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A highlight from 11.29.22 Nuggets from the 2022 Fast-Food Report / A New 401(k) Portability Service
"There's a company that is going to make it so much easier for you to get those accounts put together with each other instead of having these orphan accounts that you'll lose track of over time. Maybe eventually lose them over the course of a working career. We're going to talk about how getting that money following you is really important. So survey says who's fastest and slowest, the Bible of the fast food industry is QSR. QSR magazine, quick serve report or something. I wonder what QSR stands for. I've talked about QSR for years. I never thought about what it actually stands for. But anyway, the fastest drive-through this year is it Taco Bell. And Taco Bell is under four minutes time on average in line. Followed by Duncan, KFC, Arby's, Burger King, we're well into four minutes now. Hardee's Wendy's, Carl's junior, it's funny because hardy's and Carl's junior are the same company but have one slower than the other. McDonald's in 9th place at just a whisker under 5 minutes and Chick-fil-A, tenth and last in the survey, 325 and a half seconds average weight and drive-through. At the same time, survey after survey after survey shows Chick-fil-A is people's favorite fast food restaurant of the majors. And how interesting that is that they're the slowest service and the most popular. One of the reasons is Chick-fil-A, I talked about this months ago, there are stores or selling such large quantities of chicken, unbelievable sales per location. They're causing traffic problems on major roads where people back up onto the road to get into the Chick-fil-A. There's a Chick-fil-A near my house. That you got to know when you come down this road that's three lines each way. You need to be way over to the left on the northbound side get stuck in all the backup of people out on this major road waiting to get in the Chick-fil-A. How do you get it done with the volume? It's been really, really hard for them because Chick-fil-A has become so intensely popular. The crowds are a problem, getting the food out to people. Obviously a problem if they're the slowest of anybody. And also staffing such a thing. Going back to my favorite source about the industry, QSR, they wrote a story about Chick-fil-A that's I think the busiest Chick-fil-A in America that's in Miami. Typical fast food will have sales of a couple million a year if they're doing really well. This one Chick-fil-A location apparently sells 17 $1 million worth of chicken a year. And staffing is crazy, hard, difficult, turnover, a big problem, and the operator of that location came up with a new staffing method that is employees have loved. It is a really extreme experimental idea and so far,
A highlight from 11.28.22 WARNING: Vehicle Purchases & Lease Buyouts / Attention Holiday Shoppers
"Car or you're trying to buy a car. There are some dealers that are dirty dealing. Most dealers? Honesty sympathies some dirty dealing out there. I want you to know what dirt you got to watch out for. Also, now that we're past Thanksgiving, it's go time for holiday shopping. I'm going to tell you how to find the best deals online. So there's some really terrible, terrible stuff that some car dealers are doing that is despicable. There's no enforcement going on, even though they are law breakers. Let me tell you the scoop. All right, so a lot of people who least cars. Back in 19 or 18, they're now at the end of their leases and you don't want to turn that lease back in. Even if you don't want to keep the car, you don't want to turn that lease back in. Even though I've been telling you that use vehicle prices after going up like a rocket or trending down month by month by month by month, they're still greatly inflated. So the values that were stated, what are known as residuals and auto leases, three, four years ago, were for much lower than what that vehicle is now worth in the marketplace. What you are lease says by contract what you have to pay to buy your vehicle out at the end of the lease. Why you have to pay a junk fee anyway is beyond me, but there's usually a small junk fee, 150, 200 bucks, something like that. Well, with some auto leases, you just pay off whoever the lender is who financed the lease. With other leases, you have to go back to the dealer where you originally lease the vehicle and they process that paperwork and I guess the junk fee goes to them for handling then buy out by you of the vehicle at the end of the lease. Well, what's happening and I saw a story in the far the sun sentinel. This happened to a lot of people in the state of Florida. I know it's happened in other states as well that the dealer then says, hey, we don't care what you have in that contract. If you expect that we're going to let you buy your vehicle out as your contract allows,
A highlight from $1,000,000 offer to leave Barstool? Barstools Brianna Chickenfry LaPaglia on the $$$ behind her career, the reality of influencing and staying grounded. All sparked from hangover videos!!
"She has grown a social media falling to over 400,000 followers on Instagram 1.6 million on TikTok and continues to see her following grow. Each and every day must be nice, Brianna. You have to tell me the secret. Rihanna has established herself as a social media icon and it all started by going viral on TikTok while being hung over in college. We'll get into that. To some it may seem crazy, but Brianna has been able to capitalize on her unexpected rise to fame in more ways than one. We're gonna do a deep dive into how Brianna has been able to create and hold such a strong social media following. What her life at barstool sports looks like and what other ventures she sees herself pursuing moving forward Brianna, thank you so much for being here today. Thank you. What an intro. You like that? Never had one like that before. Did you guys do that on the BFFs podcast? And now we're here with our whatever it is. It's fucking working. All right, we're gonna get into it. I wanna kick it off with this clip. I saw this clip and I said to my manager over here, I was like, it's not that we want her on. We need her on. And so for everyone at home, I'm gonna play the clip. And then I just wanna kind of dive into this a little bit. What also pisses me off and why everyone in the influencer realm gets fucked as no one talks about money. Yeah, it's crazy. And I don't know why it's such a niche thing like if everyone talks about what they got paid for brand deals and how much money they were making, then we would have benefit all of us. Yeah. Like people just don't talk about it. So then you don't know your rate. There's no one to ask. There's no one to go. There's not an influencer coach. Yeah, that's also true in like regular work world too. Like a 9 to 5. Okay, so that's a clip. That's a clip where I was like, we got to get you on. You said it right. That's the crux of this podcast. There is nowhere to go. You have no idea what your value is. So through your crazy journey of how fast it's been and your rise and following and just attention and engagement. have you been able to find out what your value should be for the stuff you're doing? Well, I still don't know my value almost because nobody talks about it, but when I first started, I remember I got my contract with barstool and it was, it was like, I don't know, $75,000 for like a year, but I was like, nobody edited and I followers. And I was like, this is amazing. This is crazy. And I didn't know what other influencers were making that for a swipe up. And I'm like, this is going to be my salary, which I thought was amazing. So I didn't know that yet. And then I got into barstool, and I started talking to people, and even people at barstool didn't want to tell me how much they were making, which was really frustrating because I didn't know what to base anything. I didn't know anything. I didn't know what my coworkers were making. I didn't know what someone with the same level is like followers was making as me. So I didn't know idea where to go. Okay. So that's where I kind of went to Rhea to reinforce. I've been on there. I've been on their show up for questions. And we've come on our show. Yeah, yeah, so I went to them and I'm just like straight up. We weren't even that friends yet, but I was like, how much money do you guys make? It looked at me like I had ten heads. I'm like, I guess that's a crazy question because everyone makes it a crazy question. Yeah. Then they flat out just told me, and I went straight to my boss and I'm like, here's what it should be making. This is what I should be doing. But I was so scared to ask people because it was like, it was such a taboo topic. Yeah, it's interesting. So when they came on, they were saying, and I think this is genius. They go into their annual reviews together. And they said at least they get paid the exact same. So they each know each other makes, and there's never a question like, oh, well, who's bringing more value? It doesn't create attention between them. They're like, we all get paid the same. Do you have anybody in the barstool circle that like you go in together with that