Full Show: Credit Score Crisis and Should You Sell or Stay Put in the Stock Market?
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- Опубліковано 24 тра 2024
- We have record levels ($1.1 trillion!) in credit card debt in the United States. This debt can severely impact your life and well-being. Unfortunately, debt relief companies are all-too-ready to “help” you settle it. Don’t listen! Follow Clark’s advice instead. Also, many people are feeling nervous about the stock market right now. Is it time to sell? Clark explains his strategy.
Plus, Christa shares your #AskClark questions and Clark gives his take. All this and more on the April 25, 2024, episode of The Clark Howard Show.
00:00 - Intro
01:13 - Credit Score Crisis and Should You Sell
09:12 - Ask Clark - HMO instead of HSA
11:10 - Ask Clark - Social Security Payment Drop
13:45 - Ask Clark - Investing Millions same as Investing Thousands
16:20 - Stock Market Alert: Is It Time To Sell?
22:35 - Ask Clark - Employee Stock Investing
24:52 - Ask Clark - Dealing with Inheritance
29:06 - Ask Clark - Razor Blade Theft
Mentioned on the show:
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Very informative video you have, I have been able to understand the messages you pass but there are some other challenges that may come about when taking some other risks or planning
I don’t think anyone that has dedicated time,money and efforts to scale to new net worths in whatever field of investments hasn’t reach some of the challenges that you would face personally.
My son has been able to help with such issues through a CFA he was able to link me up with. Since hiring my advisor? It’s been better handling such financial turmoil that may happen
Oh yeah! You can definitely say that, it does worry me a bit, but not as much as it would worry the average guy, my investment portfolio has survived a couple of recessions unscathed, been privileged to be guided under the stewardship of an extremely gifted investment manager by the name Eric Paul Elmer
Sure.. Eric Paul Elmer has a really unique gift of being able to looking far ahead down the road to spot future investment portholes and possible major mishaps, so he helps me make the safest investments and also helps me hedge all my investments against possible future downturns
Thank you, for sharing this valuable information. I’ll definitely explore Eric Paul Elmer's services. Having a skilled financial advisor during a recession can make a substantial difference in ensuring financial security and growth. I just checked him up on GOOGLE.
Retired, no debt ,no stress, except my gas stove just stop working, lol
Great show
Thank you Congressmen Pollyanna. It is always a pleasure listening to Clark et al.
Clark and razors again. Love it
Social Security full retirement age was raised in 1983 during Reagan's first term, and he was re-elected to a second term; so changing the program won't necessarily ruin a politician's career. The withholding rate percent has also increased over time under various administrations. The program needs adjustments and the challenge is to find agreement on what those adjustments should be.
It's both as simple and as complicated as that which should and will be done. Social Security will not run out of anything.
Changing the program is not the program. Killing the program is. Rick Scott- We will 'sunset' everything after five years, then we in congress will decide if it is worth keeping (reviving). Lindsey Sweetheart Graham- "We will to evaluate all of these programs (SS and Med) and make Americans realize that they are not sustainable (while asking for more tax breaks for the rich). Donald Trump-Yes I am open to cutting social security and medicare, yet two days later in a fundraiser he told the rich he was proud to have gotten 'them' the largest tax cuts and promised to keep it that way.
They want to gut social security, not fix it.
Hi Clark,
Thanks for the question and answer on Social Security and its future. Please, can we (meaning you 😂) also address the Age Discrimination problem we have in America? As a 60+ year old, I'm extremely discouraged in the job market and the outright discrimination I've encountered and my peers are encountering. If funding of SS can only be addressed by raising the retirement age, then Congress and employers need to step up to the plate and protect the over 60 demographic also.
Thanks for all you and the Clark Howard Team contribute to help us !
Carole
You don't listen to Howard.
Retire as soon as you can afford it.
You don't have to work to death to support your grown kids. They can figure out on their own.
Don't work extra years to support your luxury life.
The first thing you do is downsize immediately.
I retired at age of 59.
I retired with 900k in traditional IRA
100k in Roth IRA
1675 from Pension
Affordable Healthcare through the Pension.
The social security is only 2.5 years away 😊
Are you doing any kind of work now
@@veggieman357
Nope!
I have no plans to go back to work.
I live in rural America. The cost of living is very cheap here. The nearby city is only 45 minutes away.
Lucky for you to have a pension. I entered the workforce in the mid 1990’s when majority of corporations did away with them.
@@wt9653 Is your pension state taxed?
My husband and I retired at ages 55 and 50 with significantly less assets than you. We are 68 and 63 now and doing just fine. We are living on a small pension and small social security check and are still able to add to savings and investments. It's all about living below your means. We do live in a low cost area too which helps tremendously.
