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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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Stock market rewards patient investors
It happened so quietly, and under the cover of volatility, that you might have missed it. But last week, the stock market reached its highest level since May 2008. The Dow Jones industrial average closed at its highest level since before the September 2008 Lehman …Read More
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First comes love, but before marriage, a financial heart-to-heart
TERRY SAVAGE: Of course a marriage proposal is supposed to be romantic. But don’t close your eyes to reality — especially when it comes to money. And don’t get so caught up in the romantic season of hearts and flowers that you pop the question before you know you’re financially compatible.
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2012: Politics, policy, world issues will play role in your finances
TERRY SAVAGE: Every year brings different financial challenges. Events and context change, demanding changes in investment strategy. But basic principles stay the same. You need to hold firm to your basic standards, which must be set based on knowledge. In a calm moment, you need to figure out your “risk tolerance.” Then you must have the knowledge to truly evaluate the risks you are taking when you make money decisions.
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Your financial options and how to weigh safety vs. risk
TERRY SAVAGE: You have some basic investment choices, and not only do you need to understand how they work, you also need to allocate an appropriate portion of your savings to at last two or more of them.
Chicken money earns little, but sky’s not falling
TERRY SAVAGE: It’s tough to be a saver these days. A six-month certificate of deposit pays less than half of 1 percent, and inflation ate away at the value of your money by 3 percent last year. Don’t let greed blind you to the dangers of some other investments.
Secret to success: Put your mind over your money
TERRY SAVAGE: You’ve all heard it before: Think rationally. Don’t behave emotionally. Be disciplined. Well, it’s easier said than done. Managing your finances successfully is a question of “mind over money.”
Pulling from your 401k carries serious costs
Terry Savage answers questions from readers in her blog: Q. In November I will be 59½ and hope to retire at 62. I am currently working on being debt-free, but in order to do that, I’m considering pulling money out of my 401k.
Tackle holiday debt now, before you find you can’t keep up
TERRY SAVAGE: Here they come — the post-holiday credit card bills. They’re a potent reminder of the cost of the holiday season. In just the one week before Christmas, it’s estimated that Americans spent $44 billion. Much of that last-minute shopping was done in a frenzy of emotion, without thinking about the cost of the gift — or the finance charges that will accrue until the bills are paid.
How to start over with your money in the new year
TERRY SAVAGE: It’s the New Year. That means you get to start over. Instead of berating yourself for financial mistakes and missteps in the year past, move forward. Here are four free ways to get control over your finances for the New Year.
New online tool revolutionizes bill-paying
Terry Savage: Manilla.com, a new, free service that collects and organizes your bills, may be what you need to get your papers in order.
Remind lawmakers they have a job to do
Terry Savage: Congress rushes off to vacation, hoping to push the hard decisions into the New Year. And hoping we won’t notice if they can announce something temporary. It’s time for the bosses — us — to speak up, and force them to do the job that we’re paying them to do.
Occupy America through your generosity this holiday season
Terry Savage: Instead of sitting in parks and protesting, instead of lamenting our political choices, instead of waiting for the government to figure it out — let’s occupy our country with the generous spirit of giving.
Watch for new bank fees, and safeguard your accounts, cash
TERRY SAVAGE: It’s the holiday shopping season, a time when banks and pickpockets hope you’re concentrating more on spending than on safeguarding your money, so pay attention.
TERRY SAVAGE: Treasure what America still offers
What would happen to the world’s economic and political woes and wars if we just didn’t think about them? It’s not an idle question.
Children’s gifts that gain value
TERRY SAVAGE: Here are a few ideas to help you get started on finding a gift that won’t be broken, worn out, or tossed aside within days. Instead, these gifts will grow in value.
Fear the long-term implications of flop
Terry Savage: Global money has recently rushed to the “safety” of the U.S. dollar, fearing that the euro will be made worthless — either by default or by “printing” the money. Will we face any different future?
Time of peace, gratitude vs. season of frenzied spending
TERRY SAVAGE: The Thanksgiving weekend and the holiday shopping season are upon us. And the combination is filled with enough ironies for an entire column. The first irony is that we equate the two events — stuffing ourselves with turkey and then running out to shop like crazy.
Holdoff on the celebrations until debt crisis is over
Terry Savage: The congressional “supercommittee” has until Nov. 23 to come up with at least $1.2 trillion in cuts to the federal budget deficit over the next 10 years. So be ready for anything.
VA loans great deal for veterans
TERRY SAVAGE: VA loans are a great deal for veterans. If you are a vet, don’t miss out.
Pension reform needed
TERRY SAVAGE: Here’s a Savage Truth, like it or not: Within the next 28 years, half the state’s general tax revenues will go to pension obligations, leaving little money for education, roads and bridges, prisons and law enforcement, or Medicaid programs. Then there will be no choices left.
