Terry Savage: The Savage Financial Truth in 2023

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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 2 of your

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life listen learn laugh and love every

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minute of the most unique Financial

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podcast on the planet let's get to it

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[Music]

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welcome to fun with annuities I'm your

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host and the annuity man America's

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annuity agent license in all 50 states

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so happy that you joined us today for a

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repeat guest Superstar icon

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Mount Rushmore you know one of the four

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faces for financial people her name is

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Terry Savage Terry thank you so much for

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joining us once again the fans are

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yearning to hear your take on things

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again

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I come back every time because just to

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hear whatever intro you're going to come

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up for with well nice being back with

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you again well you know I'm not scripted

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you know people love that because you

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know someone asked me the other day who

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writes all your scripts for your videos

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and your podcasts I'm like scripts who's

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got Scripts oh we're just we're just

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free forming it and what's good about

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when Terry and I get on these podcasts

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it's literally a conversation a lot of

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people just say I love that because it's

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like you guys are sitting drinking

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coffee and just talking

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and you know that's how we met that's

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what we're doing now and that's what

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this podcast is all about Terry just

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want to jump in and I know you're gonna

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all you always turn the table on me and

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ask me questions as well which is

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interesting but I want you know the

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people people don't want to hear from me

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they want to hear from Terry Savage

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about what's going on in the world at

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the time of this taping we're in the

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first quarter of 2023

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things are a little chaotic Miss Terry

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but you've seen it all before there's

1:51
nothing new what's your take right now

1:54
well we're in that we're taping just in

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the third week of January well we should

2:00
just say January 25th I had to look

2:01
anyways the market got off to a good

2:04
start

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um because there was a sense of you know

2:08
every month there's a different Outlook

2:09
fed's going to raise two rates too much

2:11
so it's going to be a recession as we

2:13
come into January oh maybe things will

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be okay and it'll be a soft one start

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now we're having some down days because

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we're beginning to see some

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disappointing earnings uh from companies

2:24
like Microsoft and Boeing particularly

2:26
and but other companies too and there's

2:28
a beginning to worry that maybe this and

2:31
a lot of layoffs you know that from

2:33
companies you kind of people didn't

2:35
expect to ever be laid off from Big Tech

2:38
that's the future of the world type of

2:40
thing and yet the stock markets

2:42
rebounded I think I just saw that Dow

2:44
was within six percent of its all-time

2:46
highs I out of forecast markets but

2:49
what's really got things riled up right

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now is this debt ceiling

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um and boy I have a few things to say

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about this

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um okay number one put this on tape and

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I've said this on the Chicago team

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we're not going to default on our debt

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the U.S is not going to default on its

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debt let's talk about this for just a

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minute

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our national debt is 31 trillion dollars

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it's a sum total of all the deficits

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over the years please this is so much

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politics now look it took the

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Republicans and the first two years of

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the Biden Administration under Trump we

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added six trillion dollars to bring us

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up to about 30 trillion dollars in

3:33
national debt and then the Biden a

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couple of uh I can't even remember the

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titles of these fixing inflation forever

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Act of the secure acted one of those

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added more and just remember what those

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went for that went for unemployment

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benefits that were huge and PPP had

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stimulus checks all those stimulus

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checks what do you think they got the

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money they borrowed it okay and a third

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of our national debt our 31 trillion

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dollar national debt

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is owned by foreigners particularly

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foreign central banks we are not going

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to default we're not going to destroy

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the Dollar World oil is priced in

4:10
dollars we are like the centerpiece of

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the whole Global Financial world but

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what they are

4:16
is playing brinkmanship and we had this

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once before where they actually delayed

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payments to the military that's so

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ridiculous and and when to forget

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politics but what the Republicans say

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cut cut cut excuse me number one they

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were equally responsible Democrats too

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for getting us there number two where

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are they going to cut the three largest

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categories of spending now are social

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security and Medicare

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defense spending who's going to go up

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there from either political party and

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say

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I don't think this could happen oh you

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wealthy people we've already taxed 85

4:50
percent of your Social Security benefits

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and but you work but now you you earn

4:54
too much or you have too much in assets

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so we're not going to give you any

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that's not gonna fly look they pass

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these Omnibus spending bills that commit

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us to spending they never read them

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they're twenty thousand Pages if they

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really want to get serious look into the

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spending of course unless a lot of it is

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their own pet projects but do not play

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brinkmanship with a the national debt we

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are not going to default B payments to

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our military who are out there serving

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and you don't want to cut spending when

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even Maniac in North Korea and another

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one in Russia I mean real and maybe

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China wants to take Taiwan this is not

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one market so bottom line

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stop the spending going forward the debt

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ceiling is the refinancing of all the

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ious that we borrowed and I'm going to

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give you one more I've gotten more than

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one email and a call and a text from a

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friend of mine who should know better

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who said Terry you got us all into

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treasury bills six months T bill is now

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paying 4.8 percent right okay

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so much better than your bank CDs so now

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everybody says I own treasury bills

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they're going to default so

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more people than I will tell you have

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said to me so should I switch to CDs and

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I go oh my god listen stop see these are

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insured by the FDIC Federal Deposit

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Insurance Corporation that is the same

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government that's borrowing through the

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treasury bills right I mean come on stop

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worrying about it idiot politicians both

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sides

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you should know better this is insulting

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to America in the eyes of the world

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continue paying the debt you've

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accumulated or what don't spend more on

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crazy stuff and stop this public I mean

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it's just fodder for television that's

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all oh totally and I tell people all the

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time that there's three there's three

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products that protect your principal

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don't charge your fee and pay a

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guaranteed interest rate

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excuse me and in order of safety they

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are treasuries CDs and fixed rate

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annuities also called migas in that

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order that's your level of safety F

7:05
stands for federal okay you know it's

7:08
FDIC but above that FDIC is are the

7:11
treasuries because that's a direct

7:13
obligation and I tell people all the

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time if you you know if you just want to

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peel off interest those are your three

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products period end of story yeah and

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you know we'll say well but but what if

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but I won't let anyone say about what if

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what should I buy well I'll give you two

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choices I mean because that's really the

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end of the world as we know

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um gold has gone up a little bit from

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1830 to about 1920 something I mean if

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the end of the world were coming gold

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would be thirty thousand dollars an

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ounce but then what would you spend the

