The current recession has not been an easy one, and for many, the negative effects have been dramatic. But one important thing to remember is that this is not the first downturn, and better yet, there are lessons to be learned from past slumps.

Economic downturns are not out of the ordinary, and historically, are generally short-lived. Banks became overextended in 1819 and 1873, life insurance companies collapsed from 1837 to 1843 and wars or heavy reliance on natural reliance on natural resources occurred in 1973 and 1979. All of these things led to recessions, and like the current slump, were temporary.

For every generation, there has been a bubble industry; railroads, real estate and dot-coms all became immensely popular, their prices rose, investment increased, and eventually the bubble burst and the market equalized.

Don’t rush to invest overseas when the economy is suffering at home. Some governments hide important information and the world’s economies are mutually dependent, so economic problems often spread. Carefully consider your options and think about leaving foreign investments to seasoned professionals.

Try to keep your emotions in check. Don’t let panic rule your decisions, and keep in mind that it’s better to wait it out than to take big losses in the short run.