Ten Ways to Protect Your Finances From the Crisis

Just saw this today from the Wall Street Journal -- 10 steps to take during the current financial crisis:

1. Check that your bank accounts are federally insured.
2. Make sure your brokerage accounts are federally insured, too.
3. Put money in thy purse.
4. Set up a home equity line of credit while you still can.
5. Refinance your mortgage.
6. Stop pulling a Monty Python when it comes to your worst investments.
7. Don't panic.
8. When it comes to your short-term money needs, nothing has changed.
9. If you are investing for five years or more, buy some stock.
10. If you want to worry about anything, worry about your taxes.

I'm especially focusing on #7 and #9 (though I'm buying index funds). How about you?

Comments

11. Check to make sure the U.S. government can cover insured accounts

[uFirst]

hahaha i like #6 the best :D
-jen

[Tim]

My "11th" step might be the most important:

Federal bank insurance fund dwindling
http://news.yahoo.com/s/ap/20080916/ap_on_bi_ge/bank_deposits_safety

[Joe Tek Yun]

Is it a good time to refinance my mortgage right now even amidst all this craziness happening in the market?

Currently I have an 80/15 split. The 80 I have at 5.75% until 05/2010. The second I have at 7.49% until 5/01/2010. I think the second one is a balloon (whatever that means). Any thoughts would be helpful.