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(xiàn)了上漲，但過(guò)去18個(gè)月里市場(chǎng)的表現(xiàn)仍讓投資組合損失累累。就業(yè)仍在快速下降，經(jīng)濟(jì)衰退的陰影揮之不去，決策者都在忙于實(shí)施代價(jià)高昂而復(fù)雜的解決辦法。

在我們經(jīng)歷這些困難時(shí)期時(shí)，你應(yīng)當(dāng)如何考慮自己的財(cái)務(wù)狀況？最基本的一點(diǎn)是要記住吉卜林(Kipling)所寫(xiě)的：在別人糊涂時(shí)依然保持清醒。

在眼下這種時(shí)刻，很容易產(chǎn)生情況永遠(yuǎn)也不會(huì)好轉(zhuǎn)的想法。但如果說(shuō)歷史對(duì)我們有所啟迪，那就是事情最終會(huì)改善。事實(shí)上，按以往經(jīng)濟(jì)動(dòng)蕩的標(biāo)準(zhǔn)判斷，這次衰退的時(shí)間已經(jīng)挺久了。二戰(zhàn)以后的衰退平均持續(xù)時(shí)間為11個(gè)月，最長(zhǎng)是1981年至1982年之間的16個(gè)月。本輪危機(jī)已經(jīng)持續(xù)了15個(gè)月。

此外，觸底的跡象也開(kāi)始顯現(xiàn)。石油價(jià)格已開(kāi)始上升，表明需求出現(xiàn)了一些增加。中國(guó)恢復(fù)了對(duì)鋁的進(jìn)口。此外，刺激計(jì)劃將在今年晚些時(shí)候開(kāi)始產(chǎn)生作用，創(chuàng)造就業(yè)機(jī)會(huì)，或許還有助于緩解市場(chǎng)中的嚴(yán)重恐慌情緒。

因此，未來(lái)的前景肯定是光明的。在此之前，這里有一些策略幫助你保持清醒的頭腦：在考慮應(yīng)如何保護(hù)和增加你的資產(chǎn)時(shí)應(yīng)該堅(jiān)決做到的“五要”和“五不要”。

讓我們先從“五要”開(kāi)始：

1. 減少負(fù)債

我們很多人在過(guò)去十年里用信用卡和其他負(fù)債進(jìn)行了過(guò)多的透支。現(xiàn)在這些債務(wù)就像達(dá)摩克利斯之劍一樣懸在人們頭上。

目前的當(dāng)務(wù)之急就是減少這種高成本負(fù)債，并把其排在為退休儲(chǔ)蓄或投資股市之前。一個(gè)明智的策略是利用下跌了許多的汽油價(jià)格。一年前，美國(guó)許多地區(qū)的汽油價(jià)格都超過(guò)了每加侖4美元。而今天的價(jià)格還不到當(dāng)時(shí)的一半。你應(yīng)該把省下來(lái)的錢(qián)用于減少你的信用卡債務(wù)。

2. 精打細(xì)算

節(jié)儉正當(dāng)其時(shí)。這意味著精打細(xì)算，認(rèn)真思忖你的開(kāi)支，尋找省錢(qián)良方。也許你外出就餐的次數(shù)超出了你的設(shè)想，或是在咖啡上花的錢(qián)太多。預(yù)算對(duì)很多人都缺乏約束力，現(xiàn)在應(yīng)該重新認(rèn)識(shí)這點(diǎn)了。

有不少免費(fèi)網(wǎng)站，如Mint.com、Quicken.com和Wesabe.com，可以幫助你甄別開(kāi)支，讓你在什么地方能省錢(qián)的問(wèn)題上找到點(diǎn)感覺(jué)。

你只要上傳你的信用卡和其它賬戶(hù)的密碼信息，這類(lèi)網(wǎng)站就會(huì)對(duì)數(shù)據(jù)進(jìn)行匯總和分類(lèi)，這樣你就可以看到你在食品、外出就餐和電影等方面的支出情況了。然后，你可以跟蹤一段你的消費(fèi)習(xí)慣，并為作出一些調(diào)整以省錢(qián)。

而且，其中一些網(wǎng)站（尤其是Wesabe）還有很活躍的討論各種預(yù)算問(wèn)題的社區(qū)。如果你是剛開(kāi)始制定預(yù)算規(guī)則，與志同道合的人討論一下可能會(huì)令這項(xiàng)工作更輕松。

