The Clark Howard Podcast

Latest Episodes:

11.28.19 How Clark would fix healthcare; Americans are saving more Nov 28, 2019

Show notes

Clark promised recently to convey the key components for fixing healthcare in the U.S. He starts by asking how to align free market incentives with more efficiency and less cost. We have by far the highest % of national income going towards healthcare of any country in the world. It's shocking we spend 1/5 of our nation's wealth each year on healthcare. The next highest is 8 or 9% of a nation's output for healthcare. We must address cost first. How do we make healthcare more affordable? The industry doesn't think of patients as customers. The system is distorted with employer coverage creating corporate incentives. Big employers have a marketplace advantage, creating job lock. Employers being able to deduct employee health care from taxes should end right away. The best marketplace will happen when the customer is the buyer and chooses where to go for care. Healthcare cost will never come under control unless we get federally mandated price disclosure for any treatment in advance, to inform consumer decisions. Consumers should make the cost/benefit choice. In addition to requiring easy-to-read price lists - those prices must be guaranteed. No more surprise balance billing. The price is the price, period. ACCESS: Many American counties have no access to primary care providers. We need national law allowing Physician Assistants and NPs to set up their own practices independent of any doctor where needed. INSURANCE: More than half of all medical care comes through the government at federal, state and local levels, eliminating private marketplace incentives. The role of government should be providing reinsurance, after an insurance company cap is reached. This would get us away from insurers cynically manipulating the political process, selling fake policies full of exclusions and riddled with limits. Insurers could sells medigap like policies with clearly stated coverage and no requirement to buy. There could be no exclusions for any pre-existing conditions UNLESS the insurance was allowed to lapse for a period exceeding one year. Then they could exclude a pre-existing condition for a period of 6 months. This would create a marketplace incentive to stay covered. Selling insurance would be less risky if they capped it in the hundreds of thousands of dollars vs. the millions they now fear and refute. Having government in the reinsurance role would lower risk for the private market for routine healthcare. And allowing consumers to truly be shoppers changes the equation as well. There are many other elements to this including Rx. Know the arguments we've had in the prism of politics have looked at this as a zero sum game. Wrong. How do we make improvements to make healthcare more affordable and more predictable? That's the central question.

The Commerce Dept. has issued a new report indicating Americans now save the most % of their pay in a very long time - 8%. Last decade, Americans had a NEGATIVE net spending rate, spending $1.01 for every dollar earned. Today, people on average are living on .92 of every dollar made - greatness. But it's not evenly distributed. We're of 2 minds about money. Some shiftied their thinking after the Great Recession and have become savers. At the same time, we have record credit card debt. There are many circumstances that lead to deficit spending. But for some, it's lack of planning. Take Clark's 1% challenge. If you're not saving yet, just divert 1% to savings and step it up another 1% every 6 months. If no employer retirement plan, set up a savings account or Roth and have money automatically put in every pay period. We build new habits over time. Slow and steady wins the race. Ideally, work up to saving at least a dime of each dollar. It changes your future and lowers anxiety in your life.

Learn more about your ad choices. Visit megaphone.fm/adchoices

11.27.19 Lowest cost of living cities; Beware online micro-loans Nov 27, 2019

Show notes

Move.org has published a new survey on the average cost of living in the 75 largest metros in the country. San Francisco is the most expensive city, costing over $4200 a month on average. The cheapest: El Paso at $1100 month - 1/4 the cost! Honolulu: $2600. Of the 75 metros surveyed, more than half require less than $2k a month to live comfortably. See list. Clark names each affordable metro because so many live in high cost cities where home ownership out of reach. If you're at an inflection point, be aware of affordable alternatives. Your future, your wallet - You're NOT stuck wherever you are.