you understand exactly what they're making or is it just you on your own? It's just me and this is where it's hard and I think a lot of people that are influencers or do what I do struggle with is I come. My parents have no idea what I do. So they can't help me. I can't ask them for advice. They don't know what I should be making. They have no idea what I do. With barstool, you really don't have management. So I don't have a manager. I'm just at barstool. So I go into these meetings alone and I'm almost like gauging everything off of my knowledge and by myself, which is probably the most intimidating part about it. Sure. Yeah, so I don't really know what I should be asking for, and that's why I made that clip. I started talking about it. I started talking to other influencers. Like, hey, how much money do you guys make? What do you make for a swipe up? What do you make for a brand deal? That's helped me. And one of the tough things about the whole industry. And this is what ended up me starting our own. We started our own talent management company. Because I got off the bachelor, and then there's all these deals coming in, right? And there's all these different agents. And what's crazy is I would have three different agents, pitching me the same brand, the same deal, the same delivery, and the difference in the price point was like four X. So I'm like, where the fuck's, how? Everything's the same. How the hell am I getting paid one fourth of what someone else is offering me from the same brand? It's because there's so many hands in the pot. So even when it's challenging to benchmark your value against other people, in this world, you can't even benchmark your value against yourself because of all this shit going on. It's crazy. It is not. Let's take a little break, and I'm going to tell you about how you can get up to $500 instantly. So here's the deal. Fourth
A highlight from Is Emerging and Frontier Markets Investing Still Worth It? - with Asha Mehta
"Welcome to money for the rest of us. This is a personal finance show on money. How it works, how to invest it and how to live without worrying about it. I'm your host, David Stein and today is episode for 11 and Camden and I are having a discussion with a super smart investor Asha Mehta on emerging markets and frontier markets. She is a quantitative investor. We'll start with having Canada introduced Asha and what we're covering today. And then we'll get into the interview just a note I'm recording this introduction separate from Camden's recording of ashes bio because he's traveling in Japan currently. We actually held the interview while he was in Japan. I was in the U.S. and Asha. I'm not sure where she was. So we'll go ahead and get started with introduction and then we'll jump right in to the interview. I think you'll enjoy it because I definitely learned a lot about what's going on with emerging and frontier markets and quantitative investing. Asha Metta, CFA is the founder and chief investment officer of global delta capital. Her thematic focus includes emerging and frontier markets and sustainable investing. She was previously an investment banker at Goldman Sachs and lead portfolio manager and director of responsible investing at Acadian asset management. Early in her career, she conducted microfinance lending in India. She has traveled to over 80 countries and lived in 6. Asha was named one of the top ten women in asset management by money management executive and profiled as a brilliant quant by Forbes magazine. Asha is an active advocate of financial literacy and financial empowerment. She is a supporter of several related organizations, including compass working capital and 100 women in finance. Our discussion focuses on subjective versus objective decision making when investing, the importance of data and what we need to understand about emerging and frontier market performance. Let's jump in. Well, we're really, I'm really excited to have this opportunity to talk with you and I know that David is as well, found the book to be very interesting. I think it's amazing just the sheer breadth and depth of experiences that you've had just across investing in different markets in different countries. And reading through the book, I think what I found very interesting was just, like I said, the amount of experiences. And my first question was kind of about objective versus subjective decision making. In quant investing, there is you have a lot of data, the goal is to make very objective decisions based on kind of the breadth of data and looking at all the different markets. Though I found it interesting in the book with all of your experiences, it felt like you did always have this opportunity to go to the country you're going to invest in. And to me, travel and those experiences are always very subjective. They're passed through our personal lens. And I was just wondering how our subjective experiences interplay with an apparently objective decision and is it possible to make a truly objective decision by itself in your experience? Camden, thank you. Thanks for reviewing the book. I'm honored, delighted, little bashful. That monthly, mostly just thrilled that you've read the materials and thanks for having me on this session, excited to be here with you and your listeners today. And thank you for a very provocative question. I think you're right. And it highlights some of the most relevant issues in this environment, which I characterize as really the era of big data, data is readily available to cost of technology as plummeted. I see across the investors I speak to, fundamental investors who are rapidly moving towards sophisticated quantitative techniques data driven techniques to adopt into their processes. think you're asking a question that a lot of people grapple with, my own background is as a systematic manager, as you noted from reading the materials. And I think the material to your point are a little bit unique because I am using a strategy that's designed to be objective, designed to be mathematical and statistical in nature. And yet I spend time on the ground within the countries, hearing about the themes, looking to validate my thesis, looking to gather new ideas. And the way your question is often posed to me is what's the point of that if I'm using a model that's already been constructed and that it's entirely data driven, what's the point of being on the ground within those markets? So I think two points I really want to emphasize. One is that I do think that there is great value in using an objective data driven systematic process. And it's absolutely true that a character is my investment strategy as systematic and it's backbone. And some of the advantages of that type of approach are just very, very palpable. I think relevant across all markets, but even more relevant in the context of inefficient markets like emerging markets. So whether it's breath, the fact that I can using a piece of software evaluate 15,000 securities all at once, that is a tremendous advantage relative to a fundamental analyst who is constrained by how much information they can carry in their brain essentially. It's a real tangible advantage if I'm looking to trade a stock in Vietnam and it looks attractive on many characteristics, but it's trading at its foreign ownership limit. Using the power of technology, the power
A highlight from If you pay 50% of retail prices, youre paying too much! Queen of couponing & TikTok star, Kiersti Torok reveal$ what YOU need to know to save BIG on Black Friday, Cyber Monday & beyond
"The following podcast is a dear media production. I got a trading secret for you you got to listen up to, especially if you're single. Matched it a study in 5000 U.S. singles revealed that the cost of being single has skyrocketed in the past ten years. But I'm also writing a book on financial independence in the relationship between money and love. And being financial independent is so imperative. So hear me out here. This information all comes from match, especially if you're single and you're going on dates. 84% of singles say they prefer a casual date. 30% of them prefer to do a free activity. 29% of them want to go somewhere close to homes. They save on gas. 26% would rather home cooked meal versus eating in a restaurant. 25% are just fine with meeting for a coffee or drinks. And 24% think they're going on dates in inexpensive restaurants are better off. So if you're in the dating game, you don't have to empty your wallet. You don't have to spend an exorbitant amount. You could do free activities. You can meet the right people. And through the match app, you can do that. Match believes that the most important relationship is with yourself. So, in a world where you can choose to do anything, or anyone, choose you first, because dating someone who knows what they want and won't settle for less, that's sexy as hell. You already know, the best relationships show up when you show up for yourself. And there's never, ever, been a better time to try match. So, download the match app today. Give the match app a try. And trust me when I tell you through their studies, these are individuals who are looking for a casual fur state. Download the match app today.