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gold on so maybe instead of that what

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you should do is you know just have a

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closet full of Campbell's Soup and I

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don't want to joke about it you know but

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you're I always tell people if if the

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conspiracy theories come true you know

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we're both have houses in Florida and

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other places but Florida we are in

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Publix the supermarket fighting for

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bread if that all happens then we're

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punching each other for bread and it's

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not the good bread it's the bad loaf

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bread the white bread The Bunny Bread

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and we're fighting for it

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um so I I really wish people would

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stop going down the rabbit hole

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um stop watching opinion television as

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much as you are doing either channels I

8:24
don't care

8:25
and think rationally about all of this

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and that's the reason I love having you

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on because you bring Decades of rational

8:32
thinking to the to the party

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well that's why that's why being on your

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show because it

8:37
in having a cup of coffee

8:42
so we would be saying so how do we tell

8:43
people

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well we're telling you yeah we are

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telling you we're telling you Decades of

8:49
experience it's not going to happen

8:51
they're not going to default exactly I

8:53
mean there are some weird things that

8:55
could happen in the universe like an

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asteroid could hit the planet you know

9:00
and

9:01
um and and Putin could be serious about

9:04
nuclear I mean yeah I you know let's

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just live our daily lives there's no

9:09
strategy for that there's no Financial

9:12
strategies for nuclear war

9:16
um meteors hitting the Earth

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um complete chaos it's Anarchy there's

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no there's no Financial strategy for it

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and even if you had the financial

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strategy even if you shorted the markets

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perfectly and there's Anarchy what are

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you going to do what are you gonna do

9:31
with it yeah you get all the money and

9:33
then okay well now what

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tell me I always love asking

9:39
people like you and there's like three

9:41
on the planet about crypto because

9:43
people have gotten hurt so I mean the

9:46
people that shouldn't be losing money or

9:47
even going all in on crypto are all in

9:49
on crypto we know those demographics

9:52
it's bouncing all around

9:54
um have you given that more thought is

9:57
is that clarified a little bit more for

9:59
you on where we're headed obviously we

10:00
both like blockchain technology but

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that's not what we're talking about

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we're talking about crypto

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yes so whenever anybody now let's have

