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How much has Covid affected you financially?

GRHorn

By GRHorn
in Daily Texan

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How much has Covid and shutdown affected your income?  

152 members have voted

  1. 1. How much has your income dropped?

    • 0%- actually doing better
      85
    • - 0-20%
      40
    • - 20-40%
      11
    • - 40-60%
      7
    • - 60% or more
      6
    • Lost my job
      3

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Trey3216

Trey3216 15356

Posted
Posted

I’m an independent financial advisor, wife is a teacher.  
 

my business is pretty much in a holding pattern for right now.  Not much going on so only legacy revenue coming in and I just got back into the business about 3.5 years ago so I’m still in the building phase.   
 

since I’m 1099, I have no idea when we get our stimulus check, and my PPP app was late to the party.   This, we’re living on my wife’s teaching salary and what modest recurring income I’ve got built so far.  So not quite enough.   

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bullzak

bullzak 422

Posted
Posted

Investment management. Year over year comps still decent. Latter half won't be great. 

All of this illustrates difference between haves and have nots. If you are working in an office you can social distance and possibly preserve your income. 

If you do real work for a living you suffer healthwise and financially. Man those people are really hurting. 

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Iceman

Iceman 2725

Posted
Posted
1 minute ago, bullzak said:

If you do real work for a living you suffer healthwise and financially. Man those people are really hurting. 

Patently false.

There's still some of us working.  You have food on your table, right?  You get deliveries to your door?  The store shelves are not empty.  Hospitals and ERs are still manned.

It's the result of labor, not magic.

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bullzak

bullzak 422

Posted
Posted
3 minutes ago, Iceman said:

Patently false.

There's still some of us working.  You have food on your table, right?  You get deliveries to your door?  The store shelves are not empty.  Hospitals and ERs are still manned.

It's the result of labor, not magic.

My point is if you are a construction worker, plumber, bus driver, or someone else who has to be out there dealing with it, life is tough right now. 

I have had all kinds of jobs. No way I would equate the nancy boy highly paid shit I do now with some of the really tough work I had to do then. 

People who haven't done that shit dont have enough respect for it. 

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bluto

bluto 4942

Posted
Posted

I feel some guilt for the last 6 weeks.... a few days away from selling a house, new job with a 20% pay raise and signing bonus starts soon, and investments up 5% ytd (mainly bc I was that fool who stayed in mostly cash the last 10 years, now I’m pushing all in)

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SwanderedTalent

SwanderedTalent 5761

Posted
Posted (edited)

Two kind of funny things have happened to us during this whole thing.

1) Wife and I were both in the process of rolling our 401ks over when the big drop hit. So we were inadvertently in cash, and said cash was then reinvested in pretty typical 401k ways from the approximate market bottom.

2) My company went public a few years ago and it was announced earlier this year that we were being taken private again, at a modest premium over our mid-February stock price. The acquisition agreement had enough penalties in it to prevent an easy cancellation, meaning our stock price has barely budged from where it was in February when the whole thing was announced. So all of my equity in the company, stock and stock options, maintained 100% of its value through the biggest stock downturn in forever.

Obviously I'm way smarter than most people. Just look at how dumb-fucking-lucky I am.

Edited by SwanderedTalent
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EuroHorn

EuroHorn 3268

Posted
Posted (edited)
37 minutes ago, Iceman said:

Patently false.

There's still some of us working.  You have food on your table, right?  You get deliveries to your door?  The store shelves are not empty.  Hospitals and ERs are still manned.

It's the result of labor, not magic.

Construction sites have continued here in Atlanta. City and regional  busses are still running with just a few passengers 

Edited by EuroHorn
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Celery Man

Celery Man 20996

Posted
Posted
Two kind of funny things have happened to us during this whole thing.
1) Wife and I were both in the process of rolling our 401ks over when the big drop hit. So we were inadvertently in cash, and said cash was then reinvested in pretty typical 401k ways from the approximate market bottom.
2) My company went public a few years ago and it was announced earlier this year that we were being taken private again, at a modest premium over our mid-February stock price. The acquisition agreement had enough penalties in it to prevent an easy cancellation, meaning our stock price has barely budged from where it was in February when the whole thing was announced. So all of my equity in the company, stock and stock options, maintained 100% of its value through the biggest stock downturn in forever.
Obviously I'm way smarter than most people. Just look at how dumb-fucking-lucky I am.


Better to be lucky than smart
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SHOOTER12

SHOOTER12 8828

Posted
Posted (edited)

Been pretty lucky and blessed so far due to good timing.  Got the stimulus of course, got a 6% raise the first week of April and found out last week that we will start getting bonuses on this job for working Saturdays without complaint.  Also started receiving payments every Monday for the impairment rating on my knee.  Definitely was not expecting that.  That only lasts 22 weeks, but like I said, we weren't even expecting that money.