A highlight from 11.18.22 Clark Answers His Critics on Clark Stinks / Supermarket Big Brands Taking It To The Limit
"This podcast is brought to you by progressive. Are you thinking more about how to tighten up your budget these days? Drivers who say by switching to progressive save over $700 on average and customers can qualify for an average of 6 discounts when they sign up. A little off your rate each month goes a long way. Get a quote today at progressive dot com. Progressive casualty insurance company and affiliates. National annual average insurance savings by new customers surveyed who save with progressive between June 2020 and May 2021, potential savings will vary. Discounts variant are not available in all states and situations. I'm so glad to welcome you here to the Clark Howard show our mission is to serve you and empower you to make better financial decisions in your life. For we begin, I need to tell you you have two lazy people here because
A highlight from 11.17.22 Crypto: The FTX Collapse / Scams Targeting Seniors
"I addressed it in my TV work about the opportunity, the FTX was making available to people where you could use them as an exchange for your crypto. And then they would pay you a way above market rate return on your money because they would take your crypto and then they'd lend it out. Well, crypto and exchanges are not regulated in any way like normal money. And I was trying to explain to someone the other day who just couldn't get the concept. I want to take you back. There was a time in American history where particularly in frontier America, money was issued by individual local banks. I know this is weird to think of, but people lived so local and isolated areas, and so the bank where people would deposit their money would also print money kind of like what we refer to today as script, non governmental money that's like an IOU and that's what people would use and then the bank would go bust and whatever money people had in the bank was gone. That's the closest analogy I can think of that's ultra simple to explain what's happened with FTX and other exchanges because FTX is not the first and it won't be the last exchange or crypto that's going to blow apart. And I kept saying to people who were calling me and contacting me and asking us questions here on the podcast I kept saying understand there's no FDIC there's no oversight of what's happening with your money and there's a reason that you're getting a way above market rate return on your money because the risk that it entails. And this was a classic run on the bank. It was word out on the street, roughly a week ago that there were problems with FTX and it was almost like a self fulfilling prophecy because then there was a run on their assets. They quickly went and solvent. And what you need to know is crypto, as I've said, gosh, Christa, I want to bring you in. How many years have we been taking questions about crypto at this point? Is it ten? It's got to be now. It's got to be a long time. And there's so many cork stinks about why you should have been more positive about crypto. Over and over again. All through the years and I have been, I've always talked about the underlying architecture being something that is very modern and it's going to be very applicable and could actually eventually save people money, but speaking of money, the reason crypto has been fake investment and really just speculative is that if you're going to use something as a form of money, it should have a stable value. Crypto way before all this went wrong with the various exchanges and all that crypto has not been at all about stable value. People have looked at it as a shortcut to get rich. In a very short cycle. And that's not real yet. That's not real money. And until you can go in somewhere and use your Android or iPhone and just buy something with crypto, it's not the real deal yet. And have a value that the merchant is comfortable accepting that money and you're comfortable holding money in that crypto we're not close. I talked before about the celebrities who have been doing all these endorsements and in the Super Bowl this past February, it was a who's who famous or near famous people who were touting crypto and they all have egg on their face, but the interesting thing, do you know a lot of them took their payment in the crypto that they were pitching? And now they're wiped out too. Reputational harm, and they don't have the money for having put their reputation at risk. What's going to happen next in the United States? Nobody really knows there's this big intramural fight going on in Washington, politicians, the regulators, all trying to figure out who is going to set up rules for crypto. Because the result of people losing billions upon billions of dollars is somebody wants a cop on the beat. But that cop on the beat has to allow the creativity and ingenuity that underlines these new forms of money to have an opportunity to flourish at the same time protecting people from scams and from insolvent enterprises. So is Washington going to get that right? Beats me. But what you need to know is never, ever. It's like if you went to Vegas, you never want to gamble away money that you have to have. You never want to buy the power thingy ball or a big game thingy. They're both called that one was just like $2 billion. Powerball, mega millions. Did you buy one of those? Anyway, somebody won one person one 2.1 billion. Even after-tax and that's a lot of money.
A highlight from Is Cryptocurrency Dead?
"Welcome to money for the rest of us. This is a personal finance show on money. How it works, how to invest it and how to live without worrying about it. I'm your host, David Stein, today's episode four ten, it's titled, is cryptocurrency dead? Last week, FTX, the third largest crypto exchange in the world by trading volume with a 10% market share, filed for bankruptcy. FTX was founded in 2019 by Sam bankman freed. It had over a million customers in 2021. This past February during the Super Bowl FTX ran and add featuring Larry David, the comedian. In the ad, he was highly skeptical of numerous inventions throughout time. The tagline of the ad was don't be like Larry. Don't miss out on crypto. NFTs, the next big thing. Now apparently, FTX is customers are missing out on over a $1 billion of their funds that they had custody at FTX. The money's gone and the security and exchange commission and the Justice Department are investigating. John J ray the third, the new CEO of FTX, because bankman fried resigned said that chapter 11 is quote appropriate to provide FTX group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders. In an interview with New York Times journalist David yafi Bellini, bankman freed, said that his affiliated trading firm, Alameda research, had a large margin position on FTX, which means Alameda had borrowed a significant amount of money from FTX. Bankman fried said it was substantially larger than I had thought it was. And in fact, the downside risk was very significant. He continued, had I been a bit more concentrated on what I was doing, I would have been able to be more thorough. That would have allowed me to catch what was going on on the risk side. Bankman freed founded Alameda research in 2017. It was a trading firm. It had offices in Berkeley, California, and it made millions of dollars initially exploiting inefficiencies in the Bitcoin market. There was a close linkage between FTX and Alameda. Alameda would trade on the FTX platform, which means sometimes it was taking the opposite side of the trade of FTX customers, potentially a conflict of interest. Bankman freed in the past has suggested that Alameda was providing crucial liquidity for customers to be able to trade. Ian Allison of coindesk pointed out just over a week ago that Alameda largest asset was a token, a crypto token issued by FTX, the token was FTT. Alameda's, as of June 30th, had almost $15 billion of assets, but close to $4 billion was FTT, this token. Corey clipston, CEO of the investment platform swan Bitcoin said, it's fascinating to see that the majority of the net equity in the Alameda business is actually FTX own centrally controlled in printed out of thin air token. Holders of those FTT tokens could get discounts on FTX trading fees, but as Nick Carter partner at venture capital firm castle island venture says, they printed this token out of thin air, endowed it with some valuation and then Alameda used it as collateral. A lot of money is printed out of thin air. We discussed last week how the International Monetary Fund created billions of dollars of SDRs there monetary token out of thin air. They just allocated these SDRs. They're value is set by a basket of Fiat currencies, which, as we know, can be created out of thin air. Money in and of itself is a made up thing. What we need is trust for that money to be effective. It needs to be trustworthy. It needs to be convenient so we can have transactions and it needs to maintain its value. When trust dissipates, we can have bank runs, particularly when the crypto token in question is private money. Private money is money created by non government entities. Checking accounts, which are liabilities of commercial banks, that's private money. So are savings accounts. Money market mutual funds are private money issued by
A highlight from 11.16.22 Mortgage Rate Outlook / Our Power Equation
"Talking about mortgages. Where do I think rates are headed from here? And some great news for you about how lenders are starting to decide whether your credit worthy for that mortgage. This is a significant change in the marketplace. Later, so much talk about energy. How are we going to have a reliable supply of energy? How are we going to get that done? I want to tell you about some innovation going on in the marketplace because the marketplace is where it needs to happen. So mortgage rates have done what's known as a decouple. Normally, there's this thing rich people, it's like a CD for rich people and big institutions called the ten year treasury and the ten year treasury is a direct obligation of federal government and the rate on it normally is the marker for what you pay on a mortgage. And there's an amount above the ten year treasury historically that mortgage rates would set up. A mortgage is more risky for an investor than a direct obligation of the federal government. And I should say why the ten year treasury, why that because I take out 30 year mortgage because most people don't keep their mortgage for anywhere close to 30 years. Ten is kind of like a good marker. So they know, okay, so federal government, we're going to lend them money at this amount, interest rate. Let's lend money to you or me buying a house at this amount more. Right now because of a bunch of weirdness behind the curtain, you don't need to know the spread is greater than normal between the ten year treasury and mortgages. That's why mortgage rates went up, up, up, and up and up in such a short cycle because of things going on on Wall Street. So as the inflation curve ultimately bends, and let me tell you, inflation is not forever if you have the will to take it on. And it seems that the Federal Reserve clearly has the will and it's just a matter of how much pain there is from here to there to squeeze the inflation out of the economy. It will happen.
