Terry Savage, personal finance professional, nationally syndicated columnist and author of best-selling books, including The Savage Truth on Money, joins DoubleLine’s Jeffrey Sherman and Sam Lau on the Sherman Show. In this episode, recorded January 23, 2020, the Sherman Show hosts discuss with Ms. Savage her financial career, then segue into her views on personal finance and her work to educate Americans on managing their financial lives. Among other insights, she explains the need to vet financial advisors (to avoid rip-off artists in the advisory industry), insurance plans for long-term custodial care, the vital role of “chicken money” and how to determine what one needs to retire. While Ms. Savage opposes proposals to forgive student debt, she calls for Washington to “adjust the rate on outstanding student loan balances every six months to be 50 basis points above the 10-year Treasury yield. That would cut a huge amount of the burden off of people who are still repaying.” She warns of the dangers of parents investing in prepaid college tuition plans. Instead, parents should open tax-advantaged 529 plans to save for future education.
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