This group will really benefit from this market, although it doesn't seem like it yet. First, though, build an emergency fund. If you don't have at least six months' worth of expenses saved up, focus on that.
Once that's established, save for retirement. "This is a fabulous opportunity to buy low," Fahlund said. You have decades and decades ahead of you—perhaps 50, 60, 70 years or more—and you should be taking advantage by investing on an automatic basis. Do so no matter what volatility comes up in the future.
Watch how to make your money last your entire life.
Calculate how much you need to retire.