A highlight from 11.15.22 FIDUCIARY OR BUST / Automation Meets The Labor Shortage
"This podcast is brought to you by progressive. Are you thinking more about how to tighten up your budget these days? Drivers who say by switching to progressive save over $700 on average and customers can qualify for an average of 6 discounts when they sign up. A little off your rate each month goes a long way. Get a quote today at progressive dot com. Progressive casualty insurance company and affiliates. National annual average insurance savings by new customers surveyed who save with progressive between June 2020 and May 2021, potential savings will vary. Discounts variant are not available in all states and situations. It's my pleasure to welcome you to the Clark Howard show, where our mission is to serve you and empower you so you make better financial decisions in your life. In today's episode, you've heard
Your Rental History Can Finally Help You Qualify for a Fannie Mae Mortgage
"First story this week comes from the wall street journal and pretty soon rent payments are going to play a factor in mortgage underwriting us right. Yeah this is the help for home buyers story that we mentioned exactly and it's kind of absurd really that this is not the case. I feel like the fact that you pay your credit card bill a little late and he just like has a massive impact negative impact on your credit score. But that your biggest bill. Every month wasn't an influence on your credit. Right that's just silly and So yeah fannie. Mae is trying to change. That actually announced that this change it's scheduled to take place on september eighteenth and the best part. Is that this. Change can only help. It cannot hurt your chances to qualify a mortgage and if you have been making irregular payments will fannie may not going to include that history. But i think this is good news for renters because it's going to factor into the underwriting forgetting that mortgage it's gonna be really helpful as a sign that you are good with money. It's going to be a helpful factor getting approved for a mortgage when your lender can see that h- that history of on time payments absolutely. Yeah this is great news for especially to first-time homebuyers who have been consistent. Renters consistent payers of their rent You know say over the past couple of years that kind of
Understanding 401k Loans
"Half of all. Us workers participate in their employer's retirement plan about fourteen percent of those with 401k's borrow money from them understanding 401k. Loans is important both for those who already have alone and those who are contemplating getting one borrowing limits according to the irs. You can borrow up to fifty percent of your vested. 401k ballons or fifty thousand dollars. Whichever is less if you're vested balance is less than twenty thousand dollars. You can borrow any amount up to ten grand vested means you own it for employer matching funds that can take up to five years you are immediately vested in all funds that you put into the plan interest payments one of the unique features of a 401k. Loan is that you pay interest to yourself when you borrow money such as a home mortgage or an auto loan. The interest is paid to the lender when you borrow money from your 401k. You are the lender all interest paid comes right back to you and goes into your 401k account. Awesome right not so fast. Opportunity cost in the financial world. There's a concept known as opportunity costs opportunity. Costs is the loss of potential gain when one alternative is chosen over another in other words. It's what you would have received. Had you done something other than what you did. For example if back in the year two thousand you bought a carton of cigarettes instead of investing the money and amazon. The opportunity cost is sixteen hundred dollars what that can't be right. A carton of cigarettes today is about seventy five dollars adjusted for two percent annual inflation in two thousand. It costs fifty dollars in two thousand one share of amazon stock. Cost one hundred dollars today. It's worth thirty two hundred dollars when you borrow money from your 401k. The opportunity cost is the investment return. You would have earned. Had you left that money where it was over time. Investment earnings become earnings on earnings or compound interest something albert einstein dubbed. The eighth wonder of the world
Q&A: Which Money App is Right for You?
"Just kidding the freelance game and need some advice. I have my first graphic design client and they're putting down ten thousand up for a project i'm doing. They told me. Let them know how they should pay me. So how should i do it so in. There are a ton of players in the financial app space. And i'm going to go through all of them in a minute. But in your case i actually wouldn't go to a payment up for a ten thousand dollar payment. I'd actually recommend that you ask for an ach transfer and before we get too deep into it. What the fuck those. Ach mean well. Ach stands for automatic clearing house. And if that doesn't help you understand the concept. While i'm not surprised. Welcome to the world of finance jerkin to get into what an ach transfer is. I want to get into what it isn't initiating. Ach transfer is not the same thing. As wiring someone. Money people often mix up wire transfers an ach transfers because they both have some top level similarities. Both our bank to bank transfers where the money goes directly from the sender's account to the recipient's account. The difference is speed and cost wire. Transfers typically cost the recipient fifteen to twenty five dollars. Ach transfers on the other hand are typically free for both the payer and the payee the one downside to ach transfers is that they take a few business days for the money to hit your account whereas wire might take hours or even minutes because these types of transfers are bank to bank. You'll need to give the person paying you both your bank routing number and your account number. So you don't want to do an ach transfer with just anyone. You wanna make sure that the person paying you is trustworthy all the better if they have a secure payment portal.
