Terry Savage: Chicken Money Strategies That Work

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foreign

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with annuities where every single week I

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welcome a celebrity guest expert that

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can help you maximize chapter two of

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[Music]

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welcome to fun with annuities I'm your

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host Dan the annuity man America's

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annuity agent licensed in all 50 states

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so proud to have my guest in the

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building the Savage truth is in the

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building she's coined some great phrases

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like chicken money and Savage truth and

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money La I mean she is royalty when it

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comes to the financial services business

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and industry and she's looked upon as a

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go-to source for the consumer which is

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the reason she's on this program

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so without further Ado welcome my good

1:04
and glamorous friend Terry Savage well

1:08
thank you Mr Stan this is uh interesting

1:11
times we live in I love that that

1:13
introduction you know part of what I

1:15
have more in common with you than you

1:17
with me is I've been around a long time

1:19
yeah yeah don't be fooled by this there

1:21
are some gray hairs under there no uh

1:23
you know founding member of the Chicago

1:25
Board options exchange so that'll take

1:26
you back to 1973 the first woman Trader

1:29
on the floor and very rarely are people

1:33
listen to like you don't listen to your

1:36
grandparents kind of a thing I've been

1:38
through this before and I've been

1:40
through a bunch of these cycles and it's

1:45
so weird to see it coming around again

1:50
um well six months eight months ago I

1:52
started telling people don't put your

1:54
money in CDs in the bank at one and a

1:56
half percent buy treasury bills they're

1:58
four percent six months now they're over

2:00
five percent correct um the this thing

2:03
about inflation which nobody sees

2:05
creeping up I saw that coming not

2:08
because I'm such a genius but you know

2:10
but because I saw that before and what

2:14
do I see coming now

2:16
I see two things I see and then some

2:19
longer term friends which I hope we'll

2:20
talk about

2:22
but I

2:23
I a different kind of recession this

2:26
time

2:26
you know the the things that hurt you

2:28
most are not the things you know are the

2:31
things you don't know but the things you

2:32
think you know that aren't so and we

2:35
have a whole generation out there of I'm

2:37
just going to love them Menace techies

2:39
that means they're a lot smarter than I

2:40
am I have to call them up when I need

2:42
help and they're Major League businesses

2:44
I'm not demeaning this but they thought

2:47
they were invulnerable that Society

2:50
could not run without them right and now

2:53
we're seeing a whole raft of layoffs

2:56
maybe down the road just like the horse

2:58
and flower were you know put out to

3:01
pasture by the Ford and the and the

3:03
trucks maybe we're going to see some of

3:06
those jobs put out by artificial

3:07
intelligence but right now in this

3:09
economic cycle a different generation is

3:12
about to learn a lesson and it's going

3:16
to be a painful one so I worry about

3:18
that in the immediacy and then

3:21
well we can talk about the market well I

3:23
think it's interesting I I look at this

3:26
recession coming toward us I think it's

3:28
going to recalibrate a lot of things I

3:31
think that college will lose a lot of

3:33
value

3:34
um I think people are going to figure

3:35
out they can be an electrician a plumber

3:38
or a welder and make six figures a year

3:41
coming straight out of high school and I

3:43
think we're going to go back to the

3:45
trades

3:46
um in a big way I give a lot of credit

3:48
to the Mike Rowe who has that television

3:50
show yeah and he's done a good job with

3:53
that he has a foundation but I think

3:55
that the degrees that mean nothing in

3:58
college and paying seventy thousand

4:00
dollars for it this is getting ready to

4:02
hit a Crossroads for people and I think

4:05
that um you know the work environment in

4:07
general is going to change but like

4:10
everything in this country we change for

4:12
the better crisis hits us we change we

4:15
learn from it we get better from it and

4:17
I think we'll come out of this recession

4:18
better because I think we'll kind of

4:21
move towards some Hands-On work you know

4:24
people talk about Ai and artificial

4:26
intelligence getting rid of jobs you

4:29
can't you know artificial intelligence

4:31
can't do plumbing

4:34
or elect or or air conditioning in

4:36
Florida and so I really believe there's

4:39
going to be a renaissance for lack of a

4:40
better phrase I really hate that because

4:42
Renaissance talking about blue collar

4:44
jobs making a hundred thousand a year or

4:47
more where people can really put food on

4:49
the table and it's economic proof

4:51
because you and I both know Terry we

4:52
have both have houses in Florida

4:54
if you're an air-conditioned person in

4:56
Florida economy economy means nothing

4:59
you're gonna be busy

5:01
exactly yeah so I think the real key

5:05
point you just made Stan that we share

5:06
and which is why we like doing this

5:08
together is uh well as Warren Buffett

5:11
said nobody ever got rich betting

5:13
against America and the desperation to

5:16
hold on to the Past keeps you from

5:20
leaping ahead

5:21
and I think that's what we all want to

5:24
do as in our individual lives for our

5:27
children maybe grandchildren as

5:29
investors is to look ahead and recognize

5:32
we've been through a lot of different

5:34
tough times I mean just in the last 40

5:37
years I could think of a lot of them in

5:38
fact I wrote account let me explain just

5:41
for a second Stan

5:43
um I have no clients I write a

5:46
nationally syndicated column syndicated

5:47
by Tribune content agency my website is

5:51
terrysavage.com

5:56
I post my columns there I have an ask

5:58
