0:05

I'm so glad you're here with us on

0:07

the Clark Howard show. Our mission is to serve

0:09

you and empower you to make better

0:11

financial decisions in your life. Remember,

0:15

the sun never sets on clark.com.

0:19

Here to serve you around

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the clock, every day of the year.

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It doesn't even take holidays

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because we have information

0:28

for your wallet

0:29

that I believe you

0:31

can trust. And you know, trust

0:34

is a term that's thrown around. I had somebody

0:36

say to me the other day, said, you

0:38

know, it always worries me

0:40

when you say information

0:42

you can trust, because usually when somebody says, trust

0:44

me, I react

0:46

that I shouldn't trust them. And

0:49

that's why we talk about it because everything

0:51

we're about in our hearts, our

0:54

heads is about providing

0:56

information to you that we

0:58

believe will help you in

1:01

your life. Period. We're

1:04

unbought and unbossed. Nobody

1:07

pays us to say

1:09

something like so much

1:11

of the content now. I

1:14

was reading an actual physical

1:17

newspaper from one of the respected

1:20

national publications and

1:22

I'm on the back cover of a section.

1:24

There's an article there.

1:26

It's written like an article and

1:28

guess what? It was not. It

1:30

was not an article. It

1:32

was an ad that it said only

1:35

at the bottom and tiny type and

1:37

at the top and tiny type. I

1:40

mean, it's a real problem now in

1:43

media with organizations

1:46

that never would have done something like

1:49

this even 10 years ago.

1:52

Now couching things, the

1:55

advertising side of media

1:57

companies are allowing.

2:00

news side of publications to trick

2:03

people into thinking they're reading

2:05

news content and they're just

2:08

reading bought and paid for content.

2:11

I can't tell you how many emails I get every

2:13

single day for both Clark.com and

2:15

ClarkDeals.com from people

2:18

asking if we'll take sponsored content as

2:21

they like to call it or just assuming

2:23

we do and asking how much we charge for links

2:25

and all sorts of stuff in our content and

2:28

I just honestly like I don't even answer

2:30

half of them anymore because we don't do that.

2:32

It's in our editorial policy on the website if they really

2:34

wanted to look that we don't do that.

2:37

It's

2:37

our policy. So when I was in syndication

2:40

radio the way most

2:42

people in radio make their money is from

2:45

what are known as sponsor reads. I

2:48

wouldn't do them and I remember

2:50

you know we'd get a new radio affiliate and

2:53

inevitably the general manager of the radio station

2:55

would ask what's it cost to have Clark

2:58

do a local sponsor read. We'd

3:01

have to answer back I don't do those and

3:04

that just did not compute with so

3:06

many

3:07

people because it's so much how

3:09

media works now.

3:11

I cannot and will not

3:14

and have never in my entire

3:17

media career going back to 1987 I have never

3:19

never ever

3:24

not even a single time ever

3:27

done any kind of sponsor read advertorial

3:31

what did you call that they sponsor content

3:33

sponsor content not gonna

3:36

happen just not gonna

3:38

happen. I can see AI taking

3:41

me and making me say things

3:44

I didn't say right right we'll see

3:46

that happen probably

3:47

but that's another topic for another

3:49

day. I want to talk about the

3:52

job market for the first

3:54

time in a long time people

3:57

are like hey I'm

3:59

not finding nine people

4:01

wanting me all at once for a job. The

4:04

market is going through

4:06

a rotation, but

4:09

not severe one. The

4:11

unemployment rate in the country is still near

4:14

record lows. But the

4:16

dynamic, the psychology of the job

4:18

market has changed. I

4:20

think about the craziness

4:23

that up to about 18 months ago, technology

4:27

companies were hiring people just

4:29

to know they had them and

4:32

paying them to be on extended

4:35

vacations until and unless

4:37

they figured out what to do with them. That's

4:39

over. I wanted to

4:42

go over with you where the job

4:44

market is strongest. And

4:47

this is Census Bureau data.

