You might be living under a rock if you haven't heard the word "recession" being thrown around in the media over the past few months. Thanks to inflation, the Federal Reserve's efforts to control inflation, and an overflow of global problems, a worldwide economic contraction is on the table (though not guaranteed) in the near future.

And it's exactly this situation that could make well-prepared investors significantly wealthier a few years down the line. So if you want to address your anxiety while setting your portfolio up for success, here are four simple actions you can take that'll pay off.

The first step to prepare for a recession is to think about your financial goals and clarify them. Specifically, decide when you want to withdraw your investment. Will you need the money a year from now, when it's time to pay for a large expense? Or perhaps your time frame is five years -- or maybe even 30. 

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Source Fool.com