That sounds like good advise. I have lost a lot of money in the stock market but I think it will turn around. Actually as long as you still have a job this an opportunity. I'm buying stocks at half of what they were. When they go back up I'll double the money.
The problem with this downturn is if you lose your job you might be forced to sell your assets at discount. Like your house or stocks for example. If your stretched to the limits with high payments that you could barley afford before losing the job then you have a real nightmare.
I'm very conservative and I'm always bracing for the next downturn. So I'm less over extended than most. I would still find it very difficult to start a new job at the bottom of the totem pole.