A highlight from 11.14.22 Internet Security Beyond Passwords / A Different Kind of Auto Insurance
"This podcast is brought to you by progressive. Are you thinking more about how to tighten up your budget these days? Drivers who say by switching to progressive save over $700 on average and customers can qualify for an average of 6 discounts when they sign up. A little off your rate each month goes a long way. Get a quote today at progressive dot com. Progressive casualty insurance company and affiliates. National annual average insurance savings by new customers surveyed who save with progressive between June 2020 and May 2021, potential savings will vary. Discounts variant are not available in all states and situations. It's my pleasure to welcome you to the Clark Howard show where our mission is to serve you and empower you to make better financial decisions in your life. One way to do that is by taking your questions in this podcast. But we
A highlight from $325k podcast offer? Shannon Ford reveals the key to her wild success through reality tv, podcasting and staying true to herself PLUS $600k+ on Etsy! Listener Julie tells us how
"Making that money welcome back to another episode of trading secrets today is one I'm telling you, it's just jam packed. We have Shannon Ford, who was on the cavalier berry Cavallari show, and she gets into all of her finances. How much she spends, how much she makes, it's literally gonna blow your mind. And also, we have a person from the money mafia that's on board. She started a printables company on Etsy, literally by just printing. Games that people can play if they're on a bachelorette party. You can print it out, you can buy it, and she starts selling those and was making thousands, in tens of thousands, and hundreds of thousands of dollars. She then created a class for people to do the same. They're now making millions. So we have a viewer from the money mafia that comes on and gives us a ten minute breakdown of their whole story. We have Shannon Ford, who talks about every penny coming in the door and out the door. And you'll want to stay tuned to the recap because the curious Canadian has so many thoughts. But before we open the bell, we'll Shannon Ford. David, you got any thoughts? Well, I love the connection there between making money off bachelorette parties and then Shannon Ford being from Nashville because Nashville is the bachelorette capital of the world. So the little connection there, awesome story from one of the money mafia members. But look, if it's Monday and you're listening to this and you need a little pick me up and confidence, just listen to Shannon Ford, she'll inject it right into you. There are no signs of her not knowing what she wants and how she's going to get it. So an absolute electric episode with Shannon Ford. If you lack Edie confidence, you take just a little sprinkle of the Shannon Ford theory. No, the shit what would you call it? The Shannon Ford swag is it? No. I would call the Shannon Ford sizzle. Yes, it's the Shannon Florence sizzle. Take a little sprinkle of that, put in your life, and you'll be good to go and make sure you stay tuned to the recap because whether Shannon knows or not, which maybe she forgot. She's met the curious Canadian. So Shannon, if you're listening, you better listen to the recap too. Let's bring in the opening bell, wish it in Ford. Welcome back to another episode of trading secrets. Today I am joined by the fun loving and highly successful social media star shedding Ford. Many of you may initially remember her as one of the main personalities on the hit TV show very Cavallari where she worked as the social media manager for Kristin Cavallari's fashion company uncommon James. Although Shannon's time on the show lasted just beyond one season, she was able to turn what could have been 15 minutes of fame into a full blown career success story. Today, we are here to discuss the highs and lows of her time on reality TV. Her highly successful social media career, podcast, and where she sees herself going from here. Shannon, thank you being here today. We are New York city. New York City, baby. I know. Well, that's what I think is so ironic. You and I lived in Nashville for so long. We probably ran into each other three or four times and here we are in New York. Where do you live in New York? Do you live in Nashville? What's your story about? I split time, so I was coming to New York so often that I was and hotels in New York or a whole nother beast that you have to navigate. So I looked at my AmEx one day and was like, what the fuck? The amount I'm spending staying at the Dominic. I could fucking have rent here. So anyways, I just was like, if it works out, it works out. I didn't put too much stock or thought into it. I just was like, I'm not going to look for months on end. I'm going to look one time. I'm going to come here, and if something lands in my lap, perfectly, that makes sense, then I'll do it. And then of course, it just happened perfectly, perfect department, perfect, everything. So I was like, all right, I guess I'll do a year. I'll never regret doing a year, but I couldn't give up Nashville. So coming onto a finance podcast, being like things I wouldn't recommend. Having two separate rents. But I just, I was like, you're 28, you can do it right now. You don't even have so much as a goldfish at home. I didn't have a boyfriend at the time. I had no obligation to know anything. So I was like, I want to do this. So I'm just going to do it. I think for me, one of the biggest things I want to check off the bucket list, I never have. Baby never will, is living in New York City. And everyone said that whenever I was like, toying with the idea of people were like, oh, I always said it was so many people that now have kids and now have things that are like, I always said I wanted to live in New York once in my life. And I'm like, okay, well, then I can say I did it. And honestly, I don't, I don't regret. I don't even know if I'll resign my lease coming up, but I don't regret it. And it was great. Okay, we're numbers podcast guy getting the numbers. You said Dominic, you would live, or sorry, you had rent a Dominic's a hotel. Yes, and Soho. And what I would do. What's the cost of Donald? Oh my God. I mean, like for the cheapest room, would be like, it'd be like after taxes and all the hotel, I mean, there's so many New York fees, like all this crazy shit. It would end up being like four 50 a night, and then what I would do because New York is this beautiful, crazy beast in itself. I would be here and this is why I was so drawn to New York. Every time I was inside of New York, something good would happen to me. I would get some sort of opportunity, but they'd be like, are you staying here till Thursday? Because you could do XYZ and there's just always something something something going on and happening. And I'd be like, yeah, I can stay till Thursday so then I'd extend my stay. So every time I came to New York, I was staying for three days, but then I'd stay for 6. Okay. I mean, that's like 2400 bucks. Yeah, I mean without the fees. A 100% and I was doing it twice a month. Okay. So like 5 grand a month and just like hotels. That's just crazy. And then of course, when you're staying in hotel, you're like, I get room service. Oh, I might as well be a coffee. Why couldn't walk across the street to the bug and Starbucks? Why would I just order a $14 fucking French press? Can I say fuck on this podcast? I need time. Okay. Breakfast situation at these hotels, where they'll charge you the $10 service fee, the $20 pot of coffee, it's like a $200 breakfast.
