Meaning of the word "hope for the best, prepare for the worst" in English

What does "hope for the best, prepare for the worst" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

hope for the best, prepare for the worst

US /hoʊp fɔːr ðə best, prɪˈper fɔːr ðə wɜːrst/
UK /həʊp fɔː ðə best, prɪˈpeə fɔː ðə wɜːst/
"hope for the best, prepare for the worst" picture

Idiom

to remain optimistic that a good outcome will occur while simultaneously making plans in case a bad outcome happens

Example:
We've done all the planning we can; now we just have to hope for the best, prepare for the worst.
In this economy, you have to hope for the best, prepare for the worst regarding your investments.