Terry blog I put lots of links and

6:00
articles about like everything you need

6:02
to know about treasury bills how to buy

6:04
them or eye bonds or or wills and estate

6:07
planning stuff like that and um because

6:09
I've been a Trader all my life and full

6:11
disclosure I have was a young Trader on

6:14
the Mercantile Exchange and for the last

6:16
20 years I've been on the board of

6:18
directors of CME Group Chicago

6:19
Mercantile Exchange so what you get from

6:21
me is not about me trying to sell you

6:24
anything

6:25
um and I just posted a column boy I'm

6:27
going to try and get back to it because

6:29
I talked about the fact that in the last

6:33
40 years it's called money markets and

6:36
fear and I put it up on my screen it was

6:38
let me just tee us up here not only have

6:41
we been through things like well we came

6:43
out of the Vietnam War we came out that

6:45
huge recession in 8182 the prime rate

6:48
which you never think about anymore it

6:49
was important then with 21 t-bills were

6:52
13 we suffered through that we because

6:55
we had the mass of inflation for the

6:57
late 70s and then in and and I wrote

7:01
this in the column in in

7:04
1973 72 the Dow Jones Industrial Average

7:08
was under 600. yeah

7:12
57.01 I was there on the trading floor I

7:14
remember that and look where we are

7:17
today in 2008 the markets were down

7:19
dramatically in let's see in 2001 the

7:24
Dow was below 7 500 I'm reading from

7:26
this column at terrysavage.com called

7:28
money markets and fear in 2008 that's

7:32
not so long ago that's a housing crisis

7:34
and the mortgages and everything

7:37
um in 2008 the market crashed and it

7:40
dipped from over 14

7:41
000 2007 to 6500 okay and in March of

7:47
2009 and in the pandemic

7:49
I got scared too that was the last time

7:51
I was really scared I thought this time

7:53
it's really different as a as we shut

7:55
down and the Dow fell to a low of 18

8:00
591 and last I looked we're still over

8:03
33 000 on the Dow

8:05
so

8:06
it tells us two things first of all

8:08
don't bet against America if you have

8:10
long-term Horizons and you want uh I

8:13
mean you don't have to be a Trader just

8:15
have to be there and be the market and

8:17
second of all those panics all reflected

8:19
moments when even sensible people were

8:22
thinking oh my gosh it's over

8:25
but this coming recession or this impact

8:28
on tech companies and in jobs in

8:31
particular whatever comes this way uh

8:34
there are a couple of other things

8:35
looming on the horizon

8:37
um if we're America we will get through

8:39
it don't bet against America

8:41
absolutely someone asked me the other

8:43
day what's your hope for America and I

8:45
thought for a second I said to retain

8:47
our resiliency

8:49
um if if we continue to do that as a

8:52
country I'm fine sometimes I question if

8:54
we have that but we do we do in this

8:57
recession we'll get better from it and

8:58
we always get better from it now

9:06
the coming proposed whatever but as you

9:11
know everything's customized I always

9:13
tell my clients you know whether it's

9:15
inflation or an upcoming recession I ask

9:18
them okay how is it affecting you

9:21
um you know you can watch as much TV as

9:23
you want and see me see as you want in

9:25
Fox Business as you want and read as

9:26
much as you want but at the end of the

9:29
day is how is it affecting you do you

9:30
have enough money to weather the storm

9:32
if you do stop complaining

9:34
um and I tell people that all the time I

9:36
had a gentleman the other day he had

9:38
multiple millions of dollars and he said

9:39
what are we going to do about inflation

9:40
I'm like I don't know what everyone else

9:42
is going to do that it's really hitting

9:44
them but for you you need to be quiet

9:45
because you're fine you're gonna you're

9:49
going to be okay

9:51
um I know there's some things coming up

9:52
on the horizon Terry uh with you know I

9:55
bonds and things like that that I need

9:58
you to kind of weigh in because there's

10:00
some timing issues now we take this a

10:03
couple of days out before it goes live

10:04
but

10:06
um can you kind of cover what's going on

10:08
with rates now here's the precursor with

10:11
that nobody knows where rates are going

10:12
to go we're not rate predictors interest

10:14
rates you know they could go the other

10:16
way if anyone knew where interest rates

10:19
are going they're not going to be

10:20
talking to you they're on a jet trading

10:22
interest rate Futures so with that being

10:24
said well

10:25
very beautiful

10:27
beautiful in Washington DC and their

10:28
name is J-pop yes with bodyguards all

10:31
around them so go ahead what's what do

10:34
the con what's the consumer need to look

10:36
out for right here okay well uh well

10:39
let's back up a little bit about this

10:42
prices for a start uh please talk about

10:45
the banking crisis banking crisis

10:48
let me just take you back I'm sorry but

10:50
I pressed risk to this everything let me

10:51
take you back to 2007 2008 when remember

10:54
they were making mortgage loans people

10:56
that had no income that practically

10:57
didn't

10:58
and I don't know bartenders in Las Vegas

11:01
were owning three homes with no money

11:02
down kind of the thing and those two

11:04
Don't Put It Down Las Vegas now come on

11:06
that's where one of my offices is

11:10
but now with no money down that whole

11:13
crisis that was truly a financial crisis

11:16
yes yes it was because Banks had assets

11:20
the loans they made that were absolutely

11:22
worthless there was the fraud and and it

11:25
almost brought the banking system down

11:26
kind of like the coveted loans right

11:28
similar

11:29
I'm kidding I'm kidding

11:32
so forward

11:35
I wear to at least a few months ago

11:39
the banks especially a bank like Silicon

11:41
Valley Bank and you've all heard this ad

11:43
nauseam that we're not going to make

11:44
dumb loans we're not funding water parks

11:47
was twenty two thousand two you know

11:49
2020 we're gonna get we're getting a lot

11:51
of money in venture capital is being

11:53
raised a lot of money got poured into

11:55
the economy from coven little people

11:57
there's money around what we'll do is

12:00
we're going to be the bank for

12:02
technology we're going to invest all

12:05
this money in something really safe

12:08
we don't want to buy treasury bills

12:10
because the yields are too low they were

12:11
low then we'll buy like 10-year

12:14
government bonds they yield at least two

12:16
percent

12:17
that's safe it's U.S government bonds

12:19
and they said fine that's perfect now

12:22
fast forward to 2023.