A highlight from 11.11.22 Clark Answers His Critics on Clark Stinks / Update: City Relocation Incentives
"In conjunction with your high deductible health plan and HSA to keep even more money in your pocket. And that's from Nathan. And so Nathan, the rules generally are you can use it for dental care. I think for vision and dental. Vision dental. So you can do that, but as the primary purpose of FSA. And if somebody needed a lot of dental work in a year, obviously, what I said before is really a lame answer. But in most cases, with the flexible spending account in an HSA, we're talking about medical and if you have the HSA, you're prohibited from using an FSA for purely medical expenses. In your article about Medicare advantage plans, you stated that you could be stuck for life in a plan you don't like. That is not true because you can change every year from October to December, Tom and many other people wrote in as well. Yeah, so I can't think of a topic recently that has generated as much feeling on both sides of the issue. What you can't do and I'm sorry if it's not explained well in our story, is you can not switch out of an advantage plan to traditional Medicare and in most cases qualify for the meta gap that when you first go into Medicare for the first 364 days, you can switch out of an advantage plan if you realize, oops, I shouldn't have done this. And get a meta gap policy, which covers all the various expenses that Medicare does not normally cover and deductibles and all that. You can't go into one without medical underwriting. And the thing is, as we age, a lot of people are not going to be able to medically underwrite for the supplement in which case you're looking at potentially very large out of pocket each year. And that's why advantaged plans become hotel California. You can check out but you can never leave. Unless you're somebody with great resources. But what's been fascinating is the animation of people and talking to me. I'm getting stopped in stores about this. Somebody will say, I just got to talk to you about this advantage. They do it with such energy. I don't know if they're going to tell me their horror story being in an advantage plan or tell me why I'm missing the boat and how great advantage plans are. So here's my thing with anything like this. When you make a decision that limits your future options, that makes a product effective. You think about timeshares. They are defective product because you buy one and you can not sell them. With advantage plans, the fact that you're in and then you're in for the rest of your life, even if the quality deteriorates over time or the options available to you decline, that's what makes it effective is you can't go easily back into traditional Medicare. Clark recently said that a person who didn't pay a $150 dental debt that was sent to collections would get hit on their credit report. I thought there was new legislation that all medical debt under $500 could no longer be listed on a credit report. Not encouraging a debt to go unpaid, but it may not be as big of a deal if there's no hit to the credit, Ken. Ken, it is correct that under the new credit reporting requirements, medical debt up to $500 will not reflect on a credit report. The issue with the $150 is the way collection agencies play the game. By the time they've added on all their extraneous charges, it may break the $500, even though it started off as one 50, and that's why I don't want to treat the $500 is an ironclad safe harbor for smaller bills. The intent of the new law, the new law and the implementing regulations is that medical debts of various types below $500 will not under any circumstances appear on your credit report. But how that will play out in practice is not clear yet. Clark has been saying for years that having your mortgage sold to a different service, a different company will not service her, I guess. Will not affect your credit score. I've had my mortgage sold 9 times over the past 5 years and each time it comes with a temporary drop and credit score. The timing is never perfect and there's always a period where either have two mortgages or zero, both of which will cause a drop. The drop is temporary, but it can take two to three months for the score to normalize Patrick. Patrick, thank you for that. I'm aware of a mortgage duplicating and it can go on if somebody messes up at a mortgage company. It can keep reporting for a number of months and it makes it look like you're carrying an inordinate amount of mortgage debt, fortunately, as you stated in a normal case where everybody's doing what they're supposed to do. The impact should be extremely temporary. Recently you told the listener that if they had frozen their credit reports, they really didn't need to pay for a credit monitoring service unless he did it to make his wife happy. He should be okay for identity theft.
A highlight from 11.10.22 POLL: Money Wisdom / Tight Christmas: Thinking Through Your Holiday Spending
"So up first today, it was a question I wanted to ask you. What would you tell your younger self if you could? And the responses were so interesting, there were certain patterns as well as differences. I just wanted to share some of the highlights with you. And later, how are you going to handle your holiday shopping in the midst of this inflationary cycle that we've been in lately? And the inflation is, it's really dispiriting when you go to the supermarket and you see what things cost. So let's go to something positive. And when I share this with you, some of these things are going to sound wistful, regretful, but they're wisdom that is shared over and over again different ways different words. So again, what do you wish your younger self knew about money? It was a question that was posted by Jonathan Clements on his website. I saw some of the responses there. And I was like, hey, I don't have to see what our audience would say. They wish their younger self knew about money. And there were several of this theme that the stock market was accessible and not just for the rich. And think about that because now you can open an investment account with a discount broker for as little as $1, a fee free account for $1. And I go back to when I was a young guy in the stock market, was truly really only accessible to the very wealthy and this is a democratic with a small D era for investing.
A highlight from What Is the IMF and Why Is It Controversial?
"Show on money. How it works? How to invest it how to live without worrying about it. I'm your host, David Stein, today's episode four O 9. It's titled what is the IMF and why is it controversial? In July, 1944, 730 delegates from 44 nations met at the mount Washington hotel in bretton Woods, New Hampshire, for the United Nations monetary and financial conference. Their goal was to establish a new monetary system. One that could tap into some of the lessons from the gold standard where currencies were backed by gold, that system fell apart after World War I, but at times countries did back their currency with gold, sometimes they didn't. Sometimes they would devalue their currencies to make them more competitive or to make their exports more competitive. They would put up barriers or tariffs, protection to protect their economies from foreign trade. The idea was to make a system that fostered more stability in exchange rates and more cooperation, more globalization. The primary designers of this system were John Maynard Keynes, who was an adviser to the British treasury and Harry Dexter white. The chief international economist at the US Treasury Department. There were two years of preparation for this conference. A lot of discussions and potential agreements. The conference itself was held from July 1st to 22nd, 1944, and they came to an agreement, and as part of that, they established two new organizations, the international bank for reconstruction and development, which later became part of the World Bank and the International Monetary Fund. According to the World Bank, here's what they do. The World Bank group works with developing countries to reduce poverty and increased shared prosperity. While the International Monetary Fund serves to stabilize the international monetary system and acts as a monitor of the world's currencies. The bretton Woods monetary system lasted from 1945 until 1971. Countries agreed to keep their exchange rates pegged to the U.S. dollar and the U.S. agreed to keep the U.S. dollar pegged to gold. Countries could only adjust their exchange rate relative to the dollar if there was some type of fundamental disequilibrium and only with the agreement of the International Monetary Fund. The IMF had a great deal of power in policing this bretton Woods currency exchange system. In August, 1971, U.S. president Richard Nixon announced what he called at the time temporary suspension of the dollars convertibility into gold. Under the bretton Woods system, central banks from other nations could take dollars and exchange them for gold. At the U.S. Federal Reserve's gold window. That system started to break down because the value of gold, it was upward price pressure because there were more and more dollars being created relative to the supply of gold. The system collapsed finally in 1973, most major currencies began to float the exchange rates relative to each other. Members of the International Monetary Fund and now a 190 countries that are members of the IMF, they can allow their currencies to float freely relative to other countries. They can peg it to another currency or a basket of currencies. They just aren't allowed to peg it to gold directly anymore. And this episode will take a look at the IMF, but briefly on the World Bank, they have funded over 12,000 development projects since 1947.
