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. Watch

Calculate how much you need to retire.
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.


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