The stock market really took a tumble yesterday. Over 300 points. It has been predicted for some tie that the market is too high and a correction is due. I suspect that more is in the works although the market will likely bounce back today with investors taking advantage of lower prices.
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Loyal reader Kevin left a comment related to making a decision on whether or not to cash in his 401k to fund his survival supplies. No doubt Kevin is not alone in contemplating a similar action.
Of course this is deeply personal and there is a lot that needs to be taken into consideration. I am not financial advisor however I will provide my opinion.
The short answer is “no” – don’t do it. I prep with a philosophy that something “may” happen – not that it will happen. Will the economy collapse? I don’t know – and neither does anyone else. We all have opinions. Will there will a nuclear war? Some are 100% positive that there will be. Regardless – that is their opinion as well. I prep just in case. I invest in my 401k and I am sure Kevin does as well for a very likely retirement for himself when he gets older.
I have also thought of discontinuing my monthly contribution in my 401k. I have come close to stopping it all together especially when I truly consider what might happen in the future. I keep coming back to what if nothing happens and that money is needed when I get older?
My own personal decision has been to continue to add to my 401k at work AND prep as I can afford it. Something else I have done which aides in my prepping is every 5 years I take a loan out from my 401k. Many financial advisers would frown on such and action but it is my money and the interest goes back to me. It is a loan from myself. Doing this has allowed me to purchase many supplies I otherwise would not have been able to.
So – that is my opinion and it will not work or fit for everyone. Contributing to 401k is one variation of preparing for the future – just not one most “Doomsday Preppers” are concerned about.
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Next giveaway starts the 26th of August. A Sunwayman C22C high performance flashlight is up for grabs. Details to be announced on the 26th.
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EMP and solar storms have been getting more publicity lately. I have seen references all over mainstream websites and also included in TV shows. Here is a good article with some explanations on solar flares.
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Hope everyone has a great weekend.
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