Now .... just don't ask me about my 401K.

Edited by SHOOTER12
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RDCanecutter

RDCanecutter 26473

Posted
Posted

Me I'm lucky as a motherfucker. Maybe down a percent or two, I'll take it all day long.

Teaching with zero commute takes less time on Zoom so I've got more freelance time. The art gig was just taking off when this hit, and sales froze up on that. OTOH, I sat down and knocked out a ton of backed-up semi-creative commission work that makes less per hour, but it's a sure sell. The Free Confederate Peso Money Check is going to buy stocks. Maybe when I retire I can eat whatever the really fancy Ramen is.

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gecko

gecko 1104

Posted
Posted

401k down 15%, investment account down 10%. Recent changes to allocation have helped a ton. I had some cash and put some to work 2 weeks ago. Job is ok for now...if I get bounced I’ll likely get a nice package (27 yrs at employer) and start the retirement. To put it mildly....I am blessed beyond belief.

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MC Fresh Breath

MC Fresh Breath 4074

Posted
Posted

I was working from home before this and will be working from home after this.   How long for the same company I don' t know.   Layoffs where I work tend to happen around mid-to late January, so won't know until then.  401K is down, but eh, that only affects me if it hasn't recovered in 10-15 years.

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Sgt Hulk

Sgt Hulk 13840

Posted
Posted

Wifes hours cut to zero, boss had decide who to keep and who to furlough, since I have a check and the other employee was the bread winner, wife took the L so the other can keep her roof,  1 income in LA sucks donkey, but with us stuck and literally unable to go anywhere without being arrested we are ok.  

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RomaVicta

RomaVicta 30018

Posted
Posted

I'm among the 29% who can work from home. Same with my beloved. Income is the same.

I'm tipping grocery clerks and drive thru workers a little bit, but that tiny expenditure is likely balanced by not eating out and tipping waiters.

Good luck to those who struggle. The doubts must be excruciating.

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Johnny Sack

Johnny Sack 8397

Posted
Posted
15 hours ago, Deej said:

Moved my 401k to cash in late January. Getting it back into the market, now. 

I don't invest much of my assets in the market outside my 401k from my old jobs, but I did liquidate my 401ks in January or February when market was very high because I wanted to move it to a SEP.  So it was just pure luck.  I authorized my advisor to start slowly averaging me back in in March.  Overall stock portfolio down around 10 percent.

Collecting rent is going to be a problem -- to what extent I am not sure yet.  But I am not that worried about it.  I am not leveraged heavily and will work with tenants on reduced rent for their residences.  Many of my renters are blue collar types who are still working in plants and industrial facilities.

I am as busy as ever with work right now.  So is my wife.

 

 

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52-80

52-80 19246

Posted
Posted

Expenditure has been minimal, but we're not big social spenders so the net has not materially changed

Income wise, employer is reducing our hours next month (only next month, atleast for right now), at a level where the govt can offset most of the lost (yay socialism)

So all-in we're flat.

 

Upsides:

* Actively playing around on the market and haven't lost anything

* Will have Th/F off all of next month for fishing

* Base salary isn't reduced so we won't have been pushed back when normal stuff resumes

* Dog loves it

* More clarity and conviction on alternate career path -- possibly might switch industries later

 

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gsoda3

gsoda3 3282

Posted
Posted
1 hour ago, Sgt Hulk said:

Wifes hours cut to zero, boss had decide who to keep and who to furlough, since I have a check and the other employee was the bread winner, wife took the L so the other can keep her roof,  1 income in LA sucks donkey, but with us stuck and literally unable to go anywhere without being arrested we are ok.  

God bless you guys, that's love.

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FartingMonk

FartingMonk 3608

Posted
Posted
16 hours ago, 936horn said:

Better off really. I am lucky to work at a good company with a solid balance sheet in the midstream sector. I actually just got a raise Apr 1, but I am aware this is not most people's experience so for that I am thankful. Not eligible for the stimulus but again, thankful for that really. I am glad people who need it are getting it.

Another positive for me is that while my 401k is down about 15% YTD, my brokerage and other accounts including an old Roth IRA are humming nicely and are more than making up for it. Being at home all day has given me a chance to have a second career as a day trader. Just between Monday and Thursday of this week I was able to nab >350% profit off AMZN calls. Up until the last week or two, this was one of the most predictable markets and riding the up trends with calls and down trends with puts has added a good amount to my non-401k accounts.

