Coronavirus Impact on your Financial Situaton?
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  1. #1
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    Coronavirus Impact on your Financial Situaton?

    Curious about the impact for people here on their household finances via employment, reduced business or income etc.

    For us, I'm retired and have adequate resources to not have to touch stocks hit by this for a few years so can wait it out till the market recovers. My wife owns a business which was impacted by product availability from China over a month ago and she has now closed her shop for at least a couple weeks to do her part to help reduce the spread. Huge financial strain on the business right now, might not survive this if it drags on for months.

    She has a part time employee who is laid off now too.
    Last edited by Srode; 1 Week Ago at 05:23 AM.
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  2. #2
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    Crossing my fingers, but other that 401K losses, I am still working. However, if things dont improve I could imagine we will get shut down. We do a lot of Defense work and working from home is not an option for most of our people. My daughter moved to Colorado in January. She was excited when she found a job right away but she got laid off this week.

  3. #3
    Adorable Furry Hombre
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    My income was effectively a goner middle of last week. Formal declaration on Monday. My biz is tech work for live-productions, and they're all cancelled/postponed for the next calendar month...venue owners don't want to throw in the towel on the rest of the show season--but it is inevitable....especially with idiots still continuing to congregate/party. Our Agent's desk is guessing 3 months of lucrative work is burned at this point.

    I could see the writing on the wall a week or two before. A whole bunch of my co-irkers were fools thinking it wouldn't come here and wouldn't be that bad......surprise. I know a few people near Wuhan via online-shenanigans and they were house-bound for 3 months with no income and only allowed to leave for groceries. Ironically, I was wanting to change careers, and this gives me time to study/work on skills....so mixed blessing--were it not for 100% of my income being a goner.
    "Refreshingly Unconcerned With The Vulgar Exigencies Of Veracity "

  4. #4
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    I was laid off at the end of October - due to an increase in production costs resulting from a new import tax, the company couldn't justify retaining a 6-month contract-to-hire employee. Anyway, nobody in my industry (residential construction and home renovation) was hiring during the holidaze. My first real interviews began coming in mid January, then this whole catastrophe began hitting in mid February.

    I filed my last claim for unemployment yesterday, though our governor allegedly increased the weeks you can claim to cover this time span. If not, I'll likely be applying at grocery stores and/or shipping warehouses, just to have some sort of income.
    I lost my phone number. Can I have yours?

  5. #5
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    Quote Originally Posted by old_fuji View Post
    I was laid off at the end of October - due to an increase in production costs resulting from a new import tax, the company couldn't justify retaining a 6-month contract-to-hire employee. Anyway, nobody in my industry (residential construction and home renovation) was hiring during the holidaze. My first real interviews began coming in mid January, then this whole catastrophe began hitting in mid February.

    I filed my last claim for unemployment yesterday, though our governor allegedly increased the weeks you can claim to cover this time span. If not, I'll likely be applying at grocery stores and/or shipping warehouses, just to have some sort of income.
    I would hope that one of the things being strongly looked at is extending unemployment benefits., That makes a lot more sense the cutting payroll taxes or one-time cash payments. Even if the virus fizzles out it will take a while to get the company moving again

  6. #6
    Seat's not level
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    Working from home is now mandatory. Although I only was going into the office one day a week anyway.

    Wife now has the option to be working from home. Her office is basically empty anyway, so no big deal there. We set her up a desk in the bedroom so we can both have our space during the day.

    The kid...Senior in HS. The school district is using 'snow' days for this week. Next week is spring break. Then they are trying to figure out what to do with classes etc. Probably will go online. Big stress is prom, graduation and senior activities all most likely cancelled. The kid is bummed about that.
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  7. #7
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    Way to early to say. My job function can't just go away and the wheels of having less people or someone else do it will turn relatively slow as compared to, say, a bar tender at a closed bar.

    I really have no idea at this point.

  8. #8
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    My bride is an administrator at an online High School, so her income is very secure. During the last economic downturn we learned to live on her income alone. I spent the last 6-7 years taking all of my income and paying off everything. I don't owe a dime to any man in this world, that stress is gone. I guess my plan worked.

  9. #9
    What the what???
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    So far more of an inconvenience than a hardship. My job is transitioning to online so I'll be working from home at least in the short term. A big portion of Mrs. Opus' job involves fulfilling online orders, so she's pretty busy at the moment. But it's too soon yet to say how this will shake out.
    Given his penchant for nicknames, and his aversion to reading, I've decided to shorten Donald J. Trump to it's essence: Dump*

    I was "social distancing" before it was cool.

