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Discussion Starter · #1 ·
Okay,
A year ago I cashed in my IRA, took the money and paid cash for my BOL, then spent the last year completely renovating it, the only things not replaced was the exterior walls and foundation, everything else is new, windows, roof, floors, insulation, plumbing, electrical etc. The rest of the IRA was spent on more than a year of food, more weapons & ammo, some silver & gold and a good used truck.

The BOL is finished now, has solar and wind power, good well, setup for raising some livestock (chickens, goats & rabbits), garden is up, security is designed and ready to be deployed.

For now, I can sit back and wait for the storm whist reading and learning more about how to survive as knowledge will be the best tool I can have.

Those of you considering doing something like this, you need to make your own decision, personally I have absolutely zero regrets, the comfort of knowing I have a solid defensible BOL fully stocked for myself and my family is comforting beyond words.
 

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Discussion Starter · #3 ·
and if it doesnt go south in 3 years? its good that you did that and kudo's but financially i am afraid to say might not have been the best idea granted you now have no mortgage to pay off. you also have no retirment

I still have my 401k, a fair amount of gold and some other assets if needed for retirement. I'm also young enough to rebuild my retirement accounts. I really like not having a mortgage on it and am putting it in trust to my kids as well.

If I was 60 and spent my entire wad on it with nothing left for retirement it would be a different story. Sadly the way things are going we all might end up retiring much earlier than we expected.
 

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and if it doesnt go south in 3 years? its good that you did that and kudo's but financially i am afraid to say might not have been the best idea granted you now have no mortgage to pay off. you also have no retirment
LOL in 3 years YOU wont have any retirement either, at least this way he gets to spend his money before it goes to zero value.:thumb:
 

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Discussion Starter · #6 ·
I'm curious if this was a Roth or a standard IRA. If a standard IRA, you'll lose approx 40% of it's value come tax time. Did you put money aside for the taxes and penalties?
It was a standard IRA, can't use a Roth on a second home. I did set aside the appropriate tax and penalties.

Irks me a bit that I get penalized for spending my own money, taxes I don't have a problem with because it was deposited pre-tax but penalties make me angry.
 

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Discussion Starter · #7 ·
LOL in 3 years YOU wont have any retirement either, at least this way he gets to spend his money before it goes to zero value.:thumb:
The issue here is a devaluing dollar in an IRA with no safe haven of any yield. I got in an out of equities at reasonable yields but sat in money markets for a long time waiting for an opportunity that looks like it will never come. I took a 40% hit on the money but I was able to re-invest it in hard assets.

As another poster put it, when the dollar tanks, I will have 60% of my IRA held in hard assets while others paper assets evaporate to zero .

Rather have 60% and the peace of mind that my family is safe no matter what happens than zero and no safety net.
 

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LOL in 3 years YOU wont have any retirement either, at least this way he gets to spend his money before it goes to zero value.:thumb:
yea thats what people said in 2001 and in 2008. i lost it all in 2001 but 2008 i am still up 30% over where i was then. those dips arnt dips if you are in for the long term. and retirement is long term and divest. in this case the OP is choosing to divest which was my warning. too many people doing stupid things the past couple days and people not warning but saying good job.

anytime you see some financial douche say buy this what ever. that means run. they have bought in and they are looking at you pumping up the profits so that can get out.
 

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yea thats what people said in 2001 and in 2008. i lost it all in 2001 but 2008 i am still up 30% over where i was then. those dips arnt dips if you are in for the long term. and retirement is long term and divest. in this case the OP is choosing to divest which was my warning. too many people doing stupid things the past couple days and people not warning but saying good job.

anytime you see some financial douche say buy this what ever. that means run. they have bought in and they are looking at you pumping up the profits so that can get out.
Hate to break it to you, but you are not up anything, you put money into the market, inflation eats away at your principal, if you are lucky enough to cash out with a profit, THEN you can say your "up" xx%.

Right now you dont even own your money because it is not in your hands.

Remember madoff's clients were up 30% as well until...............:eek:


the fact that you have to work hard your whole life, and then gamble your money in the hopes of having a decent retirement should of been the first clue that something is not right with the system.

Oh btw, my green beans are up 46% from 2008:D:
 

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"Normal" is an illusion
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This is GREAT!
You made the right decision.
Now you can sleep at night knowing you did all that you could have done in these uncertain times.
Idk why you didn't 'update' the outside, but I'm thinking the dingier it looks from the outside the better.
 

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Discussion Starter · #15 ·
This is GREAT!
You made the right decision.
Now you can sleep at night knowing you did all that you could have done in these uncertain times.
Idk why you didn't 'update' the outside, but I'm thinking the dingier it looks from the outside the better.
We did paint it a more camo color, but the siding was in good shape so there was no need to replace it.
 

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Hey, for the first time in my life I took out money I had in my IRA. I don't care about the penalty fee or paying taxes on it at the end of the year. Some financial bigshots say this is wrong, I don't care. I took that money and stocked up with food and ammo. Got new shoes for the wife's van and paid off all our debt (except the house and TT).
The reason I did this is because I don't think we are going to have anything before long anyway.
You do what you have to do.
 
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