From Pragmatic Capitalism:

Few investment legends have weathered more than Richard Russell. Born in the Great Depression, Russell knows what it's like to live in hard times. And in this new normal he has some survival tips. The following are courtesy of Russell's Dow Theory Letters:

1 – Be a skinflint. Cut down on your spending. And be very nice to your boss, assuming you still have a job.

2 – Think in terms of NOT losing money. Forget about easy Wall Street profits. There aren't going to be any easy profits – not without a huge new infusion of borrowed money.

3 – Be skeptical of everything you read. The media is desperate for circulation, and it will slap on the cover of its magazine or newspaper any damn fool statement it thinks will sell.

4 – Have faith in your gold. As confidence in the whole monetary system slowly fades, the desire for gold will heighten.

5 – Remember, there's often a large correction prior to...

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More from Richard Russell:

The great Richard Russell on how anyone can become rich

Richard Russell: Why the bull market in gold has much farther to go

Richard Russell: Everything you need to know about gold in three sentences