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Has anybody been financially affected due to the recent events?
Threeshotgamer
Banned
One of my businesses is thriving due to the increased demand of shipping. But im set to lose around 20k a month minimum from my other 3 which are a gaming store, a restaurant and a rental property.
Liberty4all
Banned
Was laid off from my position as a Cruise Consultant on Thursday without notice.
keraj37
Member
Sorry to hear that.
But in general, sooner or later we all will be affected, no matter what you do and where you live.
Anki
Banned
Rentahamster
Rodent Whores
My crypto sucks now but hamster renting is up 15%.
MetalAlien
Banned
Not yet
pennythoughts
Member
my 401k is pretty disappointing and work is taking a bit of a hit but as of now nothing too catastrophic... yet.
TrainedRage
Banned
My work is continuing to pay us and I just invested like 2k in the market.
Oh man
Did you managed to find something else?
Yep! He got a new job in four days in this booming economy.
ipukespiders
Member
My restaurant business is down, my funeral business is up.
Elektro Demon
Banned
Not yet. If shits gets really bad, I'll open a graveyard business.
Liberty4all
Banned
Oh man
Did you managed to find something else?
no, going to collect severance, then Employment Insurance and self quarantine, I already prepped.
Liberty4all
Banned
oh and for Canadians in the thread, I got very solid confirmation from two independent military sources that I trust we will be in a national lockdown very likely within a few days. The military is quietly being mobilized, Reserves called up, deployments to major cities assigned etc.
The border closure today is slow stepping it to prevent panic — see the mass news conference going on right now.? They are prepping us for full lockdown.
It’s coming, if you havent done your shopping now you likely have 48 - 72 hours left to do so.
The border closure today is slow stepping it to prevent panic — see the mass news conference going on right now.? They are prepping us for full lockdown.
It’s coming, if you havent done your shopping now you likely have 48 - 72 hours left to do so.
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Croatoan
They/Them A-10 Warthog
I mentioned early on in the main thread that the economic repercussions of this virus will far out-weigh the death toll.
In my opinion we are headed straight for a global recession that will make 2008 look like a good time. Its possible we will hit a straight up Great Depression 2.0. Unemployment is going to skyrocket over the next few months as businesses close and employers go bankrupt. People, who are no longer earning an income, will try to ride out these lockdowns by maxing out credit cards knowing they will never pay them back. This will cause the banks to collapse and take the rest of our money with it.
You have to remember that we will be fighting this virus for upwards of 18 months before a vaccine will be available. If a hot summer doesn't grant us a reprieve from the virus then society as we know it will likely collapse. Even if summer does help, Cornavirus will come back in the fall and continue killing.
At what point do we just let people die so we don't lose our countries?
We cannot wait this virus out, not if its just going to come back in the fall, or never go away.
This could be the end game folks. The good ol' days might be over.
In my opinion we are headed straight for a global recession that will make 2008 look like a good time. Its possible we will hit a straight up Great Depression 2.0. Unemployment is going to skyrocket over the next few months as businesses close and employers go bankrupt. People, who are no longer earning an income, will try to ride out these lockdowns by maxing out credit cards knowing they will never pay them back. This will cause the banks to collapse and take the rest of our money with it.
You have to remember that we will be fighting this virus for upwards of 18 months before a vaccine will be available. If a hot summer doesn't grant us a reprieve from the virus then society as we know it will likely collapse. Even if summer does help, Cornavirus will come back in the fall and continue killing.
At what point do we just let people die so we don't lose our countries?
We cannot wait this virus out, not if its just going to come back in the fall, or never go away.
This could be the end game folks. The good ol' days might be over.
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Bladed Thesis
Member
Now this is a take.
Croatoan
They/Them A-10 Warthog
Explain where I am wrong? I would love some reassurance that shutting down the US economy and locking people in their houses for months will not cause rampant unemployment and unrecoverable credit card debt. Jesus just think of all of the bars and restaurants that will go bankrupt with just a month of lockdown. There is nothing the US government can really do to help out side of printing money which will just lead to hyper inflation.
If COVID-19 goes away and comes back in the fall/winter are we just going to shut everything down again and further fuck the economy?
How can we hope to recover or even keep the economy going when "flattening the curve" requires shutting down entire states and countries?
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Fbh
Member
My timing has sucked.
Opened my business late last year and the same week we started having the biggest and most massive public unrest in my country in the past 20+ years. Months go by and while the unrest has slowed down a bit it's still very much here, and now comes Corona to keep making things more complicated.
Have a shipment of products from overseas that has already been delayed a month and the only information the shipping company has given me is that it might arrive early next month...maybe.