4:50

And I saw a really nice distilled version

4:52

of it

4:53

in a Washington Post story that's

4:55

easier even to follow than what the

4:57

Census Bureau put out. The number

5:00

one area of growth and

5:02

jobs in the United

5:05

States is not at all

5:07

where I would have thought it would be. It's

5:09

with nonprofit organizations

5:12

that are either out and out charities

5:15

or nonprofits.

5:16

The jobs increase in that area

5:19

is 33% over,

5:21

and these are not one year

5:24

data cycles. These are 15-year data

5:26

cycles, so you don't have to deal

5:28

with a weird one year up

5:30

or down.

5:32

Far and away, the largest growth

5:34

in jobs in nonprofits,

5:38

second largest growth of jobs, people

5:41

working for themselves.

5:44

The opportunity that's available

5:46

in the marketplace

5:47

where you take the skills, the knowledge,

5:51

the experience you have

5:52

and put it to work, knowing

5:55

an industry and knowing where the weak

5:57

links are, where the opportunities

5:59

are.

5:59

and going to serve that.

6:02

And that is the lifeblood of

6:05

our system, our economic system in the United

6:07

States, or people who have the guts

6:10

to take what they know, and go

6:12

out there and start a business.

6:15

Next highest growth area,

6:18

employment by government, federal,

6:21

state, and local. So

6:24

I would

6:26

prefer that it was even

6:28

more entrepreneurial. But

6:31

it is actually the

6:34

government levels, government levels

6:36

at all, all types

6:39

of government,

6:40

all levels, that's where there's a lot

6:42

of vacancies right now.

6:44

A lot of opportunity, a lot of times, these

6:47

jobs pay below

6:49

what the private sector pays.

6:51

But if you're out there looking for an opportunity,

6:53

it may be where you find it. So think

6:56

about this. None of these

6:58

things I talked about big employers,

7:01

big employers grow at

7:03

the slowest rate

7:05

of all job categories, because big employers

7:08

get so big,

7:10

they become like dinosaurs,

7:12

the people are serving

7:14

other people within the corporation, instead

7:17

of serving the customer. And

7:19

that's the classic conundrum.

7:22

As companies grow, they become dumber,

7:25

and less efficient.

7:26

So the growth in

7:29

the free market is

7:31

entrepreneurial. That's where the growth

7:34

has always been. And that's where it continues

7:36

to be more risk, more

7:39

opportunity.

7:40

But overall, if you're not that kind

7:42

of person, you're looking for a job.

7:45

Remember, nonprofits and

7:47

government are where the greatest opportunities

7:49

are right now. Okay,

7:52

this question has come in several times.

7:54

Even if you've talked about this, I want you to address

7:57

this again. Chris in Arizona says

7:59

I got an email

7:59

about the new Vanguard Cash Plus account that offers

8:02

a 4.5% APY. I

8:04

currently have a Vanguard account for my Roth and Target

8:06

Retirement 2055 fund. I'm

8:09

a 24 year old who currently works full-time,

8:11

but I'm looking to find a new job this summer and

8:13

I anticipate moving, so I want my money

8:15

to be fairly liquid. As a result,

8:18

I've stayed away from CDs, but I don't see

8:20

any downside to this Vanguard Cash

8:22

Plus option. What are your thoughts on

8:24

this new option from Vanguard and do you have any

8:26

suggestions for me as I move

8:29

toward this transition in employment and

8:31

location?

8:31

So Vanguard's, the Cash

8:33

Plus thing is really a marketing term. Vanguard

8:37

and Fidelity have always done a phenomenal

8:40

job at earning you the

8:43

best returns in the marketplace on

8:45

idle cash. And so

8:48

Vanguard's Cash Plus is

8:50

a catch-all phrase for the various

8:52

ways you can have your cash

8:55

working on a daily basis in

8:57

different kinds of funds that

8:59

will earn you the highest return

9:02

potentially in the market or

9:04

nearly highest return in the market. And

9:07

Vanguard and Fidelity, they're the

9:09

Hatfields and McCoys, but they

9:11

both are really, really good at

9:14

cash management

9:15

and using Vanguard's Cash

9:18

Plus program

9:19

is absolutely wonderful

9:22

for your idle cash. Mike

9:24

in North Carolina says, I recently did the unthinkable

9:27

and stopped at a red light. What? I

9:29

know, right?

