So you've got money to invest during these trying economic times.

It could be $1,000, it could be $100,000.

Regardless, here are a few guiding principles.

Relax (read: do not panic), reflect on your goals, form a plan that employs diversification and follow through with it.

That's what academics and certified financial planners recommend.

Most economists say we are either in or on the cusp of recession — a time of declining wages, production and purchases. But economic cycles of highs and lows are endemic to market economies, says Robert Cuomo, dean of the business school at Merrimack College in North Andover.

Take the stock market, for example. It has always bounced back from bottoms.

Historically, it has grown an average of 5 percent to 6 percent a year since the 1920s, Cuomo said.

And the opportunity to buy is best when the market is down since that's when people sell, he said.

"This is probably a very, very good time to invest," said Cuomo, who thinks the U.S. economy is either at its bottom or three to six months away from the bottom.

Certified financial planner Kevin Crowley says now is a prime time to buck the herd mentality he has witnessed taking shape. He hears many advice seekers wanting to be steered to low-return, low-risk, FDIC-insured investments such as certificates of deposit and money market funds. This might not be the right route, he said.

"Quite contrary, that is probably the least (sound) advice — to throw in the towel," he said.

OK, so the towel stays in the corner, and the investor is ready to come out fighting in the next round. That doesn't mean leading with the chin, risking a trip to the canvas and an early exit.

Investors need to inventory their assets. Figure how much money they have to invest.

Paul Pouliot, a certified financial planner from Bedford, N.H., says investors first need to make sure they are in a position to invest. That means paying off debt and establishing an emergency fund.

Financial advisers often recommend an emergency fund equivalent to anywhere from three to six months of expenses. This stash will help people weather unexpected economic blows, such as a job loss, illness or major vehicle expense.

St. Anselm College business professor John Romps says investment starts with an individual's plan. The plan should be tailored to the investor's age, aversion to or willingness for risk, and the goal for a rate of return.

Certified financial planner Wendell Stewart of Windham, N.H., says many investors are clueless in these tough economic times and fluctuating markets.

"People for the most part are shell-shocked, wondering 'What the hell should I do?' " he said.

In general, when reflecting on goals, a younger person would be advised to form a regular disciplined investment strategy, putting money away in stocks or stock mutual funds, Stewart said. He said older people should consult with an experienced financial planner.

A common theme echoed by academics and financial planners alike is diversification.

This includes investing in cash funds such as money market and certificate of deposit accounts, investing in equity funds such as stocks and mutual funds, and investing in bonds, both private and municipal funds.

"Don't put all your eggs in one basket is always good advice," Cuomo said.

Cuomo recommends that more conservative, careful investors put more of their investment dollars in cash funds and risktakers build portfolios with more equities in them.

In any event, he recommends that investors look at international opportunities. The economies of China, India and Russia are growing fast, as much as 10 percent a year in China and India. Google, CNN Money or Bloomsberg are good places to research foreign investment opportunity.

Romps says the array of choices in stock investments can be dizzying.

Online, Vanguard and Fidelity have Web sites that ask prospective investors a series of questions and make recommendations.

Pouliot says diversification offers protection.

"The key to be good investments is making sure you are insulating yourself from things that can hurt you," he said.

The advisers also recommend a steadfast approach.

Be sure to maintain discipline and not react to daily fluctuations, Pouliot says.

Follow through with a plan tied to goals and time frames, he says.

Investment tips

r Focus, don't panic

r Be goal oriented

r Form a plan

r Diversify your portfolio

r Follow through with your plan