Coronavirus Impact on your Financial Situaton? - Page 4
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  1. #76
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    All I can say, sure glad I'm retired!

    BIG PS and living in Canada
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  2. #77
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    Hope social security and Medicare does not go away.
    Of course I'm sure...that doesn't mean I'm right.....

    "There's no sense being stupid unless you show it."

  3. #78
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    I've been working at home since 3/16. My wife has been to. And I have a job where I'm not allowed to work at home. It's actually been kind of nice. There's nothing I could do at the office that I can't do from here. I've spent more time in my dining room in the last six months than I'be spent in the last 20 years I've owned this place. I don't miss commuting 2 hours a day -- although a lot of that was bike commuting. I still get the miles in, but its more of an effort when you don't have to go to work in the morning.

    I'm lucky to be in this situation. I feel for those who aren't.

  4. #79
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    So far, no major impacts ... if anything, we are in a better situation because we are not going out and spending money, so have more in savings now.

    My wife is a Teacher and they are completely online at lease through early November, but looking at the numbers ... at least until late January of 2021. She works out of our dining room where we also have a piano (she's a music teacher).

    The commute is awesome for her, however the work load has increased working from home. Lots more difficulties with lesson planning, attendance, checking in with students, more meetings, lots of tech difficulties (though, she has learned more in two months than her entire life).

    I work in Social Service and early on we were mostly working from home. Now I'm about 50/50. I go into one of our offices that's closed to clients and take care of paperwork, scheduling, data, etc. then in the afternoon see clients as scheduled at another office or by phone from home.

    Both of us are still working, so that's good and we can't complain.

    A lot of the clients I work with lost jobs, and depending on how the ACA decision does in the SCOTUS this November, may also lose health care ... which could affect our business and have a MAJOR impact on their lives, however since much of it's state funded, I'm hoping it will be somewhat limited (they will rule against it with a 6-3 court taking health care away from potentially 20-40 million people).
    Voting isn't marriage - it's public transport. You are not waiting for "The One" who is absolutely perfect. You are getting on the bus, and if there isn't one going exactly to your destination you don't stay at home and sulk - you take the one going closest to where you want to be!

  5. #80
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    Quote Originally Posted by pmf View Post
    I've been working at home since 3/16. My wife has been to. And I have a job where I'm not allowed to work at home. It's actually been kind of nice. There's nothing I could do at the office that I can't do from here. I've spent more time in my dining room in the last six months than I'be spent in the last 20 years I've owned this place. I don't miss commuting 2 hours a day -- although a lot of that was bike commuting. I still get the miles in, but its more of an effort when you don't have to go to work in the morning.

    I'm lucky to be in this situation. I feel for those who aren't.
    I guess I am one of the lucky ones, because I can still work from home. However, I hate it and can't wait to get back. I run engineering projects and so much of that is based on collaboration which suffers working virtually. I now go in once or twice a week for a couple of hours to meet with a core team which I look forward to. I imagine when this is all over that some folks will elect to continue to work virtually. That won't be me though

  6. #81
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    I either work outdoors or in an office with just one other part-time coworker. I can also work at home if I want to but I have a hard time focusing there. My work (environmental consultant) has been completely unaffected and, in fact, I've been surprisingly busy.

    My wife (real estate escrow officer) is raking in money hand-over-fist but we're not really happy about it. There is an exodus from big cities right now and SW Montana is one of the places they are moving to. The median price of a house in my town, which was already struggling with affordability, jumped from $490k to $575k IN ONE MONTH! Young professionals are leaving because they can't afford to stay - and these aren't bartenders and wait staff either. Houses are selling within a day at above asking price by buyers who haven't even looked at them in person.

    https://www.bozemandailychronicle.co...f288644ca.html

    My wife has been working 4am until 5pm or later all summer long. I'm not sure how much longer she can keep it up.

    The whole idea that "they'll all leave after their first winter" is also bunk.

  7. #82
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    Quote Originally Posted by DaveG View Post
    I guess I am one of the lucky ones, because I can still work from home. However, I hate it and can't wait to get back. I run engineering projects and so much of that is based on collaboration which suffers working virtually. I now go in once or twice a week for a couple of hours to meet with a core team which I look forward to. I imagine when this is all over that some folks will elect to continue to work virtually. That won't be me though
    The extent of the adverse psychological implications covering all age classes of the pandemic are not well known, but they are going to be epic once a return to more normal times occur. I would imagine one of them, as you point out, are changes in productivity and creativity within the workplace environment.

