Financial adviser John Fritsch says with a chuckle, if he knew when the economy was going to turn around, all his clients would be retired and living on a beach in Tahiti.

His advise at a time like this is simple.

"Lets not panic. Because some of the worst financial decisions can be made in times of panic."

He says it's important to remember that quarterly statements are just a snapshot of your accounts.

Barry Amundson knows his next statement balance won't been good.

He could look it up on line if he wanted, but he'll wait.

When he sees it, he won't make a rash decision, but he may do a little more investigating.

"I would like to look and see were I have the money and stuff since I don't keep very good track of that," said Barry.

And John says it's important to take a long view.

When prices are low, it can be a good time to buy.

"Talk to your folks, your grandparents, they say we have a generation of economic wimps or sissies because they know what it was like to really be without a meal," said John.

John says he has had a few clients call and ask if they've lost all their money.

Most of them, he says, look at their statements and say "that wasn't so bad."