With falling home values, rising unemployment and a turbulent stock market, the 2008 economy may be remembered as one of the stormiest in decades. "To help people survive this economic downturn, it's important to remain well informed, have a long-term strategy and keep short-term fluctuations in perspective," says Ben Stacy, a wealth management advisor with Fifth Third Bank.

"No one can predict the future," he continues. "But with careful planning, people can try to position themselves for today's - and tomorrow's - financial needs." He encourages people to work with a financial professional who can tailor strategies for their specific needs, goals and stages of life. In the meantime, he offers some "big picture" strategies regarding the following:

Selling a home. Because values have decreased in recent years, some homes are worth less today than when owners bought them. Consequently, many owners are selling homes at a loss, especially if they purchased them when the market was high. "If you are a homeowner and are able to maintain your payments, it may be wise to stay put, especially if the house continues to meet your needs," Stacy says.

Buying a first home. Lower home values make it a good time to enter the housing market. However, Stacy encourages a back-to-basics approach with a 20-percent down payment on a traditional, fixed-rate mortgage. He recommends avoiding potential unknowns with adjustable-rate mortgages.

Facing unemployment. Unemployment is the highest it has been in about five years. "In an uncertain market, it's helpful for people to re-evaluate discretionary spending, build up an emergency fund and avoid loading up on credit. For more tips on how to manage mortgage payments or reduce spending, read Maintaining shelter during the storm.

Coping with inflation. Some necessities, such as food, heat and gas, are now more costly than ever and require a larger portion of a budget. "This makes it even more important to track monthly expenses and be careful with discretionary spending," Stacy adds.

Investing. People's risk tolerance generally depends on their stage of life and when they need access to invested money or investment income. Older adults living off of retirement funds and parents funding a child's impending education are examples of people who have less risk tolerance.

"Because investment strategies are based on buying low and selling high, the recent downturn can make this a good time for some to consider investing. During uncertain times, people often lose sight of this strategy and sell after the market has dropped, or they avoid buying when stocks are essentially 'on sale,'" Stacy explains.

Before investing, Stacy encourages people to evaluate their level of risk with help from a financial professional. He also encourages people to review current investment strategies to make sure they are in line with their personal objectives.

Finding a financial professional
Fifth Third has financial professionals who specialize in meeting the needs of a range of customers. "Some focus on those who are just getting started, others focus on high-net-worth customers, and we have many who help those who fall in between," Stacy explains. He encourages people to contact their Fifth Third branch and ask to work with a professional who can give them personal advice.

For more information on managing in a turbulent economy, contact Fifth Third at (866) 475-4201 or visit 53.com.

All loans are subject to credit review and approval. Deposit and credit products provided by Fifth Third Bank.