Finally, I am really enjoying being home with the family. My daughter pops her head in my office a few times a day and comes to see what I am doing. It's a nice distraction.

LYB?

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CfRhTxStBobcats

CfRhTxStBobcats 602

Posted
Posted
7 hours ago, EuroHorn said:

Construction sites have continued here in Atlanta. City and regional  busses are still running with just a few passengers 

What I'm hearing from superintendents on construction sites around Houston, Austin, DFW is they're having trouble getting some trades to show up for work. The work is definitely still going on, I guess some either don't want to work, or just scared. I'm guessing some are trying to get that extra $600 a week from the feds as well as whatever the state pays. One of my guys tried to do it because he would actually be making an extra $200 a month. Of course he wouldn't have a job when his unemployment ran out. Not sure if he could sue me or not. He claimed he was scared to get out and work, but all that seemed to change when he couldn't get through to claim unemployment.

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EE2B

EE2B 1565

Posted
Posted
What I'm hearing from superintendents on construction sites around Houston, Austin, DFW is they're having trouble getting some trades to show up for work. The work is definitely still going on, I guess some either don't want to work, or just scared. I'm guessing some are trying to get that extra $600 a week from the feds as well as whatever the state pays. One of my guys tried to do it because he would actually be making an extra $200 a month. Of course he wouldn't have a job when his unemployment ran out. Not sure if he could sue me or not. He claimed he was scared to get out and work, but all that seemed to change when he couldn't get through to claim unemployment.

We just got done with an outage and toward the end we had some begging to be furloughed because they would make more money sitting at home. Dealing with all this during an outage was a bitch, but if our outage was in April/May we may have been in trouble.
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Paper_jam

Paper_jam 831

Posted
Posted (edited)

I have too much of my life savings tied up in the market, and I reached the limit of my downside risk tolerance the morning of March 16.  Sold off a bunch of stuff at the worst possible time. Lost enough market value to have bought my house again.

Edit: On the "plus" side I'll have enough capital losses to roll over probably for the rest of my life...

 

Edited by Paper_jam
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staboner

staboner 4987

Posted
Posted

with everything measurable maybe like 20% down.

with my business and various assumptions there, timing, startup, etc thats -100% for the time being.

Lots of future damages in the waiting too.

Do have some opportunities for business coming along, so thats good. just need actual commerce to come back online sometime soon

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Brew

Brew 3049

Posted
Posted

Who knows at this point. I’m expecting to be off about 20% (had expected to be up 15% at close of our 4/30 year) when it’s all said and done, but that’s a pretty significant number. It hit at the worst possible time for us, but it is what it is at this point. We stopped a couple of real estate acquisitions and put a construction project on hold at the house, so we’ll be fine in the grand scheme of things.

 

 

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Spankytoes

Spankytoes 1743

Posted
Posted

Wife was furloughed last week. Her unemployment is $1104/wk through the end of July, which sucks. We didn’t qualify for the stimulus payment, which wouldn’t matter much anyway since our kids are college-aged. I’m working from home as long as I can but expect to be furloughed in July if we can’t reopen the office. (90% of my business requires in-person contact, so I’ve has slow work from home days) Just in time to not benefit from the extra $600/wk bonus funds unless they get extended beyond 7/31. Saving about $1200/mth not having to take public transport and eating at home between me and the Mrs. IRA was down $37K as of last week. Haven’t brought myself to check it again. Kids are stepping up to pay their bills in TX, which gives us a bit of a reprieve. Haven’t incurred any additional debt, but that will probably change in July when the unknown tax bill is due. Last year was brutal.

Tough times

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Nice Guy Eddie

Nice Guy Eddie 13523

Posted
Posted (edited)

For those calculating your 401k losses, I wouldn’t use the very top of the market as your base analysis.  Unless you like kicking yourself in the balls. The market was most likely due for a correction earlier is this year anyway.

instead if you look at the market average for last year, we’re basically right back to that point.

Edited by Nice Guy Eddie
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Iceman

Iceman 2725

Posted
Posted
1 hour ago, Bookman said:

I'm actually making more money. With low oil prices people have started filing lawsuits.

Can you elaborate?  West Texas guy who has friends in oil & gas; but I've never heard this as a symptom of cratering crude.

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Bookman

Bookman 4642

Posted
Posted
21 hours ago, Iceman said:

Can you elaborate?  West Texas guy who has friends in oil & gas; but I've never heard this as a symptom of cratering crude.

Yeah I saw this in 2015. When prices drop it seems like there are more fights, at least in the beginning. Transactions in the good times, litigation in the bad times.

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