10:10
some full disclosure here by the way I

10:12
have I serve and have served for 20

10:14
years on the board of CME Group Chicago

10:16
Mercantile Exchange and you know we we

10:19
list Futures sure in in Bitcoin it was

10:24
crypto futures

10:26
um

10:27
said

10:30
clearly I mean maybe I was going to be

10:32
wrong and miss something fabulous but

10:34
I've I've said we've made the standard

10:36
disclaimers you just did blockchain is

10:38
the wave of the future that's the way

10:39
the world I mean we still have horses

10:42
but you know now only rich people have

10:43
forces but you know and everybody drives

10:47
a car so there will be blockchain

10:49
crypto was when they when we I think the

10:53
last time we talked about people getting

10:54
20 on lending crypto I mean it was so

10:59
obvious to me at the time and then and I

11:01
said it if you want to be a Speculator

11:04
you can speculate on soybean Futures I

11:07
mean will there be rain well how much

11:09
will the farmers grow what will the

11:10
fertilizer cost

11:12
you can if you want to go you you spend

11:14
some time in Las Vegas let me ask you

11:17
that I'm in Vegas now

11:18
okay okay so what was

11:21
once you go to the casino I don't you

11:22
know I bet on myself I bet on my

11:24
businesses so that's my that's my bet

11:26
there was a time when I really

11:28
understood how to shoot crafts Jimmy the

11:29
Greek taught me stood behind me and

11:31
taught me how to shoot crabs nice

11:33
inappropriate I mean the odds you know

11:35
and when you back it up once you back it

11:38
up with it all that stuff and then

11:40
someone said you know you're on TV

11:41
telling people to be sensitive like I

11:43
said yeah well to me it was a mental

11:44
game but I won't do that anymore

11:47
but in the realm of crypto I I think I

11:52
put in the category of do you play

11:54
Blackjack do you play poker where you

11:56
have some you can or do you shoot craps

11:58
where you

12:00
the house always has the edge you know

12:02
and but where you can have some

12:06
intellectual promise like it's like

12:08
playing back in when we play backgammon

12:10
a lot around here

12:11
and if you know the numbers it's not

12:15
just a game of what the dice roll I mean

12:17
if you there's some skill to it

12:20
I think of so I can't say that a craft

12:24
shoot is just a wild thing but I think

12:27
Bitcoin today is not an investment it's

12:30
more like a correction yeah and I just

12:32
watched there's a new there's a new

12:34
documentary out on on Bernie Bernie

12:36
Madoff which is very fascinating because

12:38
they kind of went through the whole

12:40
thing and and some stories that I didn't

12:42
know on how it all happened

12:44
but the Sam bankman freed innocent until

12:47
proven guilty let's go on record for

12:48
that with the whole FTX scandal

12:52
that might be the craziest thing I've

12:55
ever heard Terry on just the lack of

12:59
transparency and the lack of oversight

13:00
with billions and billions and billions

13:03
of dollars

13:04
of a kid let's say it a kid in shorts

13:08
and a t-shirt in the Bahamas with no

13:09
board of directors I've got a board of

13:12
directors the annuity man this guy

13:15
didn't have a board of directors or an

13:17
accounting firm how's that possible

13:20
that kind of stuff can happen boy how's

13:23
it possible that major firms from the

13:26
Pension funds yes in Toronto to Major

13:29
Venture capitalists could put the money

13:32
I want to give credit where it's due and

13:34
there's plenty of stuff on the um

13:36
internet chairman of CME Terry Duffy

13:39
went to Congress and in effect said this

13:43
he he he literally called out what was

13:48
going on and the political contributions

13:51
and the money that was surrounded by

13:53
this that made up money

13:55
um it there's a lot of scary stuff in

13:58
Washington but that's another scary

13:59
aspect that everybody of you read the

14:02
book extraordinary popular delusions and

14:04
The Madness of crowds that's must

14:06
reading before you ever invest I agree

14:08
with that classic written 100 years ago

14:12
bubble the Tulip bubble the Mania that

14:14
people can get caught up in and you must

14:16
read that book right understand this how

14:19
sensible people

14:21
can get caught up inside large

14:23
investment banks that didn't do the due

14:25
diligence basic due diligence

14:27
um was incredible to me

14:30
um and I'm assuming those people got

14:32
fired I don't know there was wirecard

14:34
which is a big European fraudulent thing

14:37
accounting firms never dug deeper into

14:40
the initial fraud there these things

14:43
come along

14:44
and that was one and and there'll be

14:47
another one you know when madoff's thing

14:49
happened people said that's never going

14:50
to happen again and I said oh no it'll

14:52
happen within the next 10 years we'll

14:54
have another one

14:56
um it's everyone trying to cut corners

14:59
yeah you can't cut Corners when you get

15:01
healthy and lose weight you can't cut

15:02
Corners when you're investing your money

15:05
and um yes there are stories one you

15:09
know one out of a million stories that

15:11
that hit the wire that messed things up

15:13
but legitimately and rationally if it

15:16
sounds too good to be true whether it's

15:18
I don't care what it is it is no

15:20
exceptions period and the whole Bitcoin

15:23
thing I and I forget I said the word

15:26
Bitcoin the whole crypto thing which

15:27
There's 7 000 crypto coins or whatever

15:30
and Counting

15:32
people just have to be rational I think

15:34
what's what worries me Terry is I read a

15:37
stat that

15:38
the younger people that are investing in

15:40
crypto trust crypto more than they trust

15:43
the s p 500. that's a stat

15:46
that's tough that's that's a hard one

15:49
for old dudes like me to swallow

15:52
extraordinary popular delusions or the

15:54
old Savage truth the lesson the cost the

15:58
most teach the most thank you a lot of

16:01
lessons have been learned

16:03
yeah I always say you know this the

16:05
scars are what we learn from and some of

16:08
these scars are tough I just feel for

16:09
the people you know 65 of all Americans

16:12
have what 400 in their checking account

16:15
you know which dovetails into my next

16:17
topic with you which is inflation I did

16:20
a video recently that my PR firm changed

16:24
the title but the title was originally

16:25
stopped bitching about inflation

16:28
um and then they changed it to

16:29
complaining because they didn't like my

16:31
southernism but my point to people and

16:34
most of the people listening to this you

16:36
you probably have money and I and are of

16:38
means and this this time period for

16:42
inflation is customized and personal and

16:45
you're going to get through it so please

16:46
stop going down the rabbit hole with

16:49
that being said what is your take on

16:51
inflation and how people should approach

16:53
it

16:54
that's so funny because when you brought

16:56
that we do not plan

16:57
this I have no idea what stem looks no

16:59
no we're free-forming it the topic of

17:02
inflation I was going to say oh oh

17:06
that is

17:08
22

17:10
exactly we live we're grown-ups we

17:14
cannot find my gray hairs I spent a lot

17:15
of money to make sure of that but um

17:18
I just wear hats it's easy okay but we

17:22
live through the early 1980s I went

17:24
really seriously we survived I remember

17:26
I'm telling my mom you were not buying a

17:29
30-year treasury at 13 because inflation

17:32
could go to 20 percent of people you

17:35
don't want to have 13 for only you know

17:38
for only 20 years or whatever it was at

17:40
the time

17:40
we got through that I think the FED has

17:44
gained a lot of credibility

17:46
I know that they um the markets believe

17:50
it said you'd have gold at 25 000 in

17:54
ounces sure

17:56
1900 and that's

17:58
and um

18:00
the only thing you know

18:04
the only possible way it could get out

18:06
of hand now is If the Fed had to

18:08
capitulate to save the dollar in some

18:11
weird scenario and I just don't see that

18:13
happening so the fact is hey you've got

18:16
some money what I call Chicken money you

18:19
for the last six or eight months have

18:20
been putting it in t-bills

18:23
speaking 4.8 a little over sure and if

18:27
you buy them a treasurydirect.gov

18:28
there's a whole article how to buy T

18:31
bills at my terrysavage.com on the right

18:33
side under links by the way that's Terry

18:35
Savage all one word

18:39
t-e-r-r-y-s-a-v-a-g-e.com please go

18:41
there and pin it I sell nothing I

18:45
endorse nothing I have no clients I am

18:47
totally fiduciary I write a syndicated

18:49
column I'm on radio and TV in Chicago

18:52
and and have a podcast which is a

18:55
financial rock star straight up no we're

18:57
taping soon so uh about annuities which

19:00
I'm gonna get to in a minute so at any

19:02
rate thank you very much but the point

19:04
is you have some money here's what we

19:06
know number one you cannot beat

19:09
inflation but you can adjust and get

19:10
closest with treasury bills number two

19:13
there has never been a 20-year period

19:16
this is Morningstar if it's in history

19:17
research NADA pep talk there's never

19:20
been a 20-year period where you lost

19:22
money in a diversified portfolio of

19:26
large company American stocks with

19:28
dividends reinvested just shorthand S P

19:30
500 sure no 20-year period where you've

19:32
lost money even adjusted for inflation

19:35
so you have a long time to retirement a

19:38
portion of your money is invested in the

19:40
stock market Diversified sheltered so

19:42
that your Dividends are reinvested and

19:44
you're not paying taxes that's your IRA

19:46
and

19:48
um you own your home which now prices

19:50
are still up over a year ago that's

19:53
slackening but we're not having a

19:55
financial crisis like 2008 where your

19:57
home will decline

19:59
you're listening to this podcast you are

20:02
in the sweet position you're probably

20:04
not buried in credit card debt which is

20:07
now people who are trapped are paying

20:10
like 25 28 and that's the 65 percent of

20:13
the people we just discussed that have

20:15
400 in their checking account they're

20:17
maxing out those are the people that are

20:19
getting hammered

20:21
hammered you unfortunately on this

20:24
podcast they listen to me on radio and

20:26
TV I am preparing every year I have a

20:29
theme two years ago actually in January

20:33
of 20 20. before the before the uh

20:37
pandemic my theme was it was 21.