More products and services have become available for purchase on a per use basis. Transportation via ride sharing or Zip car, renting vs. buying a home, music and video subscription services. Renting or paying via micro loans for various things is trending. But clothing? The WSJ reports many retailers are offering this option for inexpensive clothing items. You can finance a $30 pair of pants over 3 to 6 months, usually with interest. If there's a piece of fashion clothing you want and you can't afford to pay for it, you should wait until you can. If it's gone it's gone. Borrowing for lifestyle harms your financial future. When you RENT something like clothing, or pay with a microloan from the register - these are not good choices. Just as with a car, you don't lease because you can't afford to buy. Make good long term choices for your wallet, not just what feels good at the moment.

Learn more about your ad choices. Visit megaphone.fm/adchoices

11.26.19 Is plant-based meat tasty?; Make your smartphone last longer Nov 26, 2019

Show notes

Clark loves the Impossible Burger - not a fan of Beyond or veggie burgers. Recent reports reveal the Impossible burger isn't particularly healthier. That high calorie meat taste comes from multiple plant fats. Experts initially thought these meat substitutes would only sell in white collar environments and high end restaurants. Turns out Carl's Jr. and Burger King are successfully selling meat substitute burgers and manufacturers are penetrating world markets. Just know it's not a guilt free card healthwise, but much greener on the manufacturing side. In addition to meat substitutes, expect lab grown meat on the market in the future. Lab grown diamonds are chemically the same, eliminating danger and cost. So lab meat will be real meat, but will not come directly from cows.

Is it a deal - smart - to buy the latest greatest smartphone? Cell phone carrier contracts incentivised consumers to buy new phones every 18 months to 2 years. That's not the case anymore. We're out of contracts, making for happier customers. We're all free agents but we have to pay the real price for phones. So now we keep phones 3 years on average. Keeping phones longer - buying last year's model - makes sense. Clark buys various phones frequently to test and finds them all to be fantastic. Apple learned the hard way you can only drive up the price so much, and has regained initiative introducing the Apple 11 at $699 (The 10 / 10S was over a grand). Samsung has also adjusted pricing. Your phone will perform longer than you might think. As long as you can get the updates on the OS, there's no reason to prematurely dump your phone anymore. It's cheaper to just replace the battery when needed. It's AOK now to keep a phone 4 or 5 years.

Learn more about your ad choices. Visit megaphone.fm/adchoices

11.25.19 Workers fleeing big cities; Avoid this health insurance with terrible coverage Nov 25, 2019

Show notes

Even with solid education, skills and jobs, it's difficult for many in high-cost cities to live without wheezing financially all the time, often with dim prospects of home ownership. Especially in the NE, DC and the I5 corridor from Seattle to SanDiego - people work hard to just tread water. If this is your situation, think about relocating. Even taking a lower paying job in a community with a much lower cost of living can pay off, and allow for home ownership. If such a move buys you a better lifestyle and allows you to accomplish financial goals, it can be worth it. More companies are relocating or establishing branches in lower cost areas for their employees- who want an affordable life often not found on either coast.

There’s a type of health insurance originally designed for young adults between jobs. These were designed as temporary policies. They exclude pre-existing conditions and generally don’t cover major illnesses. Because of a loophole in the law, unethical insurers are selling these policies to anyone, renewable up to 3 years. Only when someone is down do they find out they have no real coverage. These policies are cheap, don’t have big deductibles and cover routine care. So people think they’re great …. until. Stories have emerged of people facing huge medical bills forcing them into bankruptcies. Relatively brief hospital stays aren’t covered and can be billed in the hundreds of thousands of dollars. There are tight limits on what these policies cover and a long list of exclusions. These policies are marketed as health insurance, but are NOT real health insurance at all. They pretend to cover you, but the low premium you pay isn’t worth it. There’s not a free lunch. The real issue is dealing with the cost of health care itself. Clark will be forthcoming with his solutions to get the cost of healthcare down.

Learn more about your ad choices. Visit megaphone.fm/adchoices

11.22.19 When to use a travel agent when booking travel; Clark Stinks Nov 22, 2019

Show notes

Travel agents are a thing of the past, right? Nope! While booking travel online has become incredibly easy and also allows you to compare prices more easily, travel advisers still have a helpful role to play in how you book. Specifically, if you tend to book stays at more expensive hotels or love to go on cruises, booking via a travel agent can gain you perks and discounts that you wouldn't otherwise have been able to score booking on your own.

