5 Steps to Avoiding Your Own 'Fiscal Cliff'

NEW YORK (TheStreet) -- Even though the vote went right down to the wire, Congress, for all of its dysfunction, managed to avert the dreaded "fiscal cliff" of tax hikes and spending cuts economists said would ruin the economy.

So far, so good. Most economic indicators say the economy is on a slow, upward path to recovery.

For example, the Federal Reserve reported today that U.S. manufacturing sector output is up for the second straight month, boosted by stronger auto and business equipment sales, and Goldman Sachs (GS) said the domestic housing market should "outperform" in 2013, which would be significant for the U.S. economy.

While Uncle Sam's financial health continues to improve, individual Americans would do well to take a step back and review the risk of going off their own fiscal cliffs.

So says the Washington, D.C.-based Financial Industry Regulatory Authority, warning that "the financial situation of many Americans remains fragile."

"With changing tax rates and a still recovering housing market, many Americans face an uncertain and precarious situation," FINRA Foundation President Gerri Walsh says. "You cannot control your tax rate or the value of your home, but there are practical steps you can take to achieve greater financial security even in the face financial shocks."