How much income are you losing to the covid-19 pandemic?

JoeBlow5823 said:

...when it hits rock bottom...

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let us know when that happens

JoeBlow5823 said:

Big part of it was luck. I seen the market was at an all time high. Bull runs cant last forever and running for over a decade is a long time. I seen words like "pandemic" and "quarantine" in the news and online. Seen what was happening in China. My gut told me it was time. I figured even if nothing bad happened to the economy, the most is could miss out on was a couple percent gain. I transferred my entire 401 from a blended stock investment over to money market which is basically like a savings account. Im actually making a few bucks a week on it LOL. As for those of you who "lost a shitload" all I can say is eventually the market will bounce back, might take a while though. However when it hits rock bottom and I buy in, I will likely double or triple my money....... Housing market will likely crash again as well, might pick up a couple investment properties when it does.

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You sound like a smart YOUNG man who has the time to play the game.
But what about the millions of 65/75 year old individuals that have/were retiring?
Do they have the 3/4 years needed to recoup their losses?
I don't think so.
Their fucked, forever

JoeBlow5823 said:

Big part of it was luck. I seen the market was at an all time high. Bull runs cant last forever and running for over a decade is a long time. I seen words like "pandemic" and "quarantine" in the news and online. Seen what was happening in China. My gut told me it was time. I figured even if nothing bad happened to the economy, the most is could miss out on was a couple percent gain. I transferred my entire 401 from a blended stock investment over to money market which is basically like a savings account. Im actually making a few bucks a week on it LOL. As for those of you who "lost a shitload" all I can say is eventually the market will bounce back, might take a while though. However when it hits rock bottom and I buy in, I will likely double or triple my money....... Housing market will likely crash again as well, might pick up a couple investment properties when it does.

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Life of the party, eh? Dude, as the OP mentioned, huge number already out of work, many more facing reduced wages, facing Trump's inevitable recession -- which was always going to be a hum dinger -- layered on top if it all.

How about if you start your own thread about "how I'm making bank from the recession"? Real feel-good stories about buying foreclosed homes on dimes-for-dollars prices and how "smart" you were to get lucky in the stock market. It's going to be a classic some day. do it.

Jimdamick said:

You sound like a smart YOUNG man who has the time to play the game.
But what about the millions of 65/75 year old individuals that have/were retiring?
Do they have the 3/4 years needed to recoup their losses?
I don't think so.
Their fucked, forever

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Do they plan to spend their entire retirement in 3-4 years? If they had their money invested in things that are that volitle at the age of 65-75 they fucked up.

BarnBuster said:

let us know when that happens

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LOL ill try.

Fogdog said:

Life of the party, eh? Dude, as the OP mentioned, huge number already out of work, many more facing reduced wages, facing Trump's inevitable recession -- which was always going to be a hum dinger -- layered on top if it all.

How about if you start your own thread about "how I'm making bank from the recession"? Real feel-good stories about buying foreclosed homes on dimes-for-dollars prices and how "smart" you were to get lucky in the stock market. It's going to be a classic some day. do it.

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It wasn't all luck. Like i said a lot of it had to do with paying attention to the market and the news. I bought my first house for pennies on the dollar back in 09. I saved my money my entire childhood while other kids were spending it faster than they could make it. Yes I was somewhat "lucky" that I had 20 grand to pay cash for a house when I was 20 years old but that money didnt come easy, I worked my ass off for it and when a great opportunity came along I jumped on it. And if you think the president is capable of single handedly causing a recession you are soft in the head.

JoeBlow5823 said:

It wasn't all luck. Like i said a lot of it had to do with paying attention to the market and the news. I bought my first house for pennies on the dollar back in 09. I saved my money my entire childhood while other kids were spending it faster than they could make it. Yes I was somewhat "lucky" that I had 20 grand to pay cash for a house when I was 20 years old but that money didnt come easy, I worked my ass off for it and when a great opportunity came along I jumped on it. And if you think the president is capable of single handedly causing a recession you are soft in the head.

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May I ask how old are you?

PJ Diaz said:

This could affect a lot more people a lot sooner than you may think..

Spain impose nationwide lockdown due to virus, closes all stores except groceries and pharmacies

People will only be allowed to leave their homes to buy food and medicine, commute to work, go to medical centers and banks, or take trips related to the care for the young and the elderly.

www.cnbc.com

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This is the thing that is worrying me. I work in a supermarket and countries are being locked down but keeping the supermarkets open and the employees are not getting looked after in regards to