12.26.24 BEST OF: Relocation: Rent Before You Buy / SAVE MORE On Clothing

Summary

The Clark Howard Podcast – December 26, 2024: BEST OF Edition

Episode Title: Relocation: Rent Before You Buy / Save More On Clothing

Host: Clark Howard
Release Date: December 26, 2024

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Introduction

In this special "Best Of" edition of The Clark Howard Podcast, host Clark Howard compiles some of his most insightful discussions centered around smart financial decisions. While on personal adventures during the holiday week, Clark brings forward two main topics: the importance of renting before buying when relocating and the burgeoning trend of saving through secondhand clothing. Additionally, he addresses listener questions, providing valuable advice on various consumer issues.

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1. Relocation: Rent Before You Buy

Key Insights: Clark emphasizes the critical financial and personal implications of relocating to a new city or state. He strongly advocates for renting first to assess whether the new location truly fits one's lifestyle and financial expectations before committing to a property purchase.

Notable Points:

• High Mobility Costs: Purchasing a home immediately after moving can lead to financial strain, especially in volatile or unfamiliar markets.

• Market Volatility: Even in rising markets, flipping a property too quickly often results in financial loss. Clark cites an example from the New York Post highlighting the large-scale migration to Florida, where despite the influx, many found the reality of living there didn't meet their expectations.

• Personal Anecdotes: Clark shares his experiences with Hawaii and Arizona, underscoring the difference between vacationing and living in a place year-round.

Notable Quote:

"If you decide to live somewhere, rent first and then you'll know if a place is right or not."
— Clark Howard [04:30]

Advice:

• Assess Thoroughly: Spending time in the prospective new location through rentals can save significant amounts of money and emotional stress.

• Understand Local Dynamics: Factors like condo fees, insurance issues due to natural disasters, and general living conditions vary greatly and should be thoroughly researched.

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2. Save More On Clothing

Key Insights: Clark dives into the rising trend of secondhand clothing and its financial benefits. He discusses how Americans are increasingly viewing clothes as disposable, influenced by rapidly changing fashion trends.

Notable Points:

• Market Growth: The used clothing market in the U.S. is expanding seven times faster than the new clothing market, signaling a shift in consumer behavior towards sustainability and savings.

• Personal Practices: Clark shares his personal strategy of purchasing used dress-up clothes, especially suits, to save money without compromising on quality.

• Cultural Shift: There's a noticeable change in how people perceive clothing ownership—moving from long-term use to seasonal replacements.

Notable Quote:

"American treatment of clothes as almost disposable items is a sign of the times."
— Clark Howard [16:50]

Advice:

• Embrace Secondhand: Purchasing pre-loved clothing, especially high-end items like suits or shoes, can lead to substantial savings while maintaining style.

• Quality Over Quantity: Focusing on fewer, well-maintained pieces reduces overall spending and clutter.

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3. Listener Questions

a. Carbon Monoxide Detectors and Home Safety

Listener Concern: Yaron from Texas expressed frustration with carbon monoxide detectors linked to home alarm systems that require frequent replacements due to chirping alerts.

Clark's Response: Clark highlights the importance of standalone carbon monoxide detectors separate from smoke alarms. He recommends purchasing reliable, user-friendly models that don't necessitate costly maintenance or service visits.

Notable Quote:

"Just spend a little more and buy a brand name. These are to keep your family members safe."
— Clark Howard [06:17]

b. Financing Home Extensions

Listener Concern: John from Texas inquired whether using mutual funds to finance a home extension was a mistake compared to taking out a HELOC or home equity loan.

Clark's Response: Clark reassures John that selling mutual funds and paying the project cost outright was a sound decision, especially considering the tax implications and current high-interest rates on HELOCs.

Notable Quote:

"Avoiding the debt is a perfectly acceptable idea and one that will help you sleep better at night."
— Clark Howard [08:26]

c. Evaluating Investment Platforms

Listener Concern: M from Colorado asked about the credibility of Titan Investing and sought Clark's opinion on its high-yield promises.