3. 謹(jǐn)防通脹

目前，通貨膨脹基本還不算一個(gè)問(wèn)題。美國(guó)聯(lián)邦儲(chǔ)備委員會(huì)(Federal Reserve)以及大多數(shù)評(píng)論家都認(rèn)為通貨膨脹在短期內(nèi)不足為慮。

然而，正在發(fā)生的許多事情可能讓通貨膨脹的幽靈迅速出現(xiàn)。

首先，聯(lián)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(jì)劃、4萬(wàn)億美元的預(yù)算計(jì)劃（高于上一年的3萬(wàn)億美元）以及數(shù)千億美元的銀行、房地產(chǎn)和信貸救助方案。最重要的是，美聯(lián)儲(chǔ)設(shè)定的短期利率已基本為零，其它國(guó)家的利率水平也相當(dāng)?shù)土恕?

所有這一切就像一大堆干柴，只等火花一閃。一旦遇到火花，增長(zhǎng)和通脹就可能迅速卷土重來(lái)。

出于這個(gè)原因，在你的固定收益投資中持有部分財(cái)政部通貨膨脹保值債券(TIPS)當(dāng)是明智之舉。同普通美國(guó)國(guó)債一樣，這些債券不但受到了美國(guó)政府的支持，而且本身還具有保護(hù)功能，可在通貨膨脹時(shí)提高回報(bào)率。

另一個(gè)對(duì)沖通貨膨脹的策略是投資大宗商品。當(dāng)經(jīng)濟(jì)恢復(fù)增長(zhǎng)時(shí)，對(duì)石油、銅和其他大宗商品的需求將會(huì)增加，從而將推動(dòng)它們的價(jià)格上漲。不過(guò)，應(yīng)該注意：鑒于商品的波動(dòng)性，理財(cái)規(guī)劃師建議，投資者對(duì)這個(gè)行業(yè)的投資不應(yīng)超過(guò)其投資組合的5%至10%。

4. 要有股市投資戰(zhàn)略

盡管最近股價(jià)有所上揚(yáng)，但投資者對(duì)股市仍持警惕態(tài)度。股市自2007年末不斷創(chuàng)出新高后一路下跌，這種情況造成的痛苦不是靠一輪為時(shí)4周的上漲就能消除的。當(dāng)有這么多的懷疑籠罩著股市時(shí)，通常也就到了考慮投資股市的時(shí)候了。盡管過(guò)去18個(gè)月里我們大部分人都在股市上遭受了切膚之痛，但股市和經(jīng)濟(jì)一樣，不會(huì)永遠(yuǎn)保持低迷狀態(tài)。

不過(guò)這并不是說(shuō)要一古腦兒扎進(jìn)股市。還是考慮先通過(guò)退休帳戶(hù)進(jìn)入股市。對(duì)我們很多人來(lái)說(shuō)，這個(gè)帳戶(hù)時(shí)間更長(zhǎng)，又有著固有的納稅方面的優(yōu)勢(shì)，而且公司還常常會(huì)再出一部分──這其實(shí)都是白得的錢(qián)。

在退休帳戶(hù)之外，要保持分散投資于股票、債券和現(xiàn)金上。一條經(jīng)驗(yàn)法則是，更安全的債券投資占總投資的百分比應(yīng)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(duì)50%。如果你想更為保守一些，可以減少股市上的敞口，轉(zhuǎn)而持有現(xiàn)金。

即便是在最近股市上揚(yáng)的情況下，你目前所持有的債券占你總資產(chǎn)的比例或許仍高于通常水平，因?yàn)閭�券去年表現(xiàn)不錯(cuò)，今年也依然強(qiáng)勁。如果是這種情況，那么多持有一些股票是有意義的，特別是在股價(jià)如此之低的時(shí)候。

5. 要保護(hù)已有的收益

過(guò)去幾年的教訓(xùn)之一是，股市和你的房子可不是自動(dòng)取款機(jī)，而是價(jià)值可漲可跌的資產(chǎn)。在當(dāng)前這個(gè)有挑戰(zhàn)的時(shí)期，擁有一個(gè)保護(hù)已有收益的戰(zhàn)略是謹(jǐn)慎的做法。

除資產(chǎn)投資分散化（股票、債券和現(xiàn)金）外，股市投資也要保持分散化。買(mǎi)進(jìn)大范圍的低成本指數(shù)基金，而不要買(mǎi)某只個(gè)股，以減小風(fēng)險(xiǎn)敞口。