12:25
all of a sudden the feds raised rates

12:28
and the banks and the there's not so

12:31
much money flowing around in Venture

12:33
Capital anymore and the Venture

12:35
capitalists who deposited all their

12:36
money in the banks and made their

12:38
investment companies open their account

12:40
in Silicon Valley Bank and pay their

12:42
employees write their direct deposit in

12:44
that bank

12:45
all of a sudden someone noticed the very

12:48
basic principle of bonds that all of you

12:51
noticed a year ago when you looked at

12:53
your investment returns

12:54
bonds aren't safe even if they're AAA

12:57
rated U.S government best credit in the

12:59
world

13:00
because there's interest rate risk when

13:01
interest rates go up bond prices go down

13:05
nobody wants your old two percent Bond

13:09
even though it's a great credit

13:11
for the remaining eight years when they

13:14
could get a four percent bond from the

13:16
US government for 10 years same great

13:19
credit so if you go to sell your bond

13:21
what's it worth I got a thousand cash

13:23
I'm gonna buy four percent but maybe

13:26
it's worth like 700. sure and that's

13:29
called The Mark to the market it's

13:31
called interest rate risk if you hold

13:33
those to maturity of course the

13:34
government's giving you your thousand

13:36
dollars back but if you need to sell

13:38
before maturity you have to pay the

13:40
market price now banks are not required

13:42
to notice the market price because they

13:44
have them in their assets and they said

13:46
they were we're going to just hang on to

13:48
these till maturity but all of a sudden

13:51
some of the smart money The Venture guys

13:55
the tech guys out there

13:57
and women said wait they have how many

14:01
billions invested in government

14:03
securities the mark to the market the

14:06
value because rates have gone up is

14:07
lower let's take our deposits out and

14:10
this is not like a bunch of people

14:12
lining upside your local savings and

14:14
loan back in 2008 to get their money

14:16
right that is people with billions of

14:20
dollars and in one day

14:23
billions and billions of dollars were

14:25
withdrawn with the click of a computer

14:27
right and they had to rush to sell their

14:29
bonds and that was the the out trade

14:32
there okay so we all learned last year

14:35
on our 401K plans that you lose money in

14:38
bonds just because bond prices go down

14:40
when rates go up sure lack of liquidity

14:43
is another issue and marking to the

14:46
market for the banks is another so now

14:48
where are we

14:50
we are just right as we tape this both

14:53
three and six month T bills are about

14:55
five percent a little above five percent

14:58
because there's a sense of where's the

15:01
money coming from I'm not so sure what

15:03
are the banks going to do are they going

15:05
to cut back on credit I don't want to be

15:07
in the stock market maybe the earnings

15:09
won't be there if we have a recession

15:13
interest rates typically are related to

15:16
inflation we're not having inflations

15:19
coming off and yet short-term rates are

15:21
still pretty high actually the yield

15:23
curve reflects the fact that short-term

15:25
rates are higher than even tenure rights

15:28
definitely

15:29
now here's Tara's tip for the day

15:32
I hope you see this

15:35
or the 28th of April

15:38
do you I'm going to talk about series I

15:41
savings bonds

15:43
a year ago a little in May savings bond

15:48
rate jumped to 9.62 on series I bonds it

15:52
reflected six months of previous CPI

15:55
inflation that was going crazy it was up

15:56
there at eight nine percent

15:58
then last October the last week in

16:01
October people realized they had to get

16:04
in on this to get that 9.62 because

16:07
November 1st the rates were going to

16:09
drop

16:10
and they did now by the way when you buy

16:14
your series eyes savings bonds and you

16:16
can only buy 10 000 in any calendar year

16:19
you get six full months of the rate so

16:23
they knew people knew I mean I was on TV

16:25
and lots of other people saying hey here

16:28
it is October 21st you can lock in six

16:31
months of 9.62 the treasury website

16:34
crashed I know I work with them closely

16:37
well let me say we're about to do that

16:39
again in the coming few days it won't be

16:41
as dramatic because last November rates

16:44
dropped on series I bonds to 6.9 yeah

16:48
and now we're approaching the November

16:50
first reset and you have to get your

16:52
order in by Friday the 28th to make sure

16:55
you get 6.89 because I'm here to tell

16:58
you that the rate will drop to around 4

17:01
percent

17:02
it'll be a shot you must hold savings

17:04
bonds for a year

17:06
you cannot if you sell before five years

17:09
you get a three months loss of Interest

17:11
penalty now look if savings bond

17:13
interest rates go down which they were

17:16
very low they were like at one percent

17:17
for a long time they were nothing you

17:21
could always say well I don't care about

17:22
losing three months of nothing interest

17:24
you could get your money out and go do

17:27
anything with it go travel whatever you

17:28
want to do but if you're trying to lock

17:30
up six months of 6.89 and then the next

17:33
time you'll get the six months that said

17:35
November 1st and we'll see what happens

17:37
again next year

17:38
um you have to do that at

17:40
treasurydirect.gov and if you go to

17:42
Terry savage.com there's a link called

17:44
everything you need to know about icons

17:46
so there's my personal finance tip for

17:48
the day and people just I always tell

17:50
people the bill doesn't ring at the top

17:52
or the bottom please please stop trying

17:55
to be the guru

17:58
um if you feel like the interest rate is

17:59
fair and it is then lock it in you know

18:03
don't don't try so well but I always get

18:05
these questions well Stan but what are

18:07
they what are they you know I don't know

18:08
if I knew that I wouldn't be talking to

18:10
you

18:11
um you know do the best you can always

18:14
tell people listen to their gut instinct

18:16
and discernment because that typically

18:17
is a pretty good guide on making a

18:20
decision instead of some sales pitch but

18:22
the good news about

18:23
treasury.direct.gov there is no sales

18:25
pitch it's you making a decision and um

18:28
and listening to people like Terry

18:29
Savage is this chicken money Terry Terry

18:32
anything called chicken money tell them

18:34
what chicken money is well I coined this

18:37
expression so many years ago and now

18:38
people know me for it even Mark's always

18:40
divided into the Bulls and the bears but

18:42
I think in every stage of your life we

18:44
should divide it to the Bulls the Bears

18:46
and the chickens and you should have

18:48
some chicken money it's not because

18:50
you're old and you you know you just

18:52
don't want to lose it you want to make

18:53
it last as long as you do right it could

18:55
be that you're younger and your son's

18:57
going off College next year that's when

18:59
you get I mean I don't want to risk

19:01
anything in the market you're saving up

19:02
for a down payment on the house or just

19:05
because at any stage of your life this

19:08
amount of money lets you sleep at night

19:10
now we're talking about people who have

19:12
discretionary money here I I'm well

19:14
aware that a lot of people look I mean

19:16
it's sad that how many people are living

19:18
not only paycheck to paycheck but credit

19:20
card debt is at the highest level ever

19:22
nearly a trillion dollars that is that's

19:25
unbelievable yeah we all prom everybody

19:27
promised so I'm never going to get in