20:42
this is a time to take some money off

20:43
the table in stocks last year my theme

20:46
in January was refinance your house

20:48
right now you're getting three percent

20:49
three point three percent a year ago

20:51
right never see rates is low again in

20:54
your life okay and my theme for this

20:56
year and I started hammering on it in

20:58
December because people read my

21:00
newspaper columns and watch me on you

21:02
know General TV in the morning news and

21:04
so forth they might I might help them

21:07
get out of debt get out of your credit

21:09
card debt there are still jobs take an

21:11
extra job pay off the balance soon the

21:13
economy will slow you may not get an

21:15
extra job

21:16
you're going to get trapped in debt so I

21:18
think the theme I think by the end of

21:19
this year I'm going to be talking about

21:20
consumer bankruptcies again yeah I'm

21:23
going to be about National foundation

21:24
for credit counseling

21:27
800-388-2227 it's a Terry savage.com to

21:31
get independent Financial Credit advice

21:34
trust I think

21:36
even if we don't go into a bad recession

21:38
but look at the leading indicators look

21:40
at manufacturing it's kind of looking

21:43
like it might be a little more serious

21:44
even though there's still a demand for

21:46
workers I think we're going to see

21:48
people whose balance sheets are strain

21:50
particularly seniors

21:52
yeah who are only living on Social

21:54
Security and have fixed incomes and

21:56
everything costs them more so my my

21:58
theme for this year is beware of debt

22:00
and now because you are the people who

22:03
are watching Stan and you're going oh

22:05
yeah I know that here's a responsibility

22:07
go talk to your kids anybody over 30.

