Terry Reed Spencer was born March 19, 1960, to Reed and Jean Spencer, who now live in West Point, Utah. Terry was the first of three children. As a child, his parents called him “Busy” because he was always doing something or looking for something to do. As a teenager, Terry was (and is) active in his Church and in Scouting. In 1975, Terry obtained the rank of Eagle Scout.
After graduating from Bonneville High School in 1978, Terry went on to graduate from Dixie College in Architectural Drafting (1979), then on to Utah State where he received a B.S. in Political Science (1982), a M.S. in Economics (1984), and a Ph.D. in Economics (1991). From 1984 to 1988, Terry worked as an Economist or Financial Analyst for various governmental and private organizations (the United States Senate Banking Committee and the Department of Defense and Lockheed Aerospace).
In 1988, Terry made a career change and went to law school at Brigham Young University