From 401ks to Finding a New Job

Feb. 25, 2009— -- The day after President Obama outlined his strategy to turn the nation's faltering economy around, many Americans still have questions about how they will survive the recession.

Though the federal government has pledged to put hundreds of billions of dollars toward new jobs, new projects and tax cuts, families are still struggling with everything from education to mortgages.

ABC News financial contributor Mellody Hobson and ABC News workplace contributor Tory Johnson say the answers to many people's questions can be found by making some changes and staying smart about money.

Hobson, the president of Ariel Investments, said many people are worried that the federal government is going to move toward nationalizing banks. But she said that's unlikely to happen for a few reasons, including the fact that such a system would be hard for the government to manage.

"Nationalization of other banks in other countries has not worked," she added.

Hobson said that as long as people have their money stored in a FDIC bank, it will be protected.

Johnson, the CEO of Women for Hire, said workers considering going back to school need to decide whether it's worth delaying their careers and amassing more debt to earn another degree when they may be able to find employment using the skills they already have.

"You don't have to let your career be defined or limited by your major," she said, noting that many workers have jobs outside their fields of study.

But if you decide you really want to further your education, Johnson said, go for it. She added that it's important to make sure you've truly exhausted all career possibilities.