Take a deep breath. Pause. Then let it out.

Markets haven't been a roller coaster. After all, roller coasters go up, too. For much of this year, and especially the last many weeks the stock and bond markets have decidedly been trending downward. Our fight or flight instinct may be signalling that we need to pack up and get out, move to cash in hopes that we'll be able to reinvest at the bottom. This is a fool's game. Remember the adage: you can't time the market. What you can do is to make sure you have enough cash or cash equivalents on hand to get you through 6 months or more of your needs (that's always true) and that any major purchases in a similar period of time (car, furniture, vacations, clothing, etc.) is not going to saddle you with debt or force you to sell into a down market.

Markets rebound. Yes, they do. And some times quite strongly. Recessions happen. And sometimes they sit with us for a while. But they end. Companies are in the business of turning a profit and when they do, shareholders benefit. Quality borrowers (the government and investment grade companies) repay their debts.

The advice is always the same. Invest in low-cost diversified stock and bond funds. Have an eye toward the long-term and set aside cash for near-term needs. Avoid "bad" debt by paying off credit card balances in full and stick with "good" debt, such as mortgage interest which is likely to be the cheapest money to borrow and among the very few that are tax-deductible. Pay yourself first by saving for the future rather than spending your windfall. Avoid speculative investments or doubling down on bad ones. Take care of your health; otherwise none of this matters.

Now take a deep breath. Pause. Then let it out.