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You can also prepare by buying life insurance, providing financial protection for your loved ones. We've seen that with the COVID-19 pandemic proving to be a deadly force against the major income providers in a family. It makes sense to invest in a policy that will cover your family's financial security if you pass away.

Don't carry credit card balances

It's tough. We all know it. Especially if you are one of the many who have been laid off or furloughed due to the pandemic.

With so many people losing their main source of income, we've seen a huge jump in credit card debt. This is a clear sign people without jobs are trying to cover their living expenses and buy time until they can land another gig.

Turning to credit cards because of financial hardship is one thing, however, Buffett says some people use credit cards as "a piggy bank to be raided."

During the Berkshire virtual shareholders meeting, Buffet gave a personal anecdote about a friend who came into a windfall and asked for advice on what they should do with it. The friend also had credit card debt at an 18% interest.

Buffett believes that paying off credit card debt that is accumulating interest at an 18% rate is just as good of an investment as buying stocks that give you an 18% return. The difference is that paying off the debt is more freeing and ultimately more beneficial since you will also see improvements in your credit score. An improved credit score gives you more freedom and access to financial opportunities.

When credit card debt becomes overwhelming, a good first step to getting rid of it is to roll it into a debt consolidation loan. You'll simply put your bills into one payment and cut interest costs. This will help pay off the debt faster and make it easier to keep track of and manage.

Research stocks before investing

The coronavirus crisis has devastated entire industries such as retail, restaurants/entertainment, and travel.

"The airline business — and I may be wrong, and I hope I’m wrong — changed in a major way," Buffett told his shareholders. Berkshire sold its position in airline stocks for this very reason.

Buffett says people are now discouraged from and scared of flying, so "the world has changed for the airlines." This is a mentality he believes will last for a long while even after a vaccine is available to the public.

Create a plan for the long-term and stick to it

Warren Buffett shared that he is confident the U.S. economy will bounce back from the COVID-19 crisis.

"Nothing can basically stop America," he said at the online shareholder meeting. "We haven’t really faced anything that quite resembles this problem, but we faced tougher problems. The American miracle, American magic has always prevailed, and it will do so again."