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CLARKONOMICS: We live in a time when "Dare To Be Rich" foreclosure schemes are pushed via infomercials, web ads and more. If you believe the hype, foreclosures are the hottest deal since sliced bread.

But do you remember when it was all about how to get rich with leverage using other people's money to buy real estate? Well, the whole house flipping trend ended in "jingle mail" -- that's what lenders call it when you mail in the keys and just walk away from a mortgage.

So we've moved from excessive speculation to excessive hype. Clark has done well with foreclosures over the years. He actually purchased his most recent one about 5 months ago. But realize this: Foreclosures are just one area of opportunity, not the "be all, end all" area that people think.

In fact, foreclosures are part of a larger category of "people problem" houses. These are houses sitting on the market as wounded ducks because the owners endured a job loss, a divorce, a relocation or other troubling scenarios.

The bottom-line is this: People focus unnecessarily on foreclosures. All manner of distressed real estate can be a deal. The key is to know local market conditions where you're buying.

You have know the exact neighborhood you're targeting. Go after the properties that are REOs (real-estate owned by the bank or lender) for 45 days or longer. Lenders are usually unrealistic about properties on their books for about the first 6 weeks.

But don't think foreclosures are the magic bullet. They're just one possible way to get wealth. Again, know the neighborhood, and pay attention to those houses sitting on the market for 150 days.

Beware of agents who may delete a listing and relist it to conceal the fact that the seller is desperate. This practice may be illegal in some states. So dig through the MLS and see if the house has been listed before.

Think of the real estate market as a pie. Foreclosures are only one slice; look at the people problem houses -- relocation, job loss, estate sale, divorce and others.

Getting our country on a better footing with energy has been a longtime personal mission for Clark. Some of you may have heard about his 3-wheel car called the Freeway. This vehicle ran on a 12-horsepower Tecumseh engine and had no reverse gear!

Following the demise of the Freeway, Clark has had a Honda Insight and, more recently, a Honda Civic that runs on compressed natural gas. He "fills" up the Civic for the equivalent of $2.80 gallon. In addition, he also has a scooter that gets 90 mpg.

A legendary oilman named T. Boone Pickens is among the latest personalities advocating switching all automobiles over to natural gas. He's currently on a media tour to promote his energy agenda. While some say he has cynical motivations, Clark says we should cut him some slack.

Other elements of Pickens' agenda include a heavy emphasis on wind power, solar energy, nuclear power and the experimental clean coal technology. Clark believes all of these alternative energies are in their infancy.

We can't afford to be deterred from further exploration of any of them by a "Three Mile Island" mentality.

IndyMac Bank -- a failing mortgage company and bank -- has been the subject of a classic "run on the bank" scenario. That makes this a great time for Clark to remind you that a run is not necessary -- unless you have excess money in a bank.

The reality is that a large number of banks will go insolvent during the next couple of years. Many will be invisibly absorbed or merged into larger banks. You as a customer will be fine as long as you don't exceed FDIC limits.

During our last rash of bank collapses in the '80s, approximately 8% to 12% of money was uninsured. Today, that figure has ballooned to nearly 40% -- especially among organizations, non-profits and small businesses.

The FDIC will insure your bank deposits up to $100,000 in the event of a bank collapse. But Clark advises a $90,000 personal ceiling -- so you don't have to forfeit any interest. When it comes to retirement accounts at banks, they're insured up to $250,000.

In the world of credit unions, there's an organization called the National Credit Union Administration (NCUA) that ensures deposits to the same limits as the FDIC. But be aware that in some instances, a credit union may only be covered by a state guarantee pool. This is riskier than the NCUA.

Speaking of going insolvent, cheap clothing retailer Steve and Barry's has filed for bankruptcy. Right now, they're planning to keep all stores open and honor all gift cards. This coming holiday season is one during which you don't want to give gift cards -- especially those from retailers and restaurants that may be here today and gone tomorrow.

Sanyo has invented a washing machine that cleans your clothes with no water. The Wall Street Journal reports this product is already being sold in Asia and will be marketed here in the future.

The device uses high-powered air to wash, disinfect and remove stains from clothing. The best part of all? You don't need a dryer; your clothes never get wet in the first place! That means you'll only use about one-fifth of the normal electricity required for laundry. The bad news is that the retail price is around $2,000 right now.

Meanwhile, Mitsubishi has a new home air conditioner that senses when people are no longer in a room and automatically shuts off. This has obvious implications for your wallet. The AC works with sensors that detect body heat.

Clark loves the creativity involved with these kinds of inventions and the way they could potentially save you money. The only disappointment is that they're made in Japan. How come we're not doing this stuff??