If you're so worried about the rising 10-Year Treasury yield, which touched 3% on Tuesday, stick to cash, according to TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer.

"If you think that 3% is just a way station to 5%, then you got to get out," Cramer said. "If you think these things are going to happen and you're scared, you can't invest."

In a column on Real Money Tuesday, Cramer highlighted how the rising 10-year yield may impact dividend paying stocks like Verizon Communications (VZ - Get Report) , IBM (IBM - Get Report) and Procter & Gamble (PG - Get Report) .

For exclusive investing insight from Jim Cramer, get 24/7 access to Jim's charitable trust portfolio with a free trial to Action Alerts PLUS!

Subscribe to our Youtube Channel for extended interviews, Cramer Replays, feature content, and more!