Financial Advisers Urge Investors to Chillax

Is there anything I can do to improve my financial situation?

If you want to feel like you are doing something, re-examine your goals and make sure you maintain an appropriate asset allocation. This year's turbulence probably means, for example, that your bond holdings may now represent a larger portion of your portfolio than your original goal. Consider rebalancing your portfolio at least annually to maintain the appropriate exposure to equities and fixed-income investments for your financial goals.

In the end, sticking with your long-term investing strategy may well be your safest move: "Losses are temporary and gains are permanent," says Michaels. "Over the history of the market, that has always held true."