Full Show: Why Aren’t Americans Saving? and Clark’s Ponzi Scheme Warning

America has almost always had a lower savings rate than other developed societies. But it’s even worse right now. Clark talks us through our nation’s historical savings rates and why it’s important to remember the importance of our long-term financial goals. Also, Ponzi schemes are taking over Clark’s news feed and it’s causing a lot of concern. He shares the warning signs of these “guaranteed investments” and why you should avoid them at all costs.

Plus, Christa shares your #AskClark questions and Clark gives his take. All this and more on the September 17, 2024, episode of The Clark Howard Show.

00:00 - Intro
01:27 - Why Aren’t Americans Saving?
07:29 - Ask Clark - Travel Mobile Service Roamless
09:57 - Ask Clark - Solar Panels in Arizona
12:31 - Ask Clark - Platinum Credit Card’s with Free Companion Pass
15:43 - Clark’s Ponzi Scheme Warning
23:02 - Ask Clark - Leasing Cargo Truck Business
25:19 - Ask Clark - Retirement Match with Insurance Company
27:07 - Ask Clark - What Does Costco do with the Returns?

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Our Promise to You:

[PerlGirl-xckb]

My grandmother always told me “ pay yourself first”. I’ve not always stuck to that as strictly as I should have, but I do it way more than not! I’m glad everyday that she imposed her wisdom on me.❤

[lulubell]

For my family, illness has kept us from having savings. Just trying to keep a roof over our heads and food on the table. 😢
Love your show Clark.

[swlancaster]

I earn $15 an hour. No debt. I save to the maximum match on 401k, live on half of what I make. Saving $1000 a month out of $2000 take home pay.

[wwz]

Not saving answer is quite easy, people refuse to live beneath their means. There are people at almost any income level that continue to live paycheck to paycheck. Over consumption, lack of discipline, and no budget are all issues. I always lived a wonderful lifestyle, but well beneath my means. Retired at 50.

[VendorSearchTool]

You taught me everything I know since 1995. Keep up the good work.

[bobbyvee]

When I saw the headline "ponzi scheme warning", the first thing that came to mind was INSURANCE!!

[rubicon]

We are the most money ignorant people in history and it affects us all, including those who are responsible. Thanks for your efforts, Clark. I've been listening to you since the 90's.

[josephedwards]

Thanks for your advice . I'm really learning a lot here.

[foodchaser]

I am saving. I always do the opposite of what "Americans" do and it has ALWAYS worked out for me.

[kikizozu]

Clark, you’re on top of it, buddy you are on top of it

[hasbeen-ti]

NEVER NEVER NEVER EVER buy a house, condo or whatever where there is a HOA. It is a kangaroo court which can often change rules and fees at a moment's notice. Most realize even if you want to fight it you'll never be able to afford the legal fees to take them to court. If you currently live in a neighborhood with a HOA consider selling and moving. Experience is the best teacher....unfortunately it is usually the most expensive.

[cur]

Make the median income in the states and save over 50%. Just stop buying stuff and can get even higher. I cook at home and only really shop for groceries. Cooking at home saves a ton of money.

[xmochix]

The comments on here are weird. Clark you deserve a better audience because these people are not it.

[robertalbert]

Two years since I've retired, this is the first month I haven't saved. After realizing I was going to get pretty hard in taxes, from my side gig

[drhenning]

Don't forget the other benefits besides the Companion Ticket which I've used often... Such as free bag on every trip for most of us who need a bag for a trip, upgraded boarding, free TSA Pre, and other premium benefits... I do agree that it may not be 100% worth it but I have taken full benefit of it in most years.

[kathys]

People are dumb me and my husband were both working during the pandemic we were essential workers getting three paychecks coming in plus +++ stimulus checks we got both checks that’s four checks we made more money that year than our whole life’s we were rich 🤑 I said to my husband what are we going to do with all this extra money 💰 he said we’re getting out of debt NOW awe paid everything off the car our trailer everything credit cards 💳 we live debt free we have a year in savings putting a little amount for retirement away I spend what we need food clothes we go out to dinner once a month people are spending like crazy 🤪 when everything is so expensive they live beyond their budget that’s crazy stop 🛑 spending like your money grows on trees because it doesn’t

[DavidWright-sntu]

Could you give an update on your prostate journey.Currently in A.S. @ Johns Hopkins and I always enjoy your updates.All the best!!

[texascheri]

It’s called living within your means. For the first 2/3 of my live I lived way below my means and put my money in savings to let it work for me so I would have it when an opportunity came along to grow it faster through investing. If you are living paycheck to paycheck you will always be broke. Stop the bs expensive coffee, pedicures, cell phone plans, tv and radio subscriptions. Shop thrift stores or better yet just use what you have. You were fine without those extras last year so why not now.

[factchecker]

We need to define what "saving money" means. Banks offer zero incentive to savers. Does "savings" include: investments - house equity or paying down - defined benefit and 401k requirement plans, rental property etc. etc. ? Personally, I am debt free and enjoying retirement.

[tonyb]

Thank you for warning others about Ponzi schemes! Working as a financial investigator, we see so many of these investment schemes. As you stated, and as we always tell others, if it sounds too good to be true, it probably is! There is no magic formula to get rich quick or an investment that will result in unrealistic returns. Do your homework!