NEW YORK ( TheStreet) -- The recent selloff in stocks may indeed pick up steam, warns Jimmy Lee, CEO of Wealth Consulting Group. "I am really concerned about this trifecta of Greece, Cuba and what's going on in China," said Lee. "Maybe all of those together is a recipe for the  correction everyone has been waiting on for a long time."

The easiest way for investors to protect themselves, Lee said, is to raise some cash and store it as "dry powder" for dip buying later on. As for where to put that money to use once the storm passes, he recommends consumer staples companies, which usually do well at this stage of a business cycle, as well as health care.

"We are still overweight health care, and in a defensive style of money management, I think that getting dividends out of health care stocks -- and with the M&A activity in health care -- that's a good place to be," said Lee, who added that he uses inverse exchange traded funds to hedge his long positions.

Lee is not simply worried about the stock market. On the bond side, Lee is worried about the consequences about a lack of liquidity in the market.

"If there is a selloff and there is a panic, a lot of the bond fund managers we talk to are getting lines of credit to be able to meet redemptions," said Lee. "So in the fixed income area, investors should consider buying alternatives, maybe income-producing equities."

One place where investors have traditionally parked money to pick up yield is in real estate. Nevertheless, Lee sees real estate as being fairly valued or even expensive and suggests finding yield in other places.

"We've used some private debt products which have floating loans and can work well in a rising rate environment," said Lee, who also worries that high inflation will arise unseen, putting additional upward pressure on interest rates.