    In my case, whenever I get product in from Germany, it sells now faster then ever. The issues is Covid has cause huge issues there in limiting product availability and a tripling in international shipping time, thus a 65% decline in sales this year.
    I am 100% convinced the internet and social media are not the salvation to human civility.


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  8. #83
    wots...uh the deal?
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    Quote Originally Posted by dir-t View Post
    There is an exodus from big cities right now and SW Montana is one of the places they are moving to
    I was wondering what real estate was doing these past couple months.
    Started looking at a lake cabin. Sure seemed more expensive than a couple years ago...and a lot pending.
    Then I realized that I'm probably months late to the party. If one is not flying, dizzyworld, cruising etc, then spend $ on a lake cabin and use it for a couple years while "unable" to travel...yea. Did a lot of folks cash out of stocks and put it in real estate? Sure looks that way.

    So there goes that thought.

    On the other hand, will a lot of these places be for sale in 2-5 years? Will the prices crash?

  9. #84
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    Quote Originally Posted by dir-t View Post
    I either work outdoors or in an office with just one other part-time coworker. I can also work at home if I want to but I have a hard time focusing there. My work (environmental consultant) has been completely unaffected and, in fact, I've been surprisingly busy.

    My wife (real estate escrow officer) is raking in money hand-over-fist but we're not really happy about it. There is an exodus from big cities right now and SW Montana is one of the places they are moving to. The median price of a house in my town, which was already struggling with affordability, jumped from $490k to $575k IN ONE MONTH! Young professionals are leaving because they can't afford to stay - and these aren't bartenders and wait staff either. Houses are selling within a day at above asking price by buyers who haven't even looked at them in person.

    https://www.bozemandailychronicle.co...f288644ca.html

    My wife has been working 4am until 5pm or later all summer long. I'm not sure how much longer she can keep it up.

    The whole idea that "they'll all leave after their first winter" is also bunk.
    I don't see that trend ending when COVID ends (assuming it does) Employers in high rent areas are going to realize that hiring folks willing to work remotely will dramatically lower their facilities costs. Maybe they even pay people less that live in less expensive areas.

  10. #85
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    My mid-sized city was already a "hot spot" relocation spot before covid, due to insane cost of living in the bigger, traditional cities. I'm sure we'll see an even bigger spike. Our house has probably doubled in value since we bought it a few years ago. A house around the corner just sold for well over $400,000, no yard, no nothing. But, a good location and an affordable city. Well...we're going through an insane gentrification actually. Read about it for years, never thought I'd live through it.

    Whole areas of the city that have been in rough shape for DECADES are now getting totally flipped and rebuilt. It's crazy. It's also a shame. I liked my low-key, mid-sized city with regular folks and a bit of character. Now every time I turn around they're tearing something down and putting up some disgusting high rise condos. We used to have a nice low-key farmers market where you'd see the same folks every Saturday and Wednesday. Now it is surrounded on two sides by awful condos and the majority of people there could be models for some BS high end "outdoors" company because, ya know, you can't go buy some potatoes and local honey unless you have on $1500 worth of jackets and sunglasses and sneakers.

    They actually tore down my local, independent beer store and put up...a high rise condo. Not kidding! It's about a mile from my house, so easy for picking up some beers after a ride or a bike commute. The only other one left is out in the suburbs, a spot I'm never, ever at because you can't get there on a bike safely.

  11. #86
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    And the truly astonishing thing about how real estate, trends, and human nature work...5 years ago it was common to hear "Oh, don't go there after dark, you'll get shot." It wasn't at all true. It's a city, sure there are bad parts and crime, but I never had issues.

    People only wanted to live in other nearby cities or ex-urbs. Now my city is suddenly cool and ALL the folks who would have lived in another city and believe in stereotypes about mine...are paying insane rent/housing prices to live here.

    It's bonkers. Like I said, nothing new for cities like SF or NYC or LA or Chicago...but I honestly never would have guessed I'd live in a city going through it. I live here for many years and nobody wanted to move here, now a house in the right neighborhood doesn't even go on the market and someone from out-of-town snatches it up.

  12. #87
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    Quote Originally Posted by DaveG View Post
    I don't see that trend ending when COVID ends (assuming it does) Employers in high rent areas are going to realize that hiring folks willing to work remotely will dramatically lower their facilities costs. Maybe they even pay people less that live in less expensive areas.
    I agree and it's going to really change the character of the Rocky Mountain West and other less populated areas.