9:30

Now I thought in North Carolina,

9:33

it was illegal to stop

9:35

till two seconds after a light's

9:37

turned from yellow to red.

9:39

Yeah, well, I think the driver behind

9:42

Mike also thought that because he says the

9:44

driver behind me kept going into the back

9:46

corner of my SUV. Dealing with

9:48

this required me to contact the other

9:50

driver's insurance company and send pictures of

9:52

my vehicle. I got a quote of $1,100 to fix it. The

9:56

body shop estimate was $6,900. Body

10:00

Shop says that's a common play by the insurance

10:02

company. I guess they can save a lot of money

10:04

by having the driver take money and spend

10:07

it elsewhere and never even get the car properly

10:09

repaired. I'd never heard of this and

10:11

I thought I would pass it on to you.

10:13

Yeah, so this is the game, Mike, you're completely

10:16

right. So what insurers

10:19

used to do, and this can vary

10:21

by state because insurance is regulated by the

10:23

states, is they would write a check

10:25

to you

10:26

and the designated Body Shop because

10:28

they wanted to make sure

10:30

that you didn't just take the money, not fix

10:32

the car, not deal with the dent

10:34

in the back corner and

10:37

just pocket the money. Well, now the insurers

10:39

are like, wait a minute, wait a minute, there's

10:42

a real opportunity for us. We're

10:44

gonna pay people 20 or 30 cents on

10:46

the dollar for their body damage.

10:49

They're just gonna put it in their pocket and

10:51

we're gonna save a fortune.

10:53

Well, I had a situation recently

10:55

where someone, I shared this on the podcast,

10:58

someone hit our parked car, was

11:01

an honest person,

11:02

did not flee the scene,

11:04

didn't do a hit and run. And

11:07

her insurer

11:09

sent me a check that was

11:11

ridiculous like this one.

11:13

And I said, I'm not gonna cash this because

11:15

the Body Shop says it's gonna be so much more money.

11:18

And they said, well, don't you see that legal

11:20

notice with it?

11:22

This is not your acceptance of this as

11:24

final payment. We'll negotiate with the

11:26

Body Shop. So sure

11:28

enough, the Body Shop

11:30

ends up getting, I guess

11:32

pretty much what they said it was gonna cost

11:35

to fix from the insurer. So

11:37

I signed over that check to them and they got

11:39

the rest from the insurance

11:42

company

11:43

and everything was hunky dory.

11:45

But this is in fact,

11:47

dirty pool played by so

11:49

many auto insurers now is

11:52

they will take advantage of someone

11:55

who they think will just say, ah, it's

11:57

not that bad. I'm not gonna fix it. pay

12:00

you pennies on the dollar. Jared

12:02

in Florida says, my wife and I are currently maxing

12:04

out our Roth 401ks and it's all we can

12:06

do financially, but we're curious if it

12:09

might make more sense to put a portion towards

12:11

our $500,000 mortgage that

12:13

is at 6.35%. It

12:16

just seems unlikely we will match that in the market

12:18

and it would give us a feeling of safety to

12:20

have a paid for home.

12:22

So you're both maxing out

12:24

Roth 401ks, which is different than

12:26

a Roth IRA. You're not

12:28

doing 6,500 a year, you're

12:30

doing over $20,000 a year each

12:34

into a Roth 401k, which is

12:36

fantastic. If you wanted

12:39

to dial it back,

12:40

let's say and do 5,000 less

12:42

each a year

12:46

in the Roth 401k and put that 10,000 additional

12:50

towards the mortgage each year, you'd

12:52

still be saving a great amount

12:54

of money towards retirement.

12:57

And you'd be getting a

12:59

guaranteed 6.35% return on your money

13:03

taking down that $500,000 mortgage month by month

13:08

by a decent amount of additional prepayment

13:11

or principle. Now,

13:13

the other aspect of this

13:16

is that you're not gonna be at 6.35%

13:18

forever

13:20

as the Federal Reserve is

13:23

ultimately successful, which they

13:26

will be after a lot of trial and error

13:28

in getting inflation down,

13:30

interest rates will also come down

13:33

and the opportunity will come down

13:35

the road where you'll be able to refinance

13:38

this mortgage. If you keep

13:41

doing the prepayment or principle

13:43

by diverting some of the money you're putting into

13:45

the Roth 401k,

13:47

maybe you'll get the balance down enough

13:49

that when the right opportunity strikes

13:51

to refi, you go into a 15 year refi

13:53

instead of a 30 year refi and

13:58

that will help in your...

