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An economic collapse refers to a sudden and substantial drop in a country's economic activity, characterized by widespread bankruptcy, unemployment, and a decrease in the value of goods and services. Here are some steps you can take to prepare for an economic collapse:

1. Build up an emergency fund: Having a significant amount of cash on hand can help you weather the initial shock of an economic collapse. Aim to have at least three to six months' worth of living expenses saved up in a safe and easily accessible place.
    
2. Diversify your investments: Diversifying your investments can help minimize your risk in the event of an economic collapse. Consider investing in a mix of stocks, bonds, and other types of securities, both domestic and foreign.
    
3. Stock up on essential items: In the event of an economic collapse, there may be shortages of essential goods, so it's a good idea to stock up on things like food, water, medicine, and other necessities.
    
4. Learn new skills: In an economic collapse, having marketable skills can be a significant advantage. Consider learning new skills such as gardening, carpentry, or computer programming, which can help you become more self-sufficient and potentially earn an income in a difficult economic climate.
    
5. Build a strong community: Building strong relationships with friends, family, and neighbors can help provide a support network in the event of an economic collapse. This can help you share resources and information, and support each other during difficult times.
    
6. Stay informed: Stay informed about the state of the economy and what steps governments and other organizations are taking to address the situation. Keeping up-to-date with news and information can help you make informed decisions about how to prepare and respond to an economic collapse.
    
7. Have Cash in Hand: Ensure that you have sufficient cash in hand as well, because if you have saved a lot of money in the shape of fixed assets, those are a bit difficult to liquidate. Also, it may be better to withdraw and keep hard cash with yourself in case of an economic collapse. This will also help you in being secure and you will be able to take any decision without coming under any pressure as such.
    
8. Close your loans: During a financial crisis, many people lose their jobs, therefore it is also better to try and quickly close your loans or EMIs. This way, even if you have some issues with your job, you will not have to worry about finding a way to pay the EMIs. Also, it is better to close the ones that are worst, for example, a car loan or housing loan is more secure than a credit card bill, which gains interest and you fell under a vicious debt trap.
    
9. Keep Medical Supplies handy: It is always better to have an emergency kit or medical supplies handy with usual medicines for food poisoning, fever, vomiting, etc. Ensure that the kit is replenished on a regular basis and that it is not totally consumed. 
    
10. Keep your house safe and have self-defense items with yourself: This is important because during the economic collapse, the world faces a lot of issues, and keeping your shelter or house safe becomes one of the priorities. Also, keep self-defense items ready with yourself, so that you are able to safeguard yourself and your family.

While it's impossible to predict when an economic collapse might occur, taking these steps can help you better prepare for the potential impacts. Keep in mind that everyone's situation is unique, so it's important to assess your own risk tolerance and financial situation before taking any steps to prepare for an economic collapse.