058 The Moneylady® Terry Savage Holds Nothing Back

0:04
welcome to

0:05
fun with annuities with your host me

0:07
stan

0:08
the annuity man america's annuity agent

0:10
can annuities be fun

0:12
can contractual guarantees be fun

0:14
absolutely they can

0:16
find out the brutal facts about

0:18
annuities with no sales pitches or high

0:21
pressure nonsense

0:22
just the brutal and factual annuity

0:25
truth which is all you need to hear

0:27
let's have some fun with annuities and

0:29
let's have that fun

0:30
start right now

0:33
[Music]

0:39
welcome to fun with annuities i'm your

0:41
host stan the annuity man america's

0:43
annuity agent licensed in all 50 states

0:45
welcome to everyone on all the podcast

0:47
platforms

0:48
thank you so much for joining us and

0:50
also on the fun with annuities youtube

0:53
channel where we're filming this

0:55
watch me and the guest of honor who i'm

0:58
getting ready to introduce in a second

1:00
you can see our facial expressions and

1:02
the laughs and all that good stuff so

1:04
you can do that

1:04
also a reminder i do have another

1:06
youtube channel called standynudeman

1:07
which has over uh 300 and

1:10
i guess 350 videos on annuity topics and

1:13
you can go to my site at

1:14
theannuityman.com for quotes and books

1:16
and all that stuff

1:17
so without further ado let me introduce

1:21
our guest of honor and and really to be

1:24
very honest with you this is financial

1:26
royalty now she might not

1:27
agree with that she might agree with

1:29
that she should agree with that so here

1:31
here's who's on today's podcast if you

1:33
can believe that we have her on

1:36
her name is terry savage she's known as

1:38
the money lady

1:40
and she's a nationally recognized expert

1:42
on personal finance

1:43
the economy and the markets and she

1:45
writes a a weekly personal finance

1:47
column

1:48
in and it's syndicating all major

1:50
newspapers and it's distributed by the

1:52
tribune content agency which is

1:54
the big boys um she's also the author of

1:58
four best-selling books on personal

2:00
finance her latest one is fantastic

2:02
it's called the savage truth on money

2:05
it's available on amazon and her website

2:07
which is terry savage.com

2:10
she appears on i mean she was on she

2:13
emailed me this morning that she was on

2:14
air at like six in the morning

2:16
she's on national television radio

2:18
programs

2:19
and she comments on financial markets

2:22
and current economic events

2:24
and she's featured on wgn radio and wgn

2:27
tv in chicago

2:29
with her weekly personal finance segment

2:31
but i'm going to save the best for last

2:32
for her and then we're going to get to

2:33
it

2:34
she started her career as a stockbroker

2:36
and became a

2:37
founding member and the first woman

2:39
trader

2:40
on the chicago board options exchange

2:44
she was also a member of the chicago

2:46
mercantile exchange

2:48
in their international monetary market

2:49
where she traded interest rate futures

2:51
and currencies

2:53
she now serves on the board of directors

2:55
of the cme group

2:56
the parent company of the chicago

2:58
mercantile exchange she's also served on

3:00
the boards of mcdonald's and pins oil

3:03
hello

3:04
now just to pile on just a little bit

3:06
more with her credentials go to her site

3:08
she has a newsletter she has a podcast

3:10
called friendswithmoney

3:11
there's so much more that's

3:13
terrysavage.com without further ado

3:15
welcome to fun with annuities terry

3:18
savage

3:20
oh stan what an intro if my mother were

3:23
alive i would have thought she wrote it

3:24
you got

3:25
everything in there and the older you

3:26
get the longer your your bio grows so

3:28
thank you for that very generous intro

3:30
i did not get to half of it for the for

3:33
the viewers and listeners so

3:34
let's jump right into the topics um

3:38
i would love to hear your opinion on

3:41
current markets right now

3:42
and just the market environment and this

3:44
supposed raging bull market

3:46
what's your gut feel telling you well

3:50
uh first of all let's let's understand

3:52
one thing if i were the world's greatest

3:53
trader you know i had my entree there

3:55
opening day on the cboe

3:57
right that i am a better long-term

3:59
investor than i am a trader

4:01
so we have to start with my overall

4:03
philosophy uh we've had some volatility

4:05
in recent days

4:06
but when you think about it the market

4:09
is at or about or very near its all-time

4:11
highs

4:12
right so if you just put a couple

4:15
thousand dollars a year in your ira

4:17
every year for the last 50 years since

4:20
they were invented

4:22
and in the s p 500 you'd have

4:25
a million and a half dollars just like

4:27
that i mean the details are in my book

4:29
but

4:30
the point is either you don't have to

4:32
beat the market to be very successful

4:34
you have to be the market because over

4:37
the past

4:38
90 years this is ibizan market

4:41
historians

4:42
there's never been a 20-year period

4:44
where you would have lost money in a

4:46
diversified portfolio of large company

4:48
stocks

4:49
with dividends reinvested that's a key

4:51
component nevertheless money even

4:53
adjusted for inflation so whether you

4:55
take 1929 to 49 or 52 to 72

4:58
any 20-year period it's always the

5:00
market has always been inflation

5:02
so over the long run i think i'm not not

5:05
your sophisticated podcast viewers but

5:07
most people

5:08
who have that 401k opportunity they're

5:10
going to do just fine you're betting on

5:12
america like warren buffett says nobody

5:14
ever got rich betting against america

5:16
in that context we could talk about

5:18
what's going on now but

5:20
i believe you need a long-term

5:21
perspective and and history proves that

5:24
to be correct

5:26
and by the way if you go to terry's site

5:27
terrysavage.com there's an inter video

5:30
interview of her

5:31
interviewing warren buffett so she

5:32
doesn't just drop his name casually

5:34
she knows him i mean that's who terry is

5:38
um so you're in essence saying

5:41
you know stop watching the game getting

5:42
get in the game correct

5:45
you have to be there you don't have to

5:46
beat the market you have to be the

5:47
market that's for starters now

5:49
i am not despite the fact that they've

5:51
been around an old fuddy duddy

5:53
i love but we've got a whole generation

5:55
just getting in the market

5:57
they're going to learn their lesson

5:58
because the market is always

6:00
right and they're going to get some

6:02
expensive lessons learned to them i

6:04
always say it's better to learn when

6:05
you're young

6:06
because then you have time to fix your

6:08
mistakes over the long run

6:09
so i'm thrilled about robinhood people

6:12
i'm thrilled about the fact that

6:14
they think they can push the market

6:15
around you know my experience the market

6:18
is always right

6:19
the lessons that cost the most teach the

6:22
most

6:22
and better start when you're young now

6:25
we're coming out of this pandemic the

6:28
market's been soaring the economy is

6:30
soaring we know

6:31
inflation is picking up and the big

6:33
question is

6:34
can one man fed chairman jay powell

6:39
control inflation and interest rates he

6:43
tells us

6:44
hey don't worry it's quote transitory

6:46
that's like the buzzword of the year you

6:48
know

6:49
and that it's these adjustments sure

6:52
lumber's up 300

6:54
but that's only because you all decided

6:55
to do housing projects and build new

6:57
houses

6:57
and just when you were in the pandemic

6:59
you know you want to make an addition

7:01
because you're squashed in your house

7:02
and yeah used car prices are up 70 but

7:06
that's because

7:07
well you don't want to take public

7:08
transport you want to buy a car and by

7:10
the way there aren't enough chips in the

7:12
world for the car manufacturers to keep

7:13
so this is all transitory he says well

7:16
we're going to see

7:18
because a lot of people don't want to go

7:19
back to work or can't go back to work

7:21
because they don't have child care

7:23
and what's going to entice them back for

7:24
all these unfilled jobs in the hotels in

7:27
the food service industry

7:28
higher wages so excuse me but i lived

7:32
through the 70s and the inflation of the

7:34
early 80s

7:35
and they we there's a word that's going

7:37
to come up wage price spiral

7:39
