Despite recent gains in the stock market, portfolios remain badly damaged by the market performance of the past 18 months. With jobs still falling away at a rapid clip, the recession is still a serious concern and policymakers are scrambling to implement expensive and complex solutions.

As we wade through these difficult times, how should you think about your own financial situation? A good starting point is to remember what Kipling wrote: Keep your head about you as everyone is losing theirs.

It's a great temptation in times such as these to think things will never get better. But if history shows us anything, things do eventually improve. In fact, judging by the standards of past economic shocks, this recession is getting long in the tooth. The average recession since World War II has lasted 11 months, and the longest was 16 months in 1981-82. Our current crisis is 15 months old.

Also, hints of bottoming are starting to surface. Oil prices have begun to rise, indicating some increased demand. China is importing aluminum again. In addition, the stimulus plan will start to kick in later this year, creating jobs and, perhaps, helping soothe some of the enormous fears in the marketplace.

So, there are definitely brighter times ahead. Until then, here are some strategies to help you keep your head about you: five things that you definitely should do and five things you definitely should not do, as you weigh how to protect and build your assets.

Let's start with the five things you should definitely do:

1. Reduce Your Expensive Debt

Too many of us overextended ourselves during the past decade with credit cards and other debt. These bills now hang over people like the Sword of Damocles.

The first order of business is to reduce this expensive debt, even before saving for retirement or investing in the stock market. One smart strategy is to take advantage of much lower gasoline prices. One year ago, gas cost more than $4 a gallon in much of the country. Today, it's less than half that. You should devote the money you save to eliminating your credit-card debt.

2. Get On a Budget

Thrift is the new black. That means getting on a budget, measuring exactly what you spend and looking for ways to save money. Perhaps you are eating out more than you appreciate or spending too much on a cup of coffee. Budgeting is a lost discipline for many people and one that should be rediscovered.

There are several free Web sites, such as Mint.com, Quicken.com and Wesabe.com, that can help you sort out your spending and give you a sense of where you can save money.

You upload password information for your credit cards and other accounts, and the sites aggregate and sort the data, so you can see how much you're spending on, say, groceries, eating out and movies. You can then track your spending habits over time and make adjustments to save money.

What's more, some of these sites, notably Wesabe, also have active communities discussing various budgeting issues. If you are just getting started on developing budgeting discipline, talking with others who are doing the same can help make it easier.

3. Guard Against Inflation

Currently, inflation is a relative nonissue, and most commentators -- not to mention the Federal Reserve -- believe that it won't become a problem anytime soon.

Yet, many things are taking place that could raise the specter of inflation in rapid order.

For starters, the federal government is spending money like a drunken sailor. There's the nearly $800 billion stimulus program, a proposed budget of $4 trillion (up from $3 trillion in the previous year) and hundreds of billions more in bank, real-estate and credit-rescue packages. On top of that, short-term interest rates, set by the Fed, are essentially at zero and quite low in other countries as well.

All of which is like so much kindling waiting for a spark. Once that spark hits, growth and inflation could come roaring back to life.

For that reason, it's smart to have a portion of your fixed-income investments in Treasury inflation-protected securities, or TIPS. These bonds are backed by the U.S. government, like normal Treasurys, but also have built-in protections that boost returns to account for inflation.

Another inflation-hedging strategy is to invest in commodities. When growth resumes, demand for oil, copper and other commodities will rise, making their prices increase. A warning, though: Given the volatility of commodities, financial planners recommend that investors have no more than 5% to 10% of their portfolio in this sector.

4. Have a Stock-Market Strategy

Despite the recent sprint in share prices, investors remain leery of the stock market. It will take more than a four-week rally to soothe the pain caused by the stock market since it tumbled from its late-2007 highs. When so much doubt surrounds the stock market, it's usually a time to think about investing in equities. Despite the horrid pain most of us have suffered in the market during the past 18 months, stocks, like the economy, will not remain down forever.

That doesn't mean going whole-hog into the market, however. Consider coming at stocks first through your retirement account. For many of us, that account has a longer time horizon and built-in tax efficiencies, and often comes with a corporate match -- which is essentially free money.

Outside of your retirement account, be sure to maintain a diversified approach among stocks, bonds and cash. A good rule of thumb is to use your age as the percentage of assets you should have in safer bond investments. Thus, if you are 50, you would be split 50-50 between stocks and bonds. If you want to be more conservative, you'd carve back some of the stock exposure and leave it in cash.

