Brokerage account balances are probably not the only thing depressed these days. Just as the abysmal decline in stock prices was unthinkable during the everything-always-goes-up late 1990s - so is the kind of anxiety and stress this 36-month-long bear market is now inflicting on investors.

        Unthinkable, indeed, because this kind of declining market is unknown to anyone investing since World War II. Even the last serious bear market in 1973-74 didn't last as long.

        Major indexes are well on their way to a third straight year of declines for the first time since 1939-41. And with more than half of Americans investing - many of them Baby Boomers approaching retirement - it's causing some widespread stress, said Russell Dern, chief clinical officer for Hopewell Crisis Services.

        “It can feel difficult to deal with,” said Dr. Dern, whose agency is the contract agency of Mental Health Recovery Services of Warren and Clinton counties. “The anxiety that people feel, while not necessarily a clinical problem, can still be very real and troubling.”

        Don't let your investing anxieties contaminate other relationships, however. Dr. Dern said he's heard of stressed-out investors taking their frustrations out on anyone from their spouses to little league referees.

        “This anxiety about the stock market can also spill over into other arenas of life,” Dr. Dern said. “It's important to use coping strategies so that family issues that might be bubbling in the background don't become more exaggerated.”

        Dr. Dern said a reason for that is lack of control.

        “It's hard to feel we have any influence, let alone any control,” he said. “It's natural that when one area of live is out of control, control in other areas of your life become that much more important.”

        Don't let your investing stresses contaminate your investment strategy, either. Acting on emotion can be one of the biggest mistakes investors make.

        “You get people questioning themselves, that's for sure,” said Don Westermeyer, senior financial adviser at American Express Financial Advisors. “Step back from your emotions a minute and start to think logically.”

        Specifically, think logically about your investment goals are, what the money is for, and when you'll need it.

        If your reasons for investing and your risk tolerance have changed, consider making changes to your portfolio, such as adding more conservative or income-producing investments.

        But don't have a knee-jerk reaction, and pour all your money into the hottest sector right now. Chasing those returns can be just as dangerous as chasing the tech sector gains of the late 1990s.

        “It's a matter of going back to the basics,” Mr. Westermeyer said. “We will get out of this. You just have to remind yourself of that.”

        E-mail ahiggins@enquirer.com. Past columns at Enquirer.com/columns/higgins

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