Now is a great time for individuals to get professional advice about their entire financial situation, not just investments. Comprehensive fee-only advisors are a great resource for that and many offer some type of financial check up at a reasonable fee.
A great source is ACA. They have more than 140 members located throughout the US who are highly qualified and credentialed. The talking points listed are a key part of the ACA approach.
1) Save at least 10% of what your household makes - If you have a job now, it's very important to keep saving in case the bad economy hits your household.
2) Fund pensions - Keep putting money away for the future. When the economy recovers, those who benefit most will be the ones who have keep on track during tough times.
3) Be properly housed and mortgaged - If you don't own a home, buy one! It's a great market to get a good price. If you're in a home, make sure you have a good fixed rate mortgage.
4) Have liquid savings - Have money where you can get to it in an emergency. (The savings in action item #1 above can go into emergency savings and pensions.) Having money you can get to in this economy is crucial!
5) Get rid of credit card debt - Credit cards are a great tool for convenience and to build a credit score. But if you're not paying them off every month, start doing so aggressively.
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