# How is this mess impacting you financially, and what steps are you taking? **URL:** \ **Category:** The Quarantine Zone\ **Tags:** covid-quarantine\ **Created:** [March 30, 2020, 12:38am UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634 "2020-03-30T00:38:16Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![Sunny\_Daze](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/sunny_daze/32/438_2.png) [@Sunny\_Daze](https://boards.straightdope.com/u/Sunny_Daze)\ **Post date:** [March 30, 2020, 7:09pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/21 "2020-03-30T19:09:29Z")
My income is stable. I bought a long term disability policy years ago (when I was young - it was one thing I managed to do right). My husband is working from home and has been for months. His company is global, based in France. I don’t expect that to change, but if it does we should be fine. We moved the retirement funds to bonds several weeks ago. We had some losses, but have mitigated the worse. We’ll buy when recovery looks eminent and hopefully get some earnings out of this whole deal. My son’s school has waived his tuition for April, although he continues distance learning. This is a help. Both of our student loans are on hold for several months, which is a huge help. I wish that I had been more of a prepper. I used to keep a freezer and would have several weeks of food. I gave that up some time ago. Now I feel precarious, and it’s uncomfortable. I’m immune compromised and so is my son. Getting grocery deliveries is very helpful, but it still feels like a risk. ---
**Author:** ![Lightnin](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lightnin/32/180_2.png) [@Lightnin](https://boards.straightdope.com/u/Lightnin)\ **Post date:** [March 30, 2020, 7:13pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/22 "2020-03-30T19:13:39Z")
My wife and I are both working from home, so with the money we’re saving on our commutes, we’re probably coming out a bit ahead. We both work for companies with fairly significant warchests, so we’re probably good for quite a while. ---
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [March 30, 2020, 8:52pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/23 "2020-03-30T20:52:15Z")
I’m retired so I can’t get fired. And when Trump got elected I knew the market was going to crash at some point, so I moved equities into less volatile funds with good income production. We also moved enough into cash to survive a couple of years. I could even go to full Social Security now instead of waiting a year and a half for when I hit 80. And I have an annuity I haven’t taken anything from yet. Plus, I was smart enough to buy a new car and a new oven with money from when the market was up. My kids are ok also. One daughter is working for a cable company, which is fine, and they live on one salary and save the other. The other is a professor in a business school. Her husband’s a lawyer and his income has dropped since the courts there have mostly closed, but they are still fine. Our bottom line might even improve since there are so few places to spend money at. ---
**Author:** ![Lightnin](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lightnin/32/180_2.png) [@Lightnin](https://boards.straightdope.com/u/Lightnin)\ **Post date:** [March 30, 2020, 9:12pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/24 "2020-03-30T21:12:42Z")
> [@Lightnin](#): > > My wife and I are both working from home, so with the money we’re saving on our commutes, we’re probably coming out a bit ahead. We both work for companies with fairly significant warchests, so we’re probably good for quite a while. Well, I spoke too soon. My wife just got laid off. She’s taking it pretty hard, because she loves her job. ---
**Author:** ![F.U.Shakespeare](https://avatars.discourse-cdn.com/v4/letter/f/aca169/32.png) [@F.U.Shakespeare](https://boards.straightdope.com/u/F.U.Shakespeare)\ **Post date:** [March 30, 2020, 9:27pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/25 "2020-03-30T21:27:34Z")
I retired on February 1st, so also no concerns about being laid off. When I did my retirement planning over the last few years, I concluded with high confidence that I could live on my pension, and would only need to tap savings if I wanted to travel a lot. So the good news is, that won’t be a concern for a while now. :rolleyes: I have always been risk averse, and felt like a doofus over the years for having so much of my portfolio in cash and U.S. treasuries (G fund in the Thrift Savings Plan). So I’ve only lost about 12% of it (so far). My immediate family are all either