19:28
credit card debt again new records in

19:30
that that's another story and a

19:32
vulnerability in our economy but you're

19:34
listening to stance podcast so you have

19:36
some discretionary money chicken money

19:38
is nothing to be ashamed of it's what

19:41
lets you sleep at night and it's what

19:43
lets you stick remember I said about the

19:45
stock market all those scary times if

19:47
you've gotten scared out look what you

19:48
would have missed

19:49
so it lets you stick with I think you

19:52
know just your S P 500 Index Fund you

19:55
know to beat the market just be there

19:56
because you know that you're going to be

19:59
okay you have some chicken money now

20:01
right now chicken money I always Define

20:03
is short-term FDIC insured deposits a

20:07
government Only Money Market funds the

20:09
banks are catching up they lost lots of

20:11
money not first because their rates were

20:13
so low but people were didn't notice it

20:15
until

20:17
and second because people got scared

20:19
about leaving over 250 000 in the bank I

20:22
mean if you're close to that limit what

20:24
are you doing the best thing for chicken

20:26
money today I mean you can only put ten

20:28
thousand dollars in I bonds and you're

20:30
gonna hold them five years but six month

20:32
T bills or three month T bills rolling

20:34
over automatically renewing staggered

20:36
maturities and then we'll come back to

20:39
your your migas in a minute but if

20:41
you've got this money it rolls over in

20:43
the US government treasury ious there's

20:46
a global auction set every Monday where

20:48
the rates are set you agree to accept

20:50
whatever the rate is go read the article

20:52
at terrysavage.com this is where you

20:55
roll your money your chicken money and

20:57
if you have last week some of my three

20:59
months rolled over and it's like um Five

21:01
Points something percent if I put one I

21:03
guess I haven't checked exactly and I

21:05
went wow I was lucky those rolled over

21:07
at that on that particular date

21:09
or

21:11
you could do my Gazette your turn that's

21:13
your cue what's the other alternative

21:15
because you know always always I I did a

21:18
video recently and it kind of went viral

21:20
and it was based upon a conversation I

21:22
had with a very nice couple from Alabama

21:24
and it got to the point where I said hey

21:27
you just you've won the game why are you

21:28
still playing because they didn't like

21:30
Market risks they didn't know how to do

21:31
and I said we're at interest rate levels

21:33
isn't Jimmy Carter but you if you have

21:35
enough money and depending on the income

21:37
need you can never touch the principal

21:39
and just peel off the interest never pay

21:41
a fee we're there again and I think a

21:44
lot of people

21:46
because if they like me they grew up in

21:48
rural North Carolina and poor and we

21:49
didn't have anything and and so you I

21:51
you kind of have a chicken money

21:53
mentality but right now the chicken

21:56
money mentality works for you because

21:58
you literally between CDs treasuries

22:01
money markets and migas multi-year

22:03
guarantee annuity the annuity industry

22:05
version of the CD you can get

22:08
good interest rates that are

22:10
contractually guaranteed you know I

22:12
always tell people at the end of the day

22:14
when you are in chapter two of your life

22:16
you need contractual guarantees you

22:18
don't need hypotheticals and

22:19
theoreticals you need to know where that

22:21
income floor is coming from and I just

22:24
think right now you know people need to

22:26
stop take off your analyst cap take off

22:28
your Gordon gecko cap

22:30
lock in interest rates that are going to

22:32
provide that lifetime income stream and

22:34
then always people go well we'll stud

22:36
what happens when interest rates go down

22:38
I'm like can we cross that bridge when

22:40
we get there up until then let's live

22:42
off the interest so I think that's where

22:44
we're at as a country and for the Savers

22:46
and the 11 000 Baby Boomers turning 65

22:48
every day

22:50
there is an alternative to risk I'm not

22:53
saying you shouldn't be all in on no

22:55
risk but you can be if you want to be

22:58
you know I how many people are out there

23:01
trying to say what we're both trying to

23:03
say this they're not doing it as well as

23:06
us Terry you know that okay there are

23:08
very few I think everybody tell you

23:10
something I know that that's why though

23:14
to that because I I saw nothing

23:17
this is

23:18
this is really important nobody cares

23:20
about your money as much as you do and

23:23
you have no excuse to say well I don't

23:26
understand it I just let Joe do it he

23:28
did it for my father and when he died I

23:30
just let them do it no please this is a

23:33
really critical turning point this is

23:36
where you especially if you're probably

23:38
of the the

23:39
demographic that's watching that has

23:42
some disposable money but is really

23:44
concerned this is where you sort out

23:46
your chicken money you know

23:47
self-discipline is the essence of all

23:50
decision making you don't want to be

23:52
making decisions out of panic you need

23:54
to send money aside and decide where

23:57
it's going and then I can't tell you my

24:00
son's in the business of all the years

24:02
of low interest rates they call me Terry

24:04
queen of t-bills you know but you can

24:07
take that you can wear that sash right

24:09
and that uh crown

24:11
because I also had equities and they did

24:14
well so yeah I didn't make as much money

24:16
as I could have on the upside but I

24:19
Define and I sleep well at night still I

24:22
just I think my peace of mind is

24:24
priceless

24:26
let's give it a little bit you know I

24:28
have I'm six foot six inches tall six

24:30
seven so I have nothing against people

24:32
that are vertically challenged Harry I

24:34
really don't but I want to talk about an

24:36
article an article by a person that is

24:39
vertically challenged and for some of

24:41
the conservatives on this listen this

24:42
podcast please stay on the podcast when

24:45
I mention his name because we're going

24:46
to talk about his article and his name

24:47
is Robert Rice

24:49
so

24:51
um

24:51
I want us to kind of weigh in because

24:54
he is a smart guy you know for a lot of

24:57
my listeners he's going in the other

24:59
direction politically but I think one of

25:01
the things in the country that we need

25:02
to do a better job of as a whole is

25:05
accepting other people's opinions

25:07
whether they be political or

25:08
non-political and not just framing them

25:10
in a category with that being said we'll

25:12
talk about the vertically challenged yet

25:14
very smart Robert Reich

25:18
forward in an article too so let me give

25:21
you some background I have been since

25:23
the early 80s a long time friend and I

25:26
suppose back that a disciple of another

25:29
vertically challenged economist our

25:31
effort he took me to the White House

25:33
back in the 80s you're gonna you're

25:35
gonna steal that from me to when instead

25:38
of saying sure no I'm not gonna say it

25:40
it's vertically challenged I mean it's

25:42
um

25:43
Stan both of them are very tall and we

25:47
stand on their wall

25:49
you told me that once I used that in the

25:51
speech and the guy that followed me goes

25:52
if I sat down on my wallet I'd be taller

25:54
than stand I'm like Kudos you're good

25:56
that's good you're right okay so look

26:00
here's

26:00
uh the reason the reason sent you I

26:03
just every once in a while

26:05
we just correspond and I'll forward him

26:07