to get people back to work wages they'll

7:41
go up prices will go up to offset those

7:43
wages

7:44
and i have never believed that one

7:46
person even a person as powerful as a

7:48
fed chairman

7:49
could control the markets and we're

7:52
about to have a test of that

7:54
interest rates i mean everybody for the

7:57
last six years has called stan the

7:58
annuity man and said

8:00
interest rates have to go up stan and

8:02
i'm like

8:03
they don't really and when you compare

8:05
interest rates

8:06
the 10-year treasury to equivalence

8:08
across the world 10-year treasury

8:10
equivalents we're still at a relatively

8:13
high

8:14
level even though me and you remember

8:16
jimmy carter interest rates

8:17
no one can predict interest rate

8:19
movements but can you

8:20
talk about the corner that the fed has

8:23
painted themselves into

8:25
with all of this printing of money and

8:27
then

8:28
interest i mean this is this is a tough

8:30
one what do you think

8:31
so just a quick history lesson interest

8:34
rates go up it went up in 1979 because

8:37
people look

8:38
you know we had a decade in the 70s

8:40
sorry if this is ancient history to all

8:42
of you but you know they say those who

8:43
don't remember history are doomed to

8:44
repeat it

8:45
that's true in the 70s we had a long

8:47
period of fighting the vietnam war first

8:49
and then there was a lyndon johnson

8:51
great society thing that came through

8:53
and we had the opec oil crisis so they

8:55
printed more money so

8:56
the economy wouldn't be crunched by

8:58
higher oil prices so throughout a decade

9:00
they printed money and by the end of the

9:01
decade people looked around and said

9:03
excuse me there's a lot of money out

9:05
here it's pushing prices up

9:07
i think if i'm going to lend my money in

9:10
a bank deposit or in a business

9:12
i'm going to demand a higher interest

9:13
rate to offset

9:15
the declining value of what i get back

9:16
because of inflation it took a decade

9:19
really for that to build up rates moved

9:21
up and then paul volcker came in

9:23
and said i'm going to tell you there is

9:24
not going to be any more inflation even

9:26
if i have to throw this economy into a

9:28
recession

9:28
and he pushed the prime rate to 21 and

9:31
we had a recession

9:32
and what they tried to recover and he

9:34
pushed rates up again

9:35
and everybody said okay inflation is

9:37
dead and we haven't thought about it for

9:39
40 years

9:40
okay now we live in a much more

9:42
fast-paced society

9:44
the entire world knows weekly by then

9:46
the fed they used to

9:47
put out their minutes of their meetings

9:49
a month later you never got a press

9:51
conference after the fed meeting

9:52
okay we're in instantaneous times now

9:56
we know that over the last couple of

9:58
years

9:59
seven trillion dollars in new debt new

10:02
liquidity has been pumped into the

10:04
economy the national debt is 28 trillion

10:06
dollars

10:06
right if it's buying 120 billion of it

10:10
every week

10:11
because the treasury sells the ious and

10:13
the fed buys it with newly created

10:14
liquidity

10:15
and that's what's going on in the stock

10:17
market and in the jobs market and in the

10:20
lumber market and every other market

10:22
so the question is right now the u.s

10:25
as you correctly pointed out is the

10:28
least worst place in the world to put

10:30
your money

10:30
i mean think about what your

10:32
alternatives are that's a great t-shirt

10:34
least worst it's at least first place i

10:37
mean

10:38
would you rather be in sterling no i

10:40
mean who knows what brexit is going to

10:42
do well how about euroland they're still

10:43
closed down

10:44
japan excuse me they're aging so are we

10:47
but they're in trouble

10:48
i mean china ah i know it's the roach

10:51
motel you put it in could you get it out

10:53
so so not only investors but central

10:56
banks around the world

10:57
invest in treasury bills notes and bonds

11:00
they buy our ious

11:02
now the fed's been very successful in

11:04
holding rates low

11:05
much to the chagrin everybody who's a

11:07
saver out there you see he's paying a

11:09
quarter of a percent

11:10
maybe treasury bills you know three

11:13
eighths of a percent

11:15
one day however the world's gonna look

11:17
around the central banks and go

11:19
wait a minute you're gonna have to pay

11:21
us higher interest rates

11:22
because look at all the money you're

11:24
printing it's watering the milk it's

11:25
getting worthless

11:28
sidebar story here you'll probably this

11:30
makes a big

11:31
impression on me at only three percent

11:34
inflation the value the spending power

11:37
of your money

11:38
is cut in half in less than 25 years

11:41
it's called the rule of 72 look it up

11:44
so it's an insidious creeping process

11:47
if you retire at 65 today and you say

11:49
well i'm going to get a check a month

11:51
for life in my annuity immediate annuity

11:53
i'm 65 and i uh 4812

11:57
looks fine with my social security i'll

11:58
be fine well

12:00
in 25 years and you'll probably be alive

12:02
65 75 85

12:04
90. that's you know where you can

12:06
that'll buy half as much as it did today

12:08
but at only three percent inflation and

12:11
with all this money being created and

12:13
with the attention of the world being

12:15
focused on this

12:16
any moment that explosion could go off

12:19
where the world says

12:21
pay us more in interest to buy your debt

12:23
and then

12:24
the u.s budget deficit explodes because

12:27
interest is now the third largest

12:28
category of spending

12:30
at very low rates with all this debt and

12:32
they have to refinance those

12:34
those ious as they come to every six

12:36
months or one year or ten years

12:38
the rates will be higher the cost will

12:40
dwarf everything we spend on

12:42
infrastructure or social programs

12:45
so there's just i mean interest rates

12:48
will have to eventually inch

12:49
up in your opinion is that what i'm

12:51
hearing from you

12:53
well at the beginning of this year and

12:55
all the media that i'm on i said the one

12:57
thing you must do in

12:58
january it's only like four and a half

13:00
months ago or so i said the one

13:02
thing you must do is refinance your

13:04
mortgage right now at rates that were

13:06
then under three and a half percent

13:08
ordinarily i was the person who said and

13:10
pay off your mortgage by the time you

13:12
retire

13:12
uh-uh i said three three and a quarter

13:15
three and a half percent

13:16
you're gonna look on that fixed-rate

13:18
loan for 25 30 years

13:20
and go that was the best thing i ever

13:22
did because yeah i think

13:24
it's inevitable that rates will go up

13:27
and moreover

13:28
i think when it happens it's going to

13:30
happen like that

13:32
we've been nudging around the 10-year

13:34
10-year

13:35
yield at one point close to 1.7

13:39
is already a year ago in april it was

13:41
0.5

13:42
so it's tripled we don't notice that you

13:45
know the banks aren't paying anymore

13:47
but the rates are going up already and

13:50
inside now you know that's the reason

13:51
that we sell a ton of multi-year

13:53
guarantee annuities which is the annuity

13:55
industry version of a cd that gets

13:57
you know a three percent on a on a five

13:59
year and two and a quarter on it

14:01
a three year at the time of this taping

14:03
so if you're listening to this down the

14:04
road look at the time of this taping

14:06
but the point of the matter is those are

14:08
the best rates on the planet just

14:09
because life insurance companies have a

14:11
dynamic pricing model and they're not

14:13
just

14:13
hinged to the tenure but i do think that

14:16
um

14:17
the fed has painted themselves into a

14:18
corner in a corner that we've never

14:20
seen blue water strategy is what i call

14:23
it which is we've never seen them print

14:24
seven trillion dollars

14:26
so you know we have a lot of of years

14:29
and decades

14:30
in the business but both of us are

14:31
watching it and going wow

14:33
this is different what's going to happen

14:35
how are they going to handle this we're

14:36
in a global market where everything's

14:38
connected

14:39
you know when me and you started the

14:40
business back in the day you know we put

14:42
in our tickets through a vacuum tube

14:46
so that's how long that's how long we

14:48
i'm gonna pretend i'm 35.