Even with the recent runup in stocks, you still might have a larger-than-usual chunk of your assets in bonds these days, because bonds did well last year and have remained solid this year. If that's the case, rebalancing toward stocks makes sense, especially with their prices so low.

5. Preserve What You Have

One of the lessons of the past few years is that the stock market and your home are not ATMs. They are assets that can rise and fall. Having a strategy to preserve your gains is prudent in these challenging times.

Along with diversification of assets -- stocks, bonds, cash -- maintain diversification in the stock market, as well. Buy broad, low-fee index funds, rather than individual stocks, to lower your exposure to risk.

And maintain a rainy-day fund in safer places, such as TIPS, certificates of deposit or highly rated municipal or corporate bonds. A good rule of thumb is to have a reserve of six months' earnings in case of a job loss.

So, what should you definitely not do?

1. Don't Bury Your Money in the Backyard

With things the way they are, it's tempting to simply opt out altogether. Fear of financial-system failure, the uncertain nature of the stock market and just a sense of foreboding have people thinking that it's smarter to keep their money in the backyard, a mattress or an empty can.

But it really isn't. The bank-insurance system works for holdings under $250,000. I know because my bank once failed, and the transfer of assets was seamless. So, at least keep your cash in certificates of deposit earning some sort of return. An overabundance of fear and caution can cost you money; don't let that happen to you.

2. Don't Chase Returns

This is a great temptation in any market, but especially so today. Bonds had a great run last year, but some analysts believe they may just be the next bubble waiting to burst.

In short, don't double down on an asset that has had such a tremendous run. You are likely coming to the game too late, since most of the gains have already been made. That can skew your portfolio too sharply in a single direction, making you vulnerable to a decline in previously hot asset groups.

Look at it this way. In the past few years, the temptation to chase returns led people to buy too many houses, invest too heavily in a soaring stock market and aggressively bid up oil. All of it ended badly.

3. Don't Abandon Diversification

There's a great desire now to stay safe by holding only cash or only Treasurys. This kind of behavior is really just the same as chasing performance. Be disciplined. Stick to a diversified strategy and rebalance your holdings every year to reduce your exposure to the high-fliers.

4. Don't Stop Saving for Retirement

In times of turmoil, we tend to focus on what's right in front of us: the current bills, the savings account and what the day will bring. But we are all still going to want to retire at some point, so that means remaining disciplined about saving for retirement.

Employer 401(k) programs remain a good vehicle, even if the stock market has smacked their holdings. These programs allow you to invest money tax-deferred, and many companies, as noted, provide a corporate matching program.

Rather than ignoring your account statements, as many of us have done, take a look at them and make sure that your holdings are diversified and balanced. Ignoring your savings -- or discontinuing them -- will come back to haunt you when you want to leave off working and relax on the beach.

5. Don't Ignore Common Sense

Much heartbreak in the recent past has stemmed from an ignorance of common sense. Fraudsters promising overabundant returns snookered many investors. Some people viewed housing and the stock markets as never-can-lose gambits. Others spent far more than they had.

Personal finance, at its heart, boils down to common sense. You have to eliminate your high-cost debt and get on a budget. You must save for retirement. And you need to make sure that you own a home you can afford and enjoy, as opposed to seeing it as a get-rich-quick scheme.

In short: Be prudent, save money, invest wisely. Getting back to these very basics will help all of us rebuild our portfolios and set sail for a better day.

盡管近期股市出現了上漲
，但過去18個ge月yue裏li市shi場chang的de表biao現xian仍reng讓rang投tou資zi組zu合he損sun失shi累lei累lei。就jiu業ye仍reng在zai快kuai速su下xia降jiang，經jing濟ji衰shuai退tui的de陰yin影ying揮hui之zhi不bu去qu
，決jue策ce者zhe都dou在zai忙mang於yu實shi施shi代dai價jia高gao昂ang而er複fu雜za的de解jie決jue辦ban法fa。

在我們經曆這些困難時期時，你應當如何考慮自己的財務狀況？最基本的一點是要記住吉卜林(Kipling)所寫的：在別人糊塗時依然保持清醒。

在zai眼yan下xia這zhe種zhong時shi刻ke，很hen容rong易yi產chan生sheng情qing況kuang永yong遠yuan也ye不bu會hui好hao轉zhuan的de想xiang法fa。但dan如ru果guo說shuo曆li史shi對dui我wo們men有you所suo啟qi迪di，那na就jiu是shi事shi情qing最zui終zhong會hui改gai善shan。事shi實shi上shang
，按an以yi往wang經jing濟ji動dong蕩dang的de標biao準zhun判pan斷duan，這zhe次ci衰shuai退tui的de時shi間jian已yi經jing挺ting久jiu了le。二er戰zhan以yi後hou的de衰shuai退tui平ping均jun持chi續xu時shi間jian為wei11個月，最長是1981年至1982年之間的16個月。本輪危機已經持續了15個月。

