A lot of this advice (pay down high-interest debt first, have an emergency fund) is reasonable no matter what the market conditions are.
But the common wisdom is that "time in the market beats market timing." Since these boom-and-bust cycles tend to happen over 7-10 year periods, and you really can't predict when they'll happen exactly, I think a market-related investment can be rational at any point in the cycle, as long as it's considered untouchable for ten years.
But the common wisdom is that "time in the market beats market timing." Since these boom-and-bust cycles tend to happen over 7-10 year periods, and you really can't predict when they'll happen exactly, I think a market-related investment can be rational at any point in the cycle, as long as it's considered untouchable for ten years.