It’s been said that the best time to invest was 30 years ago. According to Houston Financial Advisors Richard J. Alphonso, JD, CPA, M.S.T., and Steven A. Estrin, M.B.A., the next best time is right now. Here's what they recommend in the months ahead:

• Moderate investors should consider an investment mix of 65% equities and 35% fixed income.
Of the 65% total equities, they recommend an allocation of 15% small- and mid-cap stocks, 35% large-cap stocks and 15% international stocks.
• Take a "laddered approach" to fixed-income investing by investing in bonds of different maturities.
Because fixed-income portfolios serve as a good defensive "shock absorber" for equity portfolios, they also suggest buying higher quality bonds (and sacrificing some yield) for their enhanced credit quality.

Finally, as a safeguard against Y2K-induced cash flow problems, they recommend keeping some "greenbacks" in your pocket at the end of the year.