Difficulty: Moderately Easy
Step1
Check that your bank accounts are federally insured. The Federal Deposit Insurance Corporation (FDIC) guarantees deposits up to $250,000 per person. If you have to hold more than that, spread it across different banks.
Step2
Make sure your brokerage accounts are federally insured, too. The Securities Investor Protection Corporation (SIPC) guarantees you at places like Merrill Lynch and E-Trade up to $500,000, including $100,000 worth of cash. The SIPC is only there to make sure you get your shares and bonds back if a brokerage fails. And again, if you are one of the lucky few that has more than $500,000, spread it among multiple banks.
Step3
Refinance your mortgage. The panic on Wall Street just caused a collapse in the interest rate on long-term US Treasury bonds, as lots of investors rushed there for safety. And that usually leads to a fall in long-term mortgage rates. So take advantage of that now. Rates are typically .5% lower than they were a week ago.
Step4
If you are investing for five years or more, buy some stock. The investment outlook is much, much better today than it has been for several years, because shares are much cheaper. World markets overall have fallen 27% from last year's peak. They're not a steal at current levels but they are not particularly expensive either. Invest globally. Everything is on sale!
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