A highlight from 11.09.22 A Hard Lesson in Hotel Booking / Scam ALERTS
"It's my pleasure to welcome you to the Clark Howard show. Our mission is to serve you and empower you, to make better financial decisions in your life. Up first on this episode, a ridiculously wild story about a hotel booking gone wrong. You're just not going to believe it. Want to know how you can protect yourself when booking travel. Well, I'd like to know sometimes. But usually I know how to tell you how to do that. Also, I have several scam warnings. I want you to be on the lookout for things that are popping up a lot right now that seem legit when you see them later. The New York Times has a column called tripped up. It's where people, it's like they have a who goes to work for people who have something really gone bad wrong with the travel experience. And there's an unbelievable story. It was The New York Times recently about a woman who was several months pregnant, flies into Laguardia airport, had booked a hotel on booking dot com and didn't really know how to use a hotel booking site. Gets to the hotel and the hotel no longer exists. Because it hit become a homeless shelter. The neighborhood it was in was when she shouldn't have been in in the first place. What happened next with booking dot com, which, by the way, is the parent company of priceline, was beyond horribly ridiculous. Customer knows
A highlight from 11.08.22 Charities: Season of Giving Guidelines / Privacy For Sale
"Well, it's officially that time of year where you're going to see one charitable solicitation after another after another in your email, some by text, people at street corners in the traditional mail and how do you know who's legit? Who's on the up and up? Who should be getting your money? And if you got older relatives, older parents, let me tell you, they got a bullseye target on them. The scammers, the crooked charities, they're going to come after them hard. You got to roll to play here. Also, we talk a lot about privacy being tracked and all that with everything we do. What if this was flipped on its head and you got paid for people to be able to spy on you and see what you're up to when it talk about that? So my mom who's been deceased for a while. Went through a long decline from dementia. And she baselined back in year 2000 with early decline, and it was clear what her path was going to be. And we were really lucky as kids. Because usually as people develop more dementia over time, they can get kind of grouchy and maybe not be the parent you remembered. We were really lucky as a small percent people are that our mom had what they call euphoria every day was the greatest day it could ever be. It's always smiling, always happy. Didn't know who she was where she was or anything or who we were. But her name was joy. And she was joyous. Till her last breath. So that was a gift we got. But there was this time period. Let's call it a way station. Where our mom was still living independently, sail on our own, but was not making the best judgments and decisions. And turned out she was being very heavily scammed by fake charities. And we figured this out because mom was running short of money. And it turned out she was giving all this money. I remember she told one of my brothers when he asked, so why'd you get money of these people? Her answer was so real. She said, because they asked, and so we had to put procedures and place where we intercepted all our moms mail. Because back then, they weren't soliciting by email like today or anything like that. So intercepting the physical mail worked really well. And we were able to stop that. At least coming through the mail, we had a different issue with people calling her on the phone. And conning her into giving money. But we were able to get it under control somewhat. But this time of year, during the Christmas season, we, the American people, are so generous. And so giving, we have a culture of charity that is not unique in the world, but is unusual in the world how much we want to give, how much we want to help, and that makes us susceptible, this time of year, regardless of age, to ending up getting taken by phony baloney. The IRS short staffed overwhelmed, has been actually approving a lot of organizations that are crooked. And so they look to be official IRS approved charities. Then there are those that are just out and out bogus, but even just because an organization is IRS approved doesn't mean they're okay. So how do you know something's okay? Number one in my favorite is if you're involved in your community and locally, you know an organization that you really believe in, you give to them because you know what they do. You may even volunteer with them. You know if they're efficient, if they're not, if they're well run, you know if they're not, that having that local connection makes a big difference. But let's say you don't have those kind of local connections. You have that giving spirit. And you're getting solicitations all different ways now, email, phones, not as much anymore, but email texts. I got a lot of texts from charities. I'd still get the physical mail. So how do you decide? Well, it's really easy. There are organizations that check out charities to see first of all, if they're legit, but second, this is the biggest factor that eliminates charities that are efficient with the money that's donated. That's a much smaller group than the number of charities that are out there. There are multiple organizations that do this each use a different methodology, but they get to a similar result, which is, hey, you give to these people, you can feel comfortable and confident your money is being well spent. You give to these other people not so much. I've got a briefing at Clark dot com on these. But the three principles are charity watch, charity navigator, and give, all dot orgs. I want you to not be impulsive giving money. What do you think through your overall giving strategy? We only have so much money we can be generous with.
A highlight from 11.07.22 A Potentially Perilous Home Buying Trend / Airfare Booking Strategy
"Sharing the purchase with family or friends. Also, we've been talking about how expensive travels become. Is that here to stay, and whether it's here to stay or not, what do you do today if you need to buy travel to bend the pricing to your budget, at least part way? I'm going to fill in. So the big run up in housing prices has made people really rethink purchasing and people are purchasing homes together with a friend with a family member, whatever. People are doing a variety of things to try to be able to afford a home. And I will tell you based on years of experience that these situations can blow up because I really only seem to hear from people when it has blown up on them, where they bought a home with a friend, a family member, one case of work colleague, because it helps you get in the door, but then lots of things can go wrong other than just money or relationships like an example is what happens if you move in with someone and you co own a house and you're sharing the common space, you're sharing the kitchen, you're sharing the living room, you're sharing to homes still have dining rooms, I guess it depends on the home. But you're sharing those common spaces and you each have your own room. Hopefully you should have your own bathroom. Because people live different lifestyles, even people you feel like you know really well and the friction that can come under a roof when people live those different lifestyles and it can be as simple as one person is really neat and the other is really messy. And you may think, oh, is that really going to be a problem? Yeah. Yeah, that becomes a problem. What happens if one person stops paying the mortgage or their half they're paying late or they're responsible for paying this and you're responsible for paying that and something doesn't get paid. I mean, these are the kinds of things you really have to think about. I like situations where people could still have some of the financial risks, but you eliminate a lot of the other risks if it's not co living at a resonance. And I've talked about this before where you might have something where there's could be a duplex could be house that Scott like a garage apartment basement apartment. Something where it's divisible in a way that each person has their own private space, their own living room, their own kitchen. Their own bathroom, doing those kind of things, it's kind of like that old thing fences make good neighbors. be too much togetherness. And there are people that everything I'm saying will not ring true. That you know each other so well things work so well that you're fine living in a place with each having your own bedroom, but then sharing the common space. But you could have something where somebody is a night owl and the other person's an early bird, early riser. Then that can become difficult as well. I'm really sorry for putting this in a frame a box that's all like, well, this could happen bad. That can happen bad. This other thing can happen bad. Why would I do that? Because there are situations in life that are much easier to get into than to get out of. So if you do enter something like this and you feel like, hey, it solves this problem. For me, it was this problem for him or her. And this is going to be great. But then the other side once you're in could be the financial could be the living, how you each live makes it not so great. And then the exit from it really hard. Christa. I hate being negative Nellie. And listen to this question from Celine in Georgia. I have a question about a home I inherited with my siblings in 2019. The home is 100% paid for, but one of the siblings of wishes to be bought out. What are the best ways to finance buying the siblings portion of the home? So, all right. This happens a lot. With an
A highlight from $365K as Jerry Springers head of security? Steve Wilkos reveals the $ecrets behind his massive success through different careers, insane work ethic and knowing your worth