    Telluride CO's school district saw a 20% increase in enrollment this year. Bozeman MT had been the fastest growing town in the US with a population under 100K for a few years already - orders for new houses are now double what they were last summer.

  13. #88
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    Thanks to Covid and truly awful gov't leadership, it seems like the entire West Coast is evacuating and looking to relocate. A fair number are showing up in my neck of the woods and are buying everything and anything that they can get their hands on.
    Part of me is taking their money gladly (my kids do like to eat), the other part is sad to see my quaint semi-rural town turn into a bigger/busier shadow of it's former self.

    Though if this continues, I will be able to retire sooner than planned and go find someplace that is a little quieter.

  14. #89
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    Quote Originally Posted by dir-t View Post
    I agree and it's going to really change the character of the Rocky Mountain West and other less populated areas.

    Telluride CO's school district saw a 20% increase in enrollment this year. Bozeman MT had been the fastest growing town in the US with a population under 100K for a few years already - orders for new houses are now double what they were last summer.
    Donald Trump has never had a wife he didn't cheat on.

    More Americans wanted Hillary Clinton to be President than wanted Donald Trump.

    There are over 8 million covid cases in the United States (as of October 15th), nine months after Donald Trump said it was "totally under control," and that "it's gonna be just fine."

  15. #90
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    Quote Originally Posted by El Scorcho View Post
    Thanks to Covid and truly awful gov't leadership, it seems like the entire West Coast is evacuating and looking to relocate. A fair number are showing up in my neck of the woods and are buying everything and anything that they can get their hands on.
    Part of me is taking their money gladly (my kids do like to eat), the other part is sad to see my quaint semi-rural town turn into a bigger/busier shadow of it's former self.

    Though if this continues, I will be able to retire sooner than planned and go find someplace that is a little quieter.
    Well, if it's any consolation ... the housing market in the Portland/Metro area is insane right now. Houses are all going for well over asking price in the burbs and average days on market is in the teens.

    When we put our house up for sale last November, it sold in 4 days. A friend of ours just put theirs on the market and it sold in 3 days. Thankfully we had a plan for a new home, our friends were freaked out because everything went "Pending" the day they accepted the offer on their home ... however, they just found a new home to move into (looking for a bigger home).

    They received a bit over $380,000 for a 1250 sq ft. 3 bedroom, 1 bath home with a small yard, to give you an idea of prices around here.
    Voting isn't marriage - it's public transport. You are not waiting for "The One" who is absolutely perfect. You are getting on the bus, and if there isn't one going exactly to your destination you don't stay at home and sulk - you take the one going closest to where you want to be!

  16. #91
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    I guess I've been fairly lucky. I've noticed a distinct amount of growth locally in my industry after a decade of recession. When Covid hit, the well-paid contract job I was nearing the end of came at a convenient time, and between the federal $600 weekly checks and my NY state unemployment check (inflated a good bit because suddenly I was worth $5/hour more than before, and the fact that I'd been working 60 hour weeks for the last 6 months..), I was pulling down better than $1k a week during the quarantine, and STILL getting job offers! Finally, about 1 month before the federal payments ceased, I decided that the risk had lessened to an acceptable level and I jumped back into full-time work, at the same pay rate (but only 45 hours/week) as I'd been making on the contract work. I plan to retire in fall 2023, so I need to add as much towards my SS as possible in the next 2.5 years.
    "L'enfer, c'est les autres"

  17. #92
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    Quote Originally Posted by Wookiebiker View Post
    They received a bit over $380,000 for a 1250 sq ft. 3 bedroom, 1 bath home with a small yard, to give you an idea of prices around here.
    That is insane. Around these parts a budget of $150k will give dozens of choices exceeding those specs.

  18. #93
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    Well 6 months later....and still laid off. Still waiting for something else to come. Nebraska extended its unemployment benefits through December at least.
    "We are doomed to live in very interesting times"

  19. #94
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    The only financial concern I've had is the stock market. While it tanked roughly 30% in the beginning, it has since recovered and hovered around the break even point. I've been investing heavily in index funds so I can retire early, and while this year hasn't been a gain the silver lining is it's another year to buy in at lower prices.
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  20. #95
    What the what???
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    Coronavirus Impact on your Financial Situaton?