Clark's Response: Clark provides a neutral stance, explaining that while Titan offers robo-investing services, it doesn't particularly align with his investment preferences, especially regarding cryptocurrencies and alternative investments. He suggests other reputable robo-investing platforms like Vanguard, Schwab, or Fidelity.

Notable Quote:

"If you're using them just for robo investing, that's absolutely fine."
— Clark Howard [10:07]

d. Navigating 3D Authentication Issues with Banks

Listener Concern: Ken from California faced difficulties with online purchases due to his bank's stringent 3D authentication process.

Clark's Response: Clark explains the necessity of 3D authentication in preventing fraudulent transactions. He advises understanding how different banks implement these security measures and considering switching banks if the process is too cumbersome.

Notable Quote:

"Never ever trust what you were told by a cell phone company employee or representative."
— Clark Howard [25:55]

e. Managing Finances with Cash Management Accounts

Listener Concern: Isaac from Washington shared his positive experience using a Fidelity cash management account connected to his brokerage and sought confirmation on its benefits.

Clark's Response: Clark praises Fidelity's cash management account, highlighting its high-interest rates and comprehensive features. He commends Isaac for utilizing the account to its fullest potential, ensuring his money works efficiently for him.

Notable Quote:

"Fidelity has been at the forefront of having cash management accounts that you could use as your everything account."
— Clark Howard [26:03]

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Conclusion

In this curated "Best Of" episode, Clark Howard effectively underscores the significance of strategic financial decisions, whether it's choosing the right time and method to relocate or adopting cost-saving measures in everyday life. Through real-life examples and listener interactions, Clark provides actionable advice aimed at empowering individuals to make informed and beneficial financial choices.

For more insights and personalized advice, visit Clark.com or explore ClarkDeals.com.

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Note: Timestamps correspond to the transcript segments provided.

Transcript

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[Clark Howard]

Slows full [e-mail] Hope you're having a great holiday week. I am off on adventures so this is a best of edition of the Clark Howard Podcast. I hope you enjoy it and that you have an enjoyable holiday week. I'm so glad you're here with us and welcome to the Clark Howard show where our mission is to serve you with advice and information that empowers you so you can make better financial decisions in your life. We serve you many different ways with our websites, our podcasts, newsletters, social media and our Team Clark Consumer Action center where you can get one on one free advice 30 hours each week. If you've got something on your mind and you'd like one on one advice, know we've got it for you and you can find out how to get [e-mail] cac in this episode, I want to emphasize something I talked about in the past and that's when you're thinking about moving to a new city or new state. I want you to rent before you buy and I want to give you some direct proof why this is so important. And also those of you who see me on the YouTube show, you know I'm not interested in fashion, but I'm really excited about a new trend in fashion that can save you a lot of money. Speaking of money, seems like a quick way to lose a lot is to pick up and move somewhere else, buy a home right away, and then go, oops. I thought that was what I wanted to do. And then you got to get out of what you just got into. And even in a rising market, you lose money almost always when you turn and flip fast. I have an example for you from the New York Post. All right. So last year or so, 700,000 people from around the country moved to Florida. Huge in migration. Also, 500,000 people left Florida and in the same time 700,000 went there. A lot of people thought it was paradise found. A lot of others felt it was paradise lost. A vacation and living somewhere are two entirely different things. So you may go somewhere like, as I've told you in the past, I love, love, love going to Hawaii, but I don't know that I would ever enjoy living there year round or even much of the year. So when I go to Hawaii, I always rent and I will not buy because it's just a whole different thing living somewhere every day. In the case of Florida, it's so easy to rent right now. It's so hard to buy. And if you look at a condo, you got all the question marks with what's happening with condo fees, what's happening with the insurance because of the hurricane risk and insurers leaving the market. If wherever you want to go, you decide, hey, I want to, I want to go live in Arizona. And you vacation in Arizona year after year. But again, living in Arizona is different. I know. I have a brother who lived there for almost 40 years. Summer wasn't so fun because it felt like you were in an Easy Bake Oven all the time. I remember once going there to visit my brother in August and walk off the plane and you walk out to the curbside and it is like you walked into an oven in August, 115 degrees. And yeah, it's a dry heat, it's hot. So I ask you, as you think about living somewhere else, it can be as simple as you thought you wanted to live in this part of town. And you get there and you buy a place and you realize, that wasn't where I wanted to live at all. I should have been over there. Rent, rent, rent first and then you'll know if a place is right or not. I mean, think about, Florida is at peak in migration, like forever. And still when you look at the end and you look at the out, the net is certainly not as big as you might think it would be because people found it was not what they thought it would be even if they'd vacation there year after year after year. Please hear me on this. Any place you're thinking of Moving rent first.

