Restaurant manager for a mid-sized company. We were all asked to take a salary cut of about 50%. I’m only working about 30 hours at this point rather than the 55 hours I was working previously. The reduced salary should cover my part of health insurance costs through my employer, food and utilities. I have enough money in a savings account to cover rent for longer for 4 years if that becomes necessary though I was planning to use most of that as a down payment on a condo in the next year. I haven’t looked at my IRAs or investments but I’ve talked to my financial guy and he says I’m in a good spot. I have 10-15 more years to work so I’m not stressing about it too much. I’ve done what I can to help a number of the people who work hourly or are tipped employees with bills and groceries. They are pretty much laid off at this point. Not sure how much I can continue to do that but I will as long as it is feasible.
We’re early 70s, [del]jobless[/del] retired for almost two decades. We’re semi-isolated in a rough remote rural redneck county, occasionally snowbound. We moved all mutual funds to CDs and Roth IRAs when this POTUS took office so we have $$$ to live on; that hasn’t changed. We’re spending less on fuel and meals, more on groceries we order for pickup, not browsing for bargains as usual - so we’re stable financially. We’re fortunate. Many have it much much worse.
Steps to take? Remain frugal. Remain isolated. Don’t fuck up.
I am good for now, contracting for a large insurer with deep pockets. I do not anticipate a disruption to my employment soon, but it is possible I might be let go if things blow up badly. Working from home has cut significant expenses associated with commuting and eating out. I have enough cash to see me through about 6 months if I lose my job today.
I spent almost 5K picking up stocks that have been tanking; the assumption is eventually the market will rebound, which I believe is a good one, though it might be an year out. I am willing to wait that long.
I am VERY lucky and grateful to have a job when so many millions have lost theirs. I hope my luck lasts.
I’ve been a full-time telecommuter for years, and for as long as people want banks to keep their money safe, I don’t expect any changes to my employment.
However, my partner is a hairdresser, so he’s completely out of work for now. Once stay at-home is repealed, his clientele will be clamoring for appointments.
My wife and I both own small businesses. I have a restaurant, we closed on our own St Patricks (county closed everyone else 2 days later) and laid off 20 people (equilevant of 12 full time at this time of year). Not doing takeout because I think that is a path to bleeding out faster.
Handed out last checks today that included a extra weeks pay including what they would have made with tips. That was painful but they are good people who I want back with many being sole breadwinners. From what employees were saying getting unemployment through now is a mess. Hopefully that gets figured out.
Lots of bills coming in drained bank account (restaurant businss has a high burn rate and low margins). Gave away and threw away lots of perishables. If this goes on 2 months, a whole lot of other inventory will expire.Had to transfer money from wifes account and borrow money from my Mon to cover last payroll, shut down bills, and hopefully it will cover start back up costs.
Wife is a tattoo artist with 5 employees and shut down with the stay at home order last week.
Our bank is deferring loan payments. Other vendors are being helpful as well. They are also facing a huge drop off in business. I have done as much as possible to minimize costs: consolidating freezers and coolers and turning off empty equipment.
We have savings to live on for a while and I have had to time to finish our kitchen remodel and am working on my daughters house. No health insurance so catching a bad case of Corvid would be devastating. I am waiting to see if I will be able to do temp work at my last job. It is machining parts for the USPS so it is very essential work. They reached out to me which is much apppreciated.
IRA took a hit. I had been selling off for a while and holding cash thinking a recession was coming. I took that cash and sold all bonds to try to buy good companies “on the dip”. I didn’t time the bottom very well but in the long run it should be good. I have 15-20 years to retirement.
As far as when this over, wife will be okay. She is good at her work and books uo to a year out.
If this goes on too long and business is very slow to come back (it will be but a lot depends on how bad), there is a good chance we would lose the restaurant. IWe sank a lot of money and sweat equity into rehabbing an old building. 80-100 hour weeks for the past 4-1/2 years. We own the building and could rent it out but I don’t see many new restaurants starting up in the near future. Its my baby and I would hate to lose it but I come from a long line of farmers and imminent financial doom doesn’t phase us.
So scary but it will work out one way or another, we are resilient. Be thankful if you are on salary and have insurance. This shut down is a whole lot scarier for small business owners and workers who have seen all their income disappear.