22:11
mm-hmm

22:12
dinner out at all those expensive

22:14
restaurants which I get 200. it's the

22:16
kids it's my kids it's exactly they're

22:19
not saving that you know

22:22
um

22:22
talk to anyone you can around you

22:25
because there's a generation that's

22:27
never seen job losses or who thought

22:29
they were immune to job losses because

22:31
they were the tech because because they

22:34
I you know because they can do social

22:35
media that was going to pay them forever

22:38
to tell them like you know I mean

22:42
that in itself was a bubble and I I just

22:45
talked to someone who doesn't know if

22:47
you're nodding your head saying yeah

22:48
well to get on my on my um patriotic

22:52
soapbox here a little bit when we go

22:55
through these time periods in the

22:57
country where you see layoffs and you

23:00
see things happening like two things

23:03
happen number one companies get more

23:05
efficient and and they start realizing

23:08
actually how many what the head count

23:10
they actually need number two

23:13
when you're laid off

23:16
um a lot of people are going to become

23:18
entrepreneurs which is also a good thing

23:19
for this country so it's going you know

23:21
the negatives turn into positives for

23:23
this country we it's kind of like when

23:25
covid kovitz made us stronger as a

23:27
country was a crappy time and there were

23:29
some bad mistakes made but I think we

23:31
can all agree we're stronger because of

23:33
it we understand it we learned we're not

23:35
going to make the same mistakes again

23:36
and companies do the same thing they

23:39
over hire they overpay and then they

23:41
reel it back realize that they can do it

23:43
with less people and the people that are

23:46
laid off realize that they can compete

23:48
with the company that just fired them

23:50
and that's that's the true beauty of

23:54
capitalism true beauty and so I think

23:57
this is just a temporary time and for

23:59
all the people out there that say stand

24:00
you just don't understand inflation

24:01
listen I do I think it's personal like

24:04
for me I have daughters that are that

24:06
are turned this week turning 26 and 24

24:08
they're out of the house I'm not taking

24:10
them to dance I'm not buying milk

24:13
it's different okay

24:15
everybody's inflation situation is

24:18
different and when people call me with

24:20
large amounts of money and large is

24:23
relative and I say well you know is it

24:26
affect your lifetime well no it's not

24:27
affecting my lifestyle yet I'm like well

24:29
then why are you complaining you're

24:30
going to be okay I think everybody

24:32
probably listen to this you're going to

24:33
be okay does it make us mad that eggs

24:36
are eight dollars a dozen yeah sure it

24:38
sure does buy the eggs

24:40
you know buy the drugs I'm not talking

24:42
now you know I forget what the number is

24:44
probably a third of seniors who get

24:47
Social Security it is 99 of their

24:51
interests that is correct so if you

24:53
happen to be tuning in we are not

24:55
dissing the impact of inflation you've

24:58
got a little bump up in your social

25:00
security check it was offset by your

25:02
Medicare premium Rising probably and

25:05
um and the price of eggs does matter

25:09
um it does to those people but that's

25:11
why we are concerned about inflation as

25:13
a society and that's why you got Powell

25:15
saying I am not letting this get away

25:17
from me I am not going to be pressured

25:19
uh to finance to create put more money

25:23
and it's actually sucking money out

25:25
raising rates the era of free money is

25:28
over yeah um Apex corporations but there

25:32
is no doubt and I you know we

25:35
for better for worse there were a lot of

25:38
programs that were put in in 2021

25:41
um credits refundable I mean just

25:44
absolutely giveaways to families which

25:46
were significant amounts of money 350 a

25:49
month for you a great young child uh

25:52
that's been real back in also uh as the

25:55
end of that that uh act and so there are

25:58
a lot of people who are suddenly finding

26:00
that stuff costs more and they have less

26:04
money the good news is that for those

26:07
who can go out and work there are jobs

26:10
but again A lot of people are not in a

26:12
position and I'm and I'm I'm one of the

26:14
employers that will hire as many people

26:16
that are qualified that walk through the

26:18
door I'll hire I'll hire them all right

26:20
hi everyone to do what

26:23
um you know we have multiple offices but

26:25
for us is to is to handle all of our

26:28
client needs handle our client

26:29
applications and things like that we

26:32
cannot find enough qualified people that

26:35
want to work

26:38
um to fill all the positions that I need

26:39
and I know I'm not and I talk to other

26:41
entrepreneurs out there in other sectors

26:43
it's the same it's the same thing

26:46
I'm not sure what's going on in the

26:47
country right now but the the work ethic

26:51
is not where we need it to be wait 42

26:54
people I hear them I see you out there I

26:56
can feel you out there I said wait wait

26:58
what's that job and do you have to come

26:59
into the office

27:00
the answer is the answer is yes you do

27:03
have to come into the office I also

27:05
think that

27:06
the days of

27:09
deciding if you want to come in or not

27:11
are over and they need to be over

27:14
because as you know and you've worked in

27:16
offices before Terry there's a Synergy

27:18
that's positive not only for a business

27:20
but also personally and culturally that

27:24
help and um you know when we came out of

27:27
covet and and got this big office in Las

27:30
Vegas and it's already filled and we're

27:32
getting more space

27:34
to watch the interactions and the

27:36
laughing and the the stories and the

27:38
going out after that's what it's all

27:40
about we're human what are they doing in

27:42
your office tell me specifically and

27:43
then

27:45
I I'd rather you know

27:47
um my competitors would love to know

27:49
exactly what they're doing but let's

27:51
just say that we we are we are at the

27:53
Forefront of of disrupting an industry

27:56
and doing things in a pro-consumer way

27:59
that by the end of the first quarter

28:01
you'll see changes with us that

28:04
um that you know are going to be unique

28:07
and we're we're the leader out here

28:09
anyway but we're going to do some we're

28:11
doing some things and I'm ramping it up

28:12
so yeah I'm doing another podcast where

28:17
I only interview you that's fine and

28:20
we'll go through the site and everything

28:22
um but I'm putting my money where my

28:24
mouth is because you know a lot of my

28:26
legacy employees were like why are we

28:28
changing why are we why are we going to

28:30
change when everything seems like it's

28:31
working and my answer to that is is the

28:33
American answer is because we always

28:36
strive to get better and we always

28:37
strive to do things in more pro-consumer

28:39
way and I have this

28:42
this drive within me to

28:46
make the annuity industry

28:49
a respected place and for people that

28:52
say they hate all annuities they will be

28:53
laughed at soon because that's insane to

28:57
say that if you say that that means you

29:00
hate Social Security if you say that

29:02
that means you hate CDs so if you're

29:04
saying I hate all annuities and they're

29:05
people that use it as marketing tools

29:07
that I know and and have nothing against

29:09
them but you're going to be laughed at

29:12
eventually because with the demographic

29:15
tidal wave of 11 000 Baby Boomers

29:18
um people are looking for guarantees and

29:20
income so they can go into chapter two

29:22
of their lives and live the life that

29:23
they deserve and have earned

29:25
and an annuity the annuity industry I'm

29:28
dragging them across the finish line to

29:31
get the message in front of people to

29:33
say these are good products you can't

29:34
say I hate all annuities there's many

29:36
different types it's like saying oh hey

29:38
you know restaurants so you know my

29:41
thing now is the Legacy the Legacy I

29:43
want to leave is that he changed the

29:46
industry and he changed people's

29:49
um feelings about contractual guarantees

29:52
and I'm going to do that and then I'm

29:54
