's what dupes are. And


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[Assistant] People buy these dupes hoping they'll get something at a discount, a big discount that is roughly equivalent.


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[Assistant] To the designer brand, the big label, whatever.


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[Assistant] But when people are polled about this, depending on which poll, a third to a half feel like they threw their money away. That the item they bought just wasn't any good.


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[Assistant] That the designer label or brand label has. So I've been thinking about that. And as someone who has no fashion sense at all, none.


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[Assistant] Those of you who watch the YouTube show, you know I have no fashion sense. I don't care about that. But I do care about money. And this


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[Assistant] Reminds me of any other kind of thing where people are buying off label, store brand, anything like that. That it's a matter of.


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[Assistant] Testing the waters that you don't go all in.


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[Assistant] Buying a copy of a designer or a brand name.


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[Assistant] You have to go in lightly and try something. Some things are going to be worthy as the kind of spirit of the item that the brand name is, the designer goods are. Others are going to be pale imitations. And so you,


[User] Please transcribe this text

[Assistant] Are gonna find items that are worthy of your dollar and worthy of the savings you're gonna get. And there are others that are gonna be an ah well and a reset. But you don't jump all in.


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[Assistant] Because sometimes they're not going to be any good. Now obviously the stakes are much lower.


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[Assistant] In the supermarket or the discount store, buying an off brand or a store brand versus the designer stuff.


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[Assistant] You know, I wouldn't know a designer if it hit me in the face. It wouldn't, it wouldn't matter to me at all. I even mess up the, there's two of them that I never get right.


[User] Please transcribe this text

[Assistant] Yeah. Anyway, I was trying to remember. I mean, I, I just don't understand. I don't even know what they sell. Cartier is like fancy watches or something. Jewelry, I think. Yeah. Chanel sells that stuff.


[User] Please transcribe this text

[Assistant] So you hear I'm being careful here because I wouldn't know anything about designer.


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[Assistant] Well, you know, Wayne, my wife does yoga several times a week and I saw, uhm, yoga pants at Aldi.


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[Assistant] Well, it's just, it's so far over my head buying a designer thing.


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[Assistant] It's funny cause Lane got a package in the mail, same day I got a package in the mail.


[User] Please transcribe this text

[Assistant] So what I got was I got these four generic, uhm, beanies, what do you call those? Cold weather ski caps.


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[Assistant] And I was so excited because I got these four for $10 and they're really warm and she got some kind of fancy


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[Assistant] Piece of jewelry she bought secondhand. And so she's admiring the jewelry and I'm admiring.


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[Assistant] So first of all, this comes up repeatedly with the airlines. Krista was on a frequent flyer ticket going to Hawaii.


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[Assistant] You were booked in first class, lie flat bed.


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[Assistant] And you got, uh, downgraded all the way to a regular coach seat and they gave you no refund at all.


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[Assistant] Yeah, I mean, it was just, and, and the airlines say, well, you know, we didn't guarantee the seat even though you paid.


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[Assistant] A ton extra in points to be in the lie flat bed. And uh, and I know.


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[Assistant] This sounds like a thing of privilege, but it's what happened to you. And so John paid this money for a long flight from Uganda, I guess, back to... Rwanda.


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[Assistant] Rwanda. Rwanda. Rwanda, back to...


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[Assistant] Uhm, Brussels, and then Brussels, I guess, back to the US. And what you do, John,


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[Assistant] Is there, because it was a European Union carrier?


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[Assistant] There are services you can find online that know European aviation law and the rules are very specific. And even though your flight originated in Africa, you're covered by


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[Assistant] The European Union aviation rules and they'll take a cut of it, but they will get you your refund almost certainly for the seat fee.


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[Assistant] That you didn't get to use and the airline does not want to refund your money. Standard practice with European airlines and US airlines that fly to Europe are also covered by this that they just say, nope, we're not going to do it. And


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[Assistant] Then wash their hands of it, and that's why you have to use one of these commission services that know how to use the European Union rules to get you your refund. And I hope your trip was great to Africa. Sorry this happened as part of it.


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[Assistant] Yeah, exactly, because you got money sitting there. So, uh, first of all, we have on Clark.com a guide to cheap eyeglasses, cheap contact lenses, and cheap eye exams. And, uh, the thing with


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[Assistant] Prescription benefits at work for eyes, uh, eye, whatever, eye plans, is that often you're required in those plans to use or encouraged with those to use the, uhm, there's a cartel that controls


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[Assistant] A lot of the, uh, eye business in the United States. And they charge as much as 10 to 20 times what you pay if you go free market.


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[Assistant] And that's why someone can walk into Costco as an example and buy contact lenses.


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[Assistant] Just paying cash as a Costco member for far less than what it is with a prescription plan available through your employer buying at one of the cartel locations. Look at our guides and I promise


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[Assistant] Whether your prescription plan, your vision plan works for you or not, at one of the discounters that we list there, you're still gonna save a lot of money versus using your vision plan that you do get from work. The vision plan generally from work,


[User] Please transcribe this text

[Assistant] Means it is a green light for you to spend more for eye care than it would be if you didn't use often the vision plan from work.


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[Assistant] Regret to inform you for the, for being on a prison visitation list.


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[Assistant] It is this involved and you do have to give.


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[Assistant] This information, I have a good friend who works in a prison ministry as a volunteer.


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[Assistant] And he had to go through the same process you're being asked to go through or told and had to give up all the same information


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[Assistant] Uh, gang smuggling in stuff and so they want to know exactly who's there. In this case, they want, uh, rock solid proof of family relationship. And so Diane, you do face.


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[Assistant] The risk of this information getting in the wrong hands and being used as a way of doing identity theft against you.


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[Assistant] But in, that is a possibility. I can tell you though, the only way you're going...


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[Assistant] To be able to get on the visitors list is to comply with what the state prison system requires of you and this is very, very common.


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[Assistant] That they want deep dive, very personal.


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[Assistant] Information and financial information and you're gonna have to do it if you wanna, uh, be on the visitors list. And I wanna tell you that I hope


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[Assistant] Once he is released or paroled, is able to move forward with his life in a really positive way.


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[Assistant] Coming ahead, something not so positive, Toyota did some dirty deeds and cost their customers money in the millions and I want to tell you


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[Assistant] What are the lessons in this that I'm going to share with you for you, regardless of whose brand of car you buy?


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[Assistant] Toyota is a powerhouse and Toyota is doing especially well right now, both in the United States and around the world.


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[Assistant] As an automaker, I mean, they're doing fantastic. So it's just beyond me.


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[Assistant] That Toyota's financing arm that finances so many of the Toyota cars and trucks and SUVs Americans drive was engaged in crooked practices.


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[Assistant] That they've just paid fines to the feds for where they were cheating their borrowers. When you go to buy a Toyota often.


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[Assistant] If you don't do what I say, which is rearrange financing at a credit union before you ever walk into a deal or Toyota or otherwise.


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[Assistant] You're at the mercy of the dealer who they place your financing with. And very common at a Toyota store.


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[Assistant] They're going to arrange your financing with Toyota's financing arm known as Toyota Motor Credit.


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[Assistant] Well Toyota was doing a bunch of really dirty tricks to their customers, their borrowers. They were charging


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[Assistant] Average, depending on the loan, $700 to $2500 in junk fees added onto the loans. When consumers would say, wait, wait, I didn't sign up for this, I didn't sign up for that, I didn't sign up for the other, Toyota would not remove the charges.


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[Assistant] Is it was just a pad to profit for the loan? I mean, why would the world's most successful automaker do something this foolish? Cause the money.


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[Assistant] Was so small versus Toyota's whole operation. The other thing they were doing


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[Assistant] Was Toyota was putting false information about people on their credit reports?


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[Assistant] And then would not remove false information when a consumer discovered it. I mean, really?


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[Assistant] Really, was somebody trying to reach a quarterly bonus or something? Toyota? I can't believe it. The thing is, when you're buying a car,


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[Assistant] Don't do your homework in the right order at your own peril.


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[Assistant] You know, most of the problems people have


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[Assistant] With buying a new car, there are other issues that come up with used cars. But in both circumstances, it all starts with the money. The money. And this is why


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[Assistant] Before you ever walk into a dealership, ever, ever.