14:51
okay there you go um which leads me to a

14:54
topic that i've been dying to get your

14:56
opinion on

14:58
one-on-one and with my listeners and

15:00
they're all leaning in right now is

15:02
cryptocurrency um

15:05
i i read what warren buffett said i i

15:07
read what

15:09
what bill ackerman said i think the

15:10
other day about it just having no

15:12
intrinsic value you know recently um

15:16
oh wait do you think the dollar has any

15:18
intrinsic value

15:19
great point it is a full faith and

15:23
credit of the united states

15:25
if your nephew came to you for a loan

15:28
and he was already head over heels and

15:30
debt far more than he could ever earn in

15:31
his lifetime

15:32
right would you make him alone because

15:34
his full faith and credit as a deadbeat

15:36
is pretty obvious now

15:38
be very how i say this but you know

15:41
what's the intrinsic

15:42
we can't exchange it for gold anymore so

15:45
what's the intrinsic value of the dollar

15:46
or the yen

15:48
or the euro

15:51
so your opinion on crypto is it's it

15:53
falls into the same category

15:55
because this is new where is this land

15:57
in your world

15:59
well i've been following this for a

16:01
while asked me if i bought any no

16:03
because when i first started following a

16:05
couple of years ago

16:06
actually i thought and i'm going to put

16:08
my money in this thing that's not an

16:09
exchange and it's not a bank and i get

16:11
to make it significant

16:13
you know at the time it was like 800 so

16:16
i told you i'm not a good trader um and

16:18
i said

16:19
but how do i ever get it out i mean

16:20
where will i get it out what if i forget

16:22
i forget my pins a lot of times you

16:24
heard those horror stories about

16:25
the guy couldn't remember and it's okay

16:27
but basically let's back up

16:29
before crypto there's blockchain and

16:32
blockchain is a technology that is going

16:35
to revolutionize

16:36
the world whether it comes to

16:38
cryptocurrencies or

16:40
central bank digital currencies i'll

16:42
come back to that

16:44
but you have to understand that we don't

16:45
live in a world of paper

16:47
i remember as a tv reporter doing

16:49
stories about the helicopter

16:51
landing on top of the federal reserve

16:52
bank at downtown chicago

16:54
moving the paper checks and you may

16:57
remember

16:58
if you're young you're going to think

16:59
i'm an old foggy talking about horse and

17:00
buggies

17:01
but the fact is you couldn't get your

17:03
money cleared

17:05
for two days if it was a check on

17:07
another bank at chicago

17:08
and they could hold your money for five

17:10
business days

17:11
if someone sent you a check from

17:13
california because

17:14
it was paper and that seems ridiculous

17:18
i think within a couple of years the

17:20
idea of

17:21
t plus two settlement you know your

17:22
stock price your trades don't settle

17:24
into

17:25
instantaneously that'll be gone i think

17:27
you won't need

17:28
to do title searches to prove the

17:32
property title is intact

17:34
because that can all be encrypted using

17:36
blockchain ledger

17:38
right and don't take my word for it

17:39
everybody from visa every central bank

17:41
in the world

17:42
is working on a new way of handling

17:45
transactions

17:46
i'll make up that word using blockchain

17:48
ledger it's immutable

17:50
it can't be changed unless it follows

17:53
certain protocols

17:54
yeah ask elon musk it takes a whole lot

17:57
of energy

17:58
to mine that's another story go google

18:01
that that's a different story that's an

18:02
interesting story they're pulling away

18:04
from that because of the environmental

18:07
issues of of the energy being used to

18:10
create bitcoin

18:12
being used to generate the computing

18:14
power that's needed but

18:15
yes let's stick to personal finance sure

18:18
i know

18:19
that we will have a digital currency

18:22
i would suspect within the next five to

18:24
seven years

18:26
and bitcoin remember is off the grid of

18:29
central banks and

18:31
and government controls so that's an

18:34
etherium bitcoin dot coin

18:37
yeah you know it always reminds me of

18:39
having to clean up after my

18:41
when they say but

18:44
i don't know what's going to happen with

18:46
those i don't know what's going to

18:47
happen with the pricing of those because

18:49
those don't have an intrinsic value but

18:51
i don't know what's going to happen to

18:52
the value of the dollar either

18:53
but i'm absolutely dead sure that we

18:56
will be transformed into an

18:58
instantaneous you know i want to pay you

19:01
something

19:02
i i once said i could fedex you a check

19:05
overnight i could get a certified check

19:07
i mean not so long ago and i could fedex

19:09
it to you would you hold that for me

19:11
and now the woman said do you have do

19:13
square bingo

19:15
or do venmo bingo so

19:18
we've moved so far the last three or

19:20
four years and

19:21
i think the next five years we'll see um

19:24
completely

19:26
the the the system of payments will be

19:29
completely changed

19:30
by blockchain ledger i don't know if i

19:32
could pick a winner between bitcoin and

19:34
ethereum or a central bank

19:36
currency they have yet to announce well

19:38
you remember we we both remember when

19:40
the internet

19:40
got going okay we remember the internet

19:44
aol and myspace were the leaders and

19:46
i've said from the start that

19:48
there's absolutely no way that the

19:50
government and the five largest banks

19:51
aren't going to be playing big time in

19:53
this

19:54
in this world um and and it wouldn't

19:57
surprise me if the government

19:58
in in conjunction with the large banks

20:00
came out and said you know what

20:01
we don't recognize bitcoin anymore we

20:03
you know we have xyz

20:05
coin or usa coin or whatever they want

20:07
to call it

20:08
i think that's probably the better bet

20:11
because

20:12
from a tracking standpoint and a

20:13
taxation standpoint

20:15
april 15th might be gone in the future

20:18
it might be real-time taxes

20:20
uh because of the blockchain technology

20:22
that you mentioned

20:23
do you agree with it yeah stan i never

20:26
thought of that

20:27
do you agree with that type i think i

20:29
think we're in

20:30
again going back to blue water i think

20:31
that's a blue water thought

20:33
blockchain changes the game and

20:36
um you know i've had conversations with

20:38
with good friends that are in the

20:40
investment advisory business

20:41
and my my question is forget that the

20:44
cryptocurrency are you investing in

20:46
companies that are

20:48
investing in blockchain and they said

20:50
yeah that's the future

20:52
do you agree with that yes i've done

20:54
that but i

20:55
i just beg to differ with one thing my

20:58
sense of it is i really want to be

