Watch and Pray
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This is my opinion.
1. Buyers, try putting off buying a home for another year because there will be a ton of homes at bargain basement prices.
2. Sellers if you want to cash in big, you maybe looking at least half a decade before the cycle begins anew. If you can hold your property for that long, by all means do so. If you can't, get aggressive about finding a qualified buyer. That means making a price cut.
3. Manage your debt. Depending on how much credit card debt you, get rid of all of it. If it is an exorbitant, then write up a budget and determine a way to pay it down. Credit card debt sucks because it is not tax deductible and will mess with your FICO score.
4. Take care of your health. I know that is common sense, but during these stressful times it is easy to let that slide. Don't let that happen. You do not need to be a member of a gym to exercise properly and you do not need to buy only organic food to eat healthy. Unless you work in the medical industry, sickness is not a profit center it is a cost center.
5. If you still work in finance, start stocking away your cash and prepare not one but at least 5 back up plans in case you get laid off. And with the next wave of asset implosions hitting Wall Street, there is no doubt there will be more blood on the street.
6. Those of who you are hiding in grad school waiting for the next cycle of job openings, it might not happen when you graduate. Already I have heard chatter that even getting an internship in certain industries is all but impossible.
7. If you have an Alt A or something type of exotic mortgage that is due to reset and bite you on the ass, do not despair. You have one advantage which is that you a window to get your options ready. Maybe you sell, maybe you begin setting up a reserve fund or maybe you walk away. This is the time to examine your mortgage and get help to figure out what to do.
8. The bailouts have just begun. If things are bad now for the finance and automobile industry, there does not appear to be any type of improvement for those industries on the horizon and they will most likely be joined by others. Already states governments are lining up for loans from the Fed because their unemployment funds are running on empty.
9. For those with liquidity, there will be ton of opportunity for investments since there will be dirt cheap options out there. However, I would still be take an air of caution because of the unpredictable nature of our world today. And I would strongly advise people to take their time since this recession is not going end any time soon so there will multiple opportunities to invest.