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[Assistant] Arrange your financing in advance. Because the lion's share of the problems that come up in a car purchase


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[Assistant] Revolve around what happens after you've reached the deal to buy the car you're getting.


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[Assistant] When you hit the F and I department, the finance and insurance department, that's where all the money is in selling a new car.


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[Assistant] And much of the money for buying a used car is all in the F&I department. The most experienced, capable, knowledgeable individuals work in finance and insurance at a dealership because they can generate


[User] Please transcribe this text

[Assistant] Most of the profit that happens in that whole dealership because of all the add ons that they add into that deal and the markups on the loans. Did you know that? You finance a car at a dealer


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[Assistant] And they're wholesaling the money at one rate and charging you potentially a much higher rate. And often there are a lot of people who are nervous about their credit. They're worried.


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[Assistant] And sometimes legitimately, sometimes not. When it's the sometimes not, uh, not so honest,


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[Assistant] And they create this so much doubt in you and you're salivating about having that new vehicle, that new set of wheels in your driveway before you know it.


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[Assistant] They've wholesale money for a loan maybe at 5% and written it to you at 14% because they conned you. They psyched you out and made you think you weren't good for the money, but they were going to be your hero. They were going to arrange a loan. They were going to make a nine point spread on it. This is why it's so important.


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[Assistant] That you do, if you're not a member of a credit union, before you're going to buy a newer used car, you go join a credit union.


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[Assistant] You arrange your financing in advance. You'll know what money you're good for.


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[Assistant] You'll know how much in interest you're going to pay. You're going to know what loan term you're going to get. And then,


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[Assistant] The dealer has to beat that if they want to write the paper instead of using the loan that you came up with. In addition, at the dealer,


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[Assistant] After all that, then they start adding on all the extras. Service protection plan, prepaid maintenance.


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[Assistant] Gap insurance, who knows what else coverage insurance they add on. So it's up to you to protect yourself.


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[Assistant] And even if you're tired to read through all the stuff, and if they use one of those screens, don't just have them slide their finger up and say, sign here, initial here, sign here, date here. You want to see what you're signing your name to because


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[Assistant] In every state in this country, the courts have said, what you have signed your name to, where you said, I have read and agreed to the terms and conditions of this contract, the judge is going to say, is that your signature? Did you say you have, uh, read and agreed to this? Say, well, your honor,


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[Assistant] Your honor's not going to get you anywhere. That's why you must protect yourself. Because Toyota was a big target and was doing dirty stuff.


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[Assistant] But dirty stuff happens every single day in the finance and insurance department. And you gotta be aware and protect yourself. Krista?


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[Assistant] Being in a high-cost provider, you're going to have a lower return over time than you would with, obviously, Fidelity Zero isn't low-cost, it's a no-cost provider of funds.


[User] Please transcribe this text

[Assistant] Some of your investments to buy the used car.


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[Assistant] Use SUV. Then you would want to start your search with either of the two high cost providers you have. You will have a tax bill obviously. Depending on your income though.


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[Assistant] Strangely enough, your tax rate could be zero.


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[Assistant] In capital gains tax. That's, oh.


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[Assistant] A little known thing that people who don't earn an enormous amount of money


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[Assistant] A certain amount of investment dollars you can sell and pay no tax for selling them.


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[Assistant] And so if you look up zero percent capital gains tax rate, it will show you if you Google that.


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[Assistant] What the income level is that qualifies you zero tax rate. And you'll be good. Uhm, taking out a loan.


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[Assistant] I would say you're a USAA member, see what USAA will write that loan for you for. They are a big issuer of auto loans and see what that would be if the rate is very reasonable under let's say 6%.


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[Assistant] I would go with the loan. It's more than that. I would consider selling some of the high cost investments.


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[Assistant] Well, I pay cash for everything. Uhm, not that that's always the smartest thing, but I despise debt. I don't carry debt of any kind. And, uh,


[User] Please transcribe this text

[Assistant] I mean, I just can't stand owing anybody money. But that's me.


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[Assistant] I mean they do the 2000 free as a marketing thing and you'll get a follow up trying to sell you additional coverage.


[User] Please transcribe this text

[Assistant] I feel comfortable with you if you wanna have $2,000. It is like free money falling out of the sky. The odds that you're gonna die, uhm, from an accidental death or have a dismemberment are s- it's so very low.


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[Assistant] But I guess it's some, some comfort that you can do the 2000 free. Would I buy that product? Never, not on your life.


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[Assistant] We don't know based on what you posted, single or married.


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[Assistant] You absolutely, without question, without doubt, want to be doing the Roth version of the 401k. Because your tax rate now is 12%. Uhm, in your case, even as a single individual,


[User] Please transcribe this text

[Assistant] Most of what you earn is taxed at 12%, a small amount taxed at 22%.


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[Assistant] I would say that tax rate is so favorable to you because tax rates are so much lower than they historically have been and are likely going to be in the future because of these very large budget deficits we're running just on Medicare and Social Security alone.


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[Assistant] That, uh, we're gonna have to, uh, either go broke as a country, reduce benefits for Medicare and Social Security, or we're gonna have to tax more or some combination.


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[Assistant] of reducing benefits and more taxes. So that's why


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[Assistant] I would say it would make a lot of sense for you to have.


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[Assistant] With the financial planner who's encouraging you to do traditional 401k.


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[Assistant] I believe that Roth would be a really good answer at your income and your tax rate.


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[Assistant] And I want to thank you so much for joining us today. We have six days till Christmas.


[User] Please transcribe this text

[Assistant] We have six days to make it happen for the children that we collect your donations for in Clark's Christmas Kids, for children in foster care. Something we've been doing now, this is our 33rd year, a third of a century, our generous listeners, readers, and viewers


[User] Please transcribe this text

[Assistant] Have been helping out children in foster care. And you want to see how to do it? Donate any amount of money or pick out a child you'd like to buy gifts or gifts for.


[User] Please transcribe this text

[Assistant] Go to Clark'sChristmasKids.com and have a great day.


[User] Please transcribe this text

[Assistant] Now you hate debt too, so would you, what would you actually do if it was you?


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[Assistant] Tuan in Ohio says, Clark, my wife had just returned from, has just returned from a five day vacation with our daughter. They flew on Spirit Airlines.


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[Assistant] Every time she calls to check on the status of her bag, she gets an automated message that they're still working on it.


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[Assistant] We have been patiently waiting, hoping they will send the bag to our front door.


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[Assistant] We don't know what else to do. There's jewelry and items in the bag worth thousands of dollars.


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[Assistant] Alan in Washington says in September my wife and I took the vacation of our life.


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[Assistant] We traveled with the company and visited two ports in Portugal.


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[Assistant] Five ports in Spain and two in France. It was a small ship with about 180 passengers so we could visit the small ports. We traveled at night and had wonderful tours during the day with less than 20 people on each tour.


[User] Please transcribe this text

[Assistant] We called our phone company, our cell phone company ahead of time and signed up for their international calling plan for one month.


[User] Please transcribe this text

[Assistant] We had only made calls from our phone while in port in the countries that we had named.


[User] Please transcribe this text

[Assistant] Much to our surprise, when we received our bill, it was over $400.


[User] Please transcribe this text

[Assistant] I called what you call customer no service and actually got a hold of a fine fellow that helped me understand. Guess what? International calling plans don't cover calls made from a cruise ship even if it's in port.


[User] Please transcribe this text

[Assistant] I did agree with the rep when he said this doesn't make any sense.


[User] Please transcribe this text

[Assistant] And oh, by the way, the only thing really lacking from the cruise was limited, very poor internet making wifi calling impossible. Do you have any thoughts regarding this?


[User] Please transcribe this text

[Assistant] Doug in New York says we plan to winter in Hawaii from January to April.


[User] Please transcribe this text

[Assistant] Renting a car would be very expensive. I love this! I know, right? I'm so jealous of these. Wow. Wow. I'm jealous of everyone except, uh, for poor Tuan whose wife's luggage is lost.


[User] Please transcribe this text

[Assistant] Uhm, anyway, Doug says, how can we do this in the most cost effective way?