something that I can press release and

26:08
and I and and you know I'm really

26:11
basically a conservative economic person

26:14
and I believe that lower taxes create

26:17
economic growth and that and I don't

26:19
think it's democrat or republican

26:21
because the biggest tax cutter of the

26:22
last century happened to have been John

26:23
F Kennedy who by the way was a Democrat

26:25
if you're too young to remember and he

26:27
got the top personal tax rate from 90 to

26:30
92

26:32
um up to 48 so I'm okay but and Robert

26:37
Reich is kind of in the other direction

26:39
of that but he made a very good point

26:43
and by the way and I read his stuff

26:45
because he's very smart yeah and I like

26:48
to know what the range of thinking is

26:50
yeah he is and so he we're talking about

26:53
this

26:54
the one thing you know there's always

26:57
one thing the pandemic was a thing in

27:00
the 80s inflation was a thing and I

27:04
think the current thing and it's

27:06
approaching us like rapidly Galloping at

27:09
us is the debt ceiling fight

27:11
that is insane I'm gonna give you my own

27:15
take on it

27:16
um the debt ceiling came about in World

27:19
War II when Congress couldn't authorize

27:21
enough spending fast enough to gear up

27:23
the factories and everything that was

27:24
needed so they just said let's you know

27:26
you guys we're not making a budget we're

27:28
not going to budget everything we'll

27:30
give you a limit on how much debt you

27:32
can go into to fight this war and they

27:34
said fine and they made and you know

27:36
that took over the whole country

27:39
basically during gearing up for World

27:41
War II in the factories and Rosie the

27:42
Riveter and all that stuff and rations

27:44
and everything and surely America really

27:47
Rose to the challenge

27:49
ever since then I think we've raised

27:51
that debt ceiling about a hundred times

27:53
in the suspended it temporarily and and

27:55
we've done it every single year

27:59
telling us about money we've already

28:01
spent this is like a couple sitting

28:03
there with the credit card bill going

28:04
and she's saying you want more fishing

28:06
equipment well I see you went to the

28:08
store what's this

28:13
meanwhile their credit is going to hell

28:16
and I mean maybe their wages are going

28:19
to get garnished who knows what will

28:20
happen

28:21
the debt ceiling is about the spending

28:23
that was previously done the budget that

28:27
they're supposed to be coming with up

28:28
with is about the spending going forward

28:32
this brinksmanship

28:34
on the debt ceiling is insane because

28:39
you know first of all remember the 2011

28:42
when they went to the wall on this

28:45
um stop paying for military payroll

28:47
paychecks you're really going to let

28:49
people go to the PX at the post I mean

28:51
they can't pay their kids tuition they

28:53
can't pay their kids in lessons

28:56
um but most significantly is we can't

28:58
refinance our debt if we come to an

29:01
abrupt halt here that simply cannot be

29:04
not one season ping or whatever his name

29:07
is is running around making buddy

29:08
buddies with everybody in Africa and

29:10
Putin and everywhere else

29:13
this is like

29:15
this is Unthinkable and it will be in

29:19
the headlines every day from now and

29:21
come to a boy what did Mr rice

29:24
propose so he well I as I recall what I

29:28
said to you he made a couple of points

29:30
he said

29:31
the media isn't doing a good job of

29:34
talking about this talk about this like

29:38
well you Republicans

29:40
exactly I give student a loan

29:42
forgiveness you don't want to do this

29:44
that or the other you all spent the

29:47
money and it's true

29:49
I mean the stimulus checks came under

29:51
both Administrations

29:54
but

29:56
separate issues

29:59
first of all the

30:01
very cool thing I thought in the State

30:03
of the Union you practically got

30:04
everybody to stand up and say yes we

30:06
would not cut Social Security and

30:08
Medicare that doesn't leave a lot left

30:10
to cut in in spending Arena interest on

30:15
the national debt is now the third

30:16
largest category in growing by leaps and

30:18
bombs as rates go up so the issue is not

30:22
the debt ceiling which is not a question

30:26
of you bought fishing equipment you

30:28
bought shoes

30:30
that leave that behind the issue is the

30:32
budget going forward

30:34
and the budget going forward sensible

30:36
people can argue about you already know

30:38
I believe tax cuts grow the economy

30:40
Robert Rice does not he's never seen no

30:43
he's he's someone on the other side of

30:45
that exactly but the fact is and they

30:49
should be sitting down discussing a

30:51
budget now here's the problem

30:54
s analysis the president has proposed a

30:57
budget he says I'm not negotiating on

30:59
the credit of the United States it's a

31:01
very in I mean he's backed out of the

31:04
headlines the Republicans have given

31:06
away all these powers to all the the

31:09
extreme Wings Of The Party

31:11
and they can't come up with a budget

31:14
that they all agree on that they like to

31:17
negotiate with the President right they

31:19
want to do what they've said some things

31:20
they do in their budget there would be

31:22
no student loan forgiveness okay there

31:24
would be no green tax credits uh wipe

31:27
out some of the stuff from the American

31:28
Recovery there would be uh cuts to this

31:31
that and other spending cut it back to

31:34
2020. it excuse me go sit down and

31:37
negotiate that but do not let the full

31:40
faith and credit of the US dollar stand

31:42
in question and Rick made a good point

31:44
it's not equivalent is this not a

31:47
standoff about the debt ceiling or

31:49
spending cuts yeah he's separate he's

31:51
separated as it should be separated but

31:54
it never is separated it's talked about

31:56
as one and you know the media that that

31:59
giant sound that clicking sound you hear

32:01
is everyone turning off watching it uh

32:04
the numbers for cable television is

32:08
atrocious

32:10
um people are getting their news from

32:12
other places I.E podcast now the problem

32:14
with that is it can be skewed one way or

32:17
the other but the point is the media's

32:19
done it to himself his comment about the

32:21
media needs to do a better job is is not

32:24
smart because it doesn't matter if they

32:27
do a better job because people aren't

32:28
listening or watching anyway those

32:30
numbers are atrocious except on news you

32:34
know they despite everything and those

32:35
in those reasons yeah but even the and

32:36
you're talking about a country of 300

32:39
million people and they're capturing

32:40
what three million a night come on

32:43
um that means that the other people have

32:45
tuned out and so a lot of the this

32:48
problem is people have have tuned out

32:51
um and there's nothing except for you

32:53
know people that watch these podcasts or

32:55
listen to these podcasts they're trying

32:56
to get insight and the reason they come

32:57
here is they know they're not going to

32:58
get sold on things but I I agreed with

33:01
him on we need to segment it but you

33:04
know the smart people already have

33:06
segmented it that we live in a world of

33:09
sound bite voting where they're hitting

33:11
people with sound bites and people vote

33:13
on those sound bites and we all know

33:14
that so that's the reason Terry always

33:16
tell my clients

33:17
there's no U-Hauls behind hearses and

33:20
fly first class or your kids will

33:22
that's my approach meaning that

33:25
live for the day don't get caught in the

33:27
minutiae of all this you can't control

33:29
