It's time to act on those New Year's investing resolutions

Nothing focuses the attention like a market rout. The Dow has already suffered its worst start to a trading year since 2008, and the stock-selling stampede looks set to deepen.

China suspended trading abruptly on its stock market for the second time this week. Markets shut within 30 minutes of opening, after a fall of 7 percent.

At the same time, stock market movers in the U.S., like Apple, Macy’s and  Amazon dropped significantly with worries about everything from layoffs to slowing production and global market contraction.

Analysts are now wondering if we are at a tipping point, marking the end of the long bull market. So if they  haven't made some tough new year's investment resolutions, better get to it.

·         If they could make one resolution this new year and resolve to achieve it, make a commitment to pay themselves first.

·         Save at least 10 percent of your paycheck and dump it either into high-interest-paying accounts or simply where this money is out of your reach.

·         If the markets perform poorly in the coming year, upping that "savings rate" could be the only way to keep on track for long-term goals for retirement and college savings.

Expert forecasts for 2016 cover the spectrum. Wharton finance professor Jeremy Siegel, author of the best seller "Stocks for the Long Run," has predicted a 10 percent gain for the S&P. Yetmany others are less optimistic, and some expect a pullback, citing factors like economic slowdown in China and the age of the bull market, which began in 2009.

the Federal Reserve  has begun to raise short-term interest rates.

Bonds are risky, with rising yields likely to drive down prices of older, stingier bonds. At the same time, rates are expected to rise too slowly to make cash holdings much more generous.