此ci外wai，觸chu底di的de跡ji象xiang也ye開kai始shi顯xian現xian。石shi油you價jia格ge已yi開kai始shi上shang升sheng，表biao明ming需xu求qiu出chu現xian了le一yi些xie增zeng加jia。中zhong國guo恢hui複fu了le對dui鋁lv的de進jin口kou。此ci外wai，刺ci激ji計ji劃hua將jiang在zai今jin年nian晚wan些xie時shi候hou開kai始shi產chan生sheng作zuo用yong，創chuang造zao就jiu業ye機ji會hui
，或huo許xu還hai有you助zhu於yu緩huan解jie市shi場chang中zhong的de嚴yan重zhong恐kong慌huang情qing緒xu。

因此，未來的前景肯定是光明的。在此之前，這裏有一些策略幫助你保持清醒的頭腦：在考慮應如何保護和增加你的資產時應該堅決做到的“五要”和“五不要”。

讓我們先從“五要”開始：

1. 減少負債

我們很多人在過去十年裏用信用卡和其他負債進行了過多的透支。現在這些債務就像達摩克利斯之劍一樣懸在人們頭上。

目(mu)前(qian)的(de)當(dang)務(wu)之(zhi)急(ji)就(jiu)是(shi)減(jian)少(shao)這(zhe)種(zhong)高(gao)成(cheng)本(ben)負(fu)債(zhai)
，並(bing)把(ba)其(qi)排(pai)在(zai)為(wei)退(tui)休(xiu)儲(chu)蓄(xu)或(huo)投(tou)資(zi)股(gu)市(shi)之(zhi)前(qian)。一(yi)個(ge)明(ming)智(zhi)的(de)策(ce)略(lve)是(shi)利(li)用(yong)下(xia)跌(die)了(le)許(xu)多(duo)的(de)汽(qi)油(you)價(jia)格(ge)。一(yi)年(nian)前(qian)，美(mei)國(guo)許(xu)多(duo)地(di)區(qu)的(de)汽(qi)油(you)價(jia)格(ge)都(dou)超(chao)過(guo)了(le)每(mei)加(jia)侖(lun)4美元。而今天的價格還不到當時的一半。你應該把省下來的錢用於減少你的信用卡債務。

2. 精打細算

節jie儉jian正zheng當dang其qi時shi。這zhe意yi味wei著zhe精jing打da細xi算suan，認ren真zhen思si忖cun你ni的de開kai支zhi
，尋xun找zhao省sheng錢qian良liang方fang。也ye許xu你ni外wai出chu就jiu餐can的de次ci數shu超chao出chu了le你ni的de設she想xiang，或huo是shi在zai咖ka啡fei上shang花hua的de錢qian太tai多duo。預yu算suan對dui很hen多duo人ren都dou缺que乏fa約yue束shu力li，現xian在zai應ying該gai重zhong新xin認ren識shi這zhe點dian了le。

有不少免費網站
，如Mint.com、Quicken.com和Wesabe.com，可以幫助你甄別開支

，讓你在什麼地方能省錢的問題上找到點感覺。

你隻要上傳你的信用卡和其它賬戶的密碼信息，這類網站就會對數據進行彙總和分類，這樣你就可以看到你在食品
、外出就餐和電影等方麵的支出情況了。然後
，你可以跟蹤一段你的消費習慣，並為作出一些調整以省錢。

而且，其中一些網站（尤其是Wesabe）還有很活躍的討論各種預算問題的社區。如果你是剛開始製定預算規則
，與誌同道合的人討論一下可能會令這項工作更輕鬆。

3. 謹防通脹

目前，通貨膨脹基本還不算一個問題。美國聯邦儲備委員會(Federal Reserve)以及大多數評論家都認為通貨膨脹在短期內不足為慮。

然而，正在發生的許多事情可能讓通貨膨脹的幽靈迅速出現。

首先

，聯邦政府正在像喝醉的水手一樣大肆揮霍。近8,000億美元的刺激計劃

、4萬億美元的預算計劃（高於上一年的3萬億美元）以及數千億美元的銀行
、房地產和信貸救助方案。最重要的是，美聯儲設定的短期利率已基本為零，其它國家的利率水平也相當低了。

