The Dow Jones Industrials just dropped another 400+ points and is hovering around 7,500. For a reference point, consider a 401k you may have had this time last year that was heavily divested in different risk levels or a
PIMCO retirement account equally valued and divested. The Dow was hovering around 12,500 to 13,000 points, it doesn't take a rocket scientist or mathematician to realize that your 401k has likely lost half of its total value. Granted, these things tend to bottom out and recover so if you are investing for the long run you will likely be alright, but if you were considering retirement in the near future you are f@ked. Now think about family and friends who are in the age bracket of say 55-65, how do you suppose this is affecting them?
I have to admit, I have been quite skeptical of the market the last few years as I have felt that the "market" had been artificially inflated and was due to come back down to reality. I really believe we are beginning to see the real scope of the problem, and unfortunately the problem is a lot more widespread than initially reported during the summer of this year. Having said that, if you are feeding a 401k continue to do so as you will likely do well in the long-run. I would recommend solid divestment strategies or perhaps investment in a PIMCO retirement account. I would also suggest solid "second tier" investment in high interest savings accounts (ING Direct, HSBC) as well as CD's and whole life insurance policies set to a stable rate as opposed to tied to an index. Honestly, if you divest well you will see that your investments will continue to work for you even in these hostile markets.
In addition to the aforementioned financial tips (be sure to consult an advisor before making any decisions with your retirement accounts or other finances) I'd definitely suggest taking a few measures to ensure that you are not hemorrhaging money. For instance, are there monthly expenses you can whittle down such as cell phone contracts, cable bills and dining expenses? You would be surprised at how many people I talk with who have excessive cable plans who never even utilize the service. Don't even get me started on excessive cell phone plans. I know of people who are paying over $100 on a cell plan that includes data and text and everything else you could imagine. While it might be a "great deal", it is important to prioritize.
Anyway, this blog is beginning to turn into a lecture and that isn't cool. I hope that you have been able to do your best in these trying times and that you are aware of the world around you, because ignorance really isn't a viable excuse when it is for your own livelihood.