Use two factor where possible, but for the password, here's an easy format that I use to generate a strong and (somewhat) unique password per site:

1. Choose you paraphrase - something like "I like long walks on the beach after seven"

2. Take the first letters to give you something like this: iLLwotBa7

3. Throw a symbol on the end: iLLwotBa7?

4. Append a 3 letter site name acroym in a similar way to the phrase (I use 3 for consistency): iLLwotBa7?hkn

5. Throw on another symbol: Append a 3 letter site name acroym in a similar way to the phrase (I use 3 for consistency): iLLwotBa7?hkn!

That's what I do, so I only have to remember the 3 letter for each site. Here's some more: Reddit - rdt, Gmail - gml, etc.