Americans plan to continue cutting back on their spending, a survey by financial consulting firm AlixPartners found. Once the recession is over, they plan to spend only 86% of what they did before the crisis began. And their No. 1 goal is replenishing their 401(k) and other retirement savings.

That said, Jeff Carbone, a partner with Cornerstone Financial Partners, recommends three pieces of advice for investors, beginning with focusing on their own long-term goals and their own personal economy, rather than getting rattled by all of the bad economic news. With that, Carbone recommends that people have eight months’ worth of their salary saved in case they lose their job or another catastrophe happens.

Second, he recommends that people reassess their asset allocation, particularly in light of the market’s downturn and people having more conservative risk tolerance than they previously thought.

Finally, he asks investors to think long term, particularly when it comes to real estate, which he does not see appreciating significantly anytime soon.

As Jeff Immelt, CEO of General Electric, said earlier this year, “If you think this is only a cycle, you’re just wrong. This is a permanent reset. There are going to be elements of the economy that will never be the same—ever.”

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