Editor's Note: Suze Orman will be on AC360° tonight at 10pm ET to discuss how to keep your money safe. One way: check out her new partnership with the FDIC at myFDICinsurance.gov. On that site you can use her calculator to make sure the money you put in the bank is safe, and backed by the FDIC.
Personal Finance Expert
I know this is a very scary time for all of you. Every day brings news of another Wall Street meltdown that triggers a big market loss. So far this week we have had two days when the major stock indexes lost more than 3%. AIG, the world’s largest insurance company, was on the brink of its own meltdown; for any of you with an AIG policy, that had to have ratcheted up your blood pressure. The Reserve Primary Fund—which is a large institutional money market fund—had to reduce its price from $1 to 97 cents, committing the cardinal sin of safe investing by “breaking the buck.”
It is perfectly reasonable to feel like the sky is falling. But I need you to listen to me: There is no need to panic. In fact, if you do panic and make rash financial moves today you will probably do the most damage to your long-term financial security.
Here’s what I DO WANT YOU TO DO HOWEVER:
Keep Your Money in the Bank.
I want you to open up another browser window on your computer right now and go to your bank’s website. Scroll around and look for the FDIC insured label. Seriously, go do that right now, I’ll wait.
Filed under: Economy
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