所有這一切就像一大堆幹柴，隻等火花一閃。一旦遇到火花，增長和通脹就可能迅速卷土重來。

出於這個原因，在你的固定收益投資中持有部分財政部通貨膨脹保值債券(TIPS)當是明智之舉。同普通美國國債一樣，這些債券不但受到了美國政府的支持，而且本身還具有保護功能
，可在通貨膨脹時提高回報率。

另一個對衝通貨膨脹的策略是投資大宗商品。當經濟恢複增長時，對石油、銅和其他大宗商品的需求將會增加
，從而將推動它們的價格上漲。不過
，應該注意：鑒於商品的波動性
，理財規劃師建議，投資者對這個行業的投資不應超過其投資組合的5%至10%。

4. 要有股市投資戰略

盡管最近股價有所上揚，但投資者對股市仍持警惕態度。股市自2007年末不斷創出新高後一路下跌，這種情況造成的痛苦不是靠一輪為時4周的上漲就能消除的。當有這麼多的懷疑籠罩著股市時，通常也就到了考慮投資股市的時候了。盡管過去18個月裏我們大部分人都在股市上遭受了切膚之痛，但股市和經濟一樣，不會永遠保持低迷狀態。

不bu過guo這zhe並bing不bu是shi說shuo要yao一yi古gu腦nao兒er紮zha進jin股gu市shi。還hai是shi考kao慮lv先xian通tong過guo退tui休xiu帳zhang戶hu進jin入ru股gu市shi。對dui我wo們men很hen多duo人ren來lai說shuo，這zhe個ge帳zhang戶hu時shi間jian更geng長chang

，又you有you著zhe固gu有you的de納na稅shui方fang麵mian的de優you勢shi
，而er且qie公gong司si還hai常chang常chang會hui再zai出chu一yi部bu分fen──這其實都是白得的錢。

在退休帳戶之外
，要保持分散投資於股票、債券和現金上。一條經驗法則是，更安全的債券投資占總投資的百分比應該與你的年齡相同。比如，如果你50歲，你在股票和債券上的投資就該是50%對50%。如果你想更為保守一些
，可以減少股市上的敞口，轉而持有現金。

即ji便bian是shi在zai最zui近jin股gu市shi上shang揚yang的de情qing況kuang下xia，你ni目mu前qian所suo持chi有you的de債zhai券quan占zhan你ni總zong資zi產chan的de比bi例li或huo許xu仍reng高gao於yu通tong常chang水shui平ping
，因yin為wei債zhai券quan去qu年nian表biao現xian不bu錯cuo，今jin年nian也ye依yi然ran強qiang勁jin。如ru果guo是shi這zhe種zhong情qing況kuang，那na麼me多duo持chi有you一yi些xie股gu票piao是shi有you意yi義yi的de，特te別bie是shi在zai股gu價jia如ru此ci之zhi低di的de時shi候hou。

5. 要保護已有的收益

過guo去qu幾ji年nian的de教jiao訓xun之zhi一yi是shi，股gu市shi和he你ni的de房fang子zi可ke不bu是shi自zi動dong取qu款kuan機ji，而er是shi價jia值zhi可ke漲zhang可ke跌die的de資zi產chan。在zai當dang前qian這zhe個ge有you挑tiao戰zhan的de時shi期qi，擁yong有you一yi個ge保bao護hu已yi有you收shou益yi的de戰zhan略lve是shi謹jin慎shen的de做zuo法fa。

除資產投資分散化（股票
、債券和現金）外
，股市投資也要保持分散化。買進大範圍的低成本指數基金
，而不要買某隻個股，以減小風險敞口。

把以防萬一的資金放在較安全的投資上，比如通貨膨脹保值債券、定期存單，或評級較高的市政債券或公司債券。一條不錯的經驗法則是，留出一筆相當於6個月收入的備用金
，萬一失業就可以派上用場。

你絕對不該做的又是什麼呢？

1. 不要把錢埋在後院裏

考(kao)慮(lv)到(dao)現(xian)在(zai)的(de)形(xing)勢(shi)，人(ren)們(men)可(ke)能(neng)很(hen)容(rong)易(yi)會(hui)想(xiang)幹(gan)脆(cui)什(shen)麼(me)也(ye)不(bu)投(tou)了(le)。對(dui)金(jin)融(rong)體(ti)係(xi)失(shi)靈(ling)的(de)擔(dan)心(xin)，股(gu)市(shi)不(bu)確(que)定(ding)的(de)本(ben)性(xing)，甚(shen)至(zhi)隻(zhi)是(shi)一(yi)種(zhong)不(bu)祥(xiang)之(zhi)感(gan)，這(zhe)些(xie)都(dou)會(hui)讓(rang)人(ren)們(men)認(ren)為(wei)把(ba)錢(qian)放(fang)在(zai)後(hou)院(yuan)、床墊或空罐子裏都更明智一些。