excited about it and that's the reason

29:55
I'm ramping up and hiring as many people

29:57
as possible and we probably already have

30:00
the biggest staff of any single you know

30:03
annuity agent

30:04
in the country and it's going to get

30:06
bigger and I'm bringing in some of the

30:08
top consultants in the world to figure

30:11
out how to make the consumer experience

30:13
to purchase annuities unique different

30:17
and easy how about that what a tease you

30:20
are what a tease now what is folks

30:22
seriously I mean I understand what's up

30:24
to something because he's in Las Vegas

30:26
in this big office wait what are you

30:28
taught I'm just 20 Questions sure are

30:30
you talking about

30:31
immediate annuities everything every

30:34
single time are you talking about

30:37
um index annuities you know we we don't

30:40
sell variable annuities just because

30:42
just because I um and there's nothing I

30:45
have nothing against variable annuities

30:47
other than my take on it and I'm

30:49
probably wrong that people can argue

30:51
with me is if you want to buy mutual

30:52
funds go buy mutual funds yeah that's

30:55
that's my opinion but with indexed

30:57
annuities yes we sell them but we sell

30:59
them properly as a CD product

31:02
with with attached guarantees for

31:05
Lifetime income we do not ever talk

31:08
about them ever getting Market type

31:10
returns or bonuses or things like that

31:13
so you know we sell contractual

31:15
guarantee so all of the fixed annuities

31:17
that are out there qlex DSP is myga's

31:20
traditional index those type of products

31:23
you know as I've always said these are

31:25
commodity products and we're going to

31:27
commoditize them and make the customer

31:29
experience a lot better now with that

31:31
being said since October 1st Terry the

31:34
first Miga came out a fixed rate annuity

31:37
for those people that want to know what

31:38
a mica is multi-year guarantee annuity

31:40
it came out in October 1st the first one

31:43
over five percent guaranteed yield okay

31:46
ever since that time Terry it's like the

31:50
dog has caught the car and for people

31:53
clients of mine that that have gone

31:54
through the process it's it's like

31:57
pushing a rope with a lot of these

31:58
carriers and and they can't hire enough

32:00
people the money is flowing in and I

32:03
always tell people just because the FED

32:05
raises rates doesn't mean annuity rates

32:06
are going to go linear and raise with

32:08
them just because if they're getting

32:10
enough money in there's no incentive for

32:13
them to raise rates so insurance

32:15
companies right yeah the insurance

32:16
company so it's been a tough it's been a

32:18
tough three months for the industry just

32:20
because of the overwhelming

32:24
um demand and these companies are

32:26
reaching capacity and uh it's a fresh

32:29
it's frustrating in our RN because we

32:31
can't get it done quick enough for our

32:32
clients it's frustrating on the carriers

32:36
in because they can't issue the policies

32:38
fast enough because I'm envisioning

32:40
Terry these these companies with like a

32:42
warehouse full of FedEx packages I know

32:44
that's not true but that's what I'm

32:46
envisioning because

32:47
so many people want five percent wait

32:50
wait stop for a second I think here's

32:52
what you're saying

32:54
nobody wanted to buy multi-year

32:56
guaranteed annuity that paid two or

32:58
three percent right yeah the stock

33:00
market and the odds are over you know

33:02
you're going to come out ahead with it

33:03
right we're saying that just this fall

33:06
was a federation raised rates and I know

33:08
I got because I have all these contacts

33:09
in the industry and all the emails five

33:12
you know five percent guaranteed you

33:14
sure you don't want to do this

33:16
so we're talking about a multi-year

33:17
guaranteed annuity nothing with the

33:20
stock market and advocacy industry's

33:22
version of a CD correct uh five percent

33:25
now to do that you have to believe that

33:27
inflation's not going to 10 percent or

33:29
11 or 12 or 13 that whatever you have to

33:32
be rational enough to know that there's

33:34
no way to to hit it hit that number and

33:37
you try to just get as much as you can

33:40
my comment to this is and I tell people

33:42
this all the time

33:44
and I've been on the you know with

33:45
Morgan Stanley and Dean Witter payneware

33:47
with UBS I've been there I worked on

33:49
Wall Street I know that side of the

33:50
market

33:51
but you know they'll build a statue of

33:53
you beside the bull on Wall Street if

33:56
you average seven percent every single

33:57
year year after year after year there'll

33:58
be a statue of you

34:00
well right now at the time of this

34:02
taping and I'm sure this is going to

34:04
change but you can get five and a half

34:05
5.6 on say a five year duration well do

34:09
you want to put your money at risk to

34:11
get the seven or do you want to lock in

34:13
the five and a half or do you want to do

34:15
it smartly do maybe a combination of the

34:17
two

34:19
that being said that's the reason the

34:21
carriers are completely overwhelmed but

34:23
they're catching up and we're seeing the

34:26
the light at the end of the tunnel with

34:27
them but boy it has been and I told all

34:30
the carries early I said listen when you

34:32
guys finally got a five percent you

34:33
better hire people quickly and you know

34:36
obviously they couldn't and so here we

34:38
are

34:39
so you are letting people know via this

34:43
podcast in your new office sure they can

34:45
get a multi-year guaranteed well over

34:48
five percent at the time of this

34:50
anything over a three-year duration you

34:52
can get five

34:54
three years now and I tell people all

34:56
the time and here's the way to look at

34:57
myga's CDs and treasuries if your

35:00
duration is less than three years

35:03
buy CDs and treasuries all day long if

35:06
your duration that you want to lock in

35:08
is more than three years they're mygas

35:10
it's really that simple because people

35:13
say well you talk about CDs and

35:15
treasures and you don't sell them I'm

35:16
like yeah but I love them

35:18
throw everything in three years and then

35:20
treasures and CDs three years and out

35:22
multi-year guarantee annuities and that

35:24
way you are locking in the highest

35:27
contractual yield possible for the

35:29
durations okay stop I'm just looking

35:32
right now as we take this five-year

35:34
treasury is yielding 3.58 okay insurance

35:38
companies are giving you like two full

35:40
percentage points more than that a

35:42
guarantee for five years sure 12 people

35:44
out there are saying excuse me but I

35:48
mean how do they do that let me let me

35:49
tell you how they do that it's very

35:51
simple how do they do that

35:53
will they go under I mean no no no no no

35:56
just think think rationally about what

35:59
who issues an annuity it's a life

36:01
insurance company okay and life

36:04
insurance companies have many things

36:05
they price off of they sell life

36:07
insurance they know when you're going to

36:09
die so that's a profitable product they

36:11
sell lifetime incomes stream products

36:13
like speeches and qlex that's a lifetime

36:15
income stream they know when you're

36:16
going to die that's a profitable product

36:17
they they have Legacy Bond portfolios

36:20
Jimmy Carter bonds and Barack Obama

36:21
bonds that are non-callable that are

36:23
very good then they look at the capacity

36:26
of what they want to raise and what they

36:30
know they can guarantee and then they

36:31
glance at the Fed so those are kind of

36:34
five legs of the pricing stool whereas a

36:36
bank is just looking at the FED okay in

36:39
essence the life insurance company has

36:41
all kinds of pricing mechanisms that

36:44
they're trying to do and and as a broad

36:46
sense when when a company when a life

36:50
insurance company issues a a my get five

36:53
percent what they're really saying to

36:55
you is we know with all of the things

36:58
that we offer that we're going to make

36:59
five and a half okay we're going to give

37:02
you five and we're going to keep 50

37:03
basis points on billions of dollars it's

37:07
that simple and I always tell people

37:10