Opened my business late last year and the same week we started having the biggest and most massive public unrest in my country in the past 20+ years. Months go by and while the unrest has slowed down a bit it's still very much here, and now comes Corona to keep making things more complicated.
Have a shipment of products from overseas that has already been delayed a month and the only information the shipping company has given me is that it might arrive early next month...maybe.
infinitys_7th
Member
I'm fairly lucky. I guessed where things were going a few weeks ago and moved all my investments (taxable and Roth IRA and 401k) into money market accounts or bonds. I didnt "lose" any actual money as I was still up overall at the time, but now the market has dropped 30-40%. I begged people I know to do the same thing, if only to shore up for a month or two.
As long as I buy back it below the point I sold I will be much better off. But then, again, I got lucky. I started researching TVIX (based off a post earlier in the OT thread, actually), S&P historical markers, and similar sorts of indicators and it all clicked.
Personally I should be fine. I've got $30,000 in high yield checking and savings accounts.
As long as I buy back it below the point I sold I will be much better off. But then, again, I got lucky. I started researching TVIX (based off a post earlier in the OT thread, actually), S&P historical markers, and similar sorts of indicators and it all clicked.
Personally I should be fine. I've got $30,000 in high yield checking and savings accounts.
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Croatoan
They/Them A-10 Warthog
Both my wife an I have roth IRAs but our savings have been depleted recently. Thankfully she has a trust that she has never touched with millions in it so we probably wont lose our house in the event we both lose our jobs. My family has millions invested in land but since that isn't liquid its going to be no help for my brothers and parents. Doubt we will find many buyers in this economy...
My parents are retired (80 and 71) and I worry for their health.
All of that wealth accumulated by our parents and grandparents is about to get wiped away though. Can you imagine working a life time to better the lives of your progeny and then having all of that disappear in one year! I would be rolling over in my grave!
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Super Mario
Banned
Currently, I am not "affected". Even 401k losses aren't real yet. The fallout could be catastrophic. There will undoubtedly be asks for more safety nets, more government spending, more nets. That probably won't help people like me.
You make some strong points. There will be people on both sides of the fence, especially as this rages on. We we are essentially at now is looking at shutting the entire world down, impacting the future of many, to have a lower death rate for those 60+. I can't see the world rallying behind that point forever.
You make some strong points. There will be people on both sides of the fence, especially as this rages on. We we are essentially at now is looking at shutting the entire world down, impacting the future of many, to have a lower death rate for those 60+. I can't see the world rallying behind that point forever.
Croatoan
They/Them A-10 Warthog
Unrest will start after a month of lockdown unless rent/mortgage payments are forgiven and utilities become free during the pandemic.
Romney's $1000k per month would be enough to cover our Mortgage and utilities until summer starts and electricity prices skyrocket.
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rubik's dude
Member
Software developer here as well. No news of layoffs or hiring freezes, and my company has been extremely accommodating regarding working remotely, so I'm grateful for that.
But thinking about all the people without insurance, who aren't as lucky, who either have to work out in the public during this outbreak, or can't work because of the outbreak, is saddening. I think about how they won't receive the relief they need, how those who are already struggling will probably sink during this time. Government can't even look after its own people, which is sickening.
But thinking about all the people without insurance, who aren't as lucky, who either have to work out in the public during this outbreak, or can't work because of the outbreak, is saddening. I think about how they won't receive the relief they need, how those who are already struggling will probably sink during this time. Government can't even look after its own people, which is sickening.
eot
Banned
Austria had rumours about the lockdown a few days before it happened, they even commented on it (and denied it). Then they enacted it.
That's the way to go though, don't blame 'em
Super Mario
Banned
While every market is going to be impacted as people overall will have less money, markets like programming can still continue their core functions. You can quarantine yourself in a house, and still perform all duties the same. People can still download software from their home.
People who work in restaurants are f'ed. They are going to demand even more than they did before. I do not envy restaurant owners at the moment.
GeorgPrime
Banned
I sold bitcoin at 8000 before the crash and bought them again at 4000.
rubik's dude
Member
Yep, I'm grateful to be in the industry I'm in. But like you said, restaurant owners, and just small business owners in general are going to suffer. There was a lady in my state who got the virus, and was a small business owner, and now she's worried about losing her business.
TheSadRanger
Banned
My 401k that I've had for over a decade. 
DESTROYA
Member
Personally no .
I used to be in the business and it was never easy even before this hit us but now the people I still know that are still in business are hurting, some losing up to 50% of gross revenue.
Everybody is affected by this virus in the restaurant business, from owners to workers and all the way down to the supply chain.
