Survivalism & Self Sufficiency Topics > Homesteading and Self Reliant Living

Preparedness as a Retirement Plan

<< < (46/47) > >>

Boethius:
Thanks Morning Sunshine!  We have 6 kids and homeschool them as well.  Given that I normally work from home as well, the quarantine hasn't been much of a change to our normal day to day lives.  Still, I'm struggling to find extra time to finish splitting/stacking next winters firewood, (almost there), and start our garden.  The good news is that I've done a lot of little things over the years.  We have some gas cans on hand that we rotate.  I have a generator that runs on both gasoline and propane, (good supply of that too).  We have a berkey water filter.  The biggest weakness is food, (and TP, ha!).  That's what has me thinking about a large scale ramp up of our homestead.  Anyway. . .thanks again!

LvsChant:
Hi Boethius,

As for the investing question and taking out money from your 401(k) early, you're probably in the best situation to see if that makes sense or not... with the huge debt our country will be incurring by the stimulus package, the value of our money may decrease over time such that it does make sense to use it on tangible things now... I just don't know. Plus investing with the uncertainly has been like a roller coaster ride recently.

We were also a homeschooling family while our boys were still home... it is so hard to predict the long-term effects of this crisis. Hopefully the curve of infection is flattening and at least some areas will soon be able to open up at least some businesses for regular work... The garden project could be a really great way to increase your family's security without a huge amount of cash outlay... you'll need some basics to get started, but much of it can be done very economically...

Depending on where you live and when the temps get down to the point that you can grow outside, you may still have time to do some seed-starting indoors before the garden beds are ready. Look into composting as well, so that you can improve your garden soil over time... old pallets are quite often used to build the composting frames.

If you do get a fair amount of produce from your garden, you may want to invest in a dehydrator (even the fairly inexpensive models will do the trick) in order to store some of your garden produce for the longer term). This is a very easy way to get started on food storage that doesn't require refrigeration or freezing. If you don't already do any home-canning, if you have a deep freeze, many of your veges from the garden can be frozen as well. I like to grow my own herbs, so the dehydrator is perfect for storing that for future use in cooking.

There are so many other ideas on canning, recipes for using your stored foods, baking your own bread... etc. Just search for anything that interests you and your wife  and you'll probably find lots of info. here on the forum. Don't hesitate to revive an old thread... it will probably be of interest to others as well.

Morning Sunshine:

--- Quote from: LvsChant on April 06, 2020, 10:11:23 AM ---If you do get a fair amount of produce from your garden, you may want to invest in a dehydrator (even the fairly inexpensive models will do the trick) in order to store some of your garden produce for the longer term). This is a very easy way to get started on food storage that doesn't require refrigeration or freezing.

--- End quote ---

this is where I disagree.  Last year I had a lot of pears to dry.  I borrowed 5 dehydrators in addition to my 2 9-tray Excaliburs.  one of my Excalibur dried 3 times the amount of any ONE of the others, and in half the time, with none burnt.  So much so that on Black Friday we bought a THIRD instead of ever doing that again.  Funny thing, my friends and neighbors from whom I borrowed - none of them use their dehydrators; they don't like the end product to justify the work.

Oakie:

--- Quote from: Boethius on April 06, 2020, 07:43:35 AM ---Hi All- Just joined this forum today after many years of listening to TSP episodes here and there.  I've been working towards being self sufficient but in the face of the COVID-19 pandemic, I see where I'm ill prepared.  I work in financial services so the title of this thread caught my attention.  Given the access to 401(k)'s that the CARES Act provides, (if you have been financially impacted by COVID-19 you can take up to $100K out of your account, avoid the 10% early withdrawal penalty, return the funds you took within 3 years and avoid taxes OR don't return the funds and stagger the taxes you would owe on the withdrawal over the next 3 years), I'm wondering if it is worth it to take advantage of this and use the money to build up our homestead.

--- End quote ---
Welcome!
With the uncertainty of the dollar's future now I'd be tempted to take the money while it has value! How much depends on what you have saved and your age.
I'd spend conservatively on basics and try to get the mortgage out of the way. There are no guarantees of future income.
Have backup plans if your heart's desires are compromised.  Don't overlook cash on hand for emergencies.   Best wishes!

robkaiser.me:

--- Quote from: CdnGuy on September 05, 2009, 11:20:28 PM ---"...Me, I have a different plan. My plan depends on me getting prepared to take care of myself and my wife for as long as we are physically able. If my plan works, we’ll also be able to ‘retire’ early. That plan is preparedness..."


--- End quote ---

I'm on the cusp of completing Baby Step 2 (Pay off all consumer debt) and am on the road to Baby Step 3 (6 months of living expenses liquid cash)

Baby Step 4 is traditional investments into the market for retirement...and this thread may provide just the insight I've been looking for.

Which is utilizing the 15% of my income for investing and putting that towards prepping instead. 

I'm glad I've stumbled across this thread in beginning to utilize this forum more...

Navigation

[0] Message Index

[#] Next page

[*] Previous page

Go to full version