retired, and/or working at very secure jobs (military, federal government). A young relative has a good professional job in the energy sector, and I’ve discussed with her the options of putting in applications at government agencies in the event there are layoffs at her company. They are paying for her to get an advanced degree in night school, so she may be further down the list if that happens. A bigger concern for me is the fortunes of close friends, some of whom own restaurants. I buy gift cards every week and give them to friends. And I slip cash to the help. > [@Voyager](#): > > … I could even go to full Social Security now instead of waiting a year and a half for when I hit 80… I’m hoping this is a typo, and that they haven’t recently ratcheted up the age for maxing out SS. ---
**Author:** ![elfkin477](https://avatars.discourse-cdn.com/v4/letter/e/a9a28c/32.png) [@elfkin477](https://boards.straightdope.com/u/elfkin477)\ **Post date:** [March 30, 2020, 10:35pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/26 "2020-03-30T22:35:46Z")
So far my income hasn’t been impacted, nor do I anticipate it being so any time soon. My job is requiring us to work from home - same hours as before - which actually is saving me a bit of money due to not having driven 700 miles over the past 2 weeks as I typically would have. I made an extra donation to the food bank with the savings. I’ve got to say, though, I’m feeling a bit less financially derelict the last few weeks for not having gotten around to beginning to contribute to a 403(b) yet. The .3% interest I get at the bank doesn’t seem so bad now…I hope I get around to it before the market begins an upswing, though. ---
**Author:** ![monstro](https://avatars.discourse-cdn.com/v4/letter/m/ba9def/32.png) [@monstro](https://boards.straightdope.com/u/monstro)\ **Post date:** [March 30, 2020, 10:58pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/27 "2020-03-30T22:58:09Z")
I work for state government in a position that I think is relatively secure. I just got a raise this year, so I’m feeling good about finances. But one thing the shelter-in-place order will do is help me to be frugal. I’m not going to give up my twice-a-week take-out/delivery, but back in the good ole days it was nothing for me to drop $10-$20 on Whole Foods hot bar/cookie bar splurge. Last year I spent an embarrassing amount on plants and gardening stuff. I will not be doing these things for the indefinite future. That makes me sad but I’ll live. ---
**Author:** ![XT](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/xt/32/456_2.png) [@XT](https://boards.straightdope.com/u/XT)\ **Post date:** [March 30, 2020, 11:18pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/28 "2020-03-30T23:18:30Z")
> [@OldOlds](#): > > Have your finances been impacted by this? Yet? What do you anticipate? > > What are you doing, either proactively or reactively? > > So far, my wife an I are still employed and not seeing any impact to income. We’re both in pharmaceuticals, but both in Development. Which is always first lamb to slaughter. > > Obviously our retirement funds have taken a beating. > > I get the weekly commercial updates, and we’re seeing a big drop in parts of the business. > > So we’re pulling back on spend, and I have stopped the extra principal payments on the mortgage. None so far, and none anticipated. Unless society completely collapses and we go back to hunting and gathering I’ll have a job, and so will my entire department. We have moved into a remote operations mode at this point, with only a skeleton crew actually physically in our offices. Everyone else (which, sadly doesn’t include me) is working from home. As for retirement, I’m in pretty good shape. I actually moved my money out of the stock market/money markets in 2019 in anticipation that Trump would nose dive the economy at some point. Was a good move after all, and my money is basically sheltered from anything except total collapse. As long as society is still operating I should be fine. The only additional hardship is that several of my kids have been laid off, so we are taking on the burden of supporting them through this, and my guess is that will have to continue for quite a while…I’m anticipating up to a year, or even more. But we have the slack in our income, so it’s not a big impact, especially since we are now going out almost never, instead of every day at lunch and most evenings. That alone is probably saving us enough to support all the kids if we have too. ---
