April 30, 2009

Suze Orman's recession rescue plan

Posted: 12:17 PM ET

Do you know what your family would do if you lost your job - or worse, your home? Financial expert Suze Orman is ready to help you devise a recession rescue plan to survive - and possibly thrive - during this deepening financial crisis.

Families are also losing their homes at a staggering rate. Each day, another 10,000 homes are foreclosed, forcing families to turn to shelters filled to capacity. Left with no place else to go, some people are putting makeshift roofs over their heads in tent cities.

As the crisis continues, it's easy to let fear take over - but it doesn't have to. Orman's five-step plan can help you rise above and take control. "There's only one person that's going to save you right now, and that's yourself," she says. "You have got to get on what I'm calling the 'save yourself movement.' Each and every one of you has to have your own personal financial stimulus action plan."


Filed under: Finance • Suze Orman

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Dave of Detroit   April 30th, 2009 1:02 pm ET

Good advice for upper Middle Class that have a financial cushion of some sort-In Michigan and Detroit, we are seeing an exodus of people heading for States that have more employment opportunities, there is an increase in food stamp applications, a nasty trend to refinancing the house and skipping out and /or burning garages or houses for insurance money. Hope I am not shocking anyone but the media as well as individuals tend to think in terms of their own lives!

Jose`   April 30th, 2009 1:34 pm ET

The world finally fiqured out a way to fix the economy,. OPERATION Swine Flu?

Rose   April 30th, 2009 5:06 pm ET

There is a brilliant skit on Saturday Night Live where an individual with no means is asking the pretend Suze Orman what to do. Orman keeps speaking as though the person has some means by discussing how to put money away, retirement plans, investment strategies etc. "But I haven't got anything left" is the repeated answer. That's the issue with Orman's usual responses.

Orman mentions cutting back (what? we didn't know that already?), living on half, re-negotiating, one income etc. It's difficult to make one's own "stimulus package" when all resources have been depleted and many cannot make basic ends meet. Many are self-employed, contract workers that are not eligible for any extended company benefits. Many do not have employee status. What may be Orman's reasonable solutions, is no solution for those past the point of having any spare cash, home or job.

hugh ~ california   April 30th, 2009 7:46 pm ET

You make an excellent point. The SNL skit was spot on!

I admire Suze Orman for her expertise, but her intelligent comments are generally limited to those who still have some extra means available to invest or put into a "nest-egg." Millions of middle-class Americans have suffered greatly from these poor economic times and have little or no resources that could remedy the solution to their problems, be it unemployment, mortgage or car payments, costly energy bills, their children's college fund, or simply the money to put a healthy meal on the table.

If middle-class America tunes into Larry's show this evening they may develop a puzzled look on their faces, and say with bewilderment, "How could this advice really help us? Let's change the channel and watch 'Hardball with Chris Matthews! Maybe he won't interrupt ALL his guests this evening."

Dave of Detroit   April 30th, 2009 11:43 pm ET

Jose-The H1N1 flu virus will have a negative effect on the economy. Mexico is already suffering the effects. Did a little research as I have a very suspicious mind and found that there is an actual way of determining when the next possible pandemic will happen and it predicted a pandemic possibility over a year ago. This virus is actually a variant of the earlier Spanish Flu Epidemic-check it out on the web!

Ted   May 1st, 2009 8:57 am ET

After being a reg. Financial Adviser for over 30 years, I usually enjoy listenning to Suze and would like to take her side. There are many different financial situations and you just cannot offer one remedy for all. Sue gets away a little on the show, she must do that or her rating would go down and no more show for her. She took the middle class as example, because those people still have a chance to do something about their financial situation. For those, who have no job, no money, no property she cannot give an advise as a financial adviser. They need someone with a job to offer.

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