把以防萬(wàn)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(píng)級(jí)較高的市政債券或公司債券。一條不錯(cuò)的經(jīng)驗(yàn)法則是，留出一筆相當(dāng)于6個(gè)月收入的備用金，萬(wàn)一失業(yè)就可以派上用場(chǎng)。

你絕對(duì)不該做的又是什么呢？

1. 不要把錢(qián)埋在后院里

考慮到現(xiàn)在的形勢(shì)，人們可能很容易會(huì)想干脆什么也不投了。對(duì)金融體系失靈的擔(dān)心，股市不確定的本性，甚至只是一種不祥之感，這些都會(huì)讓人們認(rèn)為把錢(qián)放在后院、床墊或空罐子里都更明智一些。

不過(guò)這卻是大錯(cuò)特錯(cuò)了。銀行保險(xiǎn)體系對(duì)低于25萬(wàn)美元的資產(chǎn)是能起作用的。我知道這點(diǎn)，因?yàn)槲夜ぷ鞯你y行倒閉了，而資產(chǎn)卻實(shí)現(xiàn)了“無(wú)縫”轉(zhuǎn)移。因此，至少把現(xiàn)金放到定存單中還能獲得一些收益。過(guò)于小心謹(jǐn)慎或擔(dān)心害怕會(huì)讓你的金錢(qián)受到損失；不要讓這點(diǎn)發(fā)生在你的身上。

2. 不要追逐回報(bào)

這在任何市場(chǎng)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(yáng)，但一些分析師認(rèn)為這可能是下一個(gè)等待破滅的泡沫。

簡(jiǎn)而言之，不要在已經(jīng)出現(xiàn)這種巨大漲幅的資產(chǎn)上“雙倍下注”。你參與這場(chǎng)游戲的時(shí)間可能太遲了，因?yàn)榇蠖鄶?shù)的漲幅都已經(jīng)走完了。這可能使你的投資組合向一個(gè)方向大幅變化，讓你容易受到此前熱門(mén)資產(chǎn)類(lèi)別下跌的沖擊。

這么說(shuō)吧，過(guò)去幾年里，追逐回報(bào)的誘惑令人們買(mǎi)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(jià)。這些結(jié)果都不好。

3. 不要放棄分散投資

現(xiàn)在人們只持有現(xiàn)金或美國(guó)國(guó)債以保安全的想法非常強(qiáng)烈。這類(lèi)行為其實(shí)與追逐表現(xiàn)的做法毫無(wú)二致。要遵守自己的投資戰(zhàn)略。堅(jiān)持分散化戰(zhàn)略，每年把資產(chǎn)重新均衡一下，以降低高風(fēng)險(xiǎn)敞口。

4. 不要停止為退休攢錢(qián)

在動(dòng)蕩時(shí)期，我們往往會(huì)只看眼前：當(dāng)期的帳單、儲(chǔ)蓄帳戶(hù)、今天會(huì)發(fā)生什么事。不過(guò)，我們?nèi)远紩?huì)希望在某個(gè)時(shí)候退休，所以這就意味著要堅(jiān)持為退休攢錢(qián)的做法。

員工的401(k)計(jì)劃仍是一項(xiàng)好的投資工具，就算股市令這樣的資產(chǎn)受到了沖擊。這類(lèi)計(jì)劃讓你投資的錢(qián)可以遞延納稅，而且正如剛剛所說(shuō)的，很多公司也會(huì)提供一部分資金。

不要忽視對(duì)帳單（我們很多人都是這樣），好好看看，確保你的資產(chǎn)是分散而均衡的。如果忽視存款或是中斷儲(chǔ)蓄，在你打算退休到海邊度假時(shí)它們就會(huì)回來(lái)在你周?chē)?ldquo;陰魂不散”。

5. 不要忽視常識(shí)

最近令人心碎的事大部分源于對(duì)常識(shí)的忽視。騙子承諾過(guò)于豐厚的回報(bào)誆騙了很多投資者。有些人認(rèn)為房市和股市是只賺不賠的買(mǎi)賣(mài)。有些人則入不敷出。

個(gè)人理財(cái)歸根到底是常識(shí)的問(wèn)題。你必須消除高成本負(fù)債，進(jìn)行預(yù)算。你必須為退休攢錢(qián)。你還要確保自己擁有一座負(fù)擔(dān)得起、又可以享受的房子，而不是把房子看成是一個(gè)一夜暴富的法子。

簡(jiǎn)而言之，要謹(jǐn)慎、攢錢(qián)、明智地投資。回歸這些基本點(diǎn)將幫助我們所有的人重建投資組合，迎接更美好的生活。