02.24.26 Ask An Advisor With Wes Moss - The Clark Howard Podcast Recap

Podcast: The Clark Howard Podcast

Published: 2026-02-24

Duration: 36 min

Summary

In this episode, Clark and Wes Moss explore the rising costs of beef, using a personal anecdote to illustrate the impact of inflation on everyday expenses. They emphasize the importance of investing to maintain purchasing power in the face of increasing prices.

What Happened

The episode kicks off with Clark and Wes discussing the importance of setting financial goals for 2026, particularly emphasizing life insurance and the role of Policy Genius in finding affordable policies. Wes shares an engaging story about his son’s birthday celebration and their experience with the rising costs of steak, which they dubbed 'steak night sticker shock.' This personal anecdote serves as a relatable entry point into a broader conversation about inflation and the economy.

Wes highlights the dramatic increase in beef prices since the COVID-19 pandemic, noting that the average price per pound for steak has surged from approximately $7.50 to $12.50—an increase of 65%. He emphasizes that ground beef prices have similarly escalated, pushing the cost from around $3.50 to nearly $7 per pound. With these figures, Wes illustrates the concept of 'wilting dollars'—the idea that money not invested loses its purchasing power over time. He stresses that investing is crucial for maintaining the ability to afford everyday staples, especially as prices continue to rise.

Key Insights

Key Questions Answered

What are the current beef prices in the U.S.?

Wes discusses the current prices of beef, highlighting that the average price per pound of steak has risen to $12.50, a 65% increase since pre-COVID times. Ground beef costs have also surged, reaching nearly $7 per pound, marking an increase of almost 80%. This sharp rise in costs illustrates the broader impact of inflation on essential food items.

How can investing help with inflation?

Wes explains that investing is crucial for protecting purchasing power against inflation. He emphasizes that keeping money in a wallet means it depreciates over time, while investing can lead to growth that outpaces inflation. For example, while the U.S. consumer dollar's purchasing power has decreased by 20% over five years, an investment in the S&P 500 has grown by 90%, demonstrating the benefits of investing.

What factors are driving up cattle prices?

Wes elaborates on the dynamics of cattle supply in the U.S., noting that the herd size has decreased significantly since the 1970s, from 130 million head of cattle to around 83 million today. With a growing population and demand for beef, the reduced supply is a key factor driving prices higher. Additionally, ranchers are currently processing more cows rather than increasing their herds, further limiting supply.

What should families consider when budgeting for food?

Wes advises families to recognize the impact of rising food prices on their budgets, particularly for staples like beef. He suggests that understanding the costs involved and planning accordingly can help families manage their grocery expenses better. Investing should be part of this strategy to ensure that they can afford the same quality of food as prices continue to rise.

What role does Policy Genius play in life insurance?

Clark introduces Policy Genius as an online insurance marketplace that simplifies the process of comparing life insurance quotes. They offer a platform where users can easily find coverage amounts, prices, and terms without guesswork. Their licensed team provides clarity and assistance throughout the process, making it an accessible option for families looking to secure affordable life insurance.