Q. People in my industry seem to think we still haven't hit bottom. I still have a job, a house and some savings. What are you advising your clients to do while we wait and see what happens next?

A. I'm advising my clients to consider taking comfort from a recent comment from White House Chief of Staff Rahm Emanuel. He said, "You never want a serious crisis to go to waste." I believe what he means is that crisis forces us to engage in positive changes we'd otherwise delay.

Realize that adversity right now is introducing all of us to our weaknesses and strengths. We can clearly see what we do that works, we can clearly see habits that have outlived their usefulness, and we can see that avoiding change is not an option.

Instead of avoiding the financial monster in the closet, consider how you'd feel if you lost everything financially. Would you wish you had worked less and lived more? What you have picked a different career? Would you have taken better care of your health?

Now consider what you have left. Do you have a family you love? Are you smart? What skills do you have that you can apply creatively to ensuring the survival of yourself and/or your family?

Ultimately during this time, I am emphasizing to my clients that it is up to us to save ourselves. The government may help (and it may not). Our company may help (and it may not). Our family or friends may help (and they may not). If you wait for someone else to rescue you from the challenges in front of you, you leave your fate in the hands of others.

There's lots of good advice about surviving this economy. Bumping up your emergency fund, cutting down on expenses, and getting real about what you can afford makes good sense.

However, people can't give us advice about what they don't know and nobody really knows what is going to happen next. Unless you're precognitive this means you have to focus on the immediate problems in front of you. If you can pay your bills right now, you don't have a problem right now.

The good news about the unknown is at least we are all in this together. If the world arrives at a point where nearly no one has a job or a house, you at least will know you are not a failure. Continued...