Debt free or away from densly populated areas when SHTF?

[Sardo_Numpsa]

I have read when the you know what hits the fan it's important to not to have any debt, and also not to be in a densly populated urban area.

I wanted to get an idea of which you guys think is more important?

The reason is ask is as follows. I have a house in zone 5 West London which I could comfortably pay off in ten years. That was always my plan, although after the riots in London in 2011 I started to think about moving further out.

My wife has now come around to the idea, although her reasons for moving are to get a bigger house in a nicer neighbourhood (Surrey way), which is going to add to the mortgage. Best of both worlds would be move further out, and buy cheaper....unfortunately not an option.

The risks I am thinking about are economic decline, economic depression and resulting social disorder. Move out of London avoid the riots, but then the risk is as the economy is up the creek and am out of work, can't pay my mortgage and bank take my house.

What do you think?

[Sunna]

if you work in London , sell up move out not too surrey but north Essex , Norfolk area for your wife and kids then you buy a van kit it out with some way too cook keep warm and stay in London through the week , home at weekends bank holls ect.

hard but your folk can escape ,while working on a way to move home full time.

good luck...

[Straight Shooter]

Forty two years ago i bought my first house £4,850 my mother and father thought i was nuts " we paid £350 for our house" dad said " are you sure son ?" i was one year out of my apprenticeship
as a carpenter ....in those days ...if someone so much as farted in my direction it would end up tools in van ...short drive ...less than three miles ...and i could slide right in to another job.....times have changed mate...those days are long gone...and are not coming back any time soon....so lets get to you , do you have kids to support or planning on a family...what skills do you have or trade....why are you tied to London ? ...you ask should you be debt free....no brainier there.... unless your a brain surgeon with loads of cash and no fear of running out or work....if you get my drift....its easy for me to say these things ..i am debt free own my house ....after a lifetime of work ...lots of work .....put simple.... most people today...live with the threat of loosing their job in a uncertain world ...they do well if they can just pay their way....if you like takeaways three times a week , getting pissed also three times a week things will not look good for you...your first port of call as a prepper is to reduce any and all outgoings that you do not need ...this also means loosing your Sky package...do you really need the holiday in Lebanon ! not forgetting wifey wants a bigger house ? in Surrey Ask yourself what do you really need ...is your square one ...then get real with that....hope my rant helps But when it comes to the cut YOU will call it mate.

[Sardo_Numpsa]

I am tied to London for two reasons. First I work in the city. I could get a job elsewhere in a different industry but I earn pretty good money so best to make hay while the sun shines.

Fully aware of job insecurity, I think about it a lot. My outgoings are minimal and I have savings to last me a year. Don't think because I am considering buying a house in Surrey I flash with the cash, far from it. I have peers who think this period of good opportunity will continue indefinately, I am always telling them they will look back at these as the good times.

Secondly my wifes family are based in West London, and her career. My wife will not be convinced to move too far from her family or her job because of crazy SHTF talk. This country has been economically and politically stable her entire life (relatively) and she's no reason why that won't continue. It's a reasonable position to have and compromise will be necessary.

Seems you believe getting debt free is the priority. Thanks.

[CharlesHarris]

My situation is quite different, being in the US, but goals were similar. After 9/11 I decided that I was going to retire away from DC, and be debt-free, and started working on a plan to accomplish that. My Dad had died in 1995 and the wife and I split the blanket. She got the house, while I paid her mortgage until her townhouse was paid for. I moved into the house I grew up in to take care of Mom. She lived to be 96 and passed in 2010. The old house was sold to pay off the debts from her medical care, and my brother and I split the proceeds, having enough to pay off car loans and a home equity line of credit.

I moved 90 miles away to a vacation cottage in the mountains, on 5 acres, which was fully paid for and had no mortgage. The last year I was working before I retired I drove 150 miles daily to and from work. I packed bag lunches, shopped in thrift shops, lived frugally and saved every penny. Weekends and every holiday I worked in converting the summer cottage to a year-round residence, and catching up on neglected maintenance. New roof, finished cellar adding a reinforced safe room and tornado shelter with food storage, bunk bed, toilet and sink, then installed genny and 1000 gallon LPG tank. Paid cash as I went. Took 4 years to complete the work, finishing most of it after I retired.

I keep enough cash in the safe for a month's expenses and have food storage for a year. No mortgage, both cars are paid for. No credit card debt or outstanding loans. I live off Social Security and a government worker's pension and have a modest brokerage account which is well diversified and serves as my cushion.

If you don't spend money on vacations, new cars and frivolous things, but live modestly and frugally, it can be done. It takes discipline.

[Steve]

I sold a fairly modest semi-detached plus some woodland in the South East, and bought a decent smallholding in a nice part of Pembrokeshire. There is a technical skills shortage here, so I got the first job I applied for even though I had no experience of it at all. It's all going pretty well, my morning commute is a relaxed 12 minute drive, my job is interesting, the quality of life is way better than in the South East.

There are downsides, I miss my old friends sometimes but miss my adult sons much more, and they both produced grandchildren unexpectedly after I moved away. Skype is good, but not as good as being there. I'd love my lads to move over here one day, but it's not going to happen in normal times as their wives have big family connections over there.

There are quite a few people here who commute long distances, staying in Cardiff or further away in the week and returning at the weekend. I wouldn't do that, my evenings at home are worth too much to me - but I'm lucky to have the choice, due to cashing in the stupidly overpriced house in Kent.

If you believe that the London boom will continue you could always rent out your house there and use the income to pay for your life elsewhere - I have a friend who has let his house in Surrey out to a local company for £2000 per month, bought a huge motorhome and is currently touring the world for an indefinite time.

I thought about doing something similar, but my fear was that a big crash would wipe out the value of the house and leave me stuck with it. A bird in the hand etc., etc..

Good luck.

[T-oddity]

For me it is being debt free which I achieved this year, I chose to stay where I am instead of moving to some where less populated due to family and friends, though the population round here is nothing like London I had intended one day going somewhere more remote, but now retro fitting the house and being as self reliant as possible to cut our out goings to a minimum and with an eye to buying a small patch of land not too far away as a bolt hold if the shtf.

[bigpaul]

definitely move away from densely populated areas, when TSHTF debts wont matter but being away from all the rioting and societal collapse could mean the difference between surviving or not.

[Skean Dhude]

It is all about balance. Only you can work out where the tipping point is for you and yours.

People may laugh when I say this but it is true. You are too involved and will be biased. So you need to get emotions out of it. Make a list then weigh up the options in discussion with someone unbiased. Be honest, most people are not and then when you are done you have your decision. Which most people will then adjust until it fits what they want.

I did the same. My option was to remove myself but I also have a good job and without it I would be much worse off financially. Always on the lookout though for the game changer.

[Straight Shooter]

Being early by a year , is better than being one day late.