Ask Terry Archives

FOR ALMOST 25YRS I HAVE BEEN LIVING ON A BUDGET IT IS TAKING A TOLL ON MY LIFESTYLE IF I AM SAVING TO MUCH I WILL BE 50 YRS OLD NEXT YR IF I SHOULD BACK OFF AND START TO ENJOY LIFE MORE IT HAS GOT TO EVERY MONTH I SAVE MORE THAN I SPEND

Do Bonds go up or down when the interest rate goes up?

Hi Terry- We have 2 kids in college and recently sold our house because it was too expensive to keep. My husband is looking for work and I have been a stay at home mom until now. We are trying to decide whether or not to buy a modest home, and use some of our…

Please give me your opinion of Illinois' 529 Plans. In particular, what do you think of the Bright Start program?

Can Living Trust forms be obtained on-line or must I go to an Attorney?I don't have much, but I want to keep what I have for my later years. Can you assist? Thank you.

You talking WGN about a first stock to buy kids as gifts to get him started in stock trading what is that site?

I am an unemployed young adult who have recently received a substantial amount of money. I don't have much credit and would like to purchase property. I would like to know how can I build my credit for financing? I have considered purchasing the property in full and financing a car for future credit opportunities.…

Who do you recommend in the Chicago area to help me with what to do with my 401K etc as I enter retirement in about 4 years .

I recently read an article that you wrote in the Tampa Bay Times regarding Debt Help foro Seniors. I have been agonizing over this for a very long time. Back in 2011 we were advised by a local attorney to stop paying our credit card bills. Two of the companies that were advised not to…

How do I get a copy?

I would like your thoughts on whether a man entering his late 60's, with no spouse or offspring, should consider a reverse mortgage, use existing 401k funds or take out a HELOC or 2nd Mort. The reason I am looking for $30 to $40 k is purely for recreation. It is to buy a kit…

Is it necessary to make a contact with say insurance company's holding policies 20 years old? State Farm holding annuities? Thank you, Joyce

My son gave his wife the house in their divorce but her credit was too awful so the mortgage stayed in his name. He made her payments for 6 years as they had a small child and it says in the divorce decree that she would take over payments. She didn't and the house is…

I recently sold my home and have $60,000 left. My bills are paid, all credit cards are 0.00 balance. I want your opinion on paying cash for a decent car with a warranty which is about 17,000. That leaves me 43,000 and my expenses are $3,000 per month. My salary is only about $1500.00 per…

If I convert money from an IRA to a Roth, do I lose the interest rate?

My husband was a union member for 34 years until he retired early with an "earned" disability. Though I had always worked, I found myself without a job at the time. Because my husband was unsure of how long it would take for his first Social Security check to come in, and the bills were…

I enjoyed your October 9th column in the Hartford Courant on 529 plans. I have two sons who have completed their college. My question is can I start a 529 plan now for each of them and then use it either for (1) postgraduate work if they choose to go back to school or (2)without…

My 29 year old daughter is looking to buy her first house. She is wondering if she should pay off her car loan prior to purchasing the home? Is has a balance of about $5000.00 . She is financially sound and has an excellent credit score with no credit card debt or other loans. She…

Hi Terry, No question...just thanks for the WGN (Escheate) segment this week. Looked at some of my stuff and noticed Merrill Lynch did send me a letter in 2014 about inactivity and that they follow up every 3 years. Traced out for myself in 2017 in case I don't hear from them. Thankful! (just fyi...mom…

I was wondering what would be the best secured credit to apply for after a Chapter 7 discharge ?