What to do with your money now?

The market “is a mess, both in the United States and abroad,” said Warren Buffett in The New York Times. So what should you do with your money? Personally, “I’ve been buying American stocks.” Why? In investing, “be fearful when others are greedy, and be greedy when others are fearful.” And people are terrified now, even “seasoned investors.” For the long term, you can now “buy a slice of America’s future at a marked-down price.”

It’s still hard watching your 401(k) plummet, said Linda Stern in Reuters, but stick with your retirement plan. “If you don’t have a plan, get one,” maybe with a financial adviser. With stocks down, it’s a good time to convert your IRA to a Roth. Trim your budget, but think about nabbing your retirement house in Florida. Finally, “becalm yourself” and think happy thoughts—they're free.

Nevertheless, we may be on the brink of a major downturn, said Joel Stein in the Los Angeles Times, and to prepare, I spoke with “the only person I know who lived through the Great Depression: my grandmother.” Her advice? “Work on my budget,” and cut back on eating out. And everything else. Scaling back may be hard, but it’s not “miserable.”

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