Terry Savage’s Archives
Below you will find the columns terry has written by date.
Below you will find the columns terry has written by date.
FAFSA Time, Again!
Ready, set, borrow! The annual race to score money to pay for college starts October 1, when the new FAFSA (Free Application for Federal Student Aid) becomes available for the 2019-2020 school year. And since much of the money is given out on a first-come, first-served basis, it pays to get going right away. After..
Free Credit Freeze for All
More than a year has passed since the massive data breach at Equifax that put highly sensitive information about 148 million Americans at risk. It sent many people scrambling to “freeze” their credit reports or place fraud alerts and subscribe to credit monitoring services. No major criminal use of that data has been reported in..
Financial Match-making Service
Could I match you up with a financial adviser you could trust — one who would give good investment and planning advice — and who would put your interests first and fully reveal all incentives, fees, costs and commissions? In other words, could I hook you up with a true fiduciary who has a long..
How to Save for College
Last week I wrote about the importance of having a family discussion about the realities of college costs. The time to do that is when your child starts high school. That’s when you can set realistic expectations about the costs of college, the impact on the family’s finances, and what children can reasonably expect in..
Re-Thinking College Costs
Now that students are back in school, it’s time for parents (and grandparents) to take a breath and gain some perspective on the costs and benefits of a college education. Yes, college will pay off in the long run. But you may be doing yourselves and your children a disservice with magical thinking about how..
Is Your Estate Planned?
If only we could stretch out summer — and our lives. But while the approach of autumn is fairly predictable — heralded by back-to-school signs in every store — our life expectancy is subject to the whims of fate or a higher power. That’s why it’s important to be prepared for the unexpected. And in..
Short Term Health Insurance Plans
Short-term health insurance policies have just become more attractive, thanks to a federal rule change that now allows policies to be sold for almost a full year and possibly be extended for as long as 36 months. These short-term insurance policies are a great solution for anyone between jobs or who doesn’t have insurance coverage..
Term Insurance Running Out?
It seemed like a good idea at the time. Back when you bought that term insurance policy it was the least expensive premium that purchased the maximum coverage. Your limited dollars bought more insurance – for a term of 20 or 30 years. Your family was young and thirty years seemed a long time away...
“Squishing” The Economy
The economy has always reminded me of one of those squishy toys that children so enjoy. If you squeeze the middle, the ends get distorted. If you squeeze one end, the other end bulges and changes shape. Same thing with the economy: If you change trade policy or interest rates or tax rates, the results..
Credit Card Binge –Again!
They say that the lessons that cost the most, teach the most. But Americans obviously haven’t learned the lessons of debt. When it comes to credit card debt, we’re back up over $1.04 trillion again, and total consumer revolving debt is now higher than it was in 2008. With unemployment low and consumer confidence high,..
Roth IRA Builds Your Fortune
Twenty years ago the Roth IRA was born, as a product of the Taxpayer Relief Act of 1997. Unlike traditional IRAs, you don’t get a tax deduction for your contribution to a Roth IRA. But all the money in the account, including gains, can be withdrawn tax-free at retirement. (And unlike traditional IRAs, there is..
VA Mortgages — A Patriotic Good Deal for Vets
The patriotic glow of the July Fourth celebration is a time to appreciate our very special country. But there’s an even longer-lasting way to honor our military veterans. A VA mortgage loan is a special deal for anyone who has served in our armed forces – whether it’s used for a new home purchase, a..
Big Money in eSports
While much of the sporting world is focused on World Cup soccer and staying updated on ESPN, there's an entirely different sporting world of eSports estimated to generate $1.5 billion in global revenues this year -- and growing at a 22 percent annual pace. Devotees of eSports are tuned in to an online channel, www.GamerWorldNews.com,..
Running Out of Time on Debt
Shhh … don’t tell anyone: We can’t repay our debt! Also, the emperor has no clothes. It’s the same story: Everyone knows it, and no one is willing to say it. But the United States is awash in debt that can’t possibly be repaid. Perhaps a spurt of economic growth could put a dent in..
Fund Fees Cost Your Fortune
Your financial adviser may make as much money from your retirement account as you do! That’s what happens when advisers put you into mutual funds that perform well, but charge excessive fees along the way. Those fees can add up – especially when you consider the “opportunity cost” of what the money could have earned..
Diamonds are Forever — So Buy Carefully
Perhaps it’s the afterglow of the royal wedding, or maybe because June is the season for brides. But our attention has turned to diamonds. Meghan Markle’s engagement ring famously has two smaller side diamonds that came from Princess Diana and a center 3-plus carat diamond that was “ethically sourced from Botswana.” Assuming the center stone..
Money Moves Markets
Interest rates are rising. The price of Brent crude oil edged over $80 a barrel for the first time in four years. The Russell 2000 broad stock market index managed to hit an all-time high last week. The U.S. dollar is strong. And commodity prices are generally higher, reflecting both demand and inflation fears. Can..
Muni Bond Markups Revealed
A new era in buying and selling municipal bonds started this week. FINRA, the securities industry self-regulatory agency announced it will require brokers who buy and sell municipal bonds to individual customers to reveal their “markup” or commissions, which are built into the price of the bond. Sales confirmations for bond purchases and sales will..
Mother’s Day: Help Mom with Finances (Dad, too!)
In the season of Mother’s Day and Father’s Day, there’s more we should do than send a sentimental card or host a brunch. Adult children need to communicate with their parents about personal finances — without intruding on their privacy or demeaning their ability to continue their financial independence. The operative question is: “What if…?”..
Senior News: Medicare Cards & Healthcare Costs in Retirement
If you’re one of the 44 million Americans who are covered by Medicare, be on the lookout for your new Medicare card coming soon in the mail. It will no longer carry your Social Security number. Instead, it will carry a new 11 digit identifying “number” consisting of both numerals and letters. But it’s still..
