Recession talks are in the air, and whether they have weight or not, it’s good to be prepared either way. Merely relying on your 401K might not be enough, even if you work for AT&T or some other large corporation. More money means you just have more to lose, especially if Venezuela-like inflation hits the country.

Diversify Your Investments

Don’t keep all your eggs in one basket. That doesn’t just mean don’t invest in one stock; it means don’t invest in just stocks. Keep a good ratio of stocks and bonds, and maybe add a few from outside the country. Bonds usually don’t earn as much as stocks, but they have virtually no risk involved and would even go up in value when stock markets are plunging. Invest in a few companies that supply everyday consumer items like food, drinks, and basic necessities; these companies are usually immune to changing market forces because they provide everyday needs. If you’re up for a bit of research, it also might be a good idea to invest in foreign stocks and bonds. That way you’ll still have well-performing stocks and bonds no matter what happens in the USA.

Go for Gold

It doesn’t matter how much money you have if all that money is worthless. Hyperinflation hit Venezuela in 2014, with a 29 percent inflation rate rising to an estimated 10 million percent by 2019. A chicken which was worth 200 Bolivars in 2013 now costs more than 15 million Bolivars. While the chances of that happening in the US is unlikely, it is still a testament to the volatility of the currency. One way to guard against hyperinflation (or any kind of inflation) is to invest in gold. Gold retains a stable valuation in the USA and the rest of the world. Its value won’t go down even as stocks crash nor is it tied to the value of a specific currency. Just make sure you’re getting your gold from a reputable source, preferably in the usual standard weights.

Have an Exit Strategy

It doesn’t matter if it’s taxes or inflation. If things get bad, take your money and run. While this may seem like an extreme act, it’s actually quite reasonable. If the state you’re in starts imposing outrageous taxes, then it’s time to move. If the cost of living is too high, then you’re only wasting money by staying, especially if you can move to another state and have more purchasing power. Several states won’t touch your 401K and the cost of living in many of these states are quite reasonable. If worse comes to worst, you can take your gold and foreign stocks and move to another country, preferably one with low costs of living and where your savings can last for a lifetime.

Talks of recession are all-over the airwaves with most outlets predicting one by 2020-2022. However, unemployment is at an all-time low, inflation is down, GDP is up, and consumer confidence remains positive, which makes the scenario highly unlikely. Prepare for what’s coming or just make smart money decisions. Recession or not, it’s still essential to make full use of your savings and ensure it won’t get hit by outside forces.