Ask Terry Archives

Any idea where to find free career counseling? My college doesn't offer any to alumni, unless you graduated in the last 6 months, and I was told by the Will County Workforce office that they don't do that. I don't know where else to look and I don't have any money, literally $0, to pay…

Is there a website that you can recommend (other than yours, of course) for artists and other creative people who 1) make their living selling original stories and/or artwork through their independent, small businesses and 2) likely do their own taxes and need some guidance and advice? Thanks

Hi Terry, I currently own an investment property that I rent out. It's a house in a nice western suburb that I've had for about 10 years. It's FMV is $415,000 and I owe $167,000. I make about $500/ month cash flow on it. Now, I am looking to purchase a 2 flat house in…

Hi Terry, My father in law passed away a few weeks ago and my husband is named on all of his accounts. FIL went thru a lawyer and so everything is listed in a trust, which is great. My question is, he has stock via e-trade. We were told we could either leave the stocks…

Is there a name or an agency that you can recommend to handle setting up payment arrangements and help me pay my bills? Or is this something I need to dig in and do on my own? My husband and I make enough money but we are not staying on top of bills nor saving…

I found your article on student loans to be of interest as I am paying on these for my son. I contacted Nelnet, who the loans are through, and they do not refinance at all. I then went onto the website of LendEdu, that you wrote about, and was immediately contacted. Should I be speaking…

What questions should you ask a potential mortgage lender?

Where or how is the best way to buy actual Gold.

Hi Ms. Savage. My wife and I want to set up 529 plans for our seven grandchildren, all of whom live in Chicago as we do. I understand the federal tax rules, both income and gift tax. My question is: Are contributions to 529 plans tax deductible in Illinois? Thank you very much.

I want to pay off our credit card debt of $23,000 and wonder if it is better to get a debt consolidation loan at a lower interest rate or roll the debt into a refinance of our mortgage. Im 58, and married with a child in college.

Hi Terry, My husband and I are looking for a safe investment for some extra cash we have accumulated. Also, do you feel municipal bond rates may be coming back to a decent return soon?

I am retired and not active at work. My company's 401 is paying a great fixed rate so I don't want to move it from them. I am single and have 3 children. If I pass can my children do a stretch IRA with my 401monies??

I am reading about this and it seems tons of money can be made. What are these 26f programs and who sells them and how do you pay to get in etc.????

I have a question about minimizing taxes on SS benefits in retirement. I'm 60, plan to retire at 65, have > $1M in savings, adding about $26K annually. Savings are a mix of 401Ks, IRAs, mutual funds and bank accounts. Mortgage was paid off years ago, kids are grown and doing well and I'm annoyingly…

I have a $450,000 term life insurance policy. I will turn 75 this year and my premium payments will increase from $2045/yr to $7652/yr in 2017 and over $13,000 in 2018. I am in good health. Do I continue to try and pay the premiums or is this a policy that might be able to…

When does it make sense to use Roth IRA. I already am participating to the maximum to my 401K. Does that maximum prevent me from purchasing a Roth IRA with my quarterly company bonus?

hi, I am being sued, by a collection agency, I am on disability, they filled the first time in October 2010, I am blind and did not attend the hearing. Now, today I received a summons, they moved the venue to a court house near my house. What is the worst thing that can happen,…

Thank you for answering my first question. I was in an all bond portfolio, and out of the market for 4 months. Is it to late to dollar cost average back in? I have transferred my money to Vanguard. Thank you again.

Terry, I have read your opinions on the IL Bright Start 529 plan in the past couple of years and they were not "recommended". I am an Ill. resident & I would like to make short term (3-6 months) deposits to the IL Bright Start 529 plan this year (2017) in order to claim the…

Hi Terry, What is the best way to invest a fairly large cash settlement from a lawsuit? Thank you!!