2008 was a rough year for just about every investor. I've been telling folks that the single best thing do right now is to turn off your financial news channel or, at a minimum, accept it for what it is, which is a daily dose of infotainment that should not be taken as investment gospel.

So, with that in mind, my quick 10-step program for dealing with the next half-year or so:

Step #1: Turn off the boob tube and stop listening to the talking heads. They're more interested in bumping up their media ratings points than providing solid investment advice.

Step #2: Make sure you've really diversified your portfolio, with big slugs of both domestic and foreign equities. (See also: "7 Costly Mutual Fund Mistakes to Avoid.")

Global Equity had a lousy beginning to 2008, but it could be the perfect core fund for someone who can't afford a plethora of fund minimums yet wants both domestic and foreign shares. Already have lots of domestic funds? Try International Growth, and if you can handle the additional risk, add some Emerging Markets Index. (I'd use the ETF.)

Step #3: Don't time the market.

You can't sell out of the market before it goes down and get back in before it goes back up. Market-timing is a fool's game. I can already tell that at least two clients of mine demanded they be sold out, only to watch the market move lower initially, then much higher than where they started. Neither has called to get back in, and I'm guessing it's simple embarrassment. Not only will they have to pay taxes on the gains they cashed out, but now their actions are looking, well, silly.

Step #4: If you've got some cash, put it to work now, not when you're assured the markets are going up and everything looks perfectly calm and safe. Remember that you were saving it for a rainy day? Well, it's pouring on Wall Street.

Step #5: Reduce portfolio risk if you're sleepless.

Not everyone is made of the sternest stuff. If you've been stressed by the market turmoil and lie awake worrying about it, then maybe it's time to take some risk out of your portfolio permanently. To do that…