**Author:** ![C3](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/c3/32/3108_2.png) [@C3](https://boards.straightdope.com/u/C3)\ **Post date:** [March 30, 2020, 11:27pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/29 "2020-03-30T23:27:11Z")
> [@monstro](#): > > I work for state government in a position that I think is relatively secure. I just got a raise this year, so I’m feeling good about finances. > > But one thing the shelter-in-place order will do is help me to be frugal. I’m not going to give up my twice-a-week take-out/delivery, but back in the good ole days it was nothing for me to drop $10-$20 on Whole Foods hot bar/cookie bar splurge. Last year I spent an embarrassing amount on plants and gardening stuff. I will not be doing these things for the indefinite future. That makes me sad but I’ll live. This is a good point. No more quick runs to the grocery store or Starbucks on a whim. We’re also getting refunds for all sorts of things - field trips my kids didn’t go on, canceled SATs, a weekend trip away that got canceled. ---
**Author:** ![susan](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/susan/32/17537_2.png) [@susan](https://boards.straightdope.com/u/susan)\ **Post date:** [March 31, 2020, 3:36am UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/30 "2020-03-31T03:36:51Z")
> [@Lightnin](#): > > Well, I spoke too soon. My wife just got laid off. She’s taking it pretty hard, because she loves her job. I’m so sorry. ---
**Author:** ![Happy\_Lendervedder](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/happy_lendervedder/32/8488_2.png) [@Happy\_Lendervedder](https://boards.straightdope.com/u/Happy_Lendervedder)\ **Post date:** [March 31, 2020, 3:56am UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/31 "2020-03-31T03:56:14Z")
1. I own a lawn fertilization business. This is the time of year I’m usually out doing new-customer consults. We’re an organic fertilization company, so we’re a bit pricier than the chemical companies. That being said, we’re still getting calls for consults (I’m doing them via FaceTime/Skype now), and we’ve gotten the normal amount of new customers for this point in the year, which I’m very pleasantly surprised about. We’ve actually had a couple customers upgrade their packages in the past week. Our marketing plan this spring focuses on the notion that people will be spending more time in their yards this summer. It seems to be working. I don’t actually start spraying lawns until May, but I’m not entirely sure I’ll be able to go out and do my work at that point. Michigan has a stay-at-home order through April 13, but I suspect that’ll be extended. So I’m going forward with the mindset right now as if I’ll be out spraying, even though I have no idea if I will. Heck, I don’t know if I’ll be able to go out and spray _at all_ this year. It’s a bit up in the air and nerve-jangling. Bottom line: We’re getting money in right now, but the cash-flow feels about as tenuous as a feather in a hurricane. If we start getting people asking for refunds, we’re fucked. 1. My wife works for a non-profit, and donations have slowed up, but they have a shit-ton of endowment funds they’ve just tapped in to. She’s the Operations Director, so she’s not worried about her job at this point. Bottom line: Her income is safe for now. 1. Our investments and retirement funds look like a murder scene. Bottom line: I’ve stopped looking at our accounts. ---
**Author:** ![drm](https://avatars.discourse-cdn.com/v4/letter/d/a88e57/32.png) [@drm](https://boards.straightdope.com/u/drm)\ **Post date:** [March 31, 2020, 5:02am UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/32 "2020-03-31T05:02:42Z")
My Wife is on Maternity leave (just started, has about 9 months left) and I work in film so naturally I’m not working - but I did receive 2 weeks severance and will get hired back on when the production starts up again. As far as when the production starts up again, your guess is as good as mine and none of my bosses (they’d know) know. When we all left the studio a few weeks ago nobody guessed a number less than 6 weeks shut down. The way things are going, it could be longer. The benefit of being let go from the production is that I’m a free agent and am a member in good standing so should be able to jump on a production if mine doesn’t come back and I have enough contacts that it shouldn’t be an impossibility. EI is pretty common in film so it’s a pretty smooth transition. We own a house and have a mortgage but our mortgage isn’t that high and the people that own our mortgage are nice. We have high property taxes, but we can cover those. Some quick math tells us all our expenses will be covered, I just can’t spend the money on my shop that I’d hope to spend and I can’t replace my treadmill (ironic). Long story short is I have a 3 month old son that I get to spend more time with than I thought, I have a fancy bike trainer and can access Zwift (online cycling), I can get some projects down around the house, I can catch up on shows I generally don’t have time to watch, and I’m generally a homebody anyhow. I’m in a much better position than some so I’m pretty lucky. I’m making the best of a scary situation. ---