[Listener]

Okay, we'll go to questions now. Yaron in Texas says we purchased carbon. I think it's carbon monoxide detectors that are linked to our home alarm system. In September of 2019, there's such a problem. At least two of these started chirping. Hate that sound. And the alarm company told us that we had to replace them because they only last a few years. It seems very wasteful that we have to replace these systems when they wear out. The industry should provide a low cost user replaceable sensor cartridge that can be proactively replaced every so many years.

[Clark Howard]

Yeah, and the carbon monoxide detector thing has been a problem for so long and a lot of times the chirping you're hearing, you think it's the smoke detector and it's the carbon monoxide detector. There's no necessity that I know of for a carbon monoxide detector to be integrated into a smoke and fire alarm in a house. You've got different issues. Carbon monoxide detector is a silent killer. Carbon monoxide, you want just to be woken up and know to get out. And buying a freestander carbon monoxide detector, I saw one the other day at Aldi for 1499 is buy one. You have one in every sleeping quarters of the house. Already bought one for my son for his dorm room in college. You want to have carbon monoxide detectors, by the way, usually many of the carbon monoxide detectors will tell you you want them low, not high, and not have them integrated as part of a security system where you have to then pay a service visit for a burglar alarm company to come out and change it out. And this is something you think about all the horrific reports of people dying on vacations from carbon monoxide poisoning because of mismanagement of hotels. Just have these in your home to keep your family members safe.

[Listener]

And you carry a portable one when you travel.

[Clark Howard]

I do, but I remember we had the Clark stinks about it because I bought some off brand one on Amazon and people were like, how do you know it's any good? Just spend a little more and buy a brand name. I haven't done that yet, but I travel with it in my backpack and just take it out at hotels.

[Listener]

John in Texas says, I need you to tell me if I've made a costly mistake. We put an extension on the back of our house last year and used mostly the sale of mutual funds, non retirement funds to pay for it. Over the course of the four months of construction, the project cost was about 110k. We've approximately $500,000 of equity in our house.

[Clark Howard]

That's fantastic.

[Listener]

I'm wondering if I would have been better to take out a HELOC or home equity loan to pay instead of using mutual funds because now I'm staring at an $18,000 tax bill. I generally don't like debt, but I'm wondering if I made a mistake in this case.

[Clark Howard]

So I don't think you did. Remember, you cleared 110 grand from the sale. Those mutual funds meant you paid a 15% capital gains tax rate. That's so much more favorable than generally what income tax rates are. So paying for it free and clear. You own it free and clear. There's no payment you can take money you would have been putting towards HELOC payment or home equity loan and instead you're replenishing your investments. Dollar cost averaging in which is really valuable right now because the stock market is so fully valued. Some people believe it's in rarefied air. So we're in a time that dollar cost averaging is extra favorable where every month in little amounts you start replenishing the money. So HELOC rates are high right now. Home equity loan rates are really high right now. Avoiding the debt I think is a perfectly acceptable idea and one that will help you sleep better at night.