[User] Please transcribe this text

[Assistant] Alright, Tracy in North Carolina says I'm on the budget billing plan for my electricity.


[User] Please transcribe this text

[Assistant] Then my monthly budget amount only decreases by a few dollars. Should I abandon budget building and just pay for my actual monthly usage?


[User] Please transcribe this text

[Assistant] This is from Sandra in California. Thank you for being a guiding light. Do you recommend I arrange a car purchase through the Costco auto program? Please elaborate on the pros and cons.


[User] Please transcribe this text

[Assistant] I'm a decades long listener and an avid fangirl. Like you, I play the credit card rewards game using multiple cash back cards. I have the quarterly rotating cards that pay 5% and also the fidelity and city double cash that both pay 2% for everything.


[User] Please transcribe this text

[Assistant] Now I've read about the Alliant credit card that pays two and a half percent on everything.


[User] Please transcribe this text

[Assistant] Is it time to apply for this new card and put away the fidelity and city double cash rewards? Am I getting too crazy? Thanks for everything.


[User] Please transcribe this text

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


[User] Please transcribe this text

[Assistant] One decision I'm glad you've made is to listen to or watch our podcast. If you like what you're hearing, I hope you'll take the time to subscribe and review us when you get a chance. In this episode,


[User] Please transcribe this text

[Assistant] There was recently a ruling that got a wave of media coverage about real estate agents. And I want to tell you what this is ultimately going to mean potentially for you're in my wallet.


[User] Please transcribe this text

[Assistant] When others are paying 5 plus percent. Disgusting.


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[Assistant] We're going to talk it through. Don't sit on your hands here. It's your money. You worked hard for it and we're going to talk about that later. So there was an earthquake that hit the real estate industry in the United States.


[User] Please transcribe this text

[Assistant] I had mentioned months ago, maybe even last year, there were these lawsuits working their way through the federal court system.


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[Assistant] Against real estate agents and realtors and various real estate agencies engaged in alleged price fixing. Now, a jury that heard one of these cases


[User] Please transcribe this text

[Assistant] Found the realtors liable for price fixing awarded


[User] Please transcribe this text

[Assistant] Little less than two billion dollars. The judge will have the option of tripling that to nearly six billion.


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[Assistant] And that's not even the worst part for the real estate community. The worst part is that the judge may issue


[User] Please transcribe this text

[Assistant] New rules that invalidate all the various methods that real estate agencies engage in


[User] Please transcribe this text

[Assistant] What now I can't call allegedly illegal practices, illegal practices, and do various things.


[User] Please transcribe this text

[Assistant] Together collude together to push up the commissions that we have to pay. Just so you know, in the rest of the developed world, technology has completely changed commissions.


[User] Please transcribe this text

[Assistant] In what people pay in residential real estate. Both as a buyer and as a seller.


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[Assistant] And the United States, because of the various allegations of collusion, we're an outlier, where commissions in the United States have come down some, but are still far, far higher than they are somewhere else. And remember, eh, most anywhere else in the world. And remember, for most people, the home you have,


[User] Please transcribe this text

[Assistant] That in today's dollars could be thousands of dollars just to do one stock trade to now stock trades are essentially free and it happened because of the free market.


[User] Please transcribe this text

[Assistant] And real estate agents saw what happened to travel agents, who as technology came along, travel agents,


[User] Please transcribe this text

[Assistant] Agencies and trade associations and stuff were like, no, we're not going to let this happen to us.


[User] Please transcribe this text

[Assistant] So that's why through various collusion activities and price fixing, real estate commissions are by world standards and with modern technology ridiculously high. Having said all that,


[User] Please transcribe this text

[Assistant] Real estate agents are not going away no more than travel agents went away. The nature of the travel agency business changed. The nature of the real estate agency business will change.


[User] Please transcribe this text

[Assistant] And this is going to be a gradual process, not gonna happen all at once. It reminds me of the stuff with the hearing aids, where I've talked for years and years and years, I mean for like 25 years, about how because of price fixing, we have the world's highest prices on hearing aids.


[User] Please transcribe this text

[Assistant] An exemption of price fixing laws and collusion and try to use persuasion on Capitol Hill.


[User] Please transcribe this text

[Assistant] The technology cannot be bottled up and the options cannot be prevented. But real estate agents remain essential and very important. The numbers that will be will be reduced.


[User] Please transcribe this text

[Assistant] And you need a knowledgeable, experienced agent to shepherd through the process. The commissions will be completely different.


[User] Please transcribe this text

[Assistant] But the marketplace will decide that. And the role for experience, good.


[User] Please transcribe this text

[Assistant] But there's a new legal provision Congress passed a while back, I guess a couple years ago, goes into effect January 1.


[User] Please transcribe this text

[Assistant] And it allows you, with a Child's 529, once it's been in there 15 years or longer,


[User] Please transcribe this text

[Assistant] To let it grow tax free for the 15 years and then tax free you migrate it into


[User] Please transcribe this text

[Assistant] A Roth IRA for your child. This is the greatest thing ever because one of the problems with 529 is people were afraid to get a lot of money in it. Their kid got a scholarship, didn't go to college, whatever. And now you've got this escape hatch.


[User] Please transcribe this text

[Assistant] That eliminates tax penalties or taxes where the money can migrate without a hiccup.


[User] Please transcribe this text

[Assistant] Don't put more than 35,000 in. If you have already, then we've got more problems to discuss. You're not subject to the 10% penalty on whatever would be in excess of the 35 grand.


[User] Please transcribe this text

[Assistant] Because of the scholarships. So it's not like there weren't eligible college expenses, it was just they didn't have to be paid. But whatever gains the Indiana 529 has had over the years, you would owe ordinary income tax on it.


[User] Please transcribe this text

[Assistant] But you would not owe penalty, the 10% penalty. Now you can move the money to another


[User] Please transcribe this text

[Assistant] Person as the beneficiary. So if there are other family members you might want to use the money for for college. That's also a tax free event.


[User] Please transcribe this text

[Assistant] This one's hard. We talk about this various times. There is no fail safe. There was an organization we used to talk about at one time that was like a digital, um,


[User] Please transcribe this text

[Assistant] Storage thing for people till the time they passed away and then the designated individuals would be given access and that organization, I forget what the name of it was.


[User] Please transcribe this text

[Assistant] Where you were able to designate an individual, Steven, who is a trusted individual, and at the time you do pass away,


[User] Please transcribe this text

[Assistant] Google after a period of time of no action in your account.


[User] Please transcribe this text

[Assistant] But this is, this is an issue for a lot of people. And in your case, your divorce, a lot of times in a couple, one has not shared.


[User] Please transcribe this text

[Assistant] That kind of information with the other and they unexpectedly pass away and nobody knows how to get in the accounts. Yep. And so that's something my wife and I update every 90 days. Things like that. We update our financial accounts with each other, passwords, usernames, all that with each other.


[User] Please transcribe this text

[Assistant] I hear this all the time, there was a, a report I just saw that ran the numbers and roughly 75% of workers who have access to a high deductible HSA eligible health plan and then in turn an HSA


[User] Please transcribe this text

[Assistant] Even less than 25% probably who are better off in a traditional health plan with a lower deductible. It's, it's crazy that so few people sign up for HSA eligible plans and they are overwhelmingly the best choice for most situations. Uh, first of all, the HSA limits for 24.


[User] Please transcribe this text

[Assistant] Are going to be $4150 for a single individual, $8300 for a family, and if you're over $55 those are each $1000 higher. So you can put a meaningful amount of money into an HSA account.


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[Assistant] So an HSA account is a pre-tax account that grows tax free.


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[Assistant] And then it's spent tax free. It's better than the 401k your employer offers. It's better than the Roth IRA I love.


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[Assistant] It is the best wealth builder and financial security builder that's available under the law today. But it confuses the daylights out of people.


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[Assistant] In fact, only a tiny percent of people handle HSA money correctly. What's correctly?


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[Assistant] In almost all cases, that money should be invested, not put in some penny-anny savings account. You wanna invest your HSA.