13:59

mission of trying to get this paid off,

14:02

and the interest rates on

14:05

15-year loans usually are about a half

14:07

point lower more or less

14:10

somewhere in that band than

14:12

the 30-year loan. So it would

14:14

really be all part of the same picture

14:18

of you getting that mortgage more

14:21

quickly out of your life or at least

14:23

ultimately at a much lower rate

14:26

that you would have out of your life in 15

14:28

years. But congratulations

14:30

to both of you

14:32

on the enormous amount of money you're

14:35

throwing into your Roth 401ks

14:37

right now. Good for you. Coming

14:41

up ahead, the opposite land. Americans

14:45

are defaulting

14:46

or going delinquent on debt

14:49

at a rapidly increasing rate

14:51

right now.

14:52

We need to talk about what you can

14:54

do about it. This episode

14:57

is brought to you by Bank of America. If

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15:58

It's a cycle we go through. through. And

16:01

right now, after years

16:03

of people paying down debts, the

16:05

level of debts we're carrying

16:07

overall have gone up and

16:10

up and up, exclusive of

16:12

mortgage debt. Americans are carrying

16:15

a lot more debt, credit

16:17

cards, vehicle loans,

16:20

personal loans, student

16:23

loans. And of course,

16:25

mortgage debt is up

16:27

so much because home prices escalated

16:30

so much

16:31

through the COVID era and beyond.

16:34

Well, the delinquency, it's

16:36

like the if then, the

16:39

delinquency rate on loans

16:41

more than 90 days overdue

16:43

is where lenders really have

16:45

a red flag

16:48

is up 50% in a year. I mean,

16:52

that's a huge increase in

16:55

delinquencies. credit

16:57

card debt. Wow. We're,

17:01

we're getting close to 5% of

17:05

credit card debt being delinquent more than 90

17:07

days. That's

17:10

really bad ugly. And the auto

17:13

loan area. The

17:15

delinquencies keep going up and up and

17:18

this is a clear if then the

17:20

longer loans people are taking out,

17:23

or a predictor of

17:26

delinquencies or defaults or repos

17:29

on vehicles. And if

17:31

you're a long time listener

17:33

to the podcast,

17:35

you know, my obsession

17:37

with avoiding long term

17:39

vehicle loans.

17:41

And I know people get really

17:43

frustrated with me

17:45

that I have this rule I've

17:48

had that makes me sound like

17:50

I'm from the Stone Age. But

17:53

when Fred and Wilma got their vehicle

17:55

back in the Flintstones,

17:58

they took out a 42 month loan.

18:00

I really can't say that.

18:02

Anyway,

18:04

the 42-month loan works through

18:07

thick and thin through different

18:09

eras. It is the maximum

18:12

length your vehicle loan

18:14

should be. You've got

18:16

to have a crazy

18:18

extenuating circumstance that

18:21

it would make sense to go past 42 months

18:23

on a vehicle loan because the

18:25

delinquencies, any time things get

18:28

even the

18:29

bit unusual in our lives, the

18:31

bit rough in our lives, the unexpected

18:34

happens in our lives, we're trapped

18:37

by that debt on that vehicle

18:40

loan. So this is

18:42

really an early warning

18:44

system I want to give you that

18:47

there are clear signals

18:50

that were taken on too much

18:52

debt

18:53

of too many types. And

18:56

I want you to think about it before

18:58

you say, hey, I want to buy

19:01

that. I want to do that. Be

19:03

very wary and careful.

19:06

If you are an iPhone user, Apple

19:09

is pushing really

19:11

hard buy now, pay later.

19:14

It's not any better an idea

19:17

on an iPhone

19:18

than it was in any retailer,

19:21

physical retailer or online

19:23

shopping. Buy now, pay later

19:26

is a disaster

19:29

for your finances.