[Listener]

M in Colorado says Clark. Thank you for your optimism and sharing your wealth of knowledge. I wanted to see what you think of this. You want me to name it? This investing company, Titan Investing that promises you have to chase the highest high yield rates. Thank you for all you do. Sincerely, loyal Treadmill Listener.

[Clark Howard]

Well, I hope you're enjoying your treadmill. And so Titan. Titan is kind of its own thing in the investment world and it's neither a good thing nor a bad thing at base. They are a robo investing kind of tool where you can buy robo portfolios for free. They do a lot of different things. They do a lot of alternative kind of investments. They do. I think they're crypto also. It's not my kind of flavor of investing. But they're. I would call them neither bad or fantastic. I'd say there's somewhere kind of a mixed bag and if you use them just for robo investing, that's absolutely fine. They use portfolios that would accomplish what you're looking for that you would use if you did better. Men are wealth run or you use the robo investing tools at Vanguard, Schwab, Fidelity, others. I think for that it's fine.

[Listener]

I haven't seen anything on Fiduciary on the site either.

[Clark Howard]

If you're doing, if you're, I'm just saying just doing robo investing. I mean they are an investing tool. But I don't like crypto. I don't like alternative investments. It's not my area. Which is why you're not hearing me say, oh, this would be great.

[Listener]

Yeah.

[Clark Howard]

It's not my overall picture of what I'm interested in doing. Is someone investing, I guess we call it a lukewarm kind of response to that.

[Listener]

And, and there are robo investing sites we've reviewed on clark.com too, if you're interested.

[Clark Howard]

Yeah. Robo investing is so wonderful because it allows you, if you just don't know how to build a portfolio. These are tools that allow you to build a portfolio appropriate for your goals, your age and the level of risk you're willing to take on. And the robo modeling is there'll be variations from one model to another. How they would take the same data inputs and build a portfolio, but they're they're more at the margins and differences rather than giant differences. Coming up ahead, fashion advice for me not but fashion advice concerning your wallet. Straight ahead.

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[Clark Howard]

That all three of my children and my wife all by used clothing. That's right, they're running around and use rags. You know the rag trade, clothing trade. And that is what's going on in the United States. There was a report recently that the used clothing market is growing seven times faster in the US right now than the new clothing market. Americans treat clothes as almost disposable items. Now I was visiting Society of St. Vincent de Paul store and I was talking to the manager about what they face with Sometimes there are times that actually too many clothes are coming in and they don't sell them fast enough because the volume of clothes being donated is so large. Not that they don't want you to donate, but I mean it's a symbol, a sign of the times that people are donating clothes or selling their clothes secondhand in such large numbers because people used to buy a small number of clothes and wear the same things for years they'd wear them till they wear out. Today, fashion trends continually move, especially in women's clothing. And so clothes are looked at as almost like, yep, this season they're gone. So if you're someone who likes style, let's just call it that you like style but you don't like the high prices that come with it. Buy what other people decided, nah, not for me anymore. And you're gonna save so much money, so much money coming back in your pocket. And the only used clothes I buy are dress up clothes. And why would I as a guy only buy dress up clothes used? Because men never dress up anymore. Really. And so if I need a new to me suit and I go and I buy one at a secondhand shop, it's been worn almost not at all. On the other hand, most men, the other clothes they have again, they wear them till they got holes in them. So much better opportunity at the high end. I remember I got A great pair of dress shoes at a Goodwill once. And I wore them till I wore them out with holes in the bottom of the soles. But I did not have them. What do you call them where you get them Resold? I didn't do that because I paid like $12 for them. Would have cost me much more to get them resold. So, Krista, I wear as you know, through the years. I remember those suits.

[Listener]

They had a whole new shoes. Yeah, I remember that. I think it's great. What's wrong with that?

[Clark Howard]

The cheapest I ever paid for a used suit was $1.