it anyway and the other thing I'll stop

33:30
with is we're going to go to something

33:31
else I always say close your eyes and

33:33
think of the dumbest person you know on

33:35
the planet that you've talked to when

33:37
they vote their vote

33:40
okay so do the best for years but just

33:45
just don't live and die with you know

33:48
what some some talking head on on either

33:51
side tells you I mean that's their

33:53
opinion and they're there to get they

33:55
are there to get clicks and to get

33:57
advertisement and just remember that now

33:59
let's pivot off that political stuff

34:02
go ahead and I wave a red flag

34:06
a big one Rave it go ahead I don't know

34:10
where you were going we don't plan this

34:12
no we don't but I'm Madness come on okay

34:14
guess what

34:16
what the facts that seem contradictory

34:18
and I'm and I guarantee every single one

34:22
of you out there is going to feel your

34:23
blood boil in one way or another

34:25
the first fact is an absolute fact and

34:30
that is if you have the ability the

34:33
finances to do so you should absolutely

34:36
wait to take Social Security until age

34:39
70. I'll come back if you can yeah I

34:43
said if you have the ability I'm just

34:44
hammering that home because every you

34:46
know I get these calls all the time

34:48
Terry and I'm out of Social Security

34:51
um person you know but I just say listen

34:54
you don't have to listen to anybody

34:55
listen to you and what you need right

34:58
okay here but I'm talking about this is

35:01
not a mathematic all right let me

35:02
explain why I said that first and then

35:04
I'm going to go to Part B and then I'm

35:06
going to go to part C Okay the reason I

35:09
say that is because there's a roughly

35:11
eight percent increase sure in your

35:13
benefit per year and the years after age

35:16
whenever your full retirement age is

35:18
which may be 66 and so many months or 67

35:21
it'll be pretty soon you get an eight

35:24
percent increase I'm not sure you're

35:25
going to get that in the stock market

35:26
even though the historic long-term

35:28
averages are 10 with dividends

35:30
reinvested because we've had those above

35:32
average years but let me let me

35:34
interject though because we're kind of

35:36
mudding the waters here

35:38
and stands English that means the older

35:40
you are the higher the payment because

35:42
your life expectancy is projected to be

35:45
less which means the payments will be

35:46
higher right but but

35:49
I know what you're all thinking that's

35:50
Part B of this don't want to go there

35:52
yet but Social Security is the only

35:55
annuity you will get that is indexed for

35:58
inflation thank you and if you have a

36:01
higher base then your if there is

36:05
inflation in the future you will get

36:07
more money now I I know you're doing the

36:09
math well I'm 65 now and I think that I

36:13
mean I don't want to bet because they're

36:15
going to be and maybe they're going

36:16
broke that's part b i no I want to get

36:19
my money now look

36:22
age longevity ages are creeping up

36:26
this is not about whether you get out

36:29
everything you deserve because you put

36:30
in over the years this is about what if

36:33
you really are because you are you're

36:35
watching stance podcast an above average

36:38
person I know this for a fact well what

36:41
if you live to an above average age

36:44
this is when maybe other money of you

36:47
your savings ran out and you're now 93

36:49
but at least you have the big social

36:52
security check and the big cost of

36:54
living increases that it brings this is

36:57
your heart aid in Las Vegas isn't it

37:00
Stan

37:01
perhaps any chip that you put down there

37:04
to protect your position

37:05
yeah I know how to shoot craps that what

37:09
I'm trying to say is this is the one

37:12
piece of your retirement that will last

37:15
you and last you and keep up with

37:17
inflation if you outlive the rest of

37:19
your money now part two of this is wait

37:22
a minute I've got to do my movie analogy

37:24
to that recommendation are you ready the

37:26
movie analogy to that recommendation is

37:28
Braveheart where Mel Gibson they're

37:30
lined up against the British and they

37:31
and he's Yelling to the people hold hold

37:35
and they're running toward him hold hold

37:40
that's what Terry's saying but instead

37:42
of like them spearing The the horse

37:44
she's saying 70. how's that Terry how's

37:47
that visual it's very good I like that

37:49
hold on

37:51
I know the reason

37:57
the reason whatever it was they're gonna

37:58
obey you you're Terry Savage

38:00
this is truth I know what you're all

38:03
saying because we have stands above

38:05
average audience 92 percent of you

38:09
did didn't really listen to what I said

38:11
because you were thinking but Social

38:14
Security is going broke and you are

38:17
right go to terrysavage.com there are a

38:19
bunch of Social Security articles up

38:21
there and the most recent one is social

38:23
security is going broke these recent

38:25
colas you got if you're already on

38:27
Social Security

38:29
um were not calculated into the formula

38:31
and 10 years from now you are going to

38:35
be in a position where Social Security

38:37
will not be able to pay the full promise

38:42
benefits in fact I'm going to look at

38:44
some of the numbers but but they but

38:47
they will but they will wait

38:49
don't steal my punchline I'm sorry I'm

38:51
just they'll only be able to pay 77

38:54
because the so-called trust fund which

38:58
if you're old enough you remember is a

38:59
shoe box in Baltimore Maryland with

39:01
bills in it but no it's not it's ious

39:03
from the treasury but that's another

39:04
right okay there will be no reserves

39:07
left in that trust fund that you trusted

39:10
they money that they can pay out of

39:12
benefits 10 years from now will come

39:14
from the people that are working and

39:15
getting FICA deductions and that will

39:17
only be about 77 of what you were going

39:20
to get so in instead

39:23
of just sitting around having these

39:26
stupid political debates about about who

39:29
spent most and who's to blame and

39:31
destroying our credit well we're going

39:33
to need to borrow

39:35
what we could be having Congress do and

39:37
I posted a whole long list of things

39:38
guaranteed to make you scream as I wrote

39:40
that and they're really right like that

39:41
in a column but I said I probably see

39:43
one of these will make you scream

39:44
whether it's extend FICA cap from 162

39:47
000 to all earnings or delaying

39:49
retirement age longer this that or the

39:51
other thing there are a bunch of things

39:53
they could do to fix this and I as you

39:57
just said they're gonna make those

39:59
payments we're not going to be the

40:01
largest group of people collecting

40:03
Social Security I mean there are 90

40:05
million Social Security rep and you know

40:08
what you call those people Terry that

40:09
are receiving Social Security they're

40:12
called voters here but I have I have

40:14
literally come up with a way to salvage

40:16
the whole social security system and to

40:19
make it solvent forever I'm going to fly

40:22
to DC with you on your private jet and

40:24
we're going to fly in there and here's

40:26
my proposal Terry

40:28
every single person out there that says

40:30
they hate annuities they hate all

40:32
annuities immediately forfeit their

40:35
social security annuity payment and if

40:37
we just did that that would Shore up the

40:40
fund because all of those idiot

40:43
misinformed people would not be getting

40:46
their annuity payment from Social

40:47
Security that increases with inflation I