19:30

The loans on those

19:33

going delinquent

19:35

is shocking. So

19:39

just because Apple makes it so

19:41

easy for

19:42

you on the iPhone to do buy now,

19:44

pay later,

19:45

avoid the temptation because

19:48

it is an ugly scenario

19:50

for you with buy now, pay later,

19:53

no matter where or how you

19:56

do it. Krista? Okay,

19:58

this question is from Mark. in California.

20:01

He says, thank you for your podcast. My sister

20:03

told me about it and I'm now an avid listener.

20:06

Thank you for joining us. I have about $15,000 in

20:08

credit card debt and I keep

20:10

seeing posts about a debt

20:12

relief company. I

20:14

gave you the website there and other

20:16

like services out there. I'm wondering,

20:18

is this the type of consolidation, a good

20:21

thing or is it going to impact my credit

20:23

like a bankruptcy would? So first

20:25

of all, these organizations

20:27

that have come back out from

20:30

under whatever rock they crawled under,

20:32

these people are bad news.

20:35

What these companies do is

20:38

they use a strategy where they tell you

20:40

to stop paying your bills

20:43

and go delinquent on all of them

20:45

and ruin your credit

20:47

so that they can then negotiate

20:49

a

20:50

payout of

20:52

the debt, in your case, the $15,000 debt for pennies on

20:56

the dollar. And all you got to do is pay them thousands

20:59

up front

21:00

for them to tell you

21:01

that you default on your debt

21:04

and then they'll negotiate a lower

21:06

payout for you. I mean, it's, uh,

21:09

and then seven years, your credit

21:11

is ruined.

21:13

So don't do any of that.

21:15

If you need help coming up with

21:18

a plan that will

21:21

get you through this debt

21:23

and pay it back. There

21:25

are legitimate organizations out there

21:27

and generally they're under the umbrella of

21:30

the National Foundation for Credit Counseling,

21:33

NFCC.org. And

21:36

you go either in person

21:38

or a virtual Zoom type thing.

21:41

You meet with

21:42

a counselor, you go over, they'll have you fill

21:44

out page after page of

21:46

paperwork so that there's a clear picture

21:49

of your must pays, your

21:51

maybe have to pays

21:53

and your discretionary spending,

21:56

your,

21:57

yeah, I just wanted to go out and do that kind

21:59

of thing. And then they see

22:01

if there's a clear way

22:03

with this $15,000 worth of debt for you, Mark,

22:06

to get it under control

22:08

and get in a cycle

22:10

of paying that debt off. It

22:12

can be just as simple as helping you

22:15

with designing a budget. It'll

22:18

be a rigid budget, but a budget that'll get

22:20

you to zero from $15,000. Or

22:23

if you just don't have the income

22:26

for it,

22:27

they'll negotiate

22:28

with your creditor. It will essentially

22:31

freeze your ability to get any credit

22:33

until you've paid off that $15,000

22:36

or whatever portion you have to pay off.

22:39

But it will not have the harm to

22:41

you that you would have from going

22:44

to one of these termites, locusts,

22:47

rats, whatever pest

22:50

that you

22:51

fear the most, the roach, whatever

22:53

it is. Snake in the grass. Perfect.

22:56

Just in your head that any of these people

22:58

who say they're going to wave that magic wand, what

23:01

they're going to wave that magic wand to is

23:03

taking money you could be putting towards your

23:05

debts, and instead you're paying them

23:07

to them. And their promises are kind of like

23:10

empty calories. It's kind of like eating

23:13

Cap'n Crunch. It may taste good

23:15

for a second, but it's not the greatest for you.

23:17

And so I want you to think about

23:20

that and think about

23:22

doing the hard work that

23:24

will get you the power where

23:27

you get these debts under control and

23:29

it can change the entire

23:31

trajectory of how you handle money

23:34

the rest of your life. And Mark,

23:36

we do have a community on Clark.com

23:38

where people help each other out. And if you're

23:40

on Facebook, under the Clark

23:42

Howard Facebook page, there's a group called Ditch

23:44

Your Debt as well. So try to get some support

23:47

and let us know

23:47

how you're doing. Janet

23:49

in Georgia says, I'm looking to buy

23:52

a grow-up plan for my kids age

23:54

five to seven. I am concerned

23:56

with what happens to the money if I opt out of the policy

23:59

once I begin.

