Marc "Dr. Doom" Faber has a warning for investors — brace yourselves for another financial crisis.
Just last week, Federal Reserve Chair Janet Yellen said another crisis like the one in 2008 was not likely to happen "in our lifetime."
Faber told CNBC's "Squawk on the Street" on Monday that "I'm 71 and for sure in my lifetime, unless I have an accident tomorrow, I will see another financial crisis and a massive one."
He's particularly concerned about the high levels of debt around the globe.
"We have a colossal credit bubble in the world. Can it expand? Yes, but it cannot expand forever. One day there will be a limit and one day there will be another huge crisis because the debt level today is higher than it was in 2007," the editor The Gloom, Boom & Doom Report said.
The noted bear also has been calling for a big drop in the U.S. stock market and believes "we have a bubble in everything."
That said, he told CNBC, "I'm less bearish than I used to be. That worries me."
Because no one knows what the world will look like five years from now, staying diversified is key, Faber said. That means some money in real estate, stocks, bonds and precious metals.
"Although I'm pessimistic about the world and especially about political and social developments in the western world, I can still sleep well at night because I have the 25 percent exposure to equities."
He would look at international stocks over the U.S. market.
— CNBC's Jeff Cox and Tae Kim contributed to this report.