I can tell you what we’ve done.
We have cashed in a large life insurance policy and paid off the mortgage and vehicle loan. The only remaining debts are a couple small ones to a bank and a credit card. Those should be paid off before the end of 2013.
This was my 85-year old father’s life insurance policy. I have power-of-attorney, and the house and vehicle belong to him. I paid them off on the chance that the inusurance company may go bankrupt and there will be no way to pay off his debt upon death. There is a small insurance policy that will pay off the remaining debts.
We are storing food, ammunition, paper products, materials for maintanence and repair of our two vehicles (my 20-year old nephew is a superb mechanic & lives in grandpa’s house with me; he is attending school to be a welder). A vegatable garden is going to be installed soon, along with espaliered fruit trees. We will both be getting hunting and fishing licenses.
As for buying precious metals - that is fine if you have a lot of wealth to preserve, which we do not. You can’t eat gold and silver for sustenance during a depression.
When the food runs out, those worthless five dollar bills will at least provide some roughage. :•)
That’s what I believe too on metals—and the expense is in the scary range already.
Except for oil, wouldn’t put a cent into the USA under Obama. NOT. A. CENT.
Time to cash in the small ROTH which was bet, at the time, on Merkel’s austerity measures in Germany and with that buy, instead, stores of commodities like yours.
You have done fantastic work with your own situation and I do understand the urgency of being out of debt. Thankfully, we are out of debt, but then we are quite behind on storage items, with no gardening situation and no fishing holes!
This coming from the Wall Street Journal is the exclamation mark to my concerns, so it is time drop the procrastination.
Thank you so much for your story. I appreciated it and enjoyed hearing it. You are an encouragement and I’m proud for what you have already accomplished. Makes me want to get going too. Thanks, SD.
God be with us, and us with God.