Full Show: How To Find a Trustworthy Financial Advisor & Clark Pleads You To Dump Your Storage Unit

It can be really tricky to find a legitimate financial advisor. Clark has a key warning for you and shares several tips to find the best advisor for your financial life. Also, Americans are falling out of love with storage units. If you are renting a unit, it may be time to find a better deal - or ditch it altogether!
Plus, Christa shares your #AskClark questions and Clark gives his take. All this and more on the May 15, 2024, episode of The Clark Howard Show.
00:00 - Intro
01:14 - How To Find a Trustworthy Financial Advisor
06:17 - Ask Clark - How to fix Social Security
07:20 - Ask Clark - Using Google Podcast Without Data
09:12 - Ask Clark - Buying Gold/Silver from Costco
12:07 - Clark Pleads You To Dump Your Storage Unit
17:59 - Ask Clark - Paper Statement for $1.50
21:07 - Ask Clark - Protection Using PayPal
22:31 - Ask Clark - Saving Money With Power Leaving Lights on or off?
Related resources:
clark.com/personal-finance-cr...
clark.com/credit-cards/best-r...
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[@StephanDavisson]

As a CPA I’ve seen so called fiduciaries do some very shady things. Being a fiduciary doesn’t make them good and doesn’t make them honest.

[@retired8484]

Exactly

[@Clark]

💯 True, it's not foolproof but holds them more accountable by law. A fiduciary is the first filter. They still must be thoroughly vetted, and clients can't let their guard down. 💚

[@cathycraig1301]

Certified Financial Planners are primarily trained in and sell insurance products. Find a fee only planner.

[@A2thaLO]

I leave the lights off and use natural light. I only use lights at night when the sun sets.

[@hchayes9431]

California ❤

[@Joce123]

Me too..Minneapolis. I have clusters of solar lights .. 10 bulbs the size of a lemon..perfect night lights until bedtime. My electric bill with a furnace on..fridge..washer..cellphone charger..nothing else..$11 month in the winter. Because I average only 90 kW per month. my electric company gave me a 35% discount on electricity monthly. My electric bill was 0 this month to catch up the previous months discount I didn't know that they had that program. I didn't apply for it. I'm so pleased.

[@Clark]

@@Joce123 😲$0? $11? That's amazing!

[@karmasutra4774]

Same here! Not a single light on unless there is a storm or at sunset.. I even added some solatubes in the darker parts of the home to have more natural light. Love it ❤

[@karmasutra4774]

@@Joce123What is the program you are on? Not following why you are getting that deal where you live? You have solar bulbs but what is that? Not solar panels right?

[@dpporlando]

Best storage unit is a consignment shop they'll store it for free and even pay you if they sell your unwanted garboo

[@crazykat1984]

That’s a great idea

[@jimmycain8669]

I trust me on health, finance and everything else that pertains to me. It’s working to perfection. Healthy, wealthy and happy in spite of the government and everything else against me.

[@stevencole7331]

As an electrician i have heard the leave on or turn off light stradegy . Ussually turning on a electrical device with use the most electrons to get it started and will run contiouos at lower levels . So you could say if you are turning off a light and turning in many times it could be using more electricity . Another factor turning sonething on and off allot could reduce its lifespan so the money that you maybe saving turning off may cost you having to buy additional bulbs . Leds can have a wide range if dependability issues . I have seen some last no longer than a incandecent . Must remeber leds are electronic devices that are toxic to the envoirement as with all electronics . Should be recycled but i presume most goes into the trash .

[@Clark]

Thanks for sharing your expert industry knowledge! 💚

[@daninraleigh]

I've seen results of lab tests on this and there is negligible life-shortening of incandescent bulbs if you are turning them off and on many times. And the increased power usage from the initial surge is negated after about 30 seconds of being turned off.. Fluorescent lights can definitely have a shortened life from this practice. YMMV. And this study was done before LEDs, so no info on that. BTW, LEDs only run when the current flows in one direction, so they switch on/off 120 times per second, anyway.

[@robertryan3490]

The problem is all the financial sales people will tell you they are a fiduciary.

[@Clark]

💯💯💯 True, so you have to ask for their Form CRS (Client Relationship Summary). It will detail if they are truly a fiduciary. If they are a fiduciary, it'll be in the contract. You can also check their credentials, client complaints, and if the SEC has taken any disciplinary action against them. You'll find links to those sites here: clark.com/personal-finance-credit/investing-retirement/how-to-find-a-financial-advisor/#interview

[@stevencole7331]

I like PayPal as it is a one stop shop for my credit card . I am not giving my credit card info to every site I buy something which makes me feel more secure

[@user-wo1en8ip3s]

Back in the day, turning lights off and on did indeed shorten their life. But not for modern LED.

[@bv226]

Postal unreliability is the best reason ever for paperless billing. Take control, download and print or save as a PDF.

[@sandrawilliams1893]

Thank you Clark. I have TSP this is great info. Side note stay away from the free dinner with sales pitches.

[@Clark]

💯 Stay far, far away from them.

[@BangNguyen-ux4ie]

Yes the fees to leave your 401k/TSP are probably lower than move it outside. But the downside is when you withdraw from them, you have to withdraw "total return", that is, you can't pick and choose which allocation (stock or bond or cash) portion of your portfolio. So say in a time when the bond portion is down (like now), I only want to withdraw from my Stock portion, well you can't do that from the 401k/TSP. But if I transferred them to a Rollover IRA, I could allocate my portfolio into separate stock vs bond funds, and only withdraw from the one that's doing well.

[@victorvale8391]

Love the show! As a 27 year AF Vet I loved the TSP but had to roll over to an IRA because TSP doesn’t allow you to convert traditional TSP funds to ROTH funds

[@Joce123]

I rented 3 separate storage units. one 5x5 $12 mo and I created a second shelf in it I rented 2 that are 10 feet wide with 5 foot deep $42.mo Yes. I love those big wide doors..As I downsize more, I will cancel one more unit. Everything that I own can fit in those units. If they raise rates (as they often do every 6 mo), I have a friend who will go in as a new customer to get units..I keep my stacks of 7 gallon totes on platforms with wheels. I will roll my items to her units After owning 3 fully furnished houses at one time ,I m thinking about what I could repurchase if I absolutely need it. I use that as a criteria for keeping things. I got rid of all dressers..using just a coat tree..only 12 hanging items. Bedroom closests are empty.With crazy eviction problems, I'm selling my rental units. I'm buying unimproved land instead. GEE. Farmland is up $353 an acre..no rent control..no inflated tradespeople rates..

[@JoeCosentino]

They ever mention the price and fees when selling bars of metal, back in the 70’s a hobby store had a silver club you buy an ounce a week so I have 100 ounces of silver, pretty to look at I may cash them in some day.

[@spokesdog9958]

Timely video for my circumstances, thank you

[@JPW050]

I completely agree with the comment about storage units. I know some people who have multiple storage units. Having a storage unit means a person has too much "stuff". Garages, attics, and basements are other places where things accumulate. It is a good idea to go through these at least once a year to determine what is not being used. Take those items and sell them or donate them. You will enjoy removing the clutter and having the use of the extra space.

[@Clark]

Great tip, Clarkie! 🙌

[@Joce123]

I appreciate my storage unit..on a climate controlled building. 15 cars can park inside. 5x5 costs $12 mo. Great place to store personal items.tax records.If I leave town for a few weeks no worries that someone will breakin my house and get my personal info /family picture.

[@karmasutra4774]

They can break into the units sometimes. Just be sure it is truly safe

[@virginiamoss7045]

If I remember correctly, Clark's condo is 4,000 square feet. Good grief, how big was his house that he down-sized from?! Regarding storage units, today people can't even buy stuff so who has stuff to store? Maybe older and/or rich people only.

[@stevee8318]

Buy / sell spread for gold bullion should be around 5%. if you go to sell and they offer you less than the spot price, go somewhere else.

[@TheDMSCorp]

7:20 I really like AntennaPod as a Google Podcasts replacement

[@user-yb5bg8im5g]

i have a 10 by 12 by 10 storage unit in longmont colo. 170 mos. best decision ever. need to move, but could not get started. now, i box a room up and take to storage. i am planning a move to wv. when ready it will be moved into a 20 foot shipping container and shipped to the property i plan to take my time to find. it is a homestead and everything is coming with me. unit is cheap, shipping container is cheap. travel by rail is cheap, and it becomes a lockable, ''portable'' unit at the other end. too many tools and furniture to sell, then rebuy. in this modern world, my stuff would be a small fortune to replace.

[@AEvans36977]

I recently closed out a unit I've had for yrs. Couldn't be happier. I made 12 donation drops. Should have done it yrs ago but it's finally done now. I just wish I could get back some of the money I paid on it.

[@Noah4evaa]

What’s Clark’s take on Vanguard’s financial advisors?? Sure need some input

[@Joce123]

Our storage unit is a 3 story building and we do not have padlocks. We have locks that are inverted so you have to have a special mechanism to open your lock. It's not a guarantee because of course somebody could sneak in when that huge door is open

[@magnoliap5824]

A friend rents a storage unit from an assisted living facility and it’s much cheaper than a traditional storage facility. He sells vehicles as a side gig. PS it’s called KZbin, that’s where I watch this.

[@michaelmeyers3664]

Did you Clark get your start by listening to Bruce Williams???

[@anniesshenanigans3815]

I have no money "put aside" am 61 and need some direction. KZbin has a million suggestions. How to find someone that will help me and not look down on me for not having a bunch of money at my age? All the ones that advertise in my area talk about "investing your millions" and not how to go forth starting at Zero.

[@cathycraig1301]

You’re right. Parents do their kids a disservice and schools too by not teaching this. “Managing money” for someone else, if you do a good job, is very time-intensive and very costly to clients. But it’s a great point you have. More of us need to be concentrating on getting people started. I may run a little ad about this in the coming months. This would be fun, and help out others.

[@vince8436]

I have always moved my money. Cheaper to put in a self directed Roth in many cases. Maybe not from a big. Company but for sure from a small one with limited participation.

[@Mike-123]

Myth Busters, years ago, debunked that theory that turning lights on and off wastes energy.

[@wt9653]

I need to correct something about the led light bulbs. The heat is what destroys the circuit boards. Led itself will last for 1000s of hours. But not the 120v to 12v converter. The converter could go bad in an hour or hours. Turning on and off is still the enemy to any circuit. The constant fluctuations of circuit heating up and cooling deteriorates the circuit components. The led is still fine. The converter is what failed.

[@johnurban7333]

The one I trust the most is the one in my head

[@billyjohnson9166]

A trusted financial adviser VTI or VOO . THATS ALL YOU NEED TO KNOW.

[@marietaylor5174]

Thank you Team Clark.

[@gilmendoza8092]

Happy Wednesday

[@dpporlando]

Costco silver limit is 5 bars price varies depending on the market. If you're in Florida and buy more than $500 there is NO TAX, purchase has to be done as a separate transaction cannot comingle other items. Go to the jewelry counter to grab a voucher they will process at the register. Also, don't buy physical metals.😂😂

[@g.t.richardson6311]

If you’re buying silver bars isn’t that physical,metals?

[@dpporlando]

@@g.t.richardson6311 correct

[@g.t.richardson6311]

@@dpporlando so why are you promoting buying silver bars at Costco but saying don’t but ohysical metals? I have a lot of pre 1965 us silver I’m glad I do

[@dpporlando]

@@g.t.richardson6311 I, like Clark, do not believe holding physical metal makes sense. But if you're gonna do it at Costco as was discussed on this episode one should know the highlights especially when it comes to paying tax because the cashier won't know.

[@g.t.richardson6311]

@@dpporlando ok

[@philly9375]

One of the best things I have ever done financially is get rid of a storage unit. Got rid of mine 5 years ago after about 3 years of paying rent on it and it felt like a freedom gave me a second chance!

[@Clark]

Way to go! 👏👏👏

[@susanroby1010]

Wait a minute on the hotel lights going off when you leave a room in another country.. What if you are leaving the light on and tv for your pet while you go out and about? How do you get it to stay on? Or I guess you have to pack a night light or battery operated lantern.

[@Clark]

Maybe pet-friendly rooms don't have this feature. Or maybe you can arrange to get an extra key at check-in to keep the lights on for pets. 🤷‍♂

[@bv226]

You can get an extra keycard to leave in the holder to enable the lights.

[@FearIsaLiar]

Dogs and Cats have night vision

[@retired8484]

Definitely do NOT leave your 401k in place when leaving your job.

[@Clark]

💯 True, not if you are still in your working years and just switching jobs. But if you are retiring, it's usually better to leave it with the job and withdraw from there. 💚

[@jamesodell3064]

When I decide to downsize I will have a house sale for any furniture that I or my kids do not want. No way am I getting a storage unit.

[@chuckinhouston9952]

I’ll alert the media.

[@karmasutra4774]

@@chuckinhouston9952Why be mean and sarcastic about it? What do you get out of that? Does it make you feel like you have control over your own sad life?

[@retired8484]

You definitely do not want any paper statements ever mailed to you.

[@Clark]

As always, we completely welcome differing opinions! 💚

[@L.A.---]

"Not as a birthday gift for his wife." Tell it, Christa! Clark, Christa, love your show!

[@Clark]

😂🤦‍♂💚

[@jeffrummell2348]

Clark, you are so smart, but are missing out on the metals. I'm 60 have purchased gold and silver for many years. Remember when gold was $200.00? Or silver was $4.00 How would you be now if you had just putting 5% in it from then? Metals are going to go up just watch. Well, I should say the Dollar is going down. Also, Never sold, But will at some point. Can you please look into true money and not debt?

[@virginiamoss7045]

Have you compared to simply putting that same amount of money at those same times into index funds with Vanguard, Fidelity, or Schwab? I would bet you'd come out ahead and you wouldn't have to do anything.

[@thinkabout602]

Gold extracton is extremely bad for the environment - check it out - I don't have any gold because of this ! Plus. if U R buying it to use in a melt down food, water and shelter would be the new gold.

[@Clark]

You can do like Clark and only own gold through funds, not physical gold. 💚

[@jbeav3902]

Dont buy red lobster gift cards

[@jstephens2758]

Leaving lights on, no matter what they are, costs money because they are using power that we pay for. To save, turn them off. This debate was really NOT about electricity cost, but the idea that turning incandescent lights on and off frequently seemed to shorten their lives. It may have to a small extent, but the cost of leaving them on far exceeded the cost of a new bulb. The debate started because people observed that incandescent bulbs usually blew out just when they were turned on. But those bulbs wore out over time because the filaments slowly evaporated. When the filaments became very thin, the power surge when turning on the light caused them to break. However, if left on permanently, they would still eventually fail. This is another example where simple observation does not always lead to the correct conclusion. If you always forget to turn lights off and want to save money, use motion detectors or light sensors to do it automatically.

[@charleskincannon8792]

The concept of fiduciary is a joke. Many advisors are greedy and have no interest in the client's welfare. Just because they say they are a fiduciary even in writing does not mean a whole lot. The industry standard does not hold the client's best interest. I have worked with advisors (salesmen) for over 30 years and have had a Series 7 and insurance license. Seeing what goes on in the inside is pretty dismal. That being said, there are some honest and competent advisors but you will have to kiss a lot of frogs to find the prince.

[@peterrebhahn1113]

The notion that it takes more electricity to turn lights on and off than it does to leave them on is an old husband's tale that has been debunked many times. You can find it debunked right here on KZbin if you want. The switch simply starts and stops the flow of electricty. There is no sudden peak surge of power when the switch engages that you avoid by leaving the light on. So should you turn off lights in rooms you're not using? Yes, if you want to save energy and money. Sure, the efficient LEDs Clark referenced mean you'll save less than in the bad old days of incandescents, but you're still saving.