Set aside any celestial seasonings that you may be expecting here. I can't offer you any form of fiscal salvation. There is no foolproof way to double your portfolio's value overnight, beyond depositing cash in the amount of your current portfolio into your brokerage account.

Thankfully, I'm loaded with other morsels of advice. I'll teach you how to prioritize your assets. I'll lend you a shoulder to cry on. I will even offer up a few stock ideas that I think will thrive. I can't save your soul, but if my aim is true, I may be able to save your portfolio.

Tip No. 1: Learn to dance in the rain
If you're a growth stock investor like me, you were probably pummeled in the first half of 2006, until a late-summer rally began to turn your portfolio around. Did the decline sting?

I prefer to look at it another way. Corporate earnings improved last year and are inching higher in 2007. In other words, every stock market pounding makes the battered companies that much more attractive on a valuation basis. As long as the fundamentals aren't crumbling -- an important caveat, of course -- this is a golden opportunity to be a buyer rather than join the masses who are selling. If you liked Napster (NASDAQ:NAPS) at $8 a stub two years ago, how can you not like the music subscription service specialist at half that price today? It has far more members now, and it's still blessed with a cash-rich balance sheet. Rival music service provider RealNetworks (NASDAQ:RNWK) has shed roughly 30% of its share price in recent months, yet it too is well-stocked with greenbacks.  

Tip No. 2: Prioritize your portfolio
Have you ever walked into a store where everything is on sale? Maybe it's a storewide event. Maybe you just happen to be holding a 20%-off coupon that expires tomorrow. You're tempted to load up the cart, but just because it's all marked down, that still doesn't mean you can afford everything. Do you know what you can buy? Do you know what you would be willing to sell if you were willing to buy?

Do you have wads of idle cash waiting to be deployed in today's market? You probably don't, because if your stocks have been battered, it probably pains you to cash out. You're not alone. You're also dying for someone to tell you that it's time to prioritize your investments.

Guess what?

It's time to prioritize your investments.

Breathe in. Take a step back. Exhale. Take a step forward. Approach your stocks with fresh eyes. You may have taxable implications to address in the weighing process, but the ideal approach is to view your portfolio as if you would be a buyer of each and every investment, rather than holding onto dead stocks or itching to move healthy ones.

Tip No. 3: Rob a bank, legally
If your pockets are empty, look elsewhere for greenery. You can dig between your sofa cushions. You can check beneath your mattress. Ultimately, you are going to have to address more realistic solutions for liquidity than cracking open that piggy bank.

Living beneath your means is one way to make sure that you have a little extra money every month to toss into the market. And, no, you're not being desperate if you scour through your belongings and hold a garage sale or hit Craigslist to make some welcome cash.

This doesn't mean any greenbacks that you land should be earmarked for the market. If you're carrying credit card balances or gobs of variable-rate debt, your best investment may actually be in paying down your debt before you dive deeper into the market. Setting aside enough money to see you through any financial emergencies should also be a priority before taking advantage of the tempting ticker-tape offers.

Tip No. 4: Expand your range
Do you own an ETF? Do you even know what an exchange-traded fund is? Are all of your stocks domestic? Can you use a little overseas flavor? Are you too concentrated in a particular sector? That's a natural slant. We love to buy what's familiar. If that industry happened to be one that got battered, rather than direct all your attention to doubling down in one niche, maybe it's time to diversify to make sure that it doesn't happen again.

Have you been getting hammered with stateside laggards? India's Rediff.com (NASDAQ:REDF), China's Sohu.com (NASDAQ:SOHU), and China.com parent CDC (NASDAQ:CHINA) offer overseas dot-com plays that may help offset weakness in domestic Internet stalwarts.

Tip No. 5: Look before you leap, but leap
Maybe stocks head lower this month, making the market's bargains even cheaper. Maybe they don't. You don't have to rush your entry points. You do, however, have to rush to start your due diligence so you know exactly what you're getting yourself into.

The markdowns are everywhere. Even gurus have been burned with the steep sell-offs that took place in the early part of last year. The worst of the carnage took place in the growth-stock sector. Take a look at a couple of the picks in the Motley Fool Rule Breakers newsletter service that are still in the red.

Recommended Stock

Issue

Decline

iRobot (NASDAQ:IRBT)

January 2006

(47%)

Panacos Pharmaceuticals  (NASDAQ:PANC)

November 2006

(43%)

These aren't perfect picks. IRobot came on strong as a hot 2005 IPO but has failed to produce the consistent profitability that one would like to see from the leader in consumer robotics and a major player in military robotics. Panacos, like many biotech stocks, is a fallen darling waiting for drug approvals to set its prospects on fire.  

You may like your growth stocks with fewer blemishes. I hear you. Dig deep, and you will find quality companies that have shed 20% to 30% of their value with fewer hurdles to clear before they can regain their stride. The point is that now is the time to arm yourself with the knowledge of the stocks that will make up your portfolio in a few weeks.

Five tips later, it's all on you
Is that it? That's it. There is sweetness when the market is sour. There is shuffling and reshuffling to be done in your portfolio. You've got the money, somewhere. You've got the golden opportunity to broaden your investments. You've got the time to do it right.

That may not be enough to win your way into Wall Street's version of heaven, but it certainly beats doing nothing and settling for investing purgatory. Still need more stock ideas? How about some of the stronger stories that are biding their time on the Rule Breakers scorecard? A 30-day pass can be all yours if you want to kick the newsletter's tires for free this month. You've got the time. Don't hang your portfolio on a wing and a prayer when you are truly blessed with some ridiculous bargains.

This article was originally published on Aug. 3, 2006. It has been updated.

Longtime Fool contributor Rick Munarriz believes in taking chances to earn superior returns. He does not own shares in any of the companies in this story. Rick is part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.