**Author:** ![pullin](https://avatars.discourse-cdn.com/v4/letter/p/c57346/32.png) [@pullin](https://boards.straightdope.com/u/pullin)\ **Post date:** [March 31, 2020, 5:21pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/33 "2020-03-31T17:21:02Z")
Retired, living mostly off investments. Short version: Very minimal impact, taking few steps to change. Long version: Moved to almost all stock prior to Trump election, incrementally moving back to bonds/cash until last year – then large move to mostly safe, low growth stuff (bonds, cash, etc.) in 3rd quarter. Some losses of course, but only showing around -7% as of today. My math shows everything OK for the long term, although not much growth (wasn’t planning on it anyway). Everything looks good, few worries since I could start SS and give a boost if needed. As of now the only change is I reduced monthly distributions by about 30% (since I’m spending less as a shut-in). As to kiddos, one’s a college student living at home and doing online classes, so only change is less commuting. The other’s in a field that’s grown substantially since the outbreak, so pay, promotions are getting better instead of worse. Drawback is more potential exposure to the virus, but we’ll probably all get it eventually. ---
**Author:** ![chela](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chela/32/21582_2.png) [@chela](https://boards.straightdope.com/u/chela)\ **Post date:** [March 31, 2020, 10:58pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/34 "2020-03-31T22:58:34Z")
We’ve got a slight cushion, my job will pay me for the time lost during the 3 week executive order shutdown. Now we know the schools will not reconvene this year, so unsure what will happen next as far as my lost income. My spouse decided to ghost his part time counter person gig at the lunber yard because - COVID 19 and the store is open to all and anyone who wants to stop by for any reason whatsoever, no process for accomodating essential needs just open doors as usual, not a good scenario. stimulus $ will fill a gap pay a portion of our car insurance. BUsh’s stimulus check in 2000’s we bought us new couches ---
**Author:** ![River\_Hippie](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/river_hippie/32/26_2.png) [@River\_Hippie](https://boards.straightdope.com/u/River_Hippie)\ **Post date:** [March 31, 2020, 11:42pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/35 "2020-03-31T23:42:06Z")
The company I work for is a supplier to an essential industry and I have been working 40-50 hours a week. So, financially nothing’s changed. It may not last so I took a big chunk of a mandatory annual payout from an IRA and paid off my credit card debt. I also have a (probable) tax refund I haven’t filed for yet. And whatever the government ends up sending me. ---
**Author:** ![RTFirefly](https://avatars.discourse-cdn.com/v4/letter/r/c77e96/32.png) [@RTFirefly](https://boards.straightdope.com/u/RTFirefly)\ **Post date:** [April 1, 2020, 12:17am UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/36 "2020-04-01T00:17:04Z")
If you’re unemployed, even if you were self-employed or doing stuff in the gig economy, FILE FOR UNEMPLOYMENT BENEFITS. Kevin Drum [provides a summary here](https://www.motherjones.com/kevin-drum/2020/03/heres-a-quick-primer-on-the-new-expanded-unemployment-benefits/): > [@](#): > > Would you like some more details about the hugely increased unemployment benefits in the coronavirus rescue bill? Sure you would. Here’s a short Q&A: > > Who qualifies for expanded unemployment benefits? Here’s the nickel summary. > > Covered individuals include anyone normally eligible for unemployment benefits under your state’s laws. Additionally, you are covered even if you are (a) self-employed, (b) seeking part-time employment, (c) do not have sufficient work history, (d) otherwise wouldn’t qualify for regular unemployment benefits, or (e) you have exhausted your normal and emergency benefits under state law. > > You are not eligible for benefits if you can telecommute or you’re on sick leave. > > You must provide self-certification that