[Listener]

I remember that. People get upset about. Sorry, go ahead.

[Clark Howard]

People get upset about what?

[Listener]

Use clothing. Like, it's gross. And I'm like, if you go to a hotel, you're sleeping on sheets. Somebody slept.

[Clark Howard]

Don't freak people out about sleeping on somebody else's sheets.

[Listener]

I'm just saying, like, it's the same thing.

[Gemini AI]

It's.

[Listener]

They, they're cleaned and you clean them and it's all good. I'm all for it. All right, you want questions now?

[Clark Howard]

I'm ready.

[Listener]

Ken in California says I recently attempted to make an online purchase with a merchant based in the UK with my credit card. The card was refused due to so called 3D authentication. The next day I called the bank. I made 13 attempts to get a live operator through their endless loop automated attendant.

[Clark Howard]

What does that tell you about being with a giant monster mega bank?

[Listener]

A half hour later, I finally got a live operator. She wasn't familiar with the three authentication beyond its name, but she called back and said the only way to make a purchase is to call into the bank each time to get an authorization. Given that you can't get a live operator on the phone without extraordinary effort, I can only infer that I can no longer make purchases where this 3D is required. This is another example of security overkill where merchants are passing their problems onto the backs of consumers, but they're going to wind up out of business if people can't complete a purchase.

[Clark Howard]

All right, so first of all, after how many calls to the giant monster megabank? An unlucky 13. Okay. You then got the wrong information from the customer. No service person. All right, so here's how it works. Merchants are getting just clobbered by stolen credit card numbers for online purchases of all different kinds. Domestic, international, you name it. So now there are these systems that the big credit card people have done. American Express, visa, I assume MasterCard has one as well. Don't know about Discover what these systems do is they add a layer of verification involved. It's almost like a form of two factor authentication for the card. Now you being told you have to call in every time, not at all how it works. For whatever reason, the normal authentication process that would come with 3D, which all that is is it's a commercial, I guess it's a commercial product for having a additional step of verification on a card not present transaction. In other words, something people somebody's buying over the Internet, over the phone, something like that where you're not standing there in a retail store or restaurant presenting a card. As an example with American Express, it'll often pop up a screen for an American Express validation process. And depending on the algorithm and what risk it expects, it may then send a text. It may send an email. Chase in particular and City, two of the largest issuers, both have systems where they send a text, where they first decline a transaction and then it will say, hey, if this is one you really meant to make do, blah blah, blah, and you validate that you were trying to make that purchase, they'll tell you to go back to the website and put the purchase back through and it'll go through the second time almost always. Whatever happened with your lame bank that they couldn't explain to you that that's how this is supposed to work? I don't know. But it is a giant monster mega. So what do you expect? So this is something that is an additional layer of friction when you buy online because of all the problems with stolen credit cards. And this is so important to merchants because if I present a card at a retail store and the card's hot, it's a stolen card. But the retailer got an approval code. They're not responsible because the card was present. On the other hand, let's say that retailer also has a dot com and I do a transaction through the dot com present that card, they get an approval code. They get stuck with the bad charge because the card was not present. And that's why there are these additional steps of security that are not supposed to be anything other than a minor irritant to you and turned out to be a big pain in the rear end because, well, your bank didn't have its act together.

[Listener]

Roger and Georgia says, I was approached by a professionally dressed person wearing an AT T badge at my local Target store near the electronics department. The salesperson proceeded to ask me who my current carrier was and what iPhone I had. I told him I had Verizon and an iPhone 14 after typing on his iPad he said he could get me a $1,000 off of a new iPhone 15 Pro with trade in and my bill would be a fraction of what I was paying with Verizon. I said, that seems too good to be true and I would have to think about switching. I then asked if their coverage was as good as Verizon. He told me that AT&T owns T Mobile and Verizon towers. I called BS and walked away. Is this guy really from AT&T? What are retail stores like Target and Costco? Why are they allowing these salespeople in their stores?

