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Terry Savage biography
Terry Savage is a nationally known expert on personal finance, the markets, and the economy. She writes a syndicated financial column for the Chicago Sun-Times, …
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TERRY SAVAGE: New mortgage rules will help banks, borrowers
The new Consumer Financial Protection Bureau is off to a good start. Its first major act is a set of new rules to be followed by banks when making mortgage loans. The rules not only protect the borrowers, but give the banks some “safe harbors” that will, hopefully, allow them to make more mortgages with less red tape.
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The surprising lessons of the 2012 stock market
TERRY SAVAGE: What were you thinking this time last year, when you evaluated and planned the investments in your 40l(k) plan or your other stock investment accounts for the year ahead? Did you anticipate the stock market, as measured by the Dow Jones industrial average, would have a 10.24 percent total return in 2012, including an average dividend yield of 2.74 percent ? Or that the S&P; 500 stock index would post a 13 percent return in 2012?
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TERRY SAVAGE: How the deal affects you
It was conduct unbecoming to America, unbecoming to Congress — and unbecoming to the office of the presidency — as the nation lurched toward a tax and spending deal on Monday. In the end, it was left mostly undone as America officially went “over the …Read More
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File financial aid forms now or miss out on funds
It’s time to fill out FAFSA — the Free Application for Federal Student Aid — an experience often likened to undergoing root canal. But you can’t get financial aid money for college if you don’t fill out this standardized government form. And putting it off will actually cost you money, since most financial aid is given out on a “first come-first served” basis.
Use holiday stretch to make 2013 better
Everyone is waiting for the fiscal cliff problem to be solved — or to see what happens if we don’t solve it and face higher taxes and government spending cuts. There’s nothing you can do about that. But don’t let that anxiety paralyze you and …
On pensions: Something’s gotta give
The State of Illinois cannot print the money to pay the pensions of teachers and other state employees. And there isn’t enough money in the pension funds to generate the promised payments. It’s a simple fact, acknowledged by everyone who can do the math. Clearly, this is not just a crisis for state employees who hope to retire and live on their pensions. It affects every Illinois taxpayer, because we will all be asked to pay up.
Savage: Money strategies to use before year ends
You’re busy with holiday shopping and parties, so you don’t give much of a thought to your finances at year end. But here are a few tips that could save you real money if you pay just a bit of attention before year-end.
What will happen if we jump off fiscal cliff?
TERRY SAVAGE: It’s down to the wire, and they don’t seem to be taking it seriously in Washington. At least not seriously enough to come up with some middle ground that will change the trend of huge deficits and increasing government spending.
Terry Savage: Holiday gifts can teach kids about money
Shopping for holiday gifts for children or grandchildren this season? Surely you’ll be spending money. So why not make the gift itself teach something about the value of money? Here are my annual holiday gift suggestions for children.
Online deals go beyond CyberMonday with dynamic pricing
TERRY SAVAGE: Retailers are making online deals more like airline fares that change by the hour.
Online shopping’s best benefit is price comparisons
TERRY SAVAGE: Here’s the thing about holiday shopping online. What you don’t get is the sensory and enticing experience of walking through a store and being “struck” by the “perfect gift.” What you do get is a disciplined way to shop for the best price on something you already have decided should be the perfect gift.
Medigap, Medicare drug coverage plans: What you need to know
TERRY SAVAGE: Dec. 7 is the deadline for America’s seniors to make some difficult and important decisions about one of the most complex, confusing, and costly aspects of their life. Thanksgiving is the perfect time for families to help parents and grandparents use the online tools to sort through the choices.
Terry Savage: How to financially manage the fiscal cliff-hanger
Relax. The headlines tell you that there’s a fiscal Armageddon ahead — and right now, there’s nothing you can do about it. You’ve had your chance to speak by voting. Now, hopefully our representatives will listen.
What the ‘fiscal cliff’ means to you
Terry Savage: We have just edged a lot closer to the fiscal cliff, which has become the current equivalent of the terrifying doomsday clock that used to represent approaching nuclear annihilation. Only now we are coming closer to the possibility of tax increases and spending cuts that could destroy our fragile economic recovery.
Learn important lesson from Sandy’s destruction
Terry Savage: An unexpected and life-changing event can happen to any of us — no matter where we live, or how much money or property we have amassed. And the consequences can be devastating — whether your home and contents are totally wiped out, or your photos and personal finance records are washed away.
Chinese currency plays complex, crucial role in U.S. economy
TERRY SAVAGE: The Chinese currency has taken center stage in some of the economic policy debates leading up to the election. That is because of the perception that China is the source of all our jobs woes as their economy continues to grow at a rate four times as fast as ours. The theory is that by keeping their currency artificially “cheap” against the dollar, it encourages America to import more goods from China — while encouraging job growth there to make all those products.
What do FDIC limit changes at end of year mean?
Q. I read that something is changing about FDIC deposit insurance at the end of the year. Should I be worried? A. The only changes to FDIC deposit insurance that will take place at year-end relate to the unlimited insurance given to non-interest bearing checking …
Terry Savage: Don’t try to beat market; even pros can’t
Are you still trying to outguess the stock market? That’s a futile proposition for even most professional money managers. A new study by noted investment adviser Harold Evensky proves the point.
Terry Savage: Federal student loans next big crisis
Federal student loans are about to become a larger financial crisis than the mortgage disaster. With $1 trillion in student loans outstanding — and more being added every year — cutting the interest rates on federal student loans is a topic that both parties should agree upon immediately.
What you need to know if you’re considering Roth IRA conversion
Terry Savage: The rules for Roth IRA conversions have changed enough to cause confusion. Here’s what you need to know.