you are unemployed or partially unemployed or unavailable to work because: > > You or a family member has COVID-19. > You are providing care for a family member with COVID-19 or for a child whose school is closed. > You can’t get to work because of a quarantine or self-quarantine. > You were scheduled to start work but your job was canceled or you are unable to reach the job due to COVID-19. > Your place of employment is closed or you have to quit your job due to COVID-19. > You are the main breadwinner for your household because your spouse died as a direct result of COVID-19. > > How much will you get? > > You will receive what you would normally get under your state’s laws plus $600 per week. > Even if you are not eligible for benefits under your state’s laws (for example, because you are self-employed) you will still receive: > > Your state’s minimum benefit (typically between $30-130) plus $600 per week. > If you apply for benefits in March and use them through July, you will receive your regular benefits **plus approximately $12,000 in expanded benefits**. That’s ten times the amount you’ll get from the stimulus checks. The Dems have been terrible in getting the word out about this. But it’s there. If you had been working and you’re not now, take advantage. ---
**Author:** ![What\_the](https://avatars.discourse-cdn.com/v4/letter/w/f4b2a3/32.png) [@What\_the](https://boards.straightdope.com/u/What_the)\ **Post date:** [April 1, 2020, 4:00pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/37 "2020-04-01T16:00:18Z")
> [@Happy\_Lendervedder](#): > > 1. My wife works for a non-profit, and donations have slowed up, but they have a shit-ton of endowment funds they’ve just tapped in to. She’s the Operations Director, so she’s not worried about her job at this point. How do endowments work? I didn’t think that principal could be tapped into and I thought that they were required to spend the annual earnings in a certain way. I guess that even if that is correct, they could spend those earnings faster and could have a certain amount of discretion. Maybe there are even emergency rules. ---
**Author:** ![ZipperJJ](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/zipperjj/32/211_2.png) [@ZipperJJ](https://boards.straightdope.com/u/ZipperJJ)\ **Post date:** [April 1, 2020, 5:27pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/38 "2020-04-01T17:27:45Z")
I have my own business and already work from home, so so far we’re doing ok. My client’s sales have dipped a bit I think but I can also see that their salespeople are busting their asses to keep money flowing and I think they’ll be able to pay us as usual. So far. I actually bought a boxed baking mix and made it last night, and then while I had everything going I decided to do something with the over-ripe bananas on the counter and turned them into banana bread. I tell you what I felt like a Depression-era badass right there! 😃 ---
**Author:** ![Ruken](https://avatars.discourse-cdn.com/v4/letter/r/f475e1/32.png) [@Ruken](https://boards.straightdope.com/u/Ruken)\ **Post date:** [April 1, 2020, 5:40pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/39 "2020-04-01T17:40:00Z")
I’m paying less for: Dry cleaning Non-reimbursable work travel expenses Restaurants Vacation Paying more for: Utilities (in theory) Groceries Non-investment income is steady. While I’m saving time on not commuting, remote work is slower. I think I’m still coming out ahead there but not by as much as I’d hoped. ---
**Author:** ![RickJay](https://avatars.discourse-cdn.com/v4/letter/r/bb73d2/32.png) [@RickJay](https://boards.straightdope.com/u/RickJay)\ **Post date:** [April 1, 2020, 5:40pm UTC](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634/40 "2020-04-01T17:40:06Z")
So far not much. My company is a global one that serve the pharma industry. Work must go on. We can work from home in my division. It might not go on forever though. There are kinds of work that may become impossible for pharma companies to safely do, which means we lose business, which means we may have to get rid of people, and that may mean me. Whaddya gonna do? I’d work a sideline but that’s exceptionally hard to do right now. I’ll just work and hope, and if I lose my job I’ll live off what I have and credit until things get better and a new job comes along. It’s life. I am lucky to have a job NOW. I’m ahead of a lot of people. [Previous page](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634.md?page=1) [Next page](https://boards.straightdope.com/t/how-is-this-mess-impacting-you-financially-and-what-steps-are-you-taking/850634.md?page=3)