20:59
around to see this happen my sense of it

21:01
is

21:02
that replacing paper dollars or

21:05
bank deposits that you could transfer

21:07
via venmo

21:09
for for a u.s cryptocurrency

21:12
is not where i see it going okay i think

21:15
it's more global than that

21:17
and i think that's because i'm sad to

21:20
say

21:21
that the dollar is lo will lose its

21:24
status as the world's reserve currency

21:26
what does that mean well

21:27
oils priced in dollars around the world

21:29
soybeans are typically priced at dollars

21:31
and all commerce

21:32
is priced in dollars it's the standard

21:35
you know there's a big mac standard when

21:36
i was on the board of mcdonald's

21:38
you know they priced the i think it was

21:40
the economist used to every year come

21:42
out what's the value of each currency

21:43
how much of a big mac because the big

21:44
mac

21:45
was a standard across global okay

21:48
and we've lived with our entire lifetime

21:51
the dollar is a global currency

21:52
reserve currency but before world war ii

21:55
it was a british pound sterling

21:57
and hundreds of years ago was spain

21:59
because they had the golden he who had

22:00
the gold rules

22:02
so it's not written in cement that the

22:04
us dollar is a world reserve currency so

22:06
you asked me about a u.s crypto or a u.s

22:10
yeah cryptocurrency and i personally

22:13
think

22:14
that it'll be a global currency because

22:16
we live in a global trade

22:18
and that it won't be controlled by the

22:20
us government and that will be the

22:21
appeal of it

22:22
otherwise stick with dollars that will

22:24
be the appeal and also be the argument i

22:26
mean that you know you're going to have

22:27
you're going to have people in this

22:28
country that don't want to do that

22:30
that are you know aren't going to feel

22:32
comfortable um

22:34
you know getting in financial bed with

22:36
with the rest of the world but i don't

22:37
think

22:37
i don't think there's a choice you know

22:39
like you're saying i don't think yes

22:41
when no one wants your dollars you're

22:43
going to look for something that will

22:44
hold value

22:46
that's what happened in 1979 and 80. i

22:48
mean i don't i don't know if gold will

22:50
come back to be it it has for centuries

22:52
but you know who knows

22:53
but the point is what happened when

22:54
everybody realized

22:56
this dollar is a piece of paper and it's

22:59
buying less and less because

23:00
people demand more and more because it's

23:02
not worth very much when that happens

23:04
people

23:04
you know in 1980 farmland sword gold

23:07
obviously

23:08
sword and everything else that was

23:11
tangible stuff you could hold sword

23:14
because people didn't want paper and

23:15
interest rates soared to get people to

23:17
accept paper

23:20
wow that's i mean we could talk we could

23:23
talk forever on that i wanted to

23:24
to change gears and also to ask you

23:27
about

23:28
just some recent news where we had some

23:30
a family office archigos i think was the

23:32
name of it where they lost like 20

23:33
billion overnight

23:35
and come to find out family offices

23:37
don't have to

23:39
report like regular financial reform

23:42
firms do

23:43
and there's it's just the wild wild west

23:44
it used to be hedge funds where the wild

23:46
wild west and private equity was the

23:48
wild wild west now it's family offices

23:51
do you have any feel for if the sec is

23:54
going to

23:55
ever be able to get their arms around

23:57
this because this is a new one as well

23:59
family officers look the smart money is

24:03
really smart

24:04
and they figure out how to get around

24:07
things that's another t-shirt terry the

24:09
smart money is really smart

24:10
i think i'll print that one and work

24:12
yeah that's really good you trademark

24:14
that

24:15
okay but keep going um you know i

24:18
remember long-term capital management

24:20
that was sort of a hedge fund and they

24:22
levered up that was what

24:24
instigated the real coverage of the real

24:26
uh take

24:27
you know financial regulation of hedge

24:29
funds and so forth

24:30
now gary gensler is the new sec chairman

24:33
i happen to know him because being on

24:34
the board of cme group the mercantile

24:36
exchange

24:37
he was formerly head of the commodity

24:39
futures trading commission

24:41
he is a very smart man in fact he's a

24:44
minor expert maybe a major expert

24:46
in cryptocurrencies having taught

24:47
classes in that i think it's mit

24:49
okay and um i know that he knows how to

24:53
look around corners whereas

24:55
previous sec chairman have been part of

24:58
the industry

25:00
so i think you might see more creative

25:03
regulation

25:04
but again remember there's a lot of

25:06
money at stake here and the smart money

25:08
is really smart and everybody has to be

25:10
on their toes to make sure the

25:11
regulations work

25:12
for the for the individual investor with

25:15
you know

25:16
currently over 80 percent whoever's

25:18
keeping score but over 80 percent of all

25:20
trades are non-human

25:22
black box algorithmic high-velocity

25:24
trades

25:25
no emotions involved computer against

25:27
computer

25:28
that's just reality and i guess it's

25:30
going to even get higher

25:32
what does the small normal typical

25:35
investor do you know i always say

25:37
investing is a little bit like

25:39
you know surfing beside a cruise ship

25:41
especially if you're trading

25:43
you know you're either going to catch a

25:44
wave or get sucked under the boat

25:46
what's your opinion on on just how

25:48
technology has changed

25:50
investing or if it has it all in your

25:52
opinion

25:53
well you know i believe in there's a

25:56
place for everybody

25:57
i remember once ages and ages ago when i

26:00
was on a local tv thing and i had a guy

26:02
come on and teach

26:03
charting point and figure charts and i

26:06
and i went

26:07
my goodness the the local bookstore said

26:09
how many people are taking your course

26:11
because we're sold out of the books you

26:13
recommended um

26:14
there's a place for everything some

26:16
people are market technicians they look

26:18
at the patterns

26:19
some people are fundamentalists they

26:21
look at real earnings and today we're

26:23
not looking at real earnings for a lot

26:25
of these companies but

26:26
future revenues kind of things i think

26:29
there's a place for everyone in the

26:30
market and that

26:31
diversity of people in the market and i

26:34
also

26:35
know for a fact that those black boxes

26:37
aren't always right

26:39
okay they're only as good as the

26:40
programs and because the markets change

26:43
the programs get out of sync i'm not at

26:45
all intimidated by the fact

26:46
that even though you're an individual

26:48