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[Assistant] With, uh, my favorite children, with one of the ultra low cost companies and you invest in, you can do straight out index funds. And the goal is not to use that money for the deductible expenses you have on medical care, but to let it grow through the decades.


[User] Please transcribe this text

[Assistant] And then you use it much later in life. And here's one of the crazy things about HSAs that like, I bet not even a hundredth of one percent of people who have an HSA know. So you can save your receipts.


[User] Please transcribe this text

[Assistant] Of things you've had to pay for out of pocket for medical care to meet your deductibles.


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[Assistant] And much later in life, after that money has grown tax free over decades, compounded over and over again, you can then get reimbursed.


[User] Please transcribe this text

[Assistant] HSA's work best for people who have very little medical expenses and then people who have a lot of medical expenses. It's kind of like that 25% of people are kind of in the mushy middle.


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[Assistant] I want to talk about so many Americans leaving other money on the table.


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[Assistant] And I've got new data that friends don't let friends put any money into savings or CDs at a bank.


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[Assistant] Wow. They're ripping us off. I mean, crazy numbers. I'm going to share with you straight ahead. I'm never going to be honored by any banker as person of the year. Let me tell you, cause I'm always on a slow burn about the banks because banks are not putting


[User] Please transcribe this text

[Assistant] The public interest first. This comes up repeatedly. And we bailed out the banks again and again.


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[Assistant] It is the worst possible thing, private gain, public loss, is we've had to do these bailouts of the banks. Uh, basically nobody ever went to prison.


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[Assistant] For all the banking scandals 16 years ago that really became known 16 years ago. And even Wells Fargo, the criminal enterprise impersonating a bank.


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[Assistant] Virtually no one has ever been prosecuted for any of the repeated criminal acts that have happened at Wells Fargo.


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[Assistant] And they keep saying, Hey, we're not going to be bad anymore. And then another thing erupts with them. I mean, I'm on slow burn about this. It's absolutely true. And then I read this in the wall street journal. Okay. This is really something. So chase bank.


[User] Please transcribe this text

[Assistant] According to Wall Street Journal research is still paying one one hundredth of a percent on their savings accounts.


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[Assistant] I want you to think about that. You can go online today without breaking a sweat. You can earn five plus percent on your savings. Five plus percent.


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[Assistant] And Chase is paying one one hundredth of one percent. Wells Fargo paying point one five percent. So they're paying fifteen times nothing basically. And the average bank, the average bank


[User] Please transcribe this text

[Assistant] Just ripping off their customers left and right and center.


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[Assistant] Just ripping you off! And we're letting them do it!


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[Assistant] With trillions of dollars that people are putting in savings or CDs with these stinking banks.


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[Assistant] Who are happy to raise the interest rates on all their loans.


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[Assistant] Happy to charge 22% average interest rate on a credit card.


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[Assistant] But instead are going to pay you basically nothing on your savings at the same time.


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[Assistant] On the same day the Wall Street Journal story appeared, there was a story in USA Today where they surveyed what were you making if you put money in CDs


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[Assistant] That are FDIC insured through my three favorite children. Fidelity Investments, Charles Schwab, and Vanguard. What are you earning by comparison? I'm so glad you asked.


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[Assistant] The rates you're earning depending on the length of CD is from five and three quarters percent to a low


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[Assistant] Through one of the three giant discount brokers, and instead of earning .45, you're earning a minimum of 5.45%. Come on!


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[Assistant] So many of us have some business we do at some point in our lives with one of these three big discount brokers.


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[Assistant] Fidelity Investments, gigantic. Schwab gigantic. I mean think about it, it's funny cause we're Schwab.


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[Assistant] If you have a regular account with Schwab, an investment account, they're paying you on your cash sitting in your account. The same as the banks 0.45, but at the same time you can through them by a CD that will pay you over 5% for any term length you're looking at. I mean, this is easy stuff and interest rates are


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[Assistant] Really at or near the top. It's possible the Federal Reserve might do


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[Assistant] The interest rates will start going the other way. So this is a really good time.


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[Assistant] To treat yourself as an early Christmas gift, lock in some money that you don't need right away in CDs. Where you can earn 5 plus percent for whatever length term you're pretty much interested in. And if you go to the website of any of these three,


[User] Please transcribe this text

[Assistant] Whichever one or once you do business with Vanguard Schwab or Fidelity and just put in the box CDs and it's not going to be an old compact disc.


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[Assistant] Playing Purple Rain or something. It's going to be you taking your money and putting it to work for you. How'd you like that Prince?


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[Assistant] And Krista, I've totally neglected to mention that you're back. I mean, first you were away with family, then we were off on the Thanksgiving holiday week and welcome back.


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[Assistant] I think you could write a book from those two weeks.


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[Assistant] So this is a confusing answer I'm about to give you.


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[Assistant] You don't have to worry about mailing in your old one. You don't have to worry about all your documents going in the mail and getting lost or whatever, going through hand after hand. The new digital process is in pilot.


[User] Please transcribe this text

[Assistant] And if you can get in the digital renewal pilot, and if you, you go to state.gov and you go to passport renewal,


[User] Please transcribe this text

[Assistant] And I guess I tried this before and it did work. I don't know if it's still working. You can say digital renewal.


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[Assistant] And see if it is open. Because that is the safest, most streamlined, most secure way to renew a passport. Because they already have everything on you. It's so funny that they make you send in all that stuff.


[User] Please transcribe this text

[Assistant] That could be an identity theft issue if it was intercepted. Cause otherwise what you're left with is you do have to


[User] Please transcribe this text

[Assistant] Use, uhm, the postal service or an alternative address. You can use, uh, UPS or FedEx to deliver your packet to the, uhm, to the U.S. Passport Office. And I renewed a passport


[User] Please transcribe this text

[Assistant] To go into the 21st century and have full digital renewal.


[User] Please transcribe this text

[Assistant] No, no, I, you send by, you get the alternate address, you send with, uhm, UPS or FedEx or if you do it at the postal service, pay for tracking and tracing of the sending of it and pay for, uh, it'll only come back with the postal service.


[User] Please transcribe this text

[Assistant] Thank you for that tip because you wouldn't want to mistakenly.


[User] Please transcribe this text

[Assistant] Sign up for Pay in Four on your iPhone. And why Apple thinks this is a good idea is beyond me. Pay in Four has been so harmful to people. And I wish Apple didn't jump on that bandwagon.


[User] Please transcribe this text

[Assistant] Your coverage from Uber and Lyft is capped at 1 million?


[User] Please transcribe this text

[Assistant] Your own, uh, auto insurer, you have to disclose to them.


[User] Please transcribe this text

[Assistant] That you're driving part-time for Uber or Lyft?


[User] Please transcribe this text

[Assistant] You can buy excess liability coverage from them that is known as an umbrella policy.


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[Assistant] You sound like you have enough assets. You should do that. It's a success tax. Umbrella policies that sit on top of the other


[User] Please transcribe this text

[Assistant] If you have not purchased a rider or whatever your auto insurer requires for you to be driving for Uber or Lyft. Again, they're only going to pay the first million.


[User] Please transcribe this text

[Assistant] Uh, there may be somebody listening or watching saying, only the first million? You have no idea if somebody's badly injured in an accident, and you're the liable party, how much


[User] Please transcribe this text

[Assistant] How many zeros in what that first digit may be?


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[Assistant] And so you're thinking the right way about this alias and either stop driving for them or bulk up on proper insurance to drive for Uber and Lyft. I remember when I was doing it undercover on TV and my brother, the retired lawyer was like, you can't do that. He was worried about the liability risk to me if something went wrong.


[User] Please transcribe this text

[Assistant] If it could fit in my schedule, I'd love to keep doing it.


[User] Please transcribe this text

[Assistant] And they were like you were part of the machine, like you were just another part of the...


[User] Please transcribe this text

[Assistant] The car. And they didn't look at you, they didn't acknowledge you.


[User] Please transcribe this text

[Assistant] You were just a robot driving and then other people.


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[Assistant] Really enjoyed an appreciated conversation. You had to. Is anybody a public facing job? You've gotta read the room. You gotta know what the customer is like and serve that customer where they want to be. Awesome.