Christa reads listener posts about how Clark has missed the mark in his advice this week. If you have a "Clark Stinks" to share you can leave it here.

Learn more about your ad choices. Visit megaphone.fm/adchoices

11.21.19 T-Mobile home internet adds competition; Juice jacking invades public charging ports; Five Below raises prices Nov 21, 2019

Show notes

Home internet has been way too expensive without much competition. Monopoly cable companies have cornered the market in most of the country. Clark predicts this is the last year we’ll be suffering that lack of competition. In 2020 & 2021, we’ll see the roll out of various forms of high speed home internet, changing the equation for consumers. T-Mobile has launched a wireless home internet service for a flat $50 a month, no contract – no data caps. It’s largely rural now with expansion expected. Over the next 2 years, overhyped 5g will be rolled out. For cellular customers, T-Mobile is launching 5g for about 2/3rd of the country’s population the first week of December, but certain phones are required. This will be for early adopters in the first wave. AT&T and Verizon will also roll out fast home internet, plus satellite internet will be an option. T-Mobile is out of the gate here early.

Criminals have infiltrated courtesy USB charging stations in airports, café’s, hotel rooms etc. They have installed illegal reading devices that can skim the info from your device. Ports and cables now pose a risk. They can install malware allowing them to steal your data. Go back to charging your devices in a traditional outlet, with a charging brick or portable batty. Don’t use the easy USB port, cause they’re also easy for criminals to invade in order to drain your info.

This Christmas season is the first that one of the nation’s fastest growing retailers has a presence in much of the country. Five Below – a shopping mecca for teens, offers affordable gifts. Most items are sold at $5. Five Below sources their own goods, overseeing the design and manufacturing of their private label merchandise. Hurt by tariffs, they now have ‘Ten Below’ corners within their stores, forced to break the $5 barrier. Five Below follows a business model perfected by Aldi. Aldi sources their private label goods as well, allowing consumers to save around 40% on groceries. Sourcing allows retailers to undercut the price of competitors’ goods. Five Below shoppers determine quality of goods over time.

Learn more about your ad choices. Visit megaphone.fm/adchoices

11.20.19 Amazon expands free music; Buckle up this holiday season; Nursing home abuse tool Nov 20, 2019

Show notes

Clark has a Spotify family plan. $15 a month includes 5 different streams - $3 per person. Spotify faces competitive market threats from Apple Music. Pandora seems to be fading a bit. Now all face a new threat from Amazon. Amazon’s free, ad supported music service for Prime members has greatly expanded music offerings in an effort to hook users on the pay service. Joel’s already paying. This competition is a win for consumers. Maybe someday the artists and composers will win too.

Unbelted passengers at impact in an automobile accident: Centrifugal force has no mercy. As we move into the holiday season, make sure backseat passengers wear seatbelts, as well as front seaters. According to the Governor’s Highway Safety Association, many fatalities occur each year due to back seat passengers not wearing seatbelts. Uber and Lyft passengers typically ride in the back and seldom put on their seatbelts. This endangers all in the car. Buckle up for safety.

Episodically around the country, scandals of neglect and abuse emerge concerning nursing homes, assisted living and other senior facilities. When trying to find a suitable environment for a loved one needing care – it’s a shot in the dark. You’ll get a pitch designed to earn trust. But what goes on during the third shift? What’s actually happening in these places. You can hire a geriatric social worker for evaluation and placement consultation. They know which facilities do a good job. But most don’t go this route, and fly blind trying to choose a facility. Nursing Home Compare - Find and compare Nursing Homes | Nursing Home Compare. Cited nursing homes are marked with a red icon as a warning to consumers. These homes have to be in compliance for a full year before they lose that red mark of shame. This helps consumers ferret out potentially harmful places.

