The news is horrid these days. 11% of home owners are in default or foreclosure. Unemployment is rushing to 10%. Can you do anything about it?

Watching this economy play out reminds me of the way many of us in Louisiana watched the news as Katrina approached the Gulf coast. We were fascinated by the potential devastation. We knew the score and what was at stake. Many were glued to the TV because we had family and friends in New Orleans. After Katrina made landfall, people across the country watched the ruckus Katrina made of Louisiana and shook their heads in disbelief.

But for all the time spent focusing on the bad news of Hurricane Katrina, did watching the news do anything about it? No. Did worrying save anyone? No.

The only way people saved themselves and others was to accept that a killer storm was coming, make plans to take care of themselves, their families, friends and neighbors, and implement their plans.

In a nutshell, the equation is this: K + P + A = S.

Knowledge + Plan + Action = Survival.

The current economic environment does remind me of Katrina approaching the Gulf coast. You know it’s going to be bad. Based on the experiences of many, I believe if you have the ability to see potential consequences, make plans to accommodate them, and implement your plan, you’ll be a survivor.

Many lost their homes to Katrina, but they survived. Many moved away from their homes, but they survived. If you watched the U.S. Coast Guard’s helicopter crews pluck people from rooftops, you know many people gladly accepted help and they survived.

An economic storm is approaching. Can you do anything about it?

You can’t stop it. It’s bigger than all of us, but you can certainly prepare.

1. I’ve quit watching the doom and gloom news. You know it’s going to be bad. There’s not reason to depress yourself by immersing yourself in every talking head’s dark tale of the economy.

2. Evaluate your current situation. Ask the basic question, “Am I prepared for this storm?” Do you know what you would do if you were to lose your job?

3. If you are not prepared for the storm, prepare yourself. Start now. As soon as possible, set aside some money and begin an emergency fund. If you haven’t considered it, think about what you will need to do if you lost your job. (For example, as soon as it happens, ask your employer, supervisor, and co-workers for letters of reference. Leave with a good attitude instead of burning bridges. Go ahead and clean up your resume while you’re thinking about it. Keep building good connections in your business network.)

4. Keep your wits about you. Bad news stirs strong emotions. If you get lost in all of the flood of emotions like worry, fear, panic, etc. you cannot make good decisions. Survivors think and act.

5. Be practical and prioritize: take care of the basics you and your family need like shelter, food and utilities. For example, if you can’t afford both, lose a 4-wheeler before you lose your lights. Give up your boat before you quit eating. Know what’s important and focus on maintaining that.

You almost can’t help but hear bad news and the comparisons to the Great Depression. Here’s what I know. It’s true that fortunes were lost during the Great Depression. It’s also true that fortunes were made. Living through it changed an American generation. People survived the Great Depression.

Know what’s going on, create a plan to handle it, implement the plan and survive.