I used to be in the business and it was never easy even before this hit us but now the people I still know that are still in business are hurting, some losing up to 50% of gross revenue.
godhandiscen
There are millions of whiny 5-year olds on Earth, and I AM THEIR KING.
About ~100k lost between 401k and unrealized stock market gains I didn't cash in during the bubble.
I am not afraid of being fired, but I was going to negotiate another salary raise this year. In the middle of a recession, the usual threat of going to a competitor won't help me in my negotiations. Time to pay more attention to alternative sources of income IMO.
I am not afraid of being fired, but I was going to negotiate another salary raise this year. In the middle of a recession, the usual threat of going to a competitor won't help me in my negotiations. Time to pay more attention to alternative sources of income IMO.
SurprisedPikachu
Member
No, thank God. I feel for those who are suffering from this though.
Darkmakaimura
Member
I currently work from home and I don't make much to begin with but now work is non-existant, even though it's from home. Probably because a lot of the work comes from universities. So I'm pretty screwed right now.
This shit sucking bad.
I also take care of somebody who is elderly and ill so there's that too.
This shit sucking bad.
I also take care of somebody who is elderly and ill so there's that too.
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Ornlu
Banned
Nothing personally for me yet; my industry hasn't shut any doors/stopped shipments yet.
I do have an employee who was overseas when all this started going south (pre-planned, non-refundable). She got back in the States last week and can't come back to work until next week at the earliest.
I do have an employee who was overseas when all this started going south (pre-planned, non-refundable). She got back in the States last week and can't come back to work until next week at the earliest.
JimmyRustler
Gold Member
Not yet. I‘ve been told to work from home this week, which I‘ll gladly do.
Not toooooo worried about my job security. Been with the company for 13 years now so even if shit hits the fan I‘ll prolly be one of the latter to go. Also, as far as I know companies in Austria can claim salaries they have to pay for people not working during an epidemic from the state itself, so the whole thing at the moment should not effect the company to much in terms of paid salaries. Now as for how it‘ll affect general business... that is a whole nother story. But since companies around the world will still need what we sell in the future, business should pick up again sooner or later. We‘ll see.
Not toooooo worried about my job security. Been with the company for 13 years now so even if shit hits the fan I‘ll prolly be one of the latter to go. Also, as far as I know companies in Austria can claim salaries they have to pay for people not working during an epidemic from the state itself, so the whole thing at the moment should not effect the company to much in terms of paid salaries. Now as for how it‘ll affect general business... that is a whole nother story. But since companies around the world will still need what we sell in the future, business should pick up again sooner or later. We‘ll see.
SpartanN92
Banned
I’m positive that retail stores are going to be closed here soon. I work for Verizon, I’m a commission based salesman, this is gonna hurt.
I’ve got a decent savings but damn this is gonna hurt all the same.
My sister just got laid off from AT&T (she had the same job as me, just for AT&T) because of the virus. Her franchise laid off 33% of its workforce.
I’ve got a decent savings but damn this is gonna hurt all the same.
My sister just got laid off from AT&T (she had the same job as me, just for AT&T) because of the virus. Her franchise laid off 33% of its workforce.
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EverydayBeast
thinks Halo Infinite is a new graphical benchmark
People losing time from work is being overlooked from this virus.
ManaByte
Gold Member
But the airlines get bIllions. Gotta bail out the billionaires.
Darkmakaimura
Member
I hate to say it but I might actually agree with Andrew Yang regarding helping out everybody right now.
Shit is gonna be REAL tough for me and my old man and others out of work. Hoarding is happening now too.
Liberty4all
Banned
So my wife is an RN at a busy downtown hospital. She may not be laid off but our family is going to be at grave risk.
Tbh id prefer she quit. We've got a 1 and a half year old.
Financially the Canadian government has already said they will cook be through for Canadians... Likely Employment Insurance (easier to collect). I think a mortgage, rent and bills moratorium is being discussed too.
There is some speculation of straight up cash payment from government to every household too... We find out more tomorrow
Tbh id prefer she quit. We've got a 1 and a half year old.
Financially the Canadian government has already said they will cook be through for Canadians... Likely Employment Insurance (easier to collect). I think a mortgage, rent and bills moratorium is being discussed too.
There is some speculation of straight up cash payment from government to every household too... We find out more tomorrow
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TheSadRanger
Banned
To put this into context, the Dow lost more of it's percentage today, (-12.9%). Then it did on Black Monday during the start of the great depression. (-12.8%)
edit: Yes this is a new record, the dow has had it's worst day in U.S history.
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