Ask Terry Archives

Terry, you wee on WGN morning news yesterday and said to go to your website to get information on how much someone would have to save and how (monthly? weekly?) in order to have so much in 50 years. (I think) Where is this on this website - did I miss it Terry Says:   It's…

Hi Terry, I have about $33,000 in credit card debt. I work in sales and usually make pretty good quarterly commissions, but have not made much extra over the last year and a half and also bought a condo 4 months ago. I am wondering about debt consolidation. Good idea? Bad idea? I talked with…

I would like to start building a nest egg for my 23 yr. old daughter to continue with. Where should I start? She could pay $50 to $100 monthly. Terry Says:  Well, the first question is: Does she have a paying job?  If so, you could go to Vanguard and open a Roth IRA, where…

Hello Terry, I'm considering the Citibank Double Cash Credit Card. I always pay the monthly balance on my credit card. I presently have a Bank of America card that lowered my cash back from 1.5% to 1% so the double 1% of the Citibank is pretty appealing. What's your thoughts on this Citi card? Terry…

My granddaughter has recently been hired by Pawtucket school system as a physical & health education teacher. Because she just started a full-time position, is she able to refinance her college loans with SoFi, etc. She has been working steadily as a part-time worker for a market as a clerk, and a fitness center as…

Terry, I am hoping you can provide some guidance. I am 61 years old with a Fidelity IRA I am looking to move some of it into an income producing fund or funds Do you have any recomendations. Thanks Ted Terry Says:  That's an easy one.  Just contact Fidelity and ask about their investment advisory…

I am single and 10-15 years from retirement. My townhome will be paid off next month. Should I sell it, and avoid significant HOA fees, and buy a single family home? Terry Says:  That's a tough question to answer without knowing a LOT more about your financial situation.  Just remember, those HOA fees not only…

Didn't the euro change value on the Forex . . . . While china stays safe with it's pegged value? Terry Says:  The Euro is traded all day every day – and its value fluctuates against the dollar depending on many issues (Greece, inflation/deflation, the refugee problem, growth throughout the Eurozone, etc.)  Trading is done…

Hi, Terry. I'm retired and have a pension and some investments. One of them is a $10,000 Treasury Direct I-Bond now worth around $15k. It's part of my chicken money. It has dependably gained around $30 each month. However, this month it gained $0. I also have about $29k of chicken money in a VALIC…

we have bad credit because of a bankruptcy 6 years ago. We also have to do a short sale on our curran home due to job loss. Will I ever be able to be approved for a mortgage loan? Terry Says:  If you start now to rebuild your credit, you will likely be able to…

Do you suggest including gold in a portfolio, & what percentage? Do you recommend a specific agency ? Terry Says:  Gold is a "hedge" against inflation -- and we don't have much inflation on the horizon these days!  However, with every country "printing" money to devalue its currency, and make its exports cheaper, I do…

Hi Terry, Are the loan companies (like best egg or my prosper) a good way to consolidate and pay off credit card debt? I want to pay off my cards completely and make a home improvement but really don't know how reputable they are They are offering about 10.99% Thanks Terry Says:  OK, this is…

Hi Terry, A couple of years back, you published the URL of a website that helps consumers find the best (most cost-effective) Part D prescription drug plan for them. You input the drugs you are taking (with dosage), and the website calculates your out-of-pocket costs for each plan that includes your drugs. Unfortunately, I forgot…

Terry, I have approx $75,000 Remaining on my mortgage at 5.5 per cent; however I also have about $40000 in debt (25000 home equity and 15000 in credit cards). A friend has recommended that I Refinance with New American Funding to get rid of the debt. I would like to get your opinion . Thanks…

Hello Terry, My elderly mother has shares in a brewery overseas. There is very little earned in the quarterly dividends when converted to USD. The value in the stocks is when it is sold, approximately $50K today. Both of our names are on the certificate. I am her POA. Is it best to let the…

Am I responsible for me deceased spouse's credit card debt? Terry Says:  Only if you were a signer on the card, a co-borrower.  Does that card show up on YOUR credit report?  That's the real way to know whether somehow your credit was co-mingled.

My wife and I are 75 & 73. We have $150,00 in savings a .75. Based on Secretary Yellin's statement, should we wait until end of year to get a couple CD's? Is it anticipated that in the next 3- months savings and CD rates will increase Terry Says:  The world has b een anticipating…

Hi Terry I'm a 73 year old in good health and have 250,000 portfolio I am paying 1 percent to a financial advisor , I am considering giving my money to vanguard and save about 1,700 a year in fees and I think still get the same return on investment. I don't want to do…

My ARM is at 3.50% and is due May 2020. I plan on selling my house by then . Should I save as much as I can for a down payment on my next house or put xtra towards the principal? Terry Says: Well your ARM might not be DUE until 2020, but I'm betting there…

we have a reverse mortgage...I am 65 plus...wife is under 65, If I pass does she get to keep the house even though she is under 62? Terry Says:  Only recently because of a court case, have the rules changed for RMs taken out his/her principal residence, with a non-borrowing spouse. HUD now accepts assignment…