  10. #10
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    As of right now, it is actually saving us money, parking in DC and Baltimore is not cheap, eating at home instead of daily take out at lunch, however, by the end of the week, I might be getting 3 free meals a day, free housing, and an orange jump suit... my child is not going to survive the week....

  11. #11
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    Quote Originally Posted by ljvb View Post
    ... my child is not going to survive the week....
    They may have the last lauf boomer!
    BANNED

  12. #12
    Never Give Up!
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    Working from home over the past 4 years, so not a big deal here. I Manage and support a Facilities Management Corporate Bid Desk across North America. Our client is not currently in a position to close there 4 major campus clusters anytime soon (East Coast, Midwest, Southwest and West Coast)... there a big player in the development of wireless & cellular technology.

    Wife is in the Pharma business and is now working from home. The kids are home from college and both taking classes on line.
    "I refuse to be afraid of tomorrow, for I have seen yesterday & I love today!!"

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  13. #13
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    I own a coastside camping/resort here in Italy and season was supposed to start in a month. If things will turn bad we won't open at all,if things should veer towards a more positive outlook we may be able to open by late June,ready to face a very challenging and short season and operating without some of our facilities. The thing is 90% of our clientele are foreigner Europeans, while here in italy we're sadly getting used to this pile of terror and deaths, the worst is yet to come for France, Germany, UK etc etc.
    If we won't open we will plunge into high exposure and hold our breaths until 2021,but by then we may become easy targets for aquisitions at a fraction of our real value. We are a family owned business since 1983 and that would probably kill my dad . It's bad and it looks bad.
    My wife is front desk manager in another resort in the area,her daily job from home right now is dealing with guests cancelling their reservations for May,every single day she has tons of them. Our area is renowed among world's top billionaires and even that ancillary sector would take a hit. Just to give you an idea about our area,20 years ago during winter we would sneak into Bill Gates's private park to smoke joints,winter is a true paradise of solitude here,we love it.
    Reality is the economic aftermath now looks way scarier than the virus itself.

    My prayers goes to those who have been affected. I live on a island wich is now shut down,but the rest of my relatives all live on mainland and each and everyone of them know somebody that lost somebody.
    Last edited by Devastazione; 1 Week Ago at 06:04 AM.

  14. #14
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    I piece together a living in various ways, one being a freelance CAD monkey, the other is I own two smaller commercial buildings. One of them, their lease is up in May, and the current tenant was in the midst of negotiating the sale of the business, which would mean it stays on as a tenant. Otherwise, she was going to close up shop. This was before the virus mind you, she hasn't updated me, but I can only assume that deal is dead. The other building was empty, but I was due to sign a lease with a new tenant last week, but now that one is on hold for the indeterminate future. Based on what I see, this uncertainty is going to continue for at least the next 6 months, so those buildings will sit empty for who knows how long. At least they're paid off, but they're not free to keep, they still cost a significant amount of money.

    None of the proposed relief measures will help me in anyway since I work for myself unless they just start dropping checks in the mail to everyone. I won't starve, but it's going to be tight.

  15. #15
    Master debator.
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    My wife owns her own vet clinic, and apparently they are still needed and will remain open as far as we can foresee. She has had some cancellations etc., but still making money.

    I cannot work from home in my job, and we are actually busy, they are making the hourly people work weekends. I know from experience that my employer will not close the place unless he is forced to by a higher authority.

    A few years ago we did the Dave Ramsey baby steps, so we both have personal and business emergency money saved. We could go 6 months or without touching our retirement. We also have a decent chunk of change set aside to finish out the garage/cement work etc. that we could get by a few years without doing. I did clamp down on my wife giving her family money, she has a worthless brother and sister that only hit her up when they need money. They can start figuring that out for themselves, the tap is shut off with this crisis.
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  16. #16
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    My retirement savings have dropped about 22% since the beginning of the year. But when I retired in 2008, right at the start of the "Great Recession", my retirement savings dropped by about 30% withing the first 6 months. Talk about your bad timing - but I rode it out and the market recovered. And then some. So even with the recent drop in the market, I'm still better off financially than I was when I retired. Plus, I now have 12 fewer years to have to pay for.
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  17. #17
    We're no better than mice
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    What is retirement?
    Last edited by EverydayRide; 1 Week Ago at 06:08 AM.