40:50
I think that's a rational proposal Terry

40:53
and just tell me when the Learjet will

40:55
be in uh to pick me up

40:58
yeah it was from my from your mouth you

41:01
know I by the way a sidebar here quick

41:03
sidebar I'm working on a big project

41:05
about social security with did you ever

41:07
have Larry kotlikoff on

41:10
oh I don't know who knows the economist

41:12
Max who wrote get what's yours from

41:14
Social Security and he has a website

41:16
called

41:17
maximizemysocialsecurity.com 39 because

41:20
we are collecting Social Security horror

41:23
stories and we have over a hundred of

41:25
them Social Security Our Benevolent

41:27
wonderful gonna send us a check forever

41:30
is in the process of clawing back more

41:33
than eight billion dollars did you say

41:35
claw back

41:38
yes they are sending out letters it

41:40
started with a letter oh my God and they

41:43
want 88 000

41:47
go to terrysavage.com and just under the

41:49
comments oh my goodness they are they

41:52
are and guess what they say and if you

41:54
don't pass we're not going to send you

41:55
any more benefits so now we've gotta

41:57
when Widow who had a bypass surgery who

42:01
wrote I don't want to lose my house and

42:03
then when we started talking about it if

42:07
you go to my ask Terry blog at Terry

42:09
savages.com tell me your Social Security

42:11
Horror Story we are documenting them and

42:14
we're taking them to Congress speaking

42:16
of Congress which is reminding me people

42:18
who are seniors are living in fear and

42:21
they have docked the Social Security

42:23
checks one was a kid who was five years

42:26
old when his mother claimed disability

42:28
benefits for herself and they're trying

42:30
to Claude back from him he is now a

42:32
20-something young man I mean

42:35
this is my question first thing that

42:38
hits me is

42:39
why am I hearing this for the first time

42:41
from you

42:42
why am I not hearing why isn't this on

42:45
this is new this should be news this

42:48
this these are things that need to be

42:50
solved and everyone in the country

42:52
voting 100 together would be like that's

42:55
not right let's solve that every single

42:57
one I've heard about IRS abuses of

42:59
course of course I mean that but Social

43:01
Security is like the benevolent you know

43:04
Godfather that's paying you the money

43:06
that you put in but think of living in

43:09
Terror and they can do that and they and

43:10
you can't talk to them and they'll never

43:12
tell you what it was a lot of it is they

43:14
miscalculated the benefits initially

43:16
which is why maximize my

43:18
socialsecurity.com is that I don't get

43:21
anything out of it Larry can't give away

43:23
39 that's where you go to make sure

43:27
before you take your benefits or even

43:29
afterwards that your your benefits were

43:31
calculated correctly because if they

43:33
could make eight billion dollars with a

43:35
mistake that they have to claw back how

43:37
do you know they're not underpaying you

43:38
this is a national Scandal um we're

43:40
Gathering all these stories take them to

43:42
Congress and I have some friends at 60

43:44
minutes I'd love to bring this story to

43:46
them it's really I need you I need you

43:48
on 60 Minutes I need I need to turn on

43:51
Sunday night and you pop up

43:54
the money lady the chicken money we're

43:57
talking chicken money we're talking real

43:59
money we're talking Social Security I

44:00
think it's great

44:02
um you know I don't know that that's its

44:04
own website I'm sure you thought of that

44:06
Beyond but I'm a marketer in brander as

44:08
you know so you're thinking yeah and

44:10
I've been I've been blessed in a lot of

44:11
other ways so I'm I'm just I'm just here

44:14
trying to help okay you were your turn

44:16
what's your time long term we talked

44:18
some short term here we've talked a

44:20
little politics we tiptoed and danced

44:22
around it just as only as being you can

44:24
yeah without offending and um

44:28
what's long-term on the horizon Terry

44:30
what are we looking at

44:32
um financially in your opinion these

44:35
aren't predictions and or

44:36
recommendations these are based on

44:39
I know she doesn't look like this if

44:41
you're watching it's fun with annuities

44:42
YouTube channel but Decades of

44:44
experience

44:46
hanging there behind me

44:48
for um

44:56
we're getting to that point now

45:00
um getting to the point where it's

45:01
getting ready to pop

45:04
I have been having this discussion since

45:07
the early 70s

45:10
um about when the dollar

45:13
would no longer I mean what you'd need

45:17
can I tell the story I'll tell you the

45:19
story I was pregnant at the time in 1973

45:22
and and I was with a group of the smart

45:24
money people

45:26
um I take all no goals too heavy to

45:28
transport take diamonds well you have to

45:30
have them certified

45:32
and I you know that kind of a thing you

45:35
know

45:36
um and the Swiss we should I mean

45:38
literally in the 70s you took money to

45:41
Switzerland and sure

45:42
and I you know I was very pregnant and I

45:45
said I think I'd stockpile toilet paper

45:47
which was an immediate need at that

45:49
moment and guess what it came through in

45:51
the pandemic but but I could say this

45:54
because for 40 years

45:57
um I've been among the people and I

45:59
remember some of their names most of

46:01
them have passed on now who worried that

46:03
the United States is ballooning debt

46:07
would take us out of our role as the

46:09
center of the world and so I think

46:13
I think while we play our own myopic

46:15
games in Washington

46:17
the big looming thing and it Looms in

46:20
both financial and and Commercial ways

46:24
is the world order

46:26
we have Maniacs we've always had Maniacs

46:29
around the world but it was one Astro

46:31
was a maniac with missiles off our Coast

46:33
it's another thing when Putin is a

46:35
maniac with missiles all over the world

46:37
and then I think the looming thing is

46:40
China

46:41
I I you know like you I believe that if

46:44
we would get our act together like we do

46:46
in every crisis but why wait for the

46:48
crisis to be upon us because we always

46:51
do I mean that's just what we do our

46:54
strength is our economy our economic

46:57
strength is our currency the dollar is

46:58
Central to all world trade especially

47:00
oil

47:02
and the other thing now that is Central

47:04
to everything is technology and we look

47:08
at what's going on with Taiwan and they

47:11
I'm no expert on this but I read that

47:14
they make so much of our chips so that

47:16
our economy is dependent on you know

47:17
what happened in the pandemic with

47:18
supply chain you couldn't get a new car

47:20
I'm talking about everything I think the

47:24
sad thing is that we are wasting our

47:26
time with internal squabbles

47:29
when the real threat is to our Global

47:34
existence and our leadership

47:40
I think everyone's nodding in and

47:43
high-fiving the screen

47:45
um but I don't know what the solution is

47:47
because the people that we that we as a

47:50
country seem to be continuing to vote in

47:52
office

47:53
aren't capable of doing those types of

47:55
things people always ask me hey you know

47:57
I should really run for office and you

47:59
know that Terry but um but I would I

48:03
couldn't take the pay cut

48:06
so and I and and I'm not sure I could

48:09
interact with some of the low level IQ

48:11
people on the hill it would drive me

48:13
insane but the point is

48:16
um you know we do wait for chaos to hit

48:18
before we change and I'm like you I wish

48:20
we could be a little bit more proactive