and you are trading at robinhood and

26:50
they send your order to citadel to be

26:52
processed

26:53
and it gets processed through a computer

26:55
that's that's part of what you consider

26:57
black box but just pure algorithm

26:59
trading isn't always right all the time

27:01
technology improves

27:03
liquidity and disclosure and i never

27:06
want to complain about someone else

27:08
having an edge

27:09
especially because i'm not trading

27:13
for that steep of a point if i'm going

27:16
to buy a stock

27:17
i don't i don't even try and think i'm

27:19
competing against that smart money

27:21
i want to be riding along with the smart

27:23
money and you know i

27:25
i bought amazon i can't tell you how

27:27
many years ago i remember when when i

27:29
said wait you can buy more than books on

27:30
amazon

27:31
i remember that moment of revelation

27:33
that's called fundamental analysis

27:35
terry basic fundamental analysis

27:38
you know buy what you know but it was a

27:40
revelation i said you can get this on

27:42
amazon and that

27:43
now for the last year and a half or

27:45
whatever i couldn't have lived without

27:47
amazon i mean

27:48
that's how i lived what are your readers

27:52
asking you the most right now what are

27:54
their concerns oh

27:55
wait i'm turning the tables on you hello

27:57
everybody uh

27:58
we're going to annuity i was i was i was

28:00
in my non-annuity lane you're going to

28:03
get me out of my non-news i am

28:04
i am i i'll tell you something i'm

28:06
getting it's a perfect opportunity

28:08
everybody listen up because there's some

28:10
of you out there you're stan the annuity

28:12
man

28:13
and you have taught me everything i know

28:16
about annuities and i own some and i had

28:18
bought some before i actually knew you

28:21
and because i figured i can't write

28:23
about this stuff without knowing it and

28:24
if you buy it you put your own money in

28:26
it you know it

28:27
okay so you've helped me

28:30
save a lot of people from the chicken

28:33
dinner or the free lunch

28:35
okay i've shamelessly taken your words

28:38
you've helped me the chapters on my

28:39
books okay

28:41
but now let's address something new

28:44
there

28:44
are a lot of people who bought

28:48
equity-linked annuities for lack of a

28:50
better name we are not talking about the

28:52
wonderful uses of

28:53
here i am retiring should i take a

28:55
portion of my money and get a check

28:57
month for life well it might not bump up

28:59
because of for inflation but wait i'm

29:01
really worried about running out of

29:02
money at age 85 how about if i give a

29:04
good insurance company money now

29:06
and i get a check of months starting at

29:08
age 80

29:09
those those are kind of that's a

29:12
different category

29:13
but for the last decade or so people

29:15
have gone to those chicken dinners

29:17
bought these annuities that were linked

29:20
i can give your speech

29:21
phantom indexes that don't reflect the

29:23
dividends which are 40

29:25
of the market return point to point but

29:26
what's all those things they bought them

29:28
they own them

29:29
now they are 68 73

29:33
and they see because we're in a bull

29:35
market that there's an account that says

29:37
the

29:37
equity part of my account look how it's

29:40
grown i wasn't even smart but i

29:42
in this variable equity link i put a

29:44
hundred thousand dollars in it's worth

29:46
172

29:47
000. i have this other count the base

29:50
income base it's been growing at maybe

29:52
three percent or four percent

29:54
what do i do now how do i get the money

29:57
out do i

29:58
can i take all that money out do i take

30:00
it

30:01
do i turn it into an annuity what do i

30:04
do stan

30:04
what are you telling those people

30:05
because people are asking me and i'm

30:07
going to write it

30:08
on based on well well everyone's

30:10
situation obviously is customizable but

30:12
but annuity companies have the big

30:14
buildings for a reason

30:15
they design these products so that when

30:16
you attach what's called an income right

30:18
or a

30:19
phantom account monopoly money that you

30:20
can use to to calculate your first

30:22
income stream

30:23
that is not transferable so you can't go

30:25
from one annuity to another

30:27
uh one of the really bad things that's

30:29
happening in the industry is too many

30:30
agents will say well

30:31
if you take this upfront bonus it'll

30:33
make up for the surrender charges etc

30:35
that's illegal

30:36
and they should lose their license but

30:37
that happens too often

30:39
um you know in my world you buy

30:41
annuities for what they will do not what

30:42
they might do that's the highest

30:43
contractual guarantee they're commodity

30:45
products and we shop all carriers

30:46
but for the people that went to the bad

30:48
chicken dinner seminars and not only

30:49
swallowed

30:50
the food but swallowed the pitch and

30:52
then swat

30:53
and then signed on the dotted line that

30:55
it sounded too good to be true

30:56
um and you if you attached an income

30:59
rider you're going to have to use

31:01
that annuity for lifetime income because

31:03
it's not transferable because

31:05
in the annuity industry when you

31:08
transfer an annuity you have to prove on

31:10
paper in the application that the

31:11
annuity you're coming from

31:13
and the annuity that you're going to the

31:14
one that you're going to is better

31:16
mathematically

31:17
and the companies structure these if you

31:20
put a writer on them so that you

31:21
can't okay let me say this in my english

31:26
all right to my my readers you got

31:29
in you bought this annuity it had a

31:31
crazy index you love the promise that

31:32
you couldn't lose money

31:34
and that you would get some of the

31:35
market emphasis on some of the market

31:37
upside

31:38
and now you have a statement you have a

31:41
statement with like

31:42
two accounts on it your account your

31:44
investment account that had these funds

31:46
in it

31:46
is the hundreds let me stop you right

31:49
there 99

31:50
of the time the accumulation value the

31:52
investment side which with index and

31:54
news it's a cd product okay it's not a

31:56
security the the investment side is 99

31:59
of the time

32:00
going to be lower than the income

32:02
benefit side

32:03
because the income benefit side

32:05
typically is growing by this high jimmy

32:06
carter type interest rate

32:08
that you can't get to unless you turn on

32:10
the income stream so and typically

32:12
you're going to have 150 000 on the

32:14
accumulation and 225 000

32:17
on the income benefit and the only way

32:19
to get to that is turn on the income

32:21
stream

32:21
okay that's what i want to say i can't

32:23
call up today and say now i want my 225

32:26
000. no okay how can i get

32:30
