On the September 23, 2008 episode of The Oprah Show, financial expert Suze Orman offered tough advice to a couple deep in debt and revealed how you can recession-proof your life. "Suze was a little fired up," Oprah says.
Suze also revealed three ways Americans can protect their hard-earned savings during an economic crisis. She says your cash should be kept in one of three places...and under the mattress is not an option. "Your cash should be in an FDIC-insured bank account," she says. "Your cash should be in treasury bills or bonds. There is no interest rate right now on a treasury bill, but at least it's safe and sound."
Your money is also protected in treasury money market accounts. "[These are] accounts that are backed by the United States Treasury," she says. "Those are the three places, and three places only that cash should be. ... This is no joke."
After hearing Suze's advice, Oprah says she decided to take action. "I went upstairs and I made a phone call," she says. "I called my bank. I called a lot of people, and [it's] treasury bills for me."
Ali says Suze's wake-up call makes her want to use her money to stock the shelves in her pantry. "My impulse is to go to Costco and buy a lot of stuff and store it...like [in] a hurricane," she says. "If it gets really bad and somebody steals the money under my mattress, I want tuna and water, you know what I mean? Is that wrong?"