Money Matters and Prepping

[mitunnelrat]

Thanks bp!

[The Stig]

I've been going through my "stuff" to see what I can sell, which is also helping me clean out my storage unit.

I can't say enough for doing that to help turbo charge debt reduction efforts.

Some people poo-poo selling off stuff because they'll "take a loss" but that misses the forest for the trees. Don't give the stuff away but keep in mind that the goal is to stop throwing so much money in the toilet to support the interest on all that debt. Sell it for what you can get out of it and plow that into debt reduction.

For most of us it was the pursuit of "stuff" that lead to much of our debt. It only seems fitting that the selling of that stuff should help dig us out of the hole.

And you'd be surprised how much money you can raise selling off stuff. So far I've financed an Aimpoint 3x magnifier and the better part of a SBR AR build just by selling off stuff that's collecting dust anyway.

[Katrina]

mitunnelrat,
I hope I can add my 2 cents here. While some may not think highly of IRA's and such I would encourage you to keep adding to the ROTH, it is after tax money and if you need to pull some out it is, depending on how long it's been there, a return of principle and as far as I know no taxes withheld but confirm with your tax person . If you are under 59 and half, yes there will be the 10% penalty but much better than the taxes AND penalty if taking from regular IRA. Even if it is only a couple of dollars a month, you are building a cushion for yourself down the road. Duh hubs and I think of it as a debt/bill to ourselves as part of our debt load.

[mitunnelrat]

That is a good way to look at it. I'm a huge fan of the roth because its low maintenance. Its still on the back burner for now, but I'll be adding as much as possible to it again later. I still have a 7% deduction coming out pre tax for my pension at work. I'm not counting on that being enough, hence the roth and some other things I'm doing.

If the roth was all I had I'd definitely be putting as much as I could into it. I'd be hard pressed to retire and live well if not. Still may be even now.

[Katrina]

Good to know you have other things besides the ROTH. Just don't leave adding to it too late, okay? Keep up the good job clearing out the debt. I was able to clear up last of our long term debt(other than mortgage)last year due to an inheritance I received but that doesn't happen everyday. Now that moneyspent on debt retirement is being stashed for home repairs and upgrades in the future.

[mitunnelrat]

Awesome! That has to be a liberating feeling! And I won't wait too long. Its one of the most important preps a person can make I think.

[Katrina]

Yes it is a great feeling. Now I can concentrate on improving the house and adding to my preps"