Survivalism & Self Sufficiency Topics > Homesteading and Self Reliant Living

Preparedness as a Retirement Plan

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CdnGuy:

--- Quote from: Coldfishgirl on September 16, 2009, 10:41:40 AM ---+1 to Cdnguy and +1 to you too, Jack.  Great post, great show.  We had actually been planning to sit down and revamp our budget, so I'm going to incorporate your suggestions about financial planning into our meeting.  We are mortgage free as of 9/14, and in a position to start really taking control of our lives.  It is so good to be able to say that.

--- End quote ---

I don't know if I can do this, but +1 to Coldfishgirl for going mortgage free! How so? That karma goes around by showing people it CAN be done. Sweetie and I have to sit down and look at this ourselves to plot out how we can best accomplish it. Right now we're snowballing my incredible $500 credit card debt, another of her debts and then all we have is the mortgage and to create an emergency fund.

Part of our plan is that once we have the home paid off, or close enough depending on the market and other factors, we will mortgage it again to buy the BOL. That way the collateral is the home that we will move out of and rent, while the BOL is paid in full. Should something happen crazy in the market, we lose the home and not the BOL which is where we want to be anyway. This plan worked very well for my parents.

When they bought their last home, their cottage was paid off. So they took a medium sized mortgage. My dad did it over a 25 year term. Now, he was already 60 when he did this. He also had mortgage insurance in case of his death. Unfortunately, he died about 2 years later, suddenly. He had no prior health issues and had only taken 1 day off sick in  over 25 years of military service. Fortunately the house was paid for, everything was paid off and he left my mom in a solid financial position. Perhaps this isn't the gameplan everyone should follow, but in that case it worked out. Think creatively folks. Think things through.

hd45hunt:
Wow, awesome post CdnGuy.  This is exactly what I plan to do (just turned 38) within the next 5-10 yrs.  I want to work, when I want to work, not because I have to work to survive.  Listening to every one's different take on this subject helps one organize their thoughts and put a plan into motion.  Once again, awesome post.

CdnGuy:
Thanks bro. I'm turning 38 too. For the longest time I had a vague idea of this on the periperhy of my mind. The last couple years of researching preparedness has helped to hone the idea. What Jack said is totally true, the world pitches this illusion of the whole Freedom 55 crap. That just ain't gonna happen. I kept telling myself for years that if I just got a good paying job and did what I was told, that would happen. Well, I saw where that got my dad. Dead about 15 days after officially retiring. BS, I says.

Make living your life.

BerserkerPrime:
Just when you thing that every topic has been covered 2,3,10 times, some Cdnguy comes along and plasts the notion out of the water! ;D

Great read, and great items for thought!

Berserker Prime

Bad_Synergy:
It is funny how commonality of preparation works,,, If you are prepared for a genuinely secure and strings-free retirement, you are more or less prepared for all but the worst SHTF scenarios.

I particularly appreciate this thread.  At only 35 years old I already a medically retired police officer, stemming from a dog bite injury at work.  The odd thing is this seemingly tragic accident is probably one of the best things that has ever happened to me – it propelled me to reevaluate my life, career and the ubiquitous false sense of stability that culture propagates. 

Given California’s ponzi scheme economic policy (where I live) it didn’t take me long to figure out that my retirement account was terminal ill.  This was the tinder that got me thinking about being a prepper, and since has given me my compass bearing - for not getting away from what I am afraid could happen, but for getting to where I want to go.

Great post CdnGuy,

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