Robert Prechter Jr's Chapter 33: A Short List of Imperative “Do’s” and Crucial “Don’ts”

Recall the old Chinese character that entwines crisis and opportunity in the same glyph. Position yourself to take advantage of what's coming.
Don't:

• Generally speaking, don't own stocks.
• Don't own any but the most pristine bonds.
• Generally speaking, don't invest in real estate.
• Generally speaking, don't buy commodities.
• Don't invest in collectibles.
• Don't trust standard rating services.
• Don't presume that government agencies will protect your finances.
• Don't buy goods you don't need just because they are a bargain. They will probably get cheaper.

Do:

• Fight the inertia that will keep you from taking action to prepare for the downturn. Start taking steps now.
• Involve your significant others in your decisions. Put your home or business partners in tune with your thinking before it's too late.
• Talk to heavily invested parents or in-laws who may be planning to pass on their investments to you. See if you can get them to become safe and liquid.
• Think globally, not just domestically.
• Open accounts at two or three of the safest banks in the world.
• Invest in short-term money market instruments issued by the soundest governments.
• Own some physical gold, silver and platinum.
• Have some cash on hand.
• Make sure that you have insurance policies only with the safest firms and make sure that they deal only with safe banks.
• If you are so inclined, speculate conservatively in anticipation of a declining stock market.
• Sell any collectibles that you own for investment purposes.
• If it is right for your circumstances, sell your business.
• Make a list of things you want to buy at much lower prices when they go on "liquidation sale."
• If you want to have kids, hurry up. Statistics show that fewer people feel like doing so during a bear market.
• Give friends a copy of this book.
• Keep up with our Bear Market Strategies page, a continually updated report on-line at http://www. elliottwave.com/conquerthecrash.
• Contact the services mentioned in this book! I am a market analyst and forecaster, not a banker, insurer, money manager, institution rater or depression strategist. These services can help guide you through the maze. Some of them can help you design your whole strategy in a matter of days.
• Plan how to take advantage of the next major uptrend. For example, go back to school during the decline and come out with extra skills just as the economy begins to recover. Apprentice in a job for low pay and learn enough to start your own business at the bottom so you can ride the next big upwave of prosperity. Investigate troubled businesses to buy at the bottom at deep discounts.
• Smile! because you will not be jumping out of the window; you'll be preparing for the incredible opportunities listed in the next chapter.

Source: http://www.elliottwave.com/club/protected/ctc/resources/chp_33.aspx