48:21
but I think we are I think the I think

48:24
the

48:25
um covid woke us up a little bit from

48:27
the standpoint of sourcing things in the

48:29
in the supply chain and I think you

48:31
can't pivot quickly it's like turning a

48:33
cruise ship around in a port we are

48:35
going there and getting there because at

48:38
the end of the day whether you like it

48:39
or not whether you admit it or not

48:40
capitalism does Drive the whole thing as

48:44
long as there is incentive to make money

48:46
and to become successful however you

48:48
define that

48:50
then there's going to be smart people

48:51
taking risk and taking risk is what this

48:55
is all about this country is all about

48:56
that that's why we're here and people

48:59
need to remember that

49:00
um and I preached that to the youngsters

49:02
like you do and you know it you can't

49:05
just walk out of college and get the 140

49:07
000 mid-level management job

49:10
period yeah capitalism has created a

49:13
higher standard of living for more

49:16
people than any system that was ever

49:19
tried to look they were going towards

49:22
capitalism in Russia not now

49:24
um look at Cuba I mean you know that and

49:27
I mean is it perfect no nothing's

49:30
perfect nothing nothing runs 100

49:32
smoothly and there's always glitches but

49:35
it you know capitalism somewhat fixes

49:37
itself which is kind of interesting to

49:40
watch given the guidelines and and given

49:43
the opportunity to work but what we do

49:45
with our political system is we adjust

49:48
and distort incentives

49:51
and then we neglect to recognize that

49:54
we're paying the prices I'm not saying

49:55
that they don't have to be some

49:56
guidelines and some Royal posts but I we

49:59
do things like we say

50:01
okay we're gonna stop building this

50:03
pipeline top priority new Administration

50:06
and then we're at the mercy of we who

50:09
are the exporters I know all right

50:11
become at the mercy of global powers and

50:14
we say and we tell the energy companies

50:16
you're going to just have to give up

50:17
this oil and get and what and gas and

50:20
everything's going to be clean in 10

50:21
years and so forth but here's the latest

50:25
one this past week so we have to keep we

50:28
keep Switching gears and businesses

50:30
don't make long-term Investments oh you

50:32
know we're right in the middle of a war

50:33
okay now we need you to pump some more

50:35
gas pump some more oil drill more oil

50:37
okay how about the latest thing is I

50:40
can't figure this out in this past week

50:43
first we're told we're going to be all

50:45
electric in 10 years or whatever it is

50:47
90 of the car so I mean I don't believe

50:50
it period and then we created incentives

50:53
I know and I'll tell you why in a minute

50:55
and then we created incentives

50:59
for

51:00
um people to buy electric cars tax

51:02
incentives okay that's the way the real

51:04
world Works people follow their best

51:05
interest and then we just announced that

51:08
foreign cars are no longer going to

51:10
qualify for Ev incentives

51:13
do we really care more I mean what is

51:15
this protectionism for our industry or

51:18
is it for our environment there's not a

51:22
whatever side of this issue you stand on

51:24
you must admit that this whole thing has

51:27
been quite irrational and and how can

51:30
anyone either build a car plant or drill

51:33
for energy we're not going to be able to

51:35
cut away from electric energy and I

51:38
don't know something No I gave a speech

51:41
last week this is what I do people

51:43
wonder well you know she's giving all

51:44
this advice away yeah free advice is

51:46
worth waiting Learjet in Lear jet out no

51:49
no no I gave a speech I do a lot of

51:51
speaking for corporate groups and so

51:52
forth I gave a speech for the I won't

51:55
name the company but they do all the

51:57
electrical grid they'll work on it I

51:59
mean and the energy grid and the natural

52:03
gas and oil pipelines I mean they have

52:05
worked no matter what happens whoever

52:07
agrees to do this or that they're fixing

52:09
the old infrastructure they're laying

52:11
the new sure and we have such a fragile

52:15
infrastructure but their decisions the

52:18
decisions on the projects they make are

52:21
made years and years ahead now here's

52:24
what I now know

52:26
there is not enough electric capacity

52:30
for if we had all if someone waved a

52:34
magic wand and all the cars were

52:35
electric and the air was clean

52:38
but we got how are we going to power

52:40
these cars I have I live in a high-rise

52:43
in Chicago it's an old post-war building

52:47
I said I'm buying I put a deposit down

52:49
an electric car they said what where are

52:51
you going to put the the charger thing I

52:54
I know it's going to cost a thousand

52:55
dollars I'll put it on the wall I see an

52:56
outlet there oh we don't have enough

52:59
electricity coming into the building

53:01
to have everybody have a charger you can

53:03
go down to the basement but you'll have

53:05
to get sign up for when I said wait

53:09
yeah this is called feel good politics

53:12
it's feel good politics it feels good

53:15
sounds good but it's not rational Terry

53:18
we're up against the clock let me um

53:19
hold on just a second for everyone out

53:22
there if you don't haven't pinned this

53:23
at the top of your computer Terry

53:26
savage.com I'll spell that

53:31
t-e-r-r-y-s-a-v-a-g-e.com all one word

53:34
you need to go there it's a very good

53:36
source it's it's just objective

53:38
information no you know she doesn't sell

53:40
anything she's she's just trying to help

53:42
but as you know Terry at the end of

53:45
every single one of these that we do we

53:47
do the mic drop moment where I count you

53:50
down and then you give us an A Walk Away

53:53
moment that will make people skip away

53:55
smiling

53:57
chasing the butterflies as you give them

54:00
words of wisdom on the way out so here

54:01
we go

54:04
and five four three two one go

54:07
okay I

54:09
your biggest responsibility is not the

54:12
decisions you make today about a mica or

54:15
a treasury bill or getting in on the I

54:18
Bond or what percentage should be

54:20
inequities

54:22
and it's not even your vote although

54:24
that's really important

54:26
if you're listening to this podcast

54:27
you're the above average and that's

54:29
maybe a little bit above average Asian

54:31
America person your biggest

54:33
responsibility is if you nodded along to

54:36
some any all or most of this is to go

54:38
find some young person and teach them

54:42
about the value of our American free

54:45
enterprise capitalistic system teach

54:47
them real history not what people want

54:49
to be taught to them

54:52
teach someone younger that's the biggest

54:54
Legacy you can leave

54:56
that's what I'm trying to do well done

54:58
Terry Savage and I'm so glad you joined

55:00
me obviously Terry this isn't our last

55:02
Rodeo together we're going to catch up

55:04
with you down the road as things always

55:06
are changing this country but I want to

55:07
thank every single person listening on

55:09
all the major podcast platforms to fun

55:11
with annuities I think it's one of the

55:13
fastest growing business podcasts out

55:15
there should be if it's not I think it

55:16
is though and all the people that are

55:18
crazy enough to watch the fun with

55:19
annuities YouTube channel and see my

55:21
sweatsuit which is light blue with the

55:23
matching blue hat and Terry's glamorous

55:25
outfit and her palatial estate in the

55:28
background so thank you so much for

55:31
joining us we will see you next time

55:37
[Music]