"Making that money welcome back to another episode of trading secrets. Hey, I'm joined by renowned talk show host, Steve wilkos. Most of you know Steve for one of two things. The head security in the one and only Jerry Springer or as the host of the long-standing talk show, the Steve wilkos show or both since 2007. What you may not know is Steve is a United States Marine Corps veteran and was a Chicago police department law enforcement enforcement officer for 14 years. He has established himself as an authoritative figure known for his abrasive, yet constructive approach to helping guests on his show settle disputes and better themselves moving forward. Steve, the viewers have been asking for you. We got you and we are so excited to have you today. Thanks for being on trade secrets. Thanks for having me. And first and foremost, I want to thank you for your service. We're going to get into the details of the show. What led you to the show before we do that, the trajectory of your career from being a United States Marine Corps to then being a cop in launching your way into Hollywood is something that's extremely unconventional. I want to learn how that happened before I do. There might be people out there that are interested in general in just the law enforcement career. Right now in 2021, the average cop made 65,000 bucks. So when you joined to be a cop, what was salary like then and what made you do it? So my starting salary was in 1990, I got on the police department. I made 26,500. And I just transitioned on a Marine Corps where I was making as a sergeant with 6 years of service. I was making like $12,000. So I felt like I was rich. And I had a Dodge cult that was paid off and I had a basement apartment that I was paying four 50 a month in rent. So I was, you know, I was feeling pretty good about myself. But the reason why I became a police officer and went into marines was my father was a paratrooper in the Korean War or in conflict. And then he was a Chicago police officer. So my dad, you know, when I was a kid, he was like, Superman, you know? So I want to be just like my father and so, you know, I was kind of a screw up in high school and my dad's like, listen, going to the military, you know, straight now, you know, you have something. There's a lot of my friends, some of my friends were just bums hanging around the block after high school. Nobody went to college, but in our neighborhood, no males went to college. So I wanted to do something in my life, and that's why I went into the marines and was thus decision I ever made. And then like I said, I got out. I wanted to be a policeman just like my father. And I was going to do it for 30 years and retire from the police department just like my dad did and but then one day I got asked to work security on the Jerry Springer show. I didn't even know who Jerry was. I went there to work for one day and one day turned into 28 years later. I'm still here. Okay, we're going to talk about how you got that call before we do. There might be some parents out there that have kids that are serving right now or there might be some kids listening right now that are serving. What advice knowing what you know now about Hollywood, entertainment, making it big to also the perception of making it big by double in your salary from 12 K to 26 K when you got out. What type of advice would you have for someone coming out of military work right now and entering into the work world? You know, I had, I enlisted for three, and then I re enlisted for four. You know, and there was a 6 month overlap. So I ended up doing 6 and a half years. But when I got to 5 years, I wanted to, I was going to sign up for another 5 years after my 6 years, and that would have took me at 11, 12 years. I definitely would have did 20 years in the Marine Corps and got a pension. But I wanted to go to embassy duty when I signed it, signed my next contract. And they, you know, the Marine Corps they tell you one thing and then they do whatever they want. So they're like, oh, I'll go pick up the fleet and then we'll give you obviously dirty well. Then I said, okay, maybe it's time to get out of the Marine Corps. Go back to Chicago. So when I knew and I had like a year and a half before I was going to get out. I started making plans about I didn't want to get out of the Marine Corps and have nothing. So I kept in touch with a lot of buddies in Chicago. I knew the police test was coming out. So I flew back to Chicago. And I took the police test, so I was trying to line up things before I got out so that as soon as I got out of Marine Corps, I hit the ground running. I could have collected unemployment. I didn't want to do that. I wanted to work,
A highlight from 11.04.22 Clark Answers His Critics on Clark Stinks / The END of Standard Return Policies
"Plans not plans from other entities like healthcare organizations. Correct me if I'm wrong here and I'm actually the stinky one, Beth. Beth, you are right. I was wrong. Checked and you can only check and not every school district school system and union plan is on or on these sites, but they don't do the 403 B's of other types of organizations. So I was wrong and you're right. In a recent episode, you advise folks to back off on the hype surrounding eye bonds. This was disappointing instead you should have told us the tricks to get even more money into I bonds in the short term. The treasury direct site has a gift box option in which you can buy a $10,000 bond in another person's name and someone else can buy one in your name. The clock for redemption and current interest rate on the day you buy it could be gifted a later date following the 10,000 per year rule. An example for me was I have a child with a wedding down the road and I put his future wedding present in an I bond in his name to be gifted at a future date, essentially inflation proofing his future gift. Come on Clark, think outside the box with these once in a generation rates, John. John, thank you. And I think about in our offer advice, the team consumer action center, we've had more questions and complaints and problems that people have had with the I binds than anything this entire calendar year. The I binds have been quite a wonderful thing and a frustrating thing for people at the same time. And the I binds, even though they're here in November, they're earning a lower rate. It's still a great rate and it's a better rate than you can earn anywhere else. Roughly 6 and a half percent. It's quite a deal. What the Zelle Clark, companies that requires hours to be published as a two way street. Should someone with no experience make the same as another with 20 years of experience when it's where that know how makes them more valuable, unions like to do that to appease lousy employees. And yes, I worked for a union and saw this all the time, which pushed me to not only a different career field, but employers who valued excellence rather than just seniority. I recently had something similar happen to me where my company decided to bring all of the people on my team up to a certain entry level. Sounds great. Transparent and a lot of people got a bump. But I and several others were just ahead of that new level by a few $1000 and have been working on that team for 15 years. So now people who just joined the team with few skills working in my field were making just a little less than I was. We asked our manager to create tears which they declined to do. And that wounds from cliff and we got a lot about this. So one more. Unless I work for a government entity, I strongly believe my coworkers have no right to know what I earn. And I have no right to know what my coworker earns. This is private information between me and my employer. You seem to imply that employers often evil entities conspiring to reward people who don't deserve it. What about those companies who actually do like to reward or penalize for unusual performance? Shouldn't the free market decide this? The false concept of pay transparency only serves to feed those envious workers who are often lower performers in who sit around and brew about other people's performance and careers rather than worrying about their own. I grant the earnings between otherwise equal workers is definitely an issue when associated with gender or race inequity. The correcting this issue should still be handled in regulated in the background by the company HR and by proper enforcement of labor laws Warren. Yeah, I have lots of thoughts about this area. It's something that, as I talked about, is happening in Colorado and likely will happen in a small number of other states where employers of a certain size will be required to post pay rates and it's something that there are multiple angles on and as an example, I haven't done that for my company and I have no desire to do so. So it's not
A highlight from 11.03.22 Bonds Update / Saving LESS + Spending MORE = Bear Trap
"In the Christmas shopping season. Well, one of the biggest topics I've been asked about over the last year has been series I savings bonds. And man, they confuse people and people I have some trouble from time to time buying them. I want to tell you how the rates are set has just changed. Not just the rate, but how the rate will be set going forward. And I want to tell you how it works and how it works for you moving forward. I'm also going to talk about something that has freaked me out, what Americans are saving. Has collapsed and not necessarily because of inflation. Some people, yes, but that's not the key. And this is tied right in with it. Big jump in the amount of credit card debt. And then of course, I'm going to get to your questions. So I want to talk to you about the I bonds. I binds became something that I have been at various phases since the 1990s obsessed with. And then I'm like, no big deal. I bonds are inflation binds where you take on the debt of the federal government. You're basically lending money to the federal government to deal with our ridiculously high budget deficits that we run in the United States. And then with an I bond, you are rewarded by not falling behind inflation. Recently, there was a land rush buying them because the interest rate that I bonds were paying was well over 9 and a half percent. People were buying them like mad at our team Clark consumer action center. There were days that the number one question coming in. Day after day was about how to buy series I savings bonds. In short, in the simplest circumstance, although there are ways to go outside the caps, you can buy $10,000 of these each year. They were paying the 9.6 four whatever it was, exactly. They were paying these huge rates because the rate is reset every 6 months. Based on an inflation measurement index that the Federal Reserve uses treasury uses as well. The rate was crazy high the last 6 months. So now that you may not feel it yet, but inflation is not as bad as it's been. The new rate that resets every 6 months now is 6.89%. Still, much better than you can go earn anywhere else on savings. And you have to set up an account at savings bonds dot gov and that will take you to a website called treasury direct.