Hi Michael,
yes, your friend is correct, home burned CDs and DVDs do have a limited shelf life, though this can easily be tens of years, given a few precautions.
Why are they different to commercial CDs and DVDs? Commercially "stamped" CDs and DVDs have the data recorded by actually burning tiny pits in the substrate and, in general, these will last for a very long time - some manufacturers claim 100 years plus! You are more likely to lose these by breaking or scratching them than by losing the data on them.
Home burned optical disks don't do this, they record the data in the dye layer on the writable disk and the biggest danger to this is exposure to strong sunlight. A word about CD/RWs and DVD/RWs, these are MUCH LESS reliable than CD/Rs and DVD/Rs. They use a magneto/optical technique for recording and erasing the data and this has a much shorter shelf life. Think of it as the difference between writing on a sheet of paper in ink and storing it away (R) and writing in pencil, erasing, writing over, erasing again, etc., (RW) the write-erase-write cycle will wear the paper out very quickly.
So, assuming you are backing up to CD/R or DVD/R, what can you do to ensure maximum shelf life? First, buy a good quality media, it really does make a difference, the "bargain basket" type disks will fail much quicker. There have been many debates on which is the best dye colour for longer life. Personally, I can;t really say I've seen a difference, though I don't get as good results with the silver disks that are almost translucent. I tend to buy purple or gold colour disks but I'd have a hard time justifying that! I also have better results with the slightly thicker disks - they seem a bit more mechanically durable.
OK, so you've recorded the disk, what do you do now? DON'T write on the disk, even with one of the pens supposedly safe for the job and DON'T stick a label on the disk. Either buy the full face printable disks and put them in a suitable inkjet printer or use one of the special pens to write a code number in the transparent piece near the hub and print the actual data on the case label. I've not used the Lightscribe disks, where the burner can use its laser to burn on the label side of the disk, perhaps other members can comment.
For long term storage, put the disks in individual cases, preferably the ones with a black backing on the recoding surface side. Don't store them in the "jukebox" carriers. Keep the disks and cases in the dark, strong sunlight can affect the lifespan of the recording.
Of course, I'm assuming you are already careful with handling the disks, hold by the edge only, don't get finger marks on the recording surface and don't step on them and keep them disk free.
If what you are storing is really important, then you might want to make two copies and then check one of them and even burn a new one every few years or so.