Have Realistic Expectations Hedging

Having Emergency Funds

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If you have plenty of cash lying around in a high-interest, Federal Deposit Insurance Corporation (FDIC)-insured account, not only will your money retain its full value in times of market turmoil, it will also be extremely liquid, giving you easy access to funds if you lose your job or are forced to take a pay cut. Also, if you have your own cash, it won't be an issue if other sources of backup funds dry up, such as a home equity line of credit.
Source: http://www.investopedia.com/articles/pf/08/recession-proof-your-life.asp; http://www.twopenniesearned.blogspot.com/