The Clark Howard Podcast – Episode Summary (December 17, 2024)

In this episode of The Clark Howard Podcast, host Clark Howard delves into a variety of pressing consumer issues, provides actionable financial advice, and addresses listener questions. From rising car thefts at airports to navigating the complexities of grocery shopping in a competitive market, Clark offers insightful guidance to help listeners make informed decisions. Below is a detailed summary of the episode’s key segments.

1. Introduction and Holiday Initiatives [00:57 - 02:50]

Clark Howard opens the episode by expressing gratitude for donations to Clark's Christmas Kids, a charitable initiative aimed at providing gifts to children in foster care during the holiday season. He emphasizes the importance of supporting these children, who often feel rejected due to their parents' personal circumstances.

"These are kids whose parents have personal circumstances that their kids have been taken away from them and they're in the care of the state... I want these kids to know that they are cared about and loved by an absolute stranger."
— Clark Howard [01:30]

Clark encourages listeners to contribute through clarkschristmaskids.com to ensure these children receive the love and support they deserve during Christmas.

2. Rising Airport Car Theft Trends [02:50 - 06:37]

Clark discusses a disturbing increase in vehicle thefts, particularly at airports like Denver International Airport (DIA). He highlights how the holiday travel period exacerbates this issue, as prolonged absences provide thieves with more opportunities to steal cars.

"They may be gone and back the same day or just an overnight. So it's a little riskier for a car thief, but especially during a holiday period. They're running off with cars now."
— Clark Howard [04:15]

Clark shares a personal anecdote about a carjacking incident involving a friend’s mother, illustrating the importance of utilizing tracking technologies. He advises listeners to equip their vehicles with apps or devices like Apple AirTags or Samsung equivalents to enhance the chances of recovering stolen cars.

"If you have a car that you can track on an app, great. If you don't, they're so cheap now... you put a $25 AirTag in it or Samsung or whatever equivalent."
— Clark Howard [05:50]

3. Listener Questions

a. Unclaimed Money and Social Security Concerns – Alex from California [07:21 - 08:17]

Alex in California seeks advice about receiving a legitimate-looking letter from the state controller regarding unclaimed money from a class action lawsuit. Her concern is the need to provide her Social Security number for a relatively small amount ($150).

"Alex, it is okay. You know that you fill out the paperwork, you're going to get $150... So know about unclaimed.org which is a clearinghouse site that's legitimate that tells you in most states, money that may be hanging out there for you or a loved one that you didn't know about."
— Clark Howard [07:50]

Clark reassures Alex by explaining that the risk is minimal, especially if she has her credit frozen. He emphasizes the legitimacy of state controller communications and directs listeners to unclaimed.org for verification.

b. Travel Credit Cards for a Special Anniversary – Christopher from Oregon [08:17 - 10:58]

Christopher contemplates whether to switch from his Costco Visa card to a Chase Sapphire Reserve card for his upcoming 25th wedding anniversary trip. He considers the high fees against the potential benefits and the possibility of canceling the card after the trip.

"Compare all three to see which one's best. The Capital One is $395, the Chase as I recall is $550 and the American Express is $700 annual fee each have their own separate benefit packages."
— Clark Howard [09:45]

Clark advises Christopher to evaluate the benefits of top travel cards—Chase Sapphire Reserve, Capital One Venture X, and American Express Platinum—against their fees. He recommends selecting a card that offers the best return for the specific trip and assures that canceling post-trip is a viable option without significant repercussions.

"It was a big splurge, doing a big trip and getting either the Sapphire Reserve... the benefits you get, it could really pay off for you on this very special vacation you're taking."
— Clark Howard [09:30]

c. Insurance Shopping and Credit Freeze – Jim from Missouri [10:58 - 14:06]

Jim in Missouri inquires whether he needs to unfreeze his credit when shopping for homeowners and auto insurance, aiming to secure the best quotes based on his excellent credit score.

"My recommendation is to do your shopping for homeowners or auto insurance in a concentrated period and thaw your three credit files for, let's say, 72 hours or something like that."
— Clark Howard [12:30]

Clark explains that while insurers can perform soft credit checks even when credit is frozen, unfreezing temporarily ensures access to full credit reports, which can lead to better insurance rates. He advises doing this within a short, specific timeframe to maintain security while optimizing insurance premiums.

