"By any common sense definition, we are in a recession," Warren Buffet said on Monday. When a legendary investor says we are in a recession, we probably are.

The bad news is that there will be hard times for many Americans. Expect higher prices for gas and food and fewer jobs for the average professional, especially in service sectors. The good news is that we have put together a recession survival guide that can help you weather through this oncoming economic storm.

Change Your Career Path

In a recession, many jobs are at the mercy of falling markets, but there are a few sweet spots that can keep you above the fray. Consider easing into fairly recession-proof industries before the economic indicators really hit the fan.

During times of financial turmoil, people may stop buying stocks, iPods, and Gucci bags, but they will still need staples like electricity, oil, and food. Oil companies, utilities, and agriculture related companies will be strong industries to parlay your professional skills.

Also consider relatively safer careers in education, healthcare and government. But stay away from most other service sectors, especially finance and industries related to real estate.

And don't be so quick in pursuing your master's degree just because job prospects are low (unless, of course, you can go to school for free). Much worse than getting laid off is getting laid off and accruing a massive amount of debt. Plus, with several colleges like Harvard and Stanford reducing their undergraduate tuitions, many more colleges are sure to follow and you may see tuition cuts trickling up to the post-graduate level.

Move to Asia

It's no secret that many Asian countries, especially China, are experiencing phenomenal booms that have yet to peak. What better time to take advantage of your Asian heritage than now? Many companies in the U.S. see that the grass is greener across the Pacific and are looking for Asian American professionals to compete in these markets.

And what if you don't speak great Mandarin? Don't worry--there are great opportunities in predominantly English-speaking business centers in countries like Singapore and India.

Jim Rogers, a non-Asian and one of the founders of the renowned Quantum Fund, believes in Asia so much that he sold his house in New York and moved his entire family to Singapore. He even hired a private Mandarin tutor for his daughter!

Invest Wisely

Remember, when there are bear markets there are bull markets as well. The key is to hold relatively safe investments that are fundamentally sound enough to withstand a beating in global markets.

Obviously, you should consider investing in solid industries like pharmaceuticals, energy and agriculture (since people still need medicine, heated homes, electricity and food) as well as companies in Asia. Also, you may want to diversify your portfolio with some precious metals like gold and silver, since they have historically done well during economic busts (gold prices are up nearly 17 percent and silver prices are up nearly 39 percent since January 2008)

And get out of investments that are tied into the mortgage slowdown, finance, and retail--people spend less to buy more necessities. Also consider staying liquid in safe currencies like the Chinese yuan, Swiss franc and money equivalents to buy up cheap equities at the bottom of this downturn.

But one of the surest investments you can make is to stock up on some canned foods and grains (they last a long time in a cool, dry environment) or cultivating a little vegetable garden in your backyard. Just in case if things get much worse as food and gas prices soar, it is comforting to know you can still eat some home-grown edamame when you can no longer dine at your favorite Japanese restaurant.