Talks of an economic recession have been doing the rounds over the past few months, thanks in part to the U.S. Federal Reserve's rate action. But there are many ways to survive and thrive in a recession, too. Who better to take that advice from than the Oracle of Omaha, Warren Buffett?

Here are the five things Buffett says you need to do before a recession hits.

1. Shore Up Liquidity

The first thing you need to do while preparing for an economic recession is to shore up as much liquidity as possible. Keeping cash in your hand empowers you to make decisions beneficial for you, instead of being forced by forces beyond your control.

“We’ve got to keep plenty of cash on hand so that people are going to keep making intelligent decisions rather than those forced upon them," he said in a CNBC interview.

2. Invest In Blue Chip Stocks

Blue chip stocks are among the safer options when it comes to the equity market, and Buffett thinks big companies can be a safe destination for investment.

"Most major companies will be setting new profit records 5, 10, and 20 years from now," he wrote in a 2008 opinion piece.

3. Maintain A Long-Term Outlook

Recessions can last for a few months, so short-term plans won't work in this case. While some recessions can be longer than others, they are temporary. So, if your investments decline in value, don't worry and maintain a long-term outlook. You will eventually come out ahead.

4. Don't Get Flustered, Stick To Your Plan

One of Buffett's famous quips is that he will buy businesses at a "decent price," where he adopts a "business-as-usual" approach.

"We just wanna buy good businesses run by people we like and trust and at a decent price. And we'll keep doing that," he told CNBC.

5. Don't Put All Your Money In No-Growth Assets

It could be tempting to invest your money into risk-free assets like savings accounts and deposits, where it will either not see much growth or the growth will be less than the inflation rate.

"Equities will almost certainly outperform cash over the next decade, probably by a substantial degree," said Buffett.

Photo courtesy: Shutterstock