annuity companies out of the big life

37:12
insurance companies have the big

37:13
buildings for a reason because they know

37:15
when we're going to die

37:17
Property and Casualty companies to go

37:18
out of business because they don't know

37:20
when the hurricane is going to hit so

37:22
life insurance companies no and they

37:25
know and other people say well last time

37:27
the FED raised you saw so many of these

37:29
Mica companies lower their rates why is

37:32
because they've reached capacity they

37:35
reached the amount of money they want to

37:36
raise for that for that tranche and then

37:39
they lower the rates to not attract

37:40
money it's a very interesting

37:43
sector to watch because it's not linear

37:46
to the Fed

37:53
exactly

37:55
you're thinking about little dippity-doo

37:57
insurance companies with triple B

37:59
ratings no no major insurance companies

38:01
are today

38:03
offering that kind of yield but that

38:06
when in fact uh

38:10
that at some point they'll be filled up

38:13
and then they'll lower their rates

38:14
they'll lower their rates so they won't

38:16
attract the money is there now what okay

38:19
you get a five year I'm gonna ask all

38:20
the kids super fun

38:22
five years guaranteed at Five Point

38:25
whatever

38:26
five five yeah five five five six and

38:28
some some miners allow you to take out

38:30
interest on a monthly basis some do not

38:32
we offer all of them so you just have to

38:34
tell me the liquidity that you want and

38:37
are they AAA rated uh some are some are

38:40
but the way that I look at this Terry

38:42
just and I was quoted in Barons a couple

38:44
weeks ago they talked to me about migas

38:46
and I said with migas we're dating them

38:47
not marrying them okay so when we're so

38:50
when we're when we're doing in my

38:52
southernisms you know we're looking at

38:54
the claims paying ability of the

38:55
duration

38:56
okay so can that a or a minus rated

38:59
company for three years the answer is

39:01
yes because we're not going to be there

39:03
after three years now if we're going to

39:04
buy but if we're going to buy a lifetime

39:06
income product we're marrying them

39:09
so it's got to be quality paper

39:12
A Plus or better

39:14
if there are people that

39:15
are what I'm very good with you

39:17
the audience wants to know so at the end

39:19
of five

39:20
five three possibilities interest rates

39:23
are two percent inflation has been slain

39:25
and your five-year period ends or oh my

39:29
God we've had runaway inflation I guess

39:31
those are possibilities sure what

39:33
happens to two questions what happens at

39:36
the end and B as you were talking about

39:38
some allow withdrawals of interest but

39:41
let me do it with this let's do the end

39:42
first what happens at the end of five

39:44
years you have you have the choices I

39:47
want to get all my money back please

39:49
send it to me or if it's Ira money I

39:51
want you to send all of that money back

39:53
to the original Ira Source or let's roll

39:56
it to another myga and to kick the tax

39:59
can down the road or what my one of my

40:02
most popular videos is called my guitar

40:04
we take the mica proceeds shot for the

40:07
highest immediate annuity rates and do a

40:09
non-taxable event transfer to that

40:11
immediate annuity and what have I done

40:13
I've stripped out all fees for a

40:16
lifetime income product so you know if

40:18
you buy an index annuity with an income

40:19
Rider or a variable annuity then income

40:21
Rider nothing wrong with those we sell

40:23
the income Riders

40:24
you're paying a fee for the life of the

40:26
policy if you want to strip all of that

40:28
out and know what your what your

40:30
guarantee is going to be in the duration

40:31
as you're deferring by Amiga no fees and

40:35
then move it to an immediate annuity no

40:37
fees it's a very efficient way to do

40:40
future income and now I'm not sure the

40:43
carriers like it because they don't get

40:44
those annual fees but

40:46
is pro-consumer yeah okay I got that we

40:49
all got that right didn't we all right

40:50
now it's Mrs Smith she thought she could

40:53
tie it up for five years but an

40:54
emergency came up what do you do with

40:56
your um my Gap if it's three years in

40:59
well I mean Joe the smart guy who's

41:02
really annoyed that he only got five and

41:05
a half cents because if you know

41:08
something happened to Paul and inflation

41:10
in the world and now inflation's 14 and

41:13
he's all he's tied up for two years of

41:15
duration I mean for the duration there

41:16
are surrender charges now what has to

41:19
happen on our end which does is there

41:21
has to be a suitable and appropriate

41:23
amount of money placed in the myga and

41:26
sufficient amounts of cash and or money

41:28
market left on the table so that they

41:31
don't have to disrupt that that contract

41:33
now I always tell people do you want to

41:36
take out interest or have the ability to

41:37
some of these will allow you to take out

41:39
ten percent every year penalty free you

41:41
know if you need liquidity but I think

41:43
that is more of a of an advice problem

41:46
people always help tell people don't put

41:49
too much money in annuities okay you

41:51
know why is this turning this I didn't

41:53
want this to turn into an annuity thing

41:55
come on Terry

41:57
one more question you get one more

41:59
annuity question then I pivot back to

42:01
you I want to give you one more but

42:02
everybody is going to turn into a column

42:05
you'll read in your local

42:06
newspaper.com within 10 days it'll be

42:09
posted there okay I have a one more

42:10
question for you okay so it is okay turn

42:13
into my show guys I know and but I'm we

42:16
I do a podcast called friends talk money

42:18
and we are interviewing Stan it's a Pam

42:21
Kruger of wealth ramp and Richard

42:23
Eisenberg of PBS next Avenue and we're

42:26
gonna do that but I just one more

42:28
totally different annuity question since

42:30
people to an intro notice okay

42:33
years ago with all the fees involved

42:36
okay someone bought put a hundred

42:38
thousand dollars in an equity linked

42:41
index name the name annuity it was

42:44
expensive it was whatever it was it

42:46
wasn't the full Equity link she never

42:48
got the dividends all the reasons

42:49
standing well let me let me stop right

42:51
now and unless if you buy an indexed

42:54
annuity a fixed index annuity and you

42:56
don't attach an income writer there are

42:58
no fees

42:59
okay but they bought but but what

43:02
happened was a lot of people bought

43:03
these products and the index wasn't the

43:06
S P 500 including dividends and over the

43:09
long run dividends account for about 40

43:10
in fact yes in it like 50 50 the

43:15
dividend in the dividend it's 40 now

43:17
okay Total return of this but what was

43:21
it might not have been the greatest

43:22
index you might have not gotten all you

43:25
could you you felt that there's no

43:27
downside but you get the upside of the

43:29
stock market no you don't that's where I

43:32
got to stop you don't okay well that's

43:35
my question okay so somehow you have

43:37
something called an investment account

43:39
in here in here and you put a hundred

43:41
thousand dollars in we had a pretty good

43:43
bull market and we're still up within

43:45
five six percent of the all-time highs

43:47
and you did this yeah but you're you're

43:49
making the classic mistake of comparing

43:51
it to an investment

43:55
correct a lot of people

43:59
and say great now I'm 67 or eight and

44:02
that hundred thousand in my investment

44:04
account is now 218 512 and they want to

44:10
pick up the phone and call the insurance

44:12
company and say all right

44:14
assessment account where the 218 000

44:17
please send me a check all right

44:19
withhold taxes let me let me just

44:22
explain it very visually for people it's

44:24
very simple you know index annuities are

44:26
based the returns are based limited

44:29
returns are based on an on a call option

44:32
um Terry has written the book on call

44:34
option so the point is it does include

44:36
dividends it's a snapshot of price

44:38
either a one-year option to your option

44:40
three year option whatever now if you

44:42
add an income Rider to that or a death

