Pay off any debts you have and set aside some for taxes. Consider some diversification, but keep as much of it as you can (or stomach) as liquid as possible (high interest savings accounts, CDs, or treasuries). There may be some great opportunities in another year or so for those who are still solvent and have a lot of cash-- housing will probably be a lot lower, and so will stocks. Wait until then and you may pickup some of the deals of the century.