the money that's in that 225 thousand

32:33
dollar account

32:33
explain you have to turn on the lifetime

32:36
income stream

32:36
but that to annuitize or is it what's

32:39
wrong with that

32:40
no the majority of income writers and

32:43
i've written a book on that you go to my

32:44
site and get the income right owner's

32:45
manual but

32:46
the majority of income riders are what's

32:47
called withdrawal products meaning

32:50
you're not annuitizing them annuitizing

32:52
them in southern speak is ripping the

32:54
knob off a water faucet

32:55
and water flowing in this case it's

32:57
income it's not annuitization there's

32:59
only one

33:00
income writer type that's an annuitized

33:02
product and it's attached to a variable

33:04
annuity and they're really not sold that

33:05
much anymore

33:06
the majority of income riders are what i

33:08
call subtraction products

33:10
there's a lifetime income stream but

33:11
you're going to be subtracting

33:13
from the income writer value and the

33:15
accumulation value but getting to your

33:16
original question which is

33:18
how do i get the value out how do i get

33:20
that entire value out

33:22
the only way the only way is to turn on

33:25
a lifetime income stream and that

33:26
lifetime income stream

33:28
is primarily going to be based on your

33:29
life expectancy of single life or

33:31
life expectancies of joint life at the

33:33
time you take the payment and you're

33:35
you're you're making a bet with the

33:36
annuity company that is going to pay for

33:38
the rest

33:39
of your life but here's the interesting

33:41
part about your questions let me exactly

33:42
what

33:43
people are buying these things and they

33:45
don't know what they

33:46
own i know that's what i'm trying to

33:49
tell people so now

33:50
the question is first of all what you

33:53
get to take out every year is determined

33:55
by the insurance company based on their

33:57
calculations of what you have

33:58
interest rates and your life expected

34:00
life expectancy so basically gary you

34:02
could take

34:03
uh 2 hundred dollars a month out of this

34:07
thing

34:07
okay and i say but wait i really would

34:09
like to take

34:10
more right now because i wanna buy a

34:13
vacation home

34:14
but they don't let you do that yeah they

34:16
do that you can take it out

34:18
you can take it out but it's going to be

34:20
deducted not only from the accumulation

34:21
value that index side

34:23
but also the income rider side so it

34:25
will affect

34:26
the guarantee okay now

34:30
the next question is so they tell me

34:32
it's twelve hundred dollars a month

34:34
at this age if you wait to be 75

34:38
it'll be 1400 a month whatever it might

34:41
be

34:41
okay so you now have to at some point

34:45
all these people who bought these things

34:48
and want income have to say

34:52
what age do i turn this on should i do

34:54
this at 65 should i do this at 70 at 75.

34:59
eerily familiar to a social security

35:01
decision

35:02
right yep it's a relationship security's

35:04
going to adjust

35:06
with a cola and your check correct

35:09
correct just people need to understand

35:10
the older you are the higher the payment

35:11
it's not that it's not

35:12
right and you're transferring risk but

35:14
there's no sweet spot or good time or

35:16
perfect time

35:17
the time is when the contractual

35:19
guarantee makes sense for you but i'll

35:20
add

35:20
i'd want one more thing and then we got

35:22
to stop talking about annuities people

35:23
going to jump out of the building

35:26
okay but this is this is my yeah just

35:28
people

35:29
most people that own index and news with

35:31
income riders

35:32
and this is a sad stat they never turn

35:34
on the income runner

35:35
they lot they look they watch it they

35:37
see that high percentage that's growing

35:39
by they think it's jimmy carter yield

35:41
they think it's

35:41
something that's not it's monopoly money

35:44
unless you use it for income unless you

35:46
turn on the income stream so

35:47
my advice to all your your readers and

35:49
listeners is

35:51
don't watch it don't just look at the

35:52
statement transfer that risk

35:54
and turn on that pension income stream

35:56
because the interesting part about

35:58
and maybe this is what your readers talk

36:00
about as well we live in a pensionless

36:01
world unless you work for the government

36:03
are very good

36:03
um uh you know a very good labor union

36:06
and less than 10 percent of

36:08
private companies offer pensions the the

36:10
rest of

36:11
us have to create our own pension and

36:13
that's truly the unique benefit

36:15
proposition of annuities

36:16
it's the only product that can that can

36:17
provide lifetime income and truly that's

36:20
where people should be using them and

36:21
there's

36:22
four different types of annuities for

36:24
that but i mean i i think we're maxing

36:26
out on the annuities people throw in i

36:27
can hear them

36:28
and see them throwing up terry they all

36:30
right they they want to hear what you

36:32
they want to hear about your experiences

36:35
in the market but i

36:36
appreciate it i'll stand for the advice

36:38
i'll go on your podcast

36:40
and we'll talk about a new one all right

36:41
okay so

36:43
um what else is what else is kind of a

36:46
hot topic with your

36:48
in the markets with your readers um and

36:50
your listeners

36:51
and people that contact you when you go

36:53
on tv and radio what what are you

36:54
hearing currently that

36:56
you think can apply to people across the

36:58
board okay well maybe not across the

37:00
board but you're not going to expect

37:01
this kind of response and we didn't plan

37:03
this

37:03
i think the next hot topic is long-term

37:06
care

37:06
and long-term insurance because um

37:10
it was always okay to put bomb in to

37:13
assisted living and

37:17
if you had enough money now even people

37:20
who

37:20
can pay for assisted living just learn

37:23
that's not a really great place to be

37:25
right you remember everybody's mother

37:27
said honey don't put me in a home

37:29
now we this generation learned why yeah

37:32
but the genworth just came out with its

37:34
cost of care i mean

37:36
it's like over a hundred fifty thousand

37:37
dollars to a year to have full-time home

37:39
health care

37:41
probably won't need it for that long but

37:44
long-term care insurance has been the

37:46
most maligned product and julie and

37:48
justly so

37:49
i had everybody buy it 15 years ago and

37:52
i said

37:52
and buy it when you're in your 50s when

37:54
you're younger the price is lower

37:56
excuse me they're not going to raise the

37:58
rates just because you broke your hip

38:01
they'd have to raise the rates on a

38:02
whole class of people everybody who

38:03
bought that policy back in 1997.