44:45
benefit writer that's two separate

44:46
calculations the income writer value

44:49
which is fictitiously sold as yield so

44:52
you'll see an agent at a bad chicken

44:54
dinner seminar say you can get seven

44:55
percent yield what they're talking about

44:57
is an income Rider which is a phantom

44:59
account you can only use it for income

45:01
but whatever that index side grew by

45:03
okay you can get that out lump sum and

45:06
do whatever you want to with it it's

45:07
just not going to be historically since

45:09
they were introduced in 1995 they've

45:11
been CD type returns because they were

45:14
introduced for for CD type Returns the

45:16
other thing people need to understand is

45:18
that these index options and there's

45:20
three levers that control and limit the

45:23
upside which is Cap spreads and

45:25
participation rates very complex if you

45:27
want to I've read the book on I've

45:29
written a book on it you can I'll write

45:31
it too but it's so complex

45:34
um that the annuity company can change

45:36
the rules at their discretion

45:38
on those index options I'll give you a

45:40
great example and let's let's close with

45:42
this and pivot back to you if you bought

45:44
a 10-year surrender charge index annuity

45:46
with a one-year call option meaning it's

45:48
going to renew every single year in

45:50
essence what you've bought is a one-year

45:53
guarantee with a 10-year surrender

45:55
charge the other nine years you're at

45:57
the discretion of the annuity company to

46:00
change how they limit the upside

46:03
yeah change the index and they can

46:05
change the the way they limit it so back

46:08
to back to you enough about that stuff

46:11
I know my head spins you know what I do

46:13
when people call me I say

46:15
um

46:16
my answer at readers just questions all

46:20
I'm going to tell people is don't buy

46:22
the dream you're going to be pitch the

46:24
dream don't buy the dream because the

46:26
contractual realities will show up all

46:29
right now your focus is on these

46:30
multi-year guaranteed annuities and

46:32
they're paying right now right well it

46:34
you know my focus is what people need I

46:36
ask two questions it's very simple what

46:38
do you want the money to contractually

46:39
do when do you want those contractual

46:41
guarantees to start with the acronym

46:43
pill that explains annuities in general

46:45
principal protection income for Life

46:47
Legacy and long-term care if you don't

46:49
need to contractually solve for one or

46:51
more of those items in the pill you

46:52
don't need an annuity notice there's no

46:54
G for growth

46:56
but back to you you're one of the few

46:58
people gentlemen I give you Stan the

47:00
annuity man thank you really if you only

47:01
got 60 of that you're you're with me but

47:05
I've always remember I've done I've done

47:07
you know around 800 videos so far we

47:09
keep doing them and and a couple hundred

47:11
podcasts but I was going to ask you one

47:12
of the few people that have literally

47:15
met most of the recent Fed chair people

47:18
chairman chair persons you actually have

47:21
met them know them

47:22
you think you think they're doing a

47:25
pretty good job and do you think they're

47:26
still going to Buck the trend and keep

47:29
raising rates and I know you're not a

47:30
prognosticator but what's Your Gut feel

47:32
tell you well we're still here aren't we

47:34
they've all ever since Arthur Burns

47:37
to think about it Arthur Burns yeah well

47:40
I never met Arthur Prince but I remember

47:41
I'm a student

47:43
but you met most of them yeah I have a

47:46
videotape of me walking down a hallway

47:48
asking Paul Walker about interest rates

47:50
in him at six foot eight and me coddling

47:52
along in my high heels and he said you

47:54
really know these numbers don't you

47:58
um yeah one of my Great Moments the FED

48:00
chairman have done a very good job we

48:03
have not been overwhelmed by inflation

48:05
now my I do not claim to know any of the

48:08
one that they would know me but Jay

48:10
Powell came to a speech it gave a dinner

48:13
speech at something I was invited to in

48:15
Chicago years ago when Believe It or Not

48:18
Tebow writes were like at zero point

48:21
zero eight percent right

48:24
in Europe

48:27
lost when great Bonds were negative

48:29
bonds and

48:32
it's in other words you pay them in

48:33
Europe

48:34
putting your money in their bank so it

48:36
was negative and I you know those

48:40
questions I turned into Terry the TV

48:42
person then I said Mr you know

48:44
everybody's being polite I said excuse

48:46
me well is there a possibility because

48:49
we're right on the brain that interest

48:51
rates could go negative in the United

48:53
States some journalist kind of question

48:55
sure and I'll never forget you Paulo

48:58
with his glasses down on his nose looked

49:00
at me over the top with his eyebrows and

49:03
said

49:04
interest rates will never go negative in

49:07
the United States I believe I mean he's

49:10
literally wow intimidated to me scared

49:12
me and

49:14
he is a man I going back to that not

49:16
just what I see in TV now as a man of

49:18
great resolve so I think that he's going

49:21
to fight I'm sure he's gonna fight the

49:23
good fight the question is

49:25
mostly been will it be Overkill

49:28
um will they go 25 basis points will it

49:30
be enough but I think what you're seeing

49:32
in the stock market is not so much fear

49:34
of inflation but knowledge that we're

49:36
the economy is slowing which has got too

49:38
many signals except for unemployment

49:40
yeah which signals that the economy is

49:42
slowing and that earnings might come

49:44
down so it's hitting causing the stock

49:47
market a little bit of things

49:49
um I put the odds of runaway inflation

49:51
in the stratosphere I I believe as long

49:54
as Paul is there and despite this debt

49:56
crisis that they will stick to their

49:58
guns okay that's the only way to believe

50:02
all right Miss Savage I tell you

50:05
um this has been great obviously I love

50:07
having you on we've kind of come up

50:09
against the hour but what I want to do

50:10
as I always do with you so you know is

50:12
the mic drop moment where you get to wow

50:14
us with a final thought and then I'll

50:17
close us out so I'm going to count us

50:19
down to mic drop moment from Terry

50:21
Savage

50:22
Financial Superstar I've used this mic

50:25
drop mama before but you have but you

50:27
got to come up with something else so

50:28
five four three two one might drop

50:31
moment go hey y'all take them off at my

50:34
drop moment nobody ever got rich betting

50:37
against America we've been through a lot

50:40
of horrible stuff I mean while you're

50:41
around the more horrible Financial stuff

50:43
aside from everything else

50:45
um this is the greatest best place in

50:47
the world that's why the dollar remains

50:49
strong it's why foreign central banks

50:51
invest their reserves here they're not

50:52
investing in Russia or in the Euro and

50:55
um

50:56
here's the mic drop moment

50:59
both sides of the aisle

51:01
write to someone and say stop being an

51:04
idiot

51:06
I don't care both sides of the aisle

51:09
it's our government

51:11
go today I think there's still a website

51:13
called contactingthecongress.com or just

51:16
Google your representatives or Senators

51:18
office it doesn't have to be articulate

51:21
you don't have to say what you want them

51:22
to do you don't have to argue about

51:23
spending just say stop acting like an

51:26
idiot and bring playing brinkmanship

51:29
with the U.S credit do that if everyone

51:31
listening did that immediately it would

51:34
hold everybody else to do it would go a

51:35
long way that's mine this and this is a

51:38
dovetail into since you quoted Warren

51:40
Buffett I'm going to quote him that

51:43
dovetails into our business model rule

51:45
number one Warren Buffett says never

51:47
lose money rule number two

51:49
never forget rule number one

51:51
and that is fun with annuities Terry

51:54
thank you so much and thanks to everyone

51:55
listening on all the major podcast

51:57
platforms and the fun with annuities

51:59
YouTube channel to see how wonderful

52:01
Terry looks

52:03
and we will see you next time

52:09
[Music]