[User] Please transcribe this text

[Assistant] It's not bad to just be polite to people and say thank you and remember to tip those Uber and Lyft drivers. Yes, for sure.


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[Assistant] So, it's time for today's Clarky of the Day. Krista, what do we have?


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[Assistant] Well, I know I am a nut, but I love your story and flying, Ryanair is the largest airline in Europe. They, uh, gosh, they keep growing like they are. They're going to be the world's largest airline someday. And they're an acquired taste, but they're very dependable generally. And I love flying them, but I love flying everybody.


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[Assistant] And by the way, if you have a Clarkie, you'd like to share.


[User] Please transcribe this text

[Assistant] Call 404-981-2071. That's 404-981-2071 and share your story with your fellow listener. And then you're a member of the Clarkies. That's right.


[User] Please transcribe this text

[Assistant] So I want to thank you so much for joining us today. I, I was neglectful and mentioning that I hope your Thanksgiving was absolutely great. And for those of you who know what life's really about, that your NFL team won this weekend. No, I know.


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[Assistant] Football is my life, but it's not life. I know that, but I hope that your time with family.


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[Assistant] And friends and whatever travel you did was wonderful and great.


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[Assistant] And we're just weeks from Christmas. I hope that you have a great Christmas season. We're going to talk a lot about that over the next couple of weeks, right? That's right. So have a great day. Remember what we're about that you learn ways to save more, spend less and avoid getting ripped off.


[User] Please transcribe this text

[Assistant] So we're going to a different source of energy from David in South Carolina. I was turned, I was turned on to your show back in 2021. And now I listen every week. Your podcast and Clark.com helped our family tremendously when we were navigating buying our first home. After hearing you mention


[User] Please transcribe this text

[Assistant] Solar energy on the podcast, I did some research to see if solar panels would be a good option for us. Unfortunately, due to the size and direction of our roof, solar panels don't make sense in our situation. This made me curious about wind energy.


[User] Please transcribe this text

[Assistant] Living near the mountains, I imagined that wind energy would make more sense for our home than solar. I looked on Clark.com for a guide to wind turbines and was surprised that I couldn't find one.


[User] Please transcribe this text

[Assistant] From Deb in Utah, in the article titled, the number one bill you should always get by mail, Clark has, Clark says he has a Wells Fargo bank account. I am shocked as he trashes the big banks all the time and I think Wells Fargo is the worst of the worst. Why would Clark have an account with them?


[User] Please transcribe this text

[Assistant] I remember when we switched payroll companies and we had a staff meeting and Krista called out a few people, uhm, when she was like, we had to turn in our bank, our new bank, uhm, statements and she said, there are a lot of you that are here with Big Monster Megabanks and people were in the meeting like,


[User] Please transcribe this text

[Assistant] I just heard you speak about renting out a portion of your house if the zoning allows it. I live in an area zoned for single family dwellings. The house next to me has recently been sold and the new owner has converted it to two apartments and rented them out. I have reported this to the local government and I'm waiting to see if anything happens.


[User] Please transcribe this text

[Assistant] I have a situation where an adult daughter living on her own is in an immediate need of a vehicle.


[User] Please transcribe this text

[Assistant] I am offering her to use one of my vehicles short term while she pursues a replacement. My question is in regards to insurance. Should I contact my insurance company about this? I don't want to needlessly make it complicated. I'm expecting she will get a new vehicle in about two weeks.


[User] Please transcribe this text

[Assistant] As we are going through a transition process, I have been renting a storage rental facility for a year. I have the monthly payment set up on auto payment.


[User] Please transcribe this text

[Assistant] The payment was charged to me on the 4th of the month. I moved out of the facility on the 16th. But the facility will not prorate and give me any refund. I have used other facilities in the past that did prorate when I moved out. Is this legal but just poor business practice? Is there anything I can do?


[User] Please transcribe this text

[Assistant] I have been an Intuit Mint user for years to keep daily track of my expenses. I love this program.


[User] Please transcribe this text

[Assistant] I treat myself as a business by keeping track of all money coming in and going out on a daily basis, then adding it to a monthly spreadsheet. I have been doing this for almost seven years now since I began using Mint, so I can compare costs and evaluate expenditures.


[User] Please transcribe this text

[Assistant] This program has helped me immensely. I pay $1.04 per month for an ad free experience, which I think is worth it. I received this email from Mint. Is it real?


[User] Please transcribe this text

[Assistant] Log in now to view your subscription end date. Thank you for being a Valued Mint member.


[User] Please transcribe this text

[Assistant] Cameron in Utah says I would like to plan a Disneyland trip for my family next year. Based on when we'll already be in Southern California, we are limited to early June.


[User] Please transcribe this text

[Assistant] I'm leaning towards Costco travel to book to get a package deal. For example, other options that I've explored may come with cheaper hotels.


[User] Please transcribe this text

[Assistant] But then I would have to pay more for transportation, parking, etc.


[User] Please transcribe this text

[Assistant] Is there a better way to book such a trip and is, and is time, there are time that's better than others to get the best deal?


[User] Please transcribe this text

[Assistant] Sal and Michigan says our recent Tahiti excursion on a boat with eight people plus crew turned into a nightmare due to dreadful weather.


[User] Please transcribe this text

[Assistant] We desperately tried to cancel that morning, but our efforts to contact the company were in vain and the excursion personnel at the port said that the tour would still proceed.


[User] Please transcribe this text

[Assistant] The excursion was not done through the cruise line but through an outside company. As we journeyed back we were subjected to exceptionally rough seas causing a great concern for our safety.


[User] Please transcribe this text

[Assistant] The situation was so distressing that not a single passenger chose to tip the crew.


[User] Please transcribe this text

[Assistant] In our pursuit of a refund, we contacted the credit card company.


[User] Please transcribe this text

[Assistant] But both the bank and the vendor rejected our claim, asserting that we willingly participated.


[User] Please transcribe this text

[Assistant] I tried the disputes department and the travel protection department and was denied on both since we ended up going on the excursion.


[User] Please transcribe this text

[Assistant] Had we known how rough the seas were, we wouldn't, we absolutely would not have gone.


[User] Please transcribe this text

[Assistant] This experience raises crucial questions about consumer protection and the effectiveness of credit card dispute procedures. I would greatly appreciate any insights or guidance you can provide. Do I have any repercussions?


[User] Please transcribe this text

[Assistant] Carl in Virginia says my questions about my homeowners insurance request to have me use the FlyReal app to take pictures and videos of my home. I called them to confirm that this is legitimate, and it is, but it's also not required.


[User] Please transcribe this text

[Assistant] They said I might get some additional discounts for doing this, but there's no guarantee that I will. I've never heard of this before. Is it something being done in the homeowners insurance industry now? And what are the risks of downloading this app and sending them pictures and videos of my home?


[User] Please transcribe this text

[Assistant] Trampoline, dog breed they don't like, sure.


[User] Please transcribe this text

[Assistant] Mark in Montana says I'm looking at investing in a 529 for my kids. I'm a little late to the game with my oldest already in college, senior and freshman in high school.


[User] Please transcribe this text

[Assistant] I am, so I'm not expecting tons of compound interest. However, I love the idea of money growing tax free. I noticed that you have Montana listed as needs improvement in your 529 guide.


[User] Please transcribe this text

[Assistant] What alternatives do I have or is there a better option in our state for setting aside for secondary education?


[User] Please transcribe this text

[Assistant] I'm pretty underwater on the loan due to the 2021 and 2022 car values skyrocketing.


[User] Please transcribe this text

[Assistant] What are some ways I can ease the pain of the loan and pay it down sooner? I'm tired of this car, but I'm following your advice of seeing it as transportation and sucking it up.


[User] Please transcribe this text

[Assistant] Mary Ellen in Georgia says my son just purchased a used truck from a dealership.


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[Assistant] 750 was because he was not financing through the dealership, which they considered was a cash sale.


[User] Please transcribe this text

[Assistant] After he was ready to avoid the sale, they removed the charges. The dealer prep charges have been an ongoing nuisance for years, but to be charged an additional fee for arranging your own financing?


