投资捷径与陷阱
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.
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 1981～1982. 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：
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.
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 Wesave.com，that can help you sort out your spending.
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.
Guard Against Inflation
Currently，inflation is a relative nonissue.
Yet，many things are taking place that could raise the specter of inflation in rapid order.
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 Treasury papers，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.
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.
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.
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？
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.
Don’t Chase Returns