38:06
well guess what the insurance companies

38:08
did he looked around

38:09
wait everybody wants to use their

38:11
long-term care insurance to go into

38:12
assisted living those places are so nice

38:14
these days they have shuffleboard too

38:16
and so they said well the usage is not

38:19
what was much more than we expected

38:20
we'll raise the rates yet every state

38:22
commissioner

38:23
granted a rate increase because they

38:24
said we're going to go out of business

38:25
if you don't grant us a rate increase

38:27
i fought that battle with the state of

38:29
illinois how could you do this you know

38:32
and the worst part of long-term care

38:33
insurance is not just that premiums have

38:35
been rising on those older policies

38:37
but what happens if you don't use it i

38:39
mean you know you're 89 you have a hole

38:41
in one

38:42
on the golf course and you drop dead

38:44
that's a good way to go that's the

38:45
that's the that's the traditional policy

38:47
but as we discussed

38:48
a lot yeah there's some good ones out

38:50
there now now they have combination

38:52
policies that combine long-term care and

38:54
death benefits i want you can google

38:55
that on terrysavage.com search my

38:57
columns

38:58
but the point i'm making is i think we

39:00
have the

39:01
the trailing edge of the baby boom

39:03
generation all baby boomers i think in

39:05
two years

39:06
will be 65. and so we're suddenly having

39:09
this realization that

39:11
you don't want to be in a medicare

39:12
nursing home if you spend on all your

39:14
money or give it away to your kids and

39:15
they'll look back to make sure it wasn't

39:17
recently

39:18
you don't want to be in a medicare a

39:19
medicaid funded nursing home

39:21
medicare doesn't cover nursing home

39:23
costs medicaid your state program

39:25
you don't even want to be in the nicest

39:27
assistive living facility maybe they're

39:29
having a lot of vacancies

39:31
that everybody who could tip them out

39:32
and put them in the guest room

39:34
so wouldn't you like to be able to pay

39:35
for care at home and that's what a

39:37
combination

39:38
life long-term care policy and i think

39:40
that's going to be

39:41
a coming hot topic and maybe i agree and

39:44
if you're all

39:45
if you're too young out there and you

39:46
say whoa is she an old lady why is she

39:48
talking about that

39:49
forget me think about your mother are

39:52
you going to want to pay for her

39:54
home health care right mother's day

39:56
father's day

39:57
well father's day is coming that's a

39:59
great present get your parents a

40:00
long-term care insurance policy

40:02
all the brothers and sisters chip in

40:04
that way you your mom won't be living in

40:06
your

40:07
spare room just when you're ready to go

40:09
out and have fun

40:10
and i just recently taped a a a segment

40:13
a podcast with the number one long-term

40:15
care person in the country

40:16
um his name's jack lindenberg and he was

40:18
he was going through all of this and

40:20
echoed exactly what you said

40:21
what people need to understand and

40:22
there's there's a there's misinformation

40:24
on the long-term care side

40:26
that's equivalent to the misinformation

40:28
on the annuity side but people need to

40:29
understand that

40:30
with the what they call asset based

40:33
policies

40:34
you can you can have the coverage but if

40:36
you don't use the coverage

40:38
then the money goes back to your um you

40:41
know

40:41
your list of beneficiaries the same fear

40:44
that people have with lifetime income

40:45
annuities

40:46
well i'm not going to ever buy an

40:47
annuity stand because the evil annuity

40:48
comes going to keep the money when i die

40:51
that's just one of 40 different ways to

40:53
structure it so what people need to

40:54
understand is

40:55
this isn't having your cake and eat it

40:57
too it's having the benefit in place

41:00
if needed and if you don't need it then

41:02
the money goes back

41:04
so you're really what you're missing out

41:06
on on on

41:07
asset best luck asset-based long-term

41:09
care or a lifetime income annuity

41:11
you're missing out on fomo fear of

41:13
missing out the opportunity the next

41:16
tesla the next dodge coin

41:18
you're transferring risk and i think in

41:20
everyone's portfolio they should be

41:22
a portion of it should be risk transfer

41:24
whether that risk transfers for income

41:26
long-term care or principal protection

41:29
those are

41:30
all risk transfers now with with 10 000

41:33
vape

41:34
go ahead and that's priceless stan

41:36
because if you're younger out there and

41:38
you think you don't get what

41:40
no i'm going to take risk the price of

41:42
peace of mind

41:43
when you're in your 60s or 70s or 80s

41:46
i'm sure

41:47
is priceless i mean priceless don't

41:50
worry honey they can't kick us out of

41:52
our house

41:52
don't worry we've got long-term care

41:54
insurance don't worry

41:56
we can spend this because our kid's

41:57
going to get the insurance or they'll

41:59
get the rest of the

42:00
annuity because we've got a death

42:02
benefit on it

42:03
price of sleeping well at night

42:05
priceless

42:06
well and with 10 000 baby boomers

42:08
reaching the age of 65 every single day

42:10
what we have seen and we've been having

42:12
record

42:12
years because we sell contractual

42:14
guarantees those 10 000 people every day

42:17
a lot of them want contractual

42:18
guarantees a lot of them want to

42:20
establish

42:21
what i call the income floor which is

42:23
your social security an annuity payment

42:25
a pension if you're so fortunate

42:26
dividends from dividend stocks if you're

42:28
so fortunate

42:29
that monthly amount that comes in every

42:30
single month so that you can

42:32
go live your life and have the lifestyle

42:34
that you've earned and deserve for

42:35
chapter two of your life

42:37
that's where that all fits in but i'm

42:40
the first one to say

42:42
that you have to have things in the

42:44
market you have to follow people like

42:45
terry savage

42:47
and the annuity industry totally agrees

42:48
and not a lot of people know this terry

42:50
but

42:50
the annuity industry frowns upon anyone

42:53
putting more than

42:54
50 of their investable assets that's not

42:57
a house car that's investable assets

42:59
into annuities of any type and there's

43:00
seven or more different types of

43:02
annuities so

43:03
when people call me up and say you know

43:04
i just had a call this morning where a

43:06
gentleman said

43:07
you know i have this ira i want to put

43:08
it all into a new and i said we can't do

43:10
that there are agents that want to do

