Ever since I moved to the 'first world' I've been scared of this disease. We don't have it where I come from and the long term effects sound straight up terrible.
First precaution is to check your legs (and possibly torso/hands) for ticks after passing through high grass. And whole body after coming from the woods. The nasty bit is you may bring ticks home, they stay active for a while and they may bite someone else.
If you get a rash in a weird spot and you've been out in the woods in the past 48 hours, check it out thoroughly. You may have a tick there. I've had countless ticks hiding in weird places that I found due to weird itchy-rashy feeling.
Once you get the tick, remove it in a safe manner asap. Lyme is transferred after the tick is done feeding and about to take off. Which is ~48 hours.
Personally Lyme Encephalitis is much scarier. Not as common, but long term effects are much more likely and even worse. On the bright side, there's a vaccine for it.