**Clark, considering the widespread issue of Scanflation where a significant quarter of sale items fail to receive advertised discounts, what's your perspective on these so-called 'accidental' pricing errors? This new status quo of accepting misleading sales practices not only impacts consumer trust but also deepens financial strain. How should consumers and policymakers tackle this growing concern?**
SCANflation is also very bad here
I'd like to add a dimension related to 'Scanflation'-a term we use to describe how retailers mask true deflation through misleading promotions. Often, these deals fail to apply correctly, affecting in some instances as much as 25% of transactions. This not only misleads consumers about the real cost savings but also encourages higher spending, subsequently increasing consumer debt without the benefits of the goods are services being delivered. Sadly, it now seems critical that we push for stricter regulations on retail pricing and credit card promotions to ensure transparency and protect consumers at the national level. What are your thoughts on tackling these deceptive practices to help consumers manage their finances better?
@@cvsmisreps Also and forgetting often the impacts on brand reputation and partnerships like we caught yesterday on LaDarius Campbell line at JCP Lansing MI
Thanks for bringing this to our attention! Team Clark will discuss if/how to address scanflation. 💚
Thanks Clark!
Buy the dip, enjoy the tip
Stock market 🚀🚀🚀🚀🚀
There is a problem with your website. It has a link to email you but only takes you to the team page.
I have an odd thing to report to you.
Sadly clark hypes up useless website. And he should disclose that he shares YOUR. Information with his affliction buddies $$$$$$$ sham on Clark coward for using his followers
We need you to be a congressman for MORE than 1 minute!!
As he said, the reason it's all a mess is that doing the right thing looses votes more than half the time because the will of the people is easy to manipulate by bad actors. Doing the right thing gets you out of office real quick.
😂💚
No, let him stick to finance. He believes in the military draft.
NO!
@@retired8484 If you can't support your point of view, then your comment is pointless.
The reality is the media keeps saying this party or that party is going to get rid of social security, it should be stopped for people entering the workforce now with the mandate that a minimum of 10% of your income is placed in a retirement account. No more FICA taxes and congress would not be able to dip into the fund to pay for all their spending. Take control of your life get govt. out of your pockets
What's the difference between current FICA taxes and a mandate to put 10% of your earnings into retirement accounts? It's the same thing, especially since 409-Ks are available for retirement savings as well as IRAs.
I thought Social Security is in a trust. I don't understand politicians and why they would touch or discuss our money we pay our entire lives, that should NEVER be on the negotiation table.
Back in the early 1980's we were told that social security would be broke by 1990!!
It's supposed to be in the trust. That's why the Republicans hate it. Cuz they can't easily get their hands on it. They want to regulate it. They want to manipulate it. They want to make it better, that's a lie they want to make it worse.
Mitch McConnell got mad with President Biden because he told them under no circumstances will I even negotiate social security. Yet these damn stupid Trump supporters are willing to pick and vote for a man who says he has no problems cutting it.
There is too much credit revolving in the system. It is taking longer for any crash to happen when revolving credit limits (ceiling) are so high. Houses are always the last go .
GOAT - Joe Montana
💯 Joe Montana held the title before Tom Brady, right? Some say he still holds it.
My thoughts exactly Clark!! In regard to your comments on investing in foreign stocks. My question is, how do I best avoid ADR management fees? For example, if it were you and you wanted to invest in a company like International Consolidated Airlines or Siemens, how would you purchase this stock?
2nd question. For the ADR/pink slip stocks I already own, what is the best way to convert them to something else that will avoid ADR management fees?
On stocks buy the dips...stay long term
Clark never said exactly how you're supposed to dry your razors if you can't use a towel.
Back in the early 1980's we were told that social security would be broke by 1990!!!
It's called the rich getting richer and poor getting poorer. It's been happening for a long time.
Social Security needs more workers on payroll. The CAP need to be raised significantly. Get migrants processed, working, and paying taxes!
The cap needs to be eliminated. And it can be funded through more than regular payroll. Funding from estate and other taxes on assets, etc. If Congress REALLY had a backbone they would make social security perfectly solvent without cutting benefits nor raising taxes on ordinary income earners, but of course the donors win the day. Clark is right that Congress needs to address but completely wrong on how.
@@KufLMAO We completely welcome differing opinions! All ideas should be brought to the table and vetted. 💚
Agreed. You are the rare person that actually aligns with my thoughts. Increase the cap put immigrants to work since they actually need to work.
Social security is not running out of money in the next 10 years. Please stop using words like that. I have friends who think all the checks are going to stop in 10 years. Just properly say the surplus that provides us the checks that we get now will be gone and the amount can be reduced by about 20%. If we don't increase the cap on the rich people, like yourself.