23:59

and find for whatever reason that I cannot

24:02

continue to pay the premium, which is

24:04

the best company to go with? None

24:06

of the above. Janet,

24:08

this is something that's driven me to distraction

24:11

forever is these

24:14

companies that pitch ultra overpriced

24:17

life insurance for minor

24:20

children, particularly newborns

24:22

or very young children. This

24:24

stuff has no role

24:27

in your life or your kids life.

24:30

Kids are the most wonderful thing

24:32

for those of us who have them, but

24:34

they cost money. They don't make

24:36

money. The principal

24:39

purpose of life insurance is

24:41

to provide replacement of income to

24:44

those in the event of your untimely demise.

24:47

So where Janet, you need

24:50

life insurance to provide

24:52

for your kids

24:53

or spouse or whoever in the event

24:56

of your passing,

24:57

your kids are the ones who need the benefit

25:00

of the life insurance.

25:02

They don't need life insurance for themselves.

25:04

There are certain parts of the country

25:08

that people buy life insurance

25:11

on young children

25:13

known in the lingo of the trade as burial

25:15

insurance.

25:16

The parents are terrified that

25:20

something tragic will happen

25:22

and they'll lose their child at a very young

25:24

age

25:25

and then they won't have the resources to

25:27

bury that child and that

25:29

has led to the sale of this

25:32

outrageously worthless expensive

25:34

life insurance. And

25:36

they pitch it as like it'll be an investment

25:39

for the child. Yeah, investment garbage.

25:41

So don't worry about that. Just

25:44

make sure you have insurance on

25:47

your life and I like for you to look at level

25:49

term insurance. You don't know what that is. I have

25:52

a really thorough explanation at Clark.com.

25:56

Eric in Florida says thanks for all that you and your team

25:58

do. I love the podcast.

25:59

I understand that you recommend linking

26:02

cash app or Venmo to a bank account

26:04

with a limited balance to prevent loss

26:06

of significant amounts of money due to fraud.

26:09

Is it okay if that bank account is linked to the payment

26:11

apps and it's also linked to the

26:13

main checking account at a different institution

26:15

that I use to pay my bills?

26:18

Yes, as long as there's

26:20

no automatic funding mechanism

26:23

that if the balance on this second account

26:25

reaches below a certain threshold,

26:27

it automatically grabs money

26:30

from that other institution to replenish

26:32

the account. As long as you don't

26:34

have that in place,

26:36

there's no problem at all

26:38

with having both accounts linked

26:41

so that you can easily move money

26:43

back and forth. Usually it takes two days

26:46

to move that money. This

26:49

is a side note, we're getting closer

26:51

and closer to joining the world standard

26:54

where you will be able to move your money

26:57

from one financial institution to another for

26:59

free

27:00

in just minutes. We

27:03

trail every other developed

27:05

country and many middle

27:07

income countries, what we used to call third world countries,

27:10

we trail many of those in

27:12

how the nuts and bolts of our banking

27:15

system works. And we're getting closer

27:17

and closer to adopting the

27:19

world standard.

27:21

Side note, the reason we haven't adopted

27:23

the world standard

27:25

is the big banks have lobbied against

27:27

it because they want to continue

27:29

to be able to charge high fees when

27:32

people need access to their money quicker.

27:35

And we're getting really close

27:37

to overcoming that brutal

27:40

economic power of the big banks

27:42

and going to the world standard

27:44

for quick moving of money. I

27:47

want to thank you so much for being with us today.

27:50

We serve you with our newsletters.

27:53

I hear from so many people how much they

27:55

enjoy our free newsletters that you

27:58

can see what we have available to you. at clark.com

28:01

slash newsletters and know

28:03

that what we're about is giving you

28:05

ways to save more, spend

28:08

less, and avoid getting ripped

28:10

off.

28:14

This episode is brought to you by Bank of America.

28:17

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28:44

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28:46

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