不過這卻是大錯特錯了。銀行保險體係對低於25萬美元的資產是能起作用的。我知道這點
，因為我工作的銀行倒閉了，而資產卻實現了“無縫”轉移。因此

，至少把現金放到定存單中還能獲得一些收益。過於小心謹慎或擔心害怕會讓你的金錢受到損失；不要讓這點發生在你的身上。

2. 不要追逐回報

這在任何市場上都是很大的誘惑，但在眼下就更為明顯。債券去年大幅上揚
，但一些分析師認為這可能是下一個等待破滅的泡沫。

簡而言之，不要在已經出現這種巨大漲幅的資產上“雙倍下注”。你ni參can與yu這zhe場chang遊you戲xi的de時shi間jian可ke能neng太tai遲chi了le
，因yin為wei大da多duo數shu的de漲zhang幅fu都dou已yi經jing走zou完wan了le。這zhe可ke能neng使shi你ni的de投tou資zi組zu合he向xiang一yi個ge方fang向xiang大da幅fu變bian化hua
，讓rang你ni容rong易yi受shou到dao此ci前qian熱re門men資zi產chan類lei別bie下xia跌die的de衝chong擊ji。

這麼說吧
，過去幾年裏，追逐回報的誘惑令人們買了太多的房子，在大幅飆升的股市上投入重金

，大肆推高油價。這些結果都不好。

3. 不要放棄分散投資

現xian在zai人ren們men隻zhi持chi有you現xian金jin或huo美mei國guo國guo債zhai以yi保bao安an全quan的de想xiang法fa非fei常chang強qiang烈lie。這zhe類lei行xing為wei其qi實shi與yu追zhui逐zhu表biao現xian的de做zuo法fa毫hao無wu二er致zhi。要yao遵zun守shou自zi己ji的de投tou資zi戰zhan略lve。堅jian持chi分fen散san化hua戰zhan略lve，每mei年nian把ba資zi產chan重zhong新xin均jun衡heng一yi下xia，以yi降jiang低di高gao風feng險xian敞chang口kou。

4. 不要停止為退休攢錢

在動蕩時期，我們往往會隻看眼前：當期的帳單、儲蓄帳戶、今天會發生什麼事。不過，我們仍都會希望在某個時候退休


，所以這就意味著要堅持為退休攢錢的做法。

員工的401(k)計ji劃hua仍reng是shi一yi項xiang好hao的de投tou資zi工gong具ju，就jiu算suan股gu市shi令ling這zhe樣yang的de資zi產chan受shou到dao了le衝chong擊ji。這zhe類lei計ji劃hua讓rang你ni投tou資zi的de錢qian可ke以yi遞di延yan納na稅shui，而er且qie正zheng如ru剛gang剛gang所suo說shuo的de，很hen多duo公gong司si也ye會hui提ti供gong一yi部bu分fen資zi金jin。

不要忽視對帳單（我們很多人都是這樣）

，好好看看，確保你的資產是分散而均衡的。如果忽視存款或是中斷儲蓄，在你打算退休到海邊度假時它們就會回來在你周圍“陰魂不散”。

5. 不要忽視常識

最zui近jin令ling人ren心xin碎sui的de事shi大da部bu分fen源yuan於yu對dui常chang識shi的de忽hu視shi。騙pian子zi承cheng諾nuo過guo於yu豐feng厚hou的de回hui報bao誆kuang騙pian了le很hen多duo投tou資zi者zhe。有you些xie人ren認ren為wei房fang市shi和he股gu市shi是shi隻zhi賺zhuan不bu賠pei的de買mai賣mai。有you些xie人ren則ze入ru不bu敷fu出chu。

個人理財歸根到底是常識的問題。你必須消除高成本負債
，進行預算。你必須為退休攢錢。你還要確保自己擁有一座負擔得起、又可以享受的房子，而不是把房子看成是一個一夜暴富的法子。

簡而言之，要謹慎、攢錢、明智地投資。回歸這些基本點將幫助我們所有的人重建投資組合，迎接更美好的生活。