You can split your password MyP@ssw0rd! into 5 parts, and require 3 parts for password recovery. The app will generate parts for you that look like this:
You can then print each part on a separate piece of paper, and hide the papers around your house, your garden, in your safe, under a rock, etc.
If you forget your password, just collect any 3 of the 5 parts and you can fully recover the password.
If one or two parts get accidentally destroyed, you can still collect the remaining 3 parts to recover the password. If you (or someone else) obtains only 2 parts or fewer, it is not possible to recover the password at all - the parts are completely useless without having all the required pieces.