[User] Please transcribe this text

[Assistant] I'm so glad that you're with us here on the Clark Howard Show. You know, our mission is to serve you with knowledge that empowers you so you can make better financial decisions in your life. I had a question for you.


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[Assistant] Are you a super saver? Are you a mega saver?


[User] Please transcribe this text

[Assistant] I wanna share with you a couple of key choices you can make in your life that will in fact empower you to have more control over your financial future. And speaking of choice, you're gonna see a lot


[User] Please transcribe this text

[Assistant] Providing one on one advice information and guidance for free. And if you want that one on one advice.


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[Assistant] And if you know my backstory, I don't want to bore you with it, but for people who don't know, I'll be very brief. My father lost his job when I was a teenager and I thought we were living, uh, really, really


[User] Please transcribe this text

[Assistant] Uh, fancy life that we were, that my parents were loaded with money and all that. But when my dad lost his job,


[User] Please transcribe this text

[Assistant] I had just gotten into college, I was in college and I was home for Thanksgiving and he told me


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[Assistant] That there was, uh, likely not any money for me to continue college. And I was like, what? And in that era, college was a lot cheaper. And I went to a school that mostly had night students.


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[Assistant] So I switched starting the next semester to be a night student, and then I got a full-time job. And in that era, I was able to pay my own costs, my own tuition, something that would be, uh, extremely difficult today.


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[Assistant] But it changed me and fortunately my parents got back on their feet after about two years. But what it did for me


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[Assistant] Was it taught me that I was never going to be in a position where I didn't have a good cushion in my life and I resolved that out of college I would live on every other paycheck. And so right off the bat,


[User] Please transcribe this text

[Assistant] I was living off of half of my net pay. And that was something I continued through my twenties, uh, starting my own business with the money I'd saved.


[User] Please transcribe this text

[Assistant] And then was able to, uh, amazingly retire at 31. And when I went back to work for fun later in my thirties,


[User] Please transcribe this text

[Assistant] I started saving 70% of my pay because I had no meaningful expenses and so I've been in a position


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[Assistant] Where, uh, I originally was in talk radio and it's a pretty risky profession.


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[Assistant] And I was saying things like I say now, knowing that


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[Assistant] Any one day I could say something that would get me fired, and I didn't care.


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[Assistant] Cause I knew I had financial independence before that term existed. Well, what I have done with my life is extreme.


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[Assistant] But there are lots of people who live on substantially less than what they make. And there's two things that are totally consistent in them that were written up in, uh, in,


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[Assistant] A story on CNBC based on research by a financial outfit.


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[Assistant] That there are two things foreign above the others that are two characteristics of people who are able to live on less than what they make.


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[Assistant] And when I tell you these two, you say, well, gosh, that makes sense. You needed a survey to tell you that, but.


[User] Please transcribe this text

[Assistant] Our, our mentality, our psychology, our behavior


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[Assistant] Takes us so often in American culture down a different path.


[User] Please transcribe this text

[Assistant] That's a different than normal American mentality, right? Number one trait of someone who lives on less than what they make is they don't give in to new car smell.


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[Assistant] Number two thing, and this dovetails exactly.


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[Assistant] With a ground breaking research project that became a best selling book a generation ago, the millionaire next door.


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[Assistant] Living in a modest home. Or modest housing.


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[Assistant] That is the second most common attribute. And so, think about how much sense this makes.


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[Assistant] Housing, the number one expense most of us have in our lives.


[User] Please transcribe this text

[Assistant] Vehicles, cars, automobiles, trucks, SUVs, whatever. Number two largest expense we have in our lives and the latest data.


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[Assistant] That your, your car is costing you over a thousand dollars a month now if you have a newer vehicle. So remember these two things.


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[Assistant] Because yeaah, we can talk about how much money you'd save.


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[Assistant] If you drink tap water instead of bottled water. We can talk about how much money you save if you break your Starbucks habit and how much money you save doing these various things.


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[Assistant] And they do make a difference in your life, but they're not the big difference. The big difference is the big ongoing costs you have in your life.


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[Assistant] Yes, you can create more financial security where you don't have financial security right now by attacking your monthlies. And I talk about that.


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[Assistant] But the people who year in and year out.


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[Assistant] Regardless of their income, regardless of what they do for a job, the people who end up the most financially secure are people who, the way they handle money starts from a base of not throwing a lot of money at vehicles and two, not throwing a lot of money at where they put a roof over their head. Krista?


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[Assistant] I see you have your Starbucks right now.


[User] Please transcribe this text

[Assistant] You know, I, uh, my wife Lane used to be into drinking these Starbucks drinks. So I'd have to have a piece of paper and write it down and I'd get to the Starbucks to get it for us as a treat.


[User] Please transcribe this text

[Assistant] And I'd be reading from this piece of paper and I might as well have been speaking, I don't know, uh,


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[Assistant] German, French, Spanish, who knows what.


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[Assistant] And so I'm reading this to the person taking the order.


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[Assistant] And they're just going on the, the register, boom, boom, boom, boom, boom, boom. Like it actually made sense.


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[Assistant] I mean, what a great life you have. Serving your country in the Navy and serving your fellow American working at Costco. What could be better?


[User] Please transcribe this text

[Assistant] So I don't like for people to have their, uh, uh, assets tied up, their savings or investments tied up in their employer. Now I have no problem with you having a small position.


[User] Please transcribe this text

[Assistant] In your employer stock, in this case Costco. And Costco, if you look back historically,


[User] Please transcribe this text

[Assistant] Is done phenomenally, but there's nothing about the first 40 years of Costco's existence that says that the next 40 are going to be good.


[User] Please transcribe this text

[Assistant] Just because they've been great in the past doesn't mean it's going to be good in the future.


[User] Please transcribe this text

[Assistant] And Costco stock is fine because you're diversified in other ways, no debt.


[User] Please transcribe this text

[Assistant] You're doing the raw 401k and all that.


[User] Please transcribe this text

[Assistant] If I was gonna do more though than just a small amount in Costco stock, I would do a Roth IRA in addition to what you're already doing in the Roth 401k with the company.


[User] Please transcribe this text

[Assistant] And do that Roth IRA with one of the low cost companies, one of my favorite children that are on our investment guide at Clark.com. Gotta be very careful with brokerage houses.


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[Assistant] Because brokerage houses typically are not fiduciaries. They do pretty much the opposite of what's best for you, what would be being a fiduciary.


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[Assistant] Yes you do. You do. You pay the 100 to 200 dollars. I remember Christy, probably 20 years ago, you were buying a used car.


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[Assistant] And it was one that you had always been interested in but knew it was out of your price range.


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[Assistant] Do I remember you went through having four of them that you paid the inspection fee first before the fifth one was good?


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[Assistant] Uh, on our radio show at that time when we did radio about people hanging up on you when you asked for the VIN. So uhm, yes, I know it's frustrating.


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[Assistant] To let's say time and time again, you spend the time, you spend the money to have it inspected.


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[Assistant] But if you think about the cost of a truck, even a used one, as expensive as it is,


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[Assistant] It's really inexpensive money if you end up spending $100 to $200 to avoid trouble. So that's exactly what I would want you to do.


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[Assistant] Alright, so Robert, uhm, you're in Georgia.


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[Assistant] Uh, high status on Delta, not gonna work anymore. Uhm, you have to charge, is it?


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[Assistant] 700,000 a year for the card to get you to high status on Delta. Really? Wow. It's some, some unbelievable number under the new system. I think it's 700,000. My gosh. I mean, it's, it's like your kind of territory you're spending. Anyway, uhm, I wouldn't want you to completely ditch having a Delta American Express card. I think it would make sense for you to go down annual fee to the Delta gold version


[User] Please transcribe this text

[Assistant] It'll still get you the discount on mileage redemptions.


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[Assistant] And get you the free bag and stuff like that. But we'll have a much, much lower annual fee.


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[Assistant] And you'll no longer be on that treadmill trying to get, uh, is it called a treadmill? Trying to get


[User] Please transcribe this text

[Assistant] To status that you're just not going to get anymore under the new delta rules and that will help you.


[User] Please transcribe this text

[Assistant] With your flying with Delta and it will help you by preserving your credit standing because you're not going to eliminate.


