Friday, October 3, 2008

Financial Crisis Explained on Oprah

Today's Oprah does a pretty good job at explaining how the current credit crunch happened, why we need the government to take emergency action, and what ordinary people should do.

Although I see Suze Orman more as a bizzarely fascinating muppet than a distinguished financial advisor, she actually had a couple very good tips:

-- Go to myfdicinsurance.gov to see if your savings, checking and money market accounts are insured to the full balance, and if they're not, move them.

-- If your money is in a credit union, make sure it's insured by the National Credit Union Association.

-- Don't stop contributing to your 401(k)! As prices go down, your contributions will actually buy more stock.


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