Learn more about your ad choices. Visit megaphone.fm/adchoices

11.19.19 Wire transfer warning; No Christmas decorations!; Dollar Tree FDA warning Nov 19, 2019

Show notes

According to the FBI, wire transfer fraud is growing exponentially. Typically homeowners, small to mid-size business owners and nonprofits are targeted. When buying a home, you receive wire transfer instructions for the home closing from your real estate agent, escrow agent or closing attorney. Criminals are infiltrating email services, taking over the email of real estate agents, lawyers and escrow agents. They’re lurking. When they see a wire transfer instructions email, they wait until just before closing, go into the email and send a revised wiring instructions email. This diverts the wired money to them. You show up for the closing and they money has not been received – gone forever. The banking industry hasn’t come up with any security procedure to protect your money. This is having enormous consequences for consumers. Businesses and nonprofits have suppliers. Crooks lurk in email to discover payment patterns, duplicate payment instructions via ACH or wire, and money is sent to them on a one-way trip. Know that you cannot trust wiring or ACH instructions that come by email. Call the party and verify instructions over the phone using a verified phone number. Follow this procedure every time, because there is no way to recover money stolen this way.

The New York Daily News reported on a family in San Antonia required by their HOA to pull down their Christmas décor because they put it up too early. Really! They decorated in November because the woman of the house is 8 months pregnant and wanted to get it done while she could. The couple told the HOA to sue them, they’re NOT taking down their decorations.HOA board members should anticipate being visited by 3 ghosts this Christmas Eve.

Clark has long recommended buying OTC meds at Dollar Tree for a buck. The same items at chain drug stores go for $7 or $8. But Dollar Tree has harmed their reputation. The FDA has issued a warning to Dollar Tree for having foreign manufactured drugs on their shelves found to be adulterated. This pertains to topical medications on their health aisle – not any type of pills or medicine you take orally. Dollar Tree says they’re cooperating with the FDA.

Learn more about your ad choices. Visit megaphone.fm/adchoices

11.18.19 Healthcare price transparency; Gift exchange scam; Black Friday preview Nov 18, 2019

Show notes

The Trump administration has issued rules that has the medical industry in furious. New rules will require consumers have access upfront to costs for medical care and procedures. What other industry is so arrogant to think they could avoid price disclosure forever? They’ve hired lobbyist to spread money around to politicians, most pretending to be non-profits – all to hide their prices. Many consumers have suffered bankruptcy. Half of negative credit items are due to medical debt, while the industry works hard to keep costs secret, which leads to financial harm to people because it’s impossible to price shop. Hospitals will be required to show pricing per insurance provider and non-insured pricing. Consumers will be able to compare prices across all hospitals to make informed decisions on upcoming procedures.

Last holiday season’s Secret Sister social media scam has roared back the BBB warns. You get a solicitation about a Secret Santa gift exchange. If you send cash or gifts to people on a provided list, you’ll be showered with money and gifts 36 fold! This is a pyramid and just a con. You’re just sending money / gifts to scammers. If you see this on social or receive a text or email, ignore and delete.

Clark talks about the best current deals and also upcoming Black Friday deals with the Chief Deal Digger Charis from ClarkDeals.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

11.15.19 Carry-on bag warning; Clark Stinks Nov 15, 2019

Show notes

Many fly only during the holiday period near the end of the year. Airlines gouge you on checking a bag, so many bring carry on bags. Airlines quickly run out of overhead bin space during boarding so – gate check - they seize and tag some of them at the gate. If you put everything important in your carry on, once it becomes a checked bag, airlines don’t cover anything of value. You are vulnerable to having things disappear with no compensation. If you do carry on, have a personal item that will fit under the seat in front of you, that will not be seized at the runway. That way you can keep your meds, jewelry, electronics and anything you valuable to you. If your bag is seized at the jetway, you only have to worry about losing clothing. If there’s a dishonest person, don’t tempt them with anything of value.

Christa reads listener posts about how Clark has missed the mark in his advice this week. If you have a "Clark Stinks" to share you can leave it here.

Learn more about your ad choices. Visit megaphone.fm/adchoices

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected