Clark says to lock your phone right now (8 7 25)

Author

Sally McDonald
August 07, 2025

💵 Today’s Top Stories
Lock your phone

SIM swapping has become one of the very most dangerous financial crimes. Clark details how it works, why it’s scary and what you can do to prevent it. Read more.

Money in a jar

This new savings plan designed for children reminds us of an IRA cross-pollinated with a 529 plan. Here’s how it works, and why Clark says not to add your own money. Read more.

Money question piggy bank

A Clark listener faces a large “convenience fee” for paying a monthly bill via credit card. In this case, should the individual give up their bank info to avoid the fee? Read more.

Insurance

Lemonade sells insurance in what Clark calls a “non-adversarial” way, capping profits and donating to charities. Here are the areas Lemonade shines, including inexpensive coverage. Read more.

💵 Wall Street Traders Getting Super Rich in 2025

There may not be “Wolf of Wall Street” debauchery, corruption and excess on Wall Street right now. But in terms of raking in cold, hard cash, this year, trading desks are amassing great big piles of greenbacks rivaling the Hollywood movie.

The announcement and implementation of international trade tariffs in April sent the market plummeting. But, contrary to many predictions in the media and among economists, market-based assets have roared back in price.

The S&P 500 is up 27.3% in the less than four months since April 8 (the local bottom). The so-called “Magnificent Seven” stocks, which splintered in terms of performance during the first half of the year, mostly soared off of recent earnings reports.

According to The Daily Upside, “While muted economic activity led to concerns earlier this year that bankers’ payouts could decline in 2025, the volatile market swings caused by President Donald Trump’s on-and-off tariff threats practically strapped rocket boosters to trading desk revenues. Wall Street banks made roughly $34 billion in trading fees in the second quarter, a year-over-year increase of 17%.”

Stock traders’ bonuses are up 20 to 30% this year. The IPO market, practically frozen until recently, also has gathered some real momentum.

It’s a reminder that for the fat cats on Wall Street, volatility equates to wealth.

For you as an every-day investor, though, it’s important to stay the course and not time the market. Those who panic-sold in April after the downturn may have missed out on huge gains in the months that have followed.

📊 Stat of the Day

🚨 63: Years since property crime was this low (last: 1961). Auto theft specifically fell 18.6% in 2024. Other categories within property crime include burglary (-8.6%) and larceny-theft (-5.5%). Violent crime and hate crime also fell in 2024. For the sake of our wallets, here’s to hoping the trend continues.

💰️ Deal Alert: Today’s Top Deals
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🎙️ Podcast

The new "Trump Accounts" for newborns offer free money from the government, but should you contribute your own funds? Clark breaks down the pros and cons, revealing a crucial mistake many parents might make with these new savings accounts. Also, learn about the alarming rise of SIM swapping scams and the one critical step you need to take today to prevent criminals from stealing your phone number and your money.

☎️ Need Money Help?

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.

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