    A pay cut for me beginning 1 Oct. until at least the end of the next fiscal year. My employer is also no longer matching retirement contributions... lucky to still have a job, but the cut in pay (after a few years of a wage freeze) really sucks.


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  21. #96
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    I was told on a Friday in early March that we were to work from home starting the next Monday. Grabbed a laptop, monitor and a few things and have been working from home since then. Moved from a table in the basement to a bedroom we converted into an office a couple of months ago. I'm a software engineer working on cellular repeaters so I'll occasionally have to go into the office to change a cable etc but otherwise I've been here the whole time. As someone stated earlier it's not too bad but it does make collaboration tougher. We use microsoft teams but it still doesn't compare to talking in the hall about a problem.

    The Missus is going through chemo right now so it's been extra tough on us because of that. We have to be extra careful but still balance the emotional part of companionship and friends because she needs them right now. For example she's going to the Livestrong at the YMCA program for cancer survivors but they are being good about safety and spacing.

    Financially we're saving more than we ever have thanks to not going out to eat or meet friends as often. It's made a big difference in our bank account at the expense of our happiness. So we're doing well finiancially but the isolation is getting to us. We'll go out to one or two places that do isolation well outside to meet friends and sit apart from each other.

    Then to top it all off I was notified that the factory where I've worked for 30 years is shutting down in December. Our engineering group will relocate but 90 people are getting laid off and a large factory will be gone. I started in manufacturing so I know a lot of the people there. It's tough, we're currently looking for a new location for engineering but we may end up working from home permanently with just a small lab space to hold our equipment for development. I'm not happy about that.

    I'm at the point that I many start looking somewhere else although I have a job I enjoy otherwise. But our cost of living herte is one of the lowest in the US so it's hard to leave. 2020 has sucked.
    If I were to beat you senseless with a tire iron, what color would you bleed?..The Missus

  22. #97
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    I work in health care, including occasional direct work with Covid patients. We had our hours cut due to overall reduction in patient volumes. Reduction in volumes also resulted in decrease in productivity pay resulting in total of about a 10% pay cut. Because of Covid, the work is more complex and stressful, so that even though on paper I’m not working as hard, that’s not the case. My paychecks the past couple of months haven’t been lower however because it looks like my federal tax has been a little lower and I haven’t paid any FICA. I’m not sure if that’s because of that silly “relief measure” or just a year end phase out as I usually reach the cap on that every year. I hope the latter. So like others, I finish each month with more in the bank since we’re not spending as much. My credit card bill each month is about 50% lower than normal.

    To top it all, our employment contract renews next summer so management has started “renogotiating”, basically dictating that there will be bigger pay cuts, probably some staff cuts (increased minimum work hours) and this November, health insurance costs increase by about 25%.

  23. #98
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    Quote Originally Posted by hfc View Post
    I work in health care, including occasional direct work with Covid patients. We had our hours cut due to overall reduction in patient volumes. Reduction in volumes also resulted in decrease in productivity pay resulting in total of about a 10% pay cut. Because of Covid, the work is more complex and stressful, so that even though on paper I’m not working as hard, that’s not the case. My paychecks the past couple of months haven’t been lower however because it looks like my federal tax has been a little lower and I haven’t paid any FICA. I’m not sure if that’s because of that silly “relief measure” or just a year end phase out as I usually reach the cap on that every year. I hope the latter. So like others, I finish each month with more in the bank since we’re not spending as much. My credit card bill each month is about 50% lower than normal.

    To top it all, our employment contract renews next summer so management has started “renogotiating”, basically dictating that there will be bigger pay cuts, probably some staff cuts (increased minimum work hours) and this November, health insurance costs increase by about 25%.
    FYI, the FICA cap this year is $132,900. I am not aware of any COVID relief for FICA

  24. #99
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    Quote Originally Posted by DaveG View Post
    FYI, the FICA cap this year is $132,900. I am not aware of any COVID relief for FICA
    Thanks for that info. Yeah, double checked and I'm still getting Medicare withheld but zero SS. Our old payslip system from last year had them both bunched under FICA I believe, but it's listed separately now.

  25. #100
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    Quote Originally Posted by ogre View Post
    That is insane. Around these parts a budget of $150k will give dozens of choices exceeding those specs.
    pfffft -- that's nothing. Around here 1250 sf houses built in the 1960's go for $600k, then the house gets demoed and replaced with a 6000 sf McMansion that sells for $1.8M. And this is in the suburbs at the end of the train line.

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