  18. #18
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    I'm not able to work from home so unless my employer closes the door I'll be clocking in, so to speak.
    Like someone above, I also have a HS Senior and hate to think this is their 'defining moment' when these kids look back but it is, what it is.
    I keep asking my kids to start a brief diary about what's going on, these may be the days they tell their kids/grandkids about when they're my age.
    Old fuji and Devastazione...Stay strong brothers. This too, shall pass.
    Good vibes sent your way.
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  19. #19
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    I am 4 years into retirement as of Feb. 29. I'm OK as long as Social Security and pension checks continue to deposit. My 401(k) has become a 201(k), but I mainly use it to pay my property taxes and extras like vacation travel or home repair. My wife is working from home (telecommuting) as of this week for at least 2 weeks, unless this social distancing advisory becomes a mandatory shelter in place for a longer period. We don't need to go out much; I've got a lot of yard work I can do as spring approaches, and can go trout fishing at a lake about 7 miles away. Can't go fishing in B.C., Canada this spring, however.

  20. #20
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    Quote Originally Posted by upstateSC-rider View Post
    I'm not able to work from home so unless my employer closes the door I'll be clocking in, so to speak.
    Like someone above, I also have a HS Senior and hate to think this is their 'defining moment' when these kids look back but it is, what it is.
    I keep asking my kids to start a brief diary about what's going on, these may be the days they tell their kids/grandkids about when they're my age.
    Old fuji and Devastazione...Stay strong brothers. This too, shall pass.
    Good vibes sent your way.
    I think it is a defining moment. The idea that we have the technology to control everything and trusting the stability of society has been shattered. Undoubtedly, there will be lessons learned about dealing with pandemics and we will improve our response, but the next time maybe its a solar storm or a massive volcanic explosion. The reality is that we are not fully in control. Maybe this makes people appreciate life, family and friends more. Meanwhile, I'm, stocking up of booze

  21. #21
    RoadBikeReview Member
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    I'm afraid to look at my retirement investments, and I know John's purchase of stock "on sale" in late 2018 has tanked. But it ain't over until you sell it, I guess.

    John's working from home, I might also have that option, but for now, I'm in the office. It's probably secure despite being "non-essential."

    Getting harder to find food in the city, the small markets and bodegas are still open, but the lunch and coffee carts are starting to close up shop for lack of business.

  22. #22
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    I work in retail for a large, well known corporation. They just sent out an internal e-mail telling us that they are instituting an extra 2 weeks paid leave for anyone affected by Covid-19, whether it be contracting the disease, having the need to self-quarantine or having to stay home to take care of the kids. This is above any sick leave or vacation leave someone has accrued, and can be taken before one has to dip into those.
    Life is short... enjoy the ride.

  23. #23
    Cleavage Of The Tetons
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    I have two tourist related businesses in Jackson Hole, and they both died overnight. But I had an AMAZING season, and my businesses usually go into a two month hibernation in two weeks anyway. Both of the businesses are basically ‘retirement’ income jobs, so not my main sources of income. We will survive. Wifey is a CPA, so she is busy as fvck.

  24. #24
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    I work in a highly specialized field of entertainment finance/accounting. I was somewhat reassured when we took on two projects just this week which together pay for one half of my salary.

    My wife is a teacher who ventured into online learning and is currently in demand now that her school has gone remote. However, her contract is ending in June and we've been notified it is not being renewed. I am hoping she can pivot into another online administration role or we can leverage our well capitalized position to acquire a business.

    I do not yearn for much - just a nice bike and good espresso equipment - and we've been saving like crazy for close to a decade. So much that frugality has become a game of sorts. We are looking for me to continue consulting but were thinking about purchasing a small business with a team in place.

    Watching the market action recently, cash really is king during wholesale liquidations.

    PS - send help my toddler is driving me crazy and it's only day 2.
    "That pretty much sums it up. I'm 43 and my max is ~178-180. If that HR chart was mine or Froome's, we'd be on the verge of death. But for you it probably looks like a normal workout." -TLG

    LOLOLOL

  25. #25
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    Many of us will not be impacted financially by the pandemic, including myself.

    So if the federal government comes through with relief checks to all Americans, is it wrong to spend it frivolously?

    Shouldn't the money go WHERE IT'S NEEDED vs. just a giveaway? Should there be a better determination of who's in need of assistance?

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