[User] Please transcribe this text

[Assistant] The credit limit that you have available and American Express right now is hearing from a lot of people in the Sky Miles program that are trading, uh, down or up. There are people who fly Delta a lot. They're saying, Hey, wait a minute for me. It's going to work to go to the zillion dollar annual fee. Delta won the purple card.


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[Assistant] Uhm, and then other people like you saying, I'm never gonna get any status. I need to give this the heave ho. And so they're prepared to work with you.


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[Assistant] I want to talk again. I haven't talked in like six months about dark patterns.


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[Assistant] How they're popping up right now and what you need to be aware of.


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[Assistant] When websites are asking you questions and trying to trick you into saying yes when you should be saying no.


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[Assistant] All right, we're going to talk about an industry term.


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[Assistant] Dark patterns, which I, as I mentioned earlier, I talked about about I think about six months ago and they're much more present right now.


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[Assistant] In your life online than they are historically. And this is when you're on an app or you're on a website.


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[Assistant] And they're trying to get you to agree to things that you don't even realize you agreed to. The most common dark pattern thing.


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[Assistant] That we hear about and it's more like an umbrella term for, hey, we woke up today and we're going to figure out how to cheat you.


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[Assistant] Most common one that we historically heard about is when you sign up for a free trial. And then you can't get them to stop charging you once the supposed free trial period is over. And so,


[User] Please transcribe this text

[Assistant] When I see something that's a free trial, do you know when I sign up for it? I don't. I don't. The only exception that I will ever make is if there's a free trial


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[Assistant] That requires no form of payment and no commitment and that I would have to decide later.


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[Assistant] If I want to use the service and positively sign up for it affirmatively.


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[Assistant] Instead of having to jump through so many hoops because they had me register, they got a form of payment and all that. And after I talked about that half a year ago, we had, uh, two people say, Hey, the way to do this is you use a, um,


[User] Please transcribe this text

[Assistant] A stored value card that has like no money on it. Give them that number.


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[Assistant] And then when they try to hook you in to...


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[Assistant] Uh, expensive commitment. They got nothing cause they have a card that has no money on it. And that's another way to handle it. But I prefer just not to do any free trial period.


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[Assistant] That involves that I put in a form of payment because nothing good comes out of that. And often you have a really, really hard time terminating that when you want to do that. And that's considered to be another symptom of


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[Assistant] What's referred to under this umbrella of dark patterns is that


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[Assistant] Companies make it really easy for you to sign up for something on their app or on their website, but make it


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[Assistant] Nearly impossible for you to stop it.


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[Assistant] Uhm, my wife had something she signed up for that auto renews every year and she can't get anybody to answer the phone. There's a phone number to call to


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[Assistant] So talk to them about discontinuing and you call and you're put on hold and


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[Assistant] Then after a period of time, it just hangs up on you every single time.


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[Assistant] There's no place to send an email, no place to send a text.


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[Assistant] And this stuff happens in different ways to all of us. And it's so frustrating. Right now, the big thing that's going on


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[Assistant] Is because of new laws that have popped up different places where you are now having to say again,


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[Assistant] If you're accepting a company's terms of service.


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[Assistant] Or the different ways they spy on you or use your information.


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[Assistant] And the thing that, that the, uh,


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[Assistant] The people in this area consider to be a dark pattern.


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[Assistant] Is when you go in and you make choices and you say, don't share this, don't do that. Don't do this with my information. Don't sell it to advertisers, whatever it is.


[User] Please transcribe this text

[Assistant] And you check all those things and then you go to the next screen. The button you think you're hitting is


[User] Please transcribe this text

[Assistant] Adopting the choices you made, but the way these are set up when companies actually don't want you to establish new privacy in your life, you're clicking a button that does the opposite.


[User] Please transcribe this text

[Assistant] That accepts the defaults, which is them doing all the spying on you and selling off your information and, uh, making it available to other companies and affiliated entities, blah, blah, blah, blah, blah. So be very, very careful.


[User] Please transcribe this text

[Assistant] With these pop-ups now that are requiring you to reestablish your permissions.


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[Assistant] And when you check those blocks to block all the sharing, make sure that the next thing you click is adopting the choices you've made.


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[Assistant] Instead of doing exactly the opposite by.


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[Assistant] Using words and the way the box is set up to manipulate.


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[Assistant] I know Chris, did you zone out, tune out on all those things? I'm actually doing them all right now.


[User] Please transcribe this text

[Assistant] Yeah, I'm, every one of them that's popping up right now, I'm saying no, no, no, no. And the only thing I'll let them have is stuff that is required for the site to operate for me. But all the other choices, I'm saying no.


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[Assistant] It's not your thing. You have to be, you have to be true to you.


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[Assistant] No, no, that's a should. No, no should messages here.


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[Assistant] So the first question is based on his personality, his age, would he do the swimming?


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[Assistant] That the specialist recommend that the rehab or PT per individuals recommend.


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[Assistant] Depending on the culture of the buyer in the area where your home is.


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[Assistant] A pool can either subtract from the value of the house even after you've spent all the money to put one in or it can be neutral or add to the value of the house. You need an opinion from real estate agents who specialize


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[Assistant] Who are what are called farmers who see their signs again and again in your neighborhood or area to find out there's a home limit the buyers for your home or does it enhance the value and their opinion in your area? I think that's important.


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[Assistant] It is common enough, but that still doesn't answer because South Texas is very hot in the summer. It would be a common occurrence at a house with a pool.


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[Assistant] But still, uh, overall in the country, a pool at a house.


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[Assistant] Gets you less money for a house than it does a house without a pool.


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[Assistant] Because of the temperature conditions in the area and the housing culture of the area.


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[Assistant] That's why you talk to the agents because the pool may actually add some value to the home. But then there's something else. You have one quote, that quote is for a huge amount of money. And I think it makes sense for you to get additional quotes. If the pool is to be a therapeutic pool, it doesn't have to be an expensive pool. It can be one


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[Assistant] That what do they call those reverse current pools? You know what those are where they're very small and it's just for getting exercise. And those are a tiny fraction of the cost you're talking about here. So.


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[Assistant] I'd say there's, there's more for you to consider.


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[Assistant] And one thing you didn't put in your question is you'd really love to have a pool just anyway.


[User] Please transcribe this text

[Assistant] If that's part of the consideration, then that's an important factor that's not in the question you asked.


[User] Please transcribe this text

[Assistant] No, this is a ripoff. This is a ripoff. This one just annoys me no end. Now let's look at it from the standpoint of the merchant. Merchants are really being hurt. Uh, their profits are being decimated by returns just generally. And then second, uh, damaged goods, lost goods.


[User] Please transcribe this text

[Assistant] Are just eroding the profits of merchants.


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[Assistant] That part of being a consumer buying from an online seller is being able to buy with peace of mind.


[User] Please transcribe this text

[Assistant] And customer assurance that everything is going to be okay.


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[Assistant] And I find that putting the shoe on the other foot and saying you're the recipient of something you had no control over how it's getting to you.


[User] Please transcribe this text

[Assistant] And saying you're responsible for whatever damage happens to the goods. You're responsible for items that get lost or stolen in the delivery process. Um, unless you pay an additional fee.


[User] Please transcribe this text

[Assistant] I don't like that at all and I'm with you and that's a merchant I pass on buying from.


[User] Please transcribe this text

[Assistant] So Jeremy, I would not say that's going to make it safer because a lot of credit card issuers


[User] Please transcribe this text

[Assistant] Consider a transaction on Venmo being almost like a cash advance where you'd have


[User] Please transcribe this text

[Assistant] No normal consumer protections, not like a purchase. Uhm, my wife is, has a Venmo account because so many of the stuff that goes on with our, our son's school, we have to pay by Venmo, you know, something another parent will be collecting money for and they don't want checks or anything else. Now they want to be paid by Venmo.


[User] Please transcribe this text

[Assistant] And so, uh, what my wife did was she has Venmo set up to a separate account at a separate institution, online institution.


[User] Please transcribe this text

[Assistant] For Venmo transactions. And I think that remains the safest way to do so. I don't think the credit card makes Venmo a safer thing for you to do.