43:11
that

43:12
but legally morally ethically and from a

43:15
fiduciary approach

43:17
one half of your investable assets is is

43:19
all that the annuity companies

43:21
feel comfortable with they're trying to

43:23
protect the consumer with that

43:25
um so i i don't know if people know that

43:27
i don't know if your listeners know that

43:28
but i think that's a stat that needs to

43:30
be

43:31
shouted from the mouth i mean to me it's

43:33
obvious

43:34
it's oh yes a portion yes

43:37
i mean the idea that you would lock up

43:40
all your money in this way is ridiculous

43:41
because i started out by saying you know

43:43
the stock market has always beaten

43:45
inflation

43:46
so even if you're 77 or 83

43:49
you need some portion of your assets in

43:51
it maybe it's an equity income fund i'm

43:53
not telling you to go out running decide

43:55
whether tesla or facebook or amazon are

43:57
too high or too low

43:58
to buy an equity income fund because you

44:00
need that boost that protection

44:02
against inflation that comes from

44:04
equities it's it's all about

44:06
diversification then see i don't sell

44:09
anything i've never sold anything

44:10
except back a zillion years ago when i

44:12
was a mini skirted stock broker

44:15
um i still have nothing to gain i don't

44:17
endorse any

44:18
products or any companies products

44:20
unlike you in a way that

44:22
we really out there to help educate and

44:24
protect

44:25
consumers and you and you've done a

44:27
you're doing a great job done a great

44:29
job of that which leads me to the final

44:30
question

44:31
we've maxed out we've done it i mean

44:33
this is i could talk to you forever as i

44:35
always do sometimes when terry

44:36
comes to florida i'll drive down and

44:37
take her to lunch so we can have a long

44:39
conversation

44:40
but um what's in store for terry savage

44:44
what's what tell are you just going to

44:46
keep

44:47
helping people till the end of the day

44:49
or tell me what's happening with you

44:51
what's your plan

44:53
well i thank god every day that i'm in a

44:55
position to help um

44:57
at terrysavage.com i have an ask terry

45:00
blog

45:00
because of the media around the country

45:02
i mean i stay up late nights trying to

45:04
answer all these questions

45:05
and lately for the last two years i

45:07
think it was so helpful uh was about

45:09
unemployment benefits and

45:10
and identity theft which is another huge

45:13
step that we didn't hit on

45:14
and um uh stimulus payments and so on

45:17
and so forth

45:18
those questions keep rolling in along

45:19
with the kinds of questions that people

45:21
ask in general about money

45:23
i am so fortunate to be where i am

45:26
at this point and i just i'm not going

45:28
to win on my desk here i want to keep

45:30
doing it and by the way technology

45:32
has made it so much easier because no

45:33
matter where i am definitely i can do

45:35
that

45:35
and and i'm going to reveal something

45:37
that i have never ever before revealed

45:40
um to any of my readers okay great you

45:43
know

45:44
how this is true only to you because i

45:46
feel like we're sitting over lunch

45:48
you know how all those great creatures

45:50
of virtue i mean

45:51
have a secret advice you know you've

45:53
seen the headlines

45:55
you know young girls are little whatever

45:58
it is

45:59
i am the preacher of financial virtue

46:02
but my secret

46:03
vice my hobby forever my cheaper than a

46:06
psychiatrist is

46:08
i own horses and i ride all the time and

46:11
i'm gonna take this jacket off in about

46:12
a half an hour and go ride my horse

46:15
and that is the dumbest investment in

46:17
the world as a commodity trader once

46:19
said to me my goodness gracious

46:21
you go short on oats and you come out

46:23
long horse manure

46:24
terrible spread so i have my own prices

46:28
too and i've never told that to anyone

46:29
that and i think

46:31
people need to have whatever they call

46:32
the side hustle or something that really

46:34
that's that's because you can't be all

46:36
markets all markets all the time but

46:38
um you know certainly we're going to

46:40
have you back on and we're going to be

46:41
you know i wanted

46:42
my listeners and they know who you are

46:44
but i want them to get to know you a

46:45
little bit better before we then

46:46
in the future go into some really deep

46:48
topics and um

46:49
but but it's always been a pleasure once

46:51
again for everybody

46:52
you can go to terrysavage.com that's

46:56
t-e-r-r-y-s-a-v-a-g-e dot com

46:58
and you can ask her a question and by

47:00
the way she answers it

47:02
and you can see that warren buffett

47:03
interview with her friend warren buffett

47:05
so

47:06
i mean she's financial royalty the money

47:09
lady you can call her whatever you want

47:11
but but she's also a very good person

47:13
and the biggest thing that i like about

47:15
her

47:16
is she doesn't sell anything but if

47:18
there's ever

47:19
anyone that was would ever be called a

47:21
fiduciary

47:22
meaning putting people's interests in

47:24
front of their own

47:25
it's terry savage you don't have to just

47:27
sell something to be a fiduciary terry

47:29
savage

47:30
is a fiduciary looking out for the

47:32
consumer and she has been helping people

47:35
for decades and god willing she'll be

47:38
helping people for decades to come and

47:39
with that being said i want to thank

47:41
everybody for joining me on fun with

47:42
annuities terry savage thank you so much

47:46
thank you that's the nicest thing i've

47:47
ever been called stan a finisher

47:49
a fiduciary excellent well we'll see

47:52
everybody next week on fun

47:54
with annuities

48:00
thanks for listening to fun with

48:02
annuities please hit the subscribe

48:04
button and make sure to go to my site

48:06
at the annuityman.com where you can run

48:09
your own

48:09
spea dia and culat quotes and see a live

48:12
feed of the best maga

48:14
fix rates in the country and even get

48:16
indexed and income

48:17
writer quotes as well you can also sign

48:20
up for my six

48:21
annuity owner's manual books and i'll

48:23
ship them for free

48:24
and under no obligation i also encourage

48:27
you to schedule a one-on-one call with

48:30
me

48:30
stan the annuity man so we can have a

48:32
full discussion of your specific

48:35
situation

48:36
it will be the best brutally factual and

48:38
truthful advice

48:40
you will ever get and that's one

48:41
guarantee you should definitely take

48:43
advantage of

48:44
so join me next time for the number one

48:46
annuity podcast on

48:48
the planet fun with annuities

49:04
you