"It is bonkers. But if you've got bad credit, insurers will in many states charge you more for auto insurance with a perfect driving record than somebody with a great credit score who has a DUI or DWI."
— Clark Howard [13:50]

d. Mentoring Financial Skills to a 12-Year-Old – Leslie [22:08 - 25:16]

Leslie seeks guidance on mentoring her friend’s 12-year-old daughter in financial literacy, specifically regarding checking and savings accounts and investment opportunities.

"I wouldn't make a homeowner's claim for things in a storage unit... you want to buy that separate policy because you do not want to claim on your record with homeowners insurance for a piddly claim."
— Clark Howard [23:45]

Clark applauds Leslie’s initiative and suggests setting up a custodial investment account through Fidelity Investments, which allows minors to invest with parental oversight. He emphasizes teaching the value of index funds and long-term investing to instill financial responsibility early on.

"The early a kid gets that into his or her... the better it is."
— Clark Howard [24:10]

e. Storage Unit Insurance Questions – Jill from North Carolina [25:16 - 27:28]

Jill questions whether her homeowner’s insurance covers personal property stored in a rented storage unit and if additional insurance is necessary, especially for valuable items like her husband’s motorcycle.

"You do not want to make a homeowner's claim for things in a storage unit... every insurer will offer possessions in a storage unit policy."
— Clark Howard [26:00]

Clark advises Jill to purchase a separate storage unit insurance policy to protect her belongings without risking her homeowner’s insurance for smaller claims. He also recommends verifying whether her motorcycle insurance covers items stored externally.

"You do not want to make a homeowner's claim for things in a storage unit. You want to call your insurance company for your husband's motorcycle... it won't be as complicated or as hard as it may sound."
— Clark Howard [26:30]

4. Grocery Market Dynamics and Kroger-Albertsons Merger Fight [16:11 - 22:08]

Clark addresses the ongoing legal battle between Kroger and Albertsons over a proposed merger that the court blocked on antitrust grounds. He argues that this decision might not significantly impact consumers directly.

"The consumer victory is forcing change in the marketplace by the decisions you and me make of where we go to shop each and every day."
— Clark Howard [19:45]

Clark explains that both Kroger and Albertsons have been losing market share to competitors like Walmart, Aldi, and Costco, especially during the COVID-19 pandemic when consumers prioritized low prices. He underscores that the true consumer benefit comes from supporting retailers that offer everyday low prices, leading to higher savings.

"The beauty of buying groceries at these players that are taking more and more market share with Aldi and Costco and with Walmart is their whole thing is everyday low prices."
— Clark Howard [21:30]

He contends that preventing the merger is less impactful compared to the shifts already occurring in the grocery market, where consumers are favoring cost-effective retailers over high-cost chains.

5. Wawa Opening in Indiana – Chris from Indiana [27:28 - 27:42]

Chris excitedly shares news about the first Wawa opening in Indiana and inquires about its gas prices compared to Costco.

"Their gas prices at Wawa generally are much higher than what they'll be at Costco, but still lower than they'd be in an oil company branded station."
— Clark Howard [27:35]

Clark highlights Wawa’s high customer satisfaction, particularly praising their quality food offerings and beverage options. He notes that while Wawa’s gas might be pricier than Costco’s, it remains more affordable than traditional oil company stations. Additionally, he mentions other highly-rated convenience store chains like Quick Trip and Bucky’s, emphasizing their superior customer service and amenities.

"Wawa, according to the American Customers Customer Satisfaction Index, ranks the highest of all the big convenience store chains in customer satisfaction."
— Clark Howard [27:40]

Conclusion

Clark concludes the episode by reaffirming his commitment to helping listeners save more, spend less, and avoid being ripped off. He encourages engaging with the Clark Deals team for trusted bargains and reminds listeners to visit clarkdeals.com for vetted deals and a comprehensive newsletter.

"Our Clark Deals team is hard at work giving you deals you can trust and great bargains that you can see @clarkdeals.com."
— Clark Howard [27:50]

This episode of The Clark Howard Podcast is a treasure trove of practical advice, timely consumer insights, and heartfelt community support initiatives, all aimed at empowering listeners to navigate their financial lives more effectively.