[Clark Howard]

How much time do we have for me to address this? Okay, you might need to go get a nice cup of coffee or something. This could take a while. So I'm going to abbreviate this. All right, so the person may be an ATT employee, likely is an ATT contractor. They get paid to lead, generate and get new customers. What's in it for Costco? What's in it for Target? They're getting money for basically allowing those cell phone people or contractors in the store. Second, never ever, ever, not ever trust what you were told in A T Mobile, AT&T or Verizon store or when there's one of their salespeople or contractors in somebody else's store. I don't know how many lies are told that I hear over and over again from people where they say, well, they told me I was going to pay, blah, blah, blah. And then the first bill came and it was so much money. And what matters under the law, only what you signed your name to on that iPad, not what the salesperson told you. Never ever sign up for service from any of these representatives until you have had a chance to read what you're signing your name to, because this is garbage telling you that you're going to pay a fraction of what you're paying to Verizon by switching to AT&T. We have all the prices for you of all the companies and all their plans on clark.com and I can tell you that AT&T, Verizon and T Mobile, they used to be referred to by the old T Mobile CEOs, Tweedledee and Tweedly Dumb. Now they're Tweedledee, Tweedly Dumb and tweetly Dumber. And they're all pretty much in the same general price categories now and trying to push rates up on everybody. So unless you have in writing right before you, when you sign your name, the promises made, don't believe them. Next thing that AT&T owns all the towers that T Mobile and Verizon use. Okay, here's what's actually going on. There are big companies, some of them publicly traded, that own almost all the cell phone towers in the United States. And then they lease space to the various cell phone carriers and then other parties as well on those towers for various purposes. And the cell phone industry a good while ago generally got out of the tower business and owning towers and discovered they were better off with engineering specialists owning the towers and leasing the space. But please remember the most important thing. Never ever trust what you were told by a cell phone company employee or representative. The only thing you can trust is what's in writing that your name is going to be signed to. Period.

[Listener]

Isaac in Washington says, I wanted to ask your thoughts about using a cash management account connected to my brokerage instead of a checking account.

[Clark Howard]

It means you're brilliant.

[Listener]

The cash management account I've been using with Fidelity gives 2.7% on your balance, covers ATM fees, lets you deposit checks, and gives you a debit card. So I've been much happier with them than with the giant monster mega bank I was with before. The account also has overdraft protection so you can connect to your brokerage. So recently I've been keeping a zero dollar balance and having all the money I spend out of this account come directly out of a money market fund. My brokerage. It feels pretty good to think that every dollar I have is earning 5% at least. There may be some downsides to having no checking account, but I haven't found them yet. I just wanted to let your listeners know and ask you if I'm missing something. And by the way, I learned about this account on your website, so I'm pretty sure you already endorse it, but I don't think I've ever heard you talk about it. Endorse is a dirty word, so I should explain.

[Clark Howard]

We don't use endorse. Endorse means pay to play, pay me money. I'll say this is great. We don't do that. But as for Fidelity's account, originally in 1978 maybe Fidelity started Fidelity Cash Reserves, which was an earthquake in the banking and financial industry. And Fidelity has been at the forefront of having cash management accounts that you could use as your everything account tied in as like a nexus of your investments, your savings, your credit card, checking, the whole shebang. Fidelity has been at this a long time, two generations plus with having these cash management accounts. They do it really well. And Vanguard doesn't offer this anymore. And the Fidelity product is actually superior to the Schwab product. So they do as best I know the best job of this of anybody, vastly superior to a bank, as you have discovered, and also superior to their direct competition. So they are doing a great job with it. There's nothing you're missing. You're using it to its max. If you are also using the Fidelity 2% cash back credit card. And good for you. And I hope you have an absolutely great rest of your day. I look forward to serving you tomorrow. And remember the key principles that I want you to have. Learn ways to save more, spend less, and avoid getting ripped off.