[User] Please transcribe this text

[Assistant] And remember if you're ever asked to pay anybody by Zelle, if you're ever asked to activate Zelle, the answer is no, never, not ever until Zelle


[User] Please transcribe this text

[Assistant] Implements the consumer protections that were promised almost a year ago now and still haven't happened. And you're, uh, because of technical and structural reasons, the architecture of Zelle, it's even more dangerous for you and your family, your household.


[User] Please transcribe this text

[Assistant] Then Cash App or Venmo, which aren't exactly consumer protection prizes either, it's just Zelle is much, much worse.


[User] Please transcribe this text

[Assistant] And with that, it is time for the Clarkie of the day. Let's hear from Joanne.


[User] Please transcribe this text

[Assistant] Thank you so much for that and uhm, I've always said that


[User] Please transcribe this text

[Assistant] I am the perfect cure for insomnia. And you don't have any side effects like you do with a prescription sleeping pill. Uhm, cause I can make anybody fall asleep, right? No. Right away. Uhm, and isn't it funny?


[User] Please transcribe this text

[Assistant] Because Krista's the boss. If you don't know, she's the boss. Because I agree with you that, uh, team Clark was what we should have called it. But Krista was-


[User] Please transcribe this text

[Assistant] I don't know. I like team Clark. We've used team Clark so long for, uh, 30 years, I guess.


[User] Please transcribe this text

[Assistant] Whatever you say because you are the boss. Well, if you, if you want to leave a Clarkie of the day, just call this number and leave a message. 404.


[User] Please transcribe this text

[Assistant] What we're about is you learning ways to save more, spend less, and don't let anyone ever rip you off. Have a great day.


[User] Please transcribe this text

[Assistant] It's great to have you here on the Clark Howard Show. Our mission is to serve you with knowledge so you are empowered to make better financial decisions in your life.


[User] Please transcribe this text

[Assistant] One way we try to help you make good decisions is with our websites, Clark.com and ClarkDeals.com. And I've got a deal for you. Great news today.


[User] Please transcribe this text

[Assistant] You now will be able to monitor your credit reports all year long for free for years to come. This is big news. Also,


[User] Please transcribe this text

[Assistant] I want to talk about homeowners associations. Now represent.


[User] Please transcribe this text

[Assistant] In new construction, two thirds of homes are in mandatory homeowners associations. They can be great.


[User] Please transcribe this text

[Assistant] But there can also be problems. I want to tell you what you need to know so you make an informed decision.


[User] Please transcribe this text

[Assistant] Cause what you don't know could hurt you. You could even lose your home.


[User] Please transcribe this text

[Assistant] But a lot of people are just totally befuddled by it or don't know who to trust, where to look and the rest.


[User] Please transcribe this text

[Assistant] Well, years ago there was a compromise statute passed by the Congress and signed by the President that required


[User] Please transcribe this text

[Assistant] Equifax Trans-Union and Experian.


[User] Please transcribe this text

[Assistant] There was this, uh, federally approved site called annualcreditreport.com


[User] Please transcribe this text

[Assistant] This free report is a great sales tool for us. And when you go to annualcreditreport.com, the three major credit bureaus are going to try to sell you all kinds of junk.


[User] Please transcribe this text

[Assistant] Yeah, you can get your report for free, but they're going to try to get you to subscribe to this or that or the other and rip you off to the end of the earth. It's worked so well for them as a sales tool that they are now making


[User] Please transcribe this text

[Assistant] To go on to annualcreditreport.com and get a copy of your credit report for free from all three bureaus. This is a great advantage to you because


[User] Please transcribe this text

[Assistant] You, if you get denied for something, you can go on and say, oh wow, look at that on my Equifax report or.


[User] Please transcribe this text

[Assistant] What is that thing on my Experian Report or whatever? You're able to see it for free.


[User] Please transcribe this text

[Assistant] So, use the free tools you're allowed.


[User] Please transcribe this text

[Assistant] To get your free credit report when you want. Remember, there are a lot of fake sites out there that use


[User] Please transcribe this text

[Assistant] Different names that pretend to be free.


[User] Please transcribe this text

[Assistant] It doesn't even have free in its name. Annualcreditreport.com. That's the site. And again, I don't care what pitch Equifax, TransUnion or Experian make to you.


[User] Please transcribe this text

[Assistant] Don't line their pockets with those junky, awful, ridiculous memberships and subscriptions they try to get you to sign up for. Just get your free report. And remember also, and I can't ever say this enough, if you have credit cards,


[User] Please transcribe this text

[Assistant] Most credit card issuers now make your credit score available to you for free, either a real one, a FICO, or a simulated one called Advantage Score. They make it available to you on their app or on their website for free whenever you want to see it. And why do they do it?


[User] Please transcribe this text

[Assistant] Because they pay to see your credit score constantly anyway.


[User] Please transcribe this text

[Assistant] So, Discover came up with the idea years ago that the industry was furious at Discover.


[User] Please transcribe this text

[Assistant] Where Discover said, Hey, we're already paying for this. This is a nice benefit for you. You can see your credit score whenever you want for free.


[User] Please transcribe this text

[Assistant] And discover was right and now the industry has widely adopted that. And then there's always credit karma where you can see free copies of your credit reports and a simulation of your credit score for two of the bureaus using the vantage simulation. Again, not,


[User] Please transcribe this text

[Assistant] Is solid a score, real score as a FICO, but it gives you a good indication of how you're doing generally with your credit. Krista?


[User] Please transcribe this text

[Assistant] Extended warranties are sold by retailers that they would make these offers where they'll rebate all the money to you for a future purchase to try to get you to spend the 250 bucks. So appliances break more than electronics.


[User] Please transcribe this text

[Assistant] There's a higher chance that you might need it, but the math is still very, very favorable to the appliance store. So the question is on this feeling like you, uh, have your cake and eat it too or whatever that expression is.


[User] Please transcribe this text

[Assistant] There's a high fatality rate in the appliance and electronics business of the retailers themselves. So you could buy this feeling like this is a no


[User] Please transcribe this text

[Assistant] You either have the coverage for the appliances or you get the money back in a future purchase five years later, but only if they're still around. So it's only as good as the store that exists.


[User] Please transcribe this text

[Assistant] After five years, so 250 after five years, uh, let's see if we can do that.


[User] Please transcribe this text

[Assistant] You see, today's interest rates, you'd have, uh, oh my goodness, I should be able to do that.


[User] Please transcribe this text

[Assistant] This is terrible. I can't do it that quickly. I'm going to do, I'm going to take a chance.


[User] Please transcribe this text

[Assistant] Apparently one of the best tools that's ever helped people with flying is there's a pilot


[User] Please transcribe this text

[Assistant] Who, uh, apparently I think they have a family member who has flying anxiety or whatever did this video explaining what happens. What's that bouncing you may feel from time to time in the sky and all that. And it apparently has been very helpful to people watching.


[User] Please transcribe this text

[Assistant] Uh, the Jello video about what actually is going on and why you should not, or should not, why it helps relieve that fear, that concern, that unknown for you.


[User] Please transcribe this text

[Assistant] I, I fly, gosh, this year I've flown more than once a week on average. All year. And I know this is weird.


[User] Please transcribe this text

[Assistant] But every time I get on a plane, I love it. I'm excited by it. I actually love the whole experience, not just going to where I'm going. I love flying. And so for me, it's always been something that's been hard for me to understand.


[User] Please transcribe this text

[Assistant] But that's where the jello video is. Let me know if anything you see or any of the techniques you find online are helpful to you because it may be helpful to other people who also have anxiety when they fly.


[User] Please transcribe this text

[Assistant] Oh yes, we have, uh, many, many times over the years. Neptune is, uh, just a chain of


[User] Please transcribe this text

[Assistant] Group buying power essentially for the members of the non-profit for, uh, burial and cremation.


[User] Please transcribe this text

[Assistant] And cremation services, if you shop online, uh, obviously you couldn't if you passed away, but, uh, your survivors, or if you want to see what's out there and leave instructions for people where you can shop for cremation and the price differences are, I mean, it's stunning.


[User] Please transcribe this text

[Assistant] Two local funeral and memorial societies that you can check out.