Personal Finance expert, Suze Orman joins ‘Influencers with Andy Serwer.’ Orman discusses the outlook of a looming recession, the U.S. housing market and tips that the average consumer should take.
SUZE ORMAN: This is here to stay for quite a while. And even if it's not here to stay in terms of maybe what we pay for a box of cereal or whatever it may be, when those companies, again, in my opinion shrink their packaging so you're paying the same price but you're getting less, in terms of what you're really paying for, do you really think when this goes away, Andy, that they're going to make their boxes bigger again? I don't think so.
So when corporations find that they can make a fortune off of us, which they are-- look at the oil companies-- then you have got to understand that it's really important that you adjust how you spend your money and how much you spend versus how much you save. So the simple answer to this is you all have to save more and spend less. But a lot of you haven't been really, really hurt yet. Like there are some people, Andy, that the inflation-- so what I'm paying $7 for a gallon of gasoline in California? I can afford it. But there are 80 to 100 million people that are seriously suffering right now.
So what all of you have to do seriously is to cut back. I get that you love that you're going out and you get to go to movies again and you get to eat out and you get to go to sporting events. If you are struggling to pay your bills right now and it's not going to get any better, you have got to self discipline yourself. And you have to turn back to my old favorite motto. You have to just do what you need versus what you want to do, Andy. And that really is the key to getting through this.