Donald Trump keep saying that he is willing to cut social security. His Republican sycophants also keep saying the same thing. Vote blue or lose your social security.
You forget to add on SS, they need to cut spending.
Regarding S.S., if there's only about 10 years left should I start taking it early before they run out???????????
NO! Social Security is not going to run out of money since the money comes from current taxpayers through payroll deductions and payments from self-employed people. There isn't a single pot of money sitting there doling out SS money to retired people. I know it takes time a effort to know what's really going on and listening to Clark Howard is one way to do that, but you've also got to stop listening to sources that want to trigger you emotionally, making you scared, overly concerned, and ill informed. You are in the right place here so listen carefully, make the effort.
@@virginiamoss7045 is correct. Social Security is not going to run out, as said in segment 11:10. 💚
It could be reduced however in 2035, that is what the statement reads. You’d get $ 800 out of $1,000.
First, you shouldn’t be relying solely, or even a majority on SSI.
Second, it’s not going to run out in the next 20+ years. That being said, young people are going to suffer when the pyramid scheme comes apart. Congress can’t and will not ever get anything substantive done unless the nut job extremists on both sides become more centrists.
NO!
Average life expectancy in the U.S. correlates with income. Also, the average life expectancy does not necessarily reflect the ability to work at an older age and the large individual variability therein. The upper limit on SS taxes is $168k. Eliminating the upper limit on SS taxes while maintaining the maximum payout, should be a first step to funding SS. Raising the retirement age would be harsh on older individuals no longer able to work effectively.
Latest stocks reports say buy the following. Cheap stocks soon. Para. Mrna. Upst. Sqqq. Amd. Bby. Tdoc.
John. Thanks. I saw that list too. On my monthly newsletter..❤
Jennifer and her other two sisters should see about getting a smaller new house for the fourth sister. This would be easier for her to maintain and less of an economic burden.
Regarding the 4 sisters' inheritance, the unlaunched sister living in the house could refuse to move out until the house is sold or even at all, in which case she would have to be evicted which could take months or years and cost lots money; after 30 days of living there, she becomes a tenant of the owners of the house and the rest of sisters have to keep the utilities and upkeep of the house going according to some jurisdictions' laws. Those laws, thankfully, are now being changed.
Clark what about the 2025 Tax proposed by current leader I bet you will not be investing long. Or what I see 44.6% capital gains tax and also getting tax for gains in your stock even tho you did not sell and any losses will not carry over or be used . Your 401k will disappear quick
Tax the AI robots to help SS trust since they replace humans & remove the payroll cap on FICA for the morbidly rich.
Yo Clark, do people still use paper shredders ?
Most documents are digital now, so it's not needed as much as years prior. Some people still have home shredders for pre-approved credit cards and the small amount of paper statements/documents they receive. But a lot of people take advantage of community shred events. Depending on your city, you may be able to find a different shred event each month, where you bring boxes of documents to be shredded on site by a mobile shredding unit. 💚
I do. But….I complain. There is waaaaay too much paper today. If we could find a way to get rid of junk mail ( yes, USPS, charge junk mail first class rates). the problem would be much less. Most days I throw away two or three pieces of junk mail.
I still have a shredder. The auto shutoff switch failed but it's a great shredder. For now the switch is bypassed. I just need to turn off and on. I will be adding a custom toggle switch so I don't wear out main switch.
The problem with bankruptcy is that it’s not painful enough for the people going through it to change behavior!
The problem is that it exists at all
That two sided curve is based on the two groups that exist. The first is a larger group of financial ignorance/get it now and the second knows that you need to live below your means and set something aside to invest when the opportunity arises. I know there are some outliers in these groups.
It seems to me that by the time you pay tax CPAs and attorneys to reduce your taxes, you'd pretty much save as much as you paid them to save you the tax money.
And you'd likely end up with a negative result.
Raise the retirement age? How about stop paying the outrageous money we pay politicians just for a start… or stop paying for every other country’s wars or so many more options than punishing seniors for money they paid!!!
95 billion is 10 million each and every day for 26 years.
I mostly agree with your investment strategy except that most American ETFs have interests internationally. That includes stocks, bonds and real estate. Also dollar cost averaging is okay. I also keep cash for corrections . Good buy opportunities. Investments liked at a bargain. Keep up the good work .
"The split is not Normal" I get it. hA ha Clark.
Dry your razor with a paper towel - no bacteria
Tom Brady wasn’t the first GOAT. Muhammad Ali, then Michael Jordan were coined as “GOATS” prior to Brady.
Great episode.
💯💯💯
When I was young, GOAT was a derogatory label. See: “Wrongway Riggles.”
@@ohrick8707 just looked it up:
Roy "Wrong Way" Riegels
Clark Howard is the financial GOAT. Thanks again, Clark, for the great (and free) financial advice, which I've trusted for 30+ years.
The market is approximately 1% UNDERvalued according to history.
Thank you Team Clark.
13:13 - 1000% DISAGREE with your analysis of "fixing" Social Security in regrds to "taxing more". NO NO NO, the elected politicians need to STOP SPENDING money on crap like OTHER countries WARS to start with.......and cut other wasteful spending......and LOWER taxes.....C'mon Clark you know thats true.......
Why does Krista always look like she doesn't want to be there?
16:18- After RETIREMENT it is no longer possible to "dollar cost average" therefore THAT is the time to sell some of a stock portfolio and put into money market/Cds ro PAY for retirement.
He spends on what he values (for example, travel) and not on those he doesn’t value (fashion).
for ESPP, keep selling as soon as you get them.
Raising SS taxes, especially on high earners, and possibly taxing accumulated wealth, make sense. Well-off individuals can do more to help those less fortunate. No one needs billions of dollars, adding to wealth inequality and to suffering by those at the bottom whose income has been diverted to those at the top. Raising the SS retirement age is NOT a reasonable strategy because life expectancy has recently shortened in the US, and compared to other developed countries, the US retirement age is already high. In France, people were angry when it was raised from 62 to 64. Imagine what would happen there if it was raised to the current US age of 67. In Canada, it is 65 for full benefits and as low as 60 for partial.
Fu “ accumulated wealth tax” stuff it
LL Cool J started the GOAT terminology 😁
I'm reluctant to invest in the stock market because I worked at too many places that treated me like dirt because their concern was making shareholders richer while making their employees poorer. It's a moral issue for me
Especially with Vanguard, which is owned by Blackrock. Blackrock is evil!
Treasury bonds are your friends.
Just make sure you're using other means to grow your money and outpace inflation (you're a Clarkie, so you probably do🙂). Regular savings rates won't do it. 💚
So, your goal is to be broke for life.
@@retired8484 My goal is to not be a POS
We are not living longer, some of us are living longer. Men average 73.5 women average 79.3. 50% of men are dead by 78 where as 50% of women are dead by 82.
Cut their salaries and spending foolishly
Howard is too cheap to spend his retirement savings. When he retires at the age of 90. He'll be still wearing his 2024 10 dollar Walmart gray shirts.
Wow really? Maybe he loves what he does? To each his own!
My dermatologist told me to rinse my razor with rubbing alcohol after every use. I replace every year.
Soon, Social Security will be available to the Ukrainian people. Keep voting Democrat… you’ll see.
Ah no.
Don’t say we have trillions in savings. Retirees like me are afraid Congress find a way to get a share. Ssshhhh!
LL Cool Jay September 2000, G.O.A.T, Greatest Of All Time Album was THE FIRST🤦🏽♂️
Muhammad Ali was referred to as "The Greatest," which over time became "The Greatest of All Time." So, Ali was the first. Then LL Cool J used it as his album title. 💚
@@Clark true but the term GOAT used to describe Greatest Of All Time came from LL.
The best option is not to raise the retirement age. It is to make the rich pay their fair share. SS tax only applies to the first $168,600 income.
Remove this cap, so the rich pay their fair share.
It is wrong that a CEO pays less tax, percentage wise, than his secretary.
And would they also receive their benefit with no cap?
@@williamcross5247 - Social Security is not a retirement account. It was set up by FDR to be a social insurance program, so the elderly are not starving and dying on the street.
The rich can always take care of themselves, it is the workers who need to be looked after.
@@elitepctechThen why is it called Social Security Insurance; where your benefit is directly linked to your pay in?
@@williamcross5247 - It is called insurance because it insures against the elderly being left starving in the street. And yes, the sliding benefit scale linked to what you pay in is good up to a point. However, to avoid SSI bankruptcy, the cap needs to be removed. The rich, who has reaped much from society, can afford to subsidize the worker caste, on whose backs, their profit was made.
It’s always been wild to me that while the federal income tax is progressive - only kicking in after you’ve made a minimal amount of money - about $15k now - the payroll tax (which is also a tax on your income, i.e. an income tax) kicks in from your very first dollar. And because of the cap, along with the fact that it only targets earned income (though FIT shares the latter problem) it isn’t just flat but in fact quite regressive. Insanity.
IT'S S SCAM!!!💥💥💥💥
Sure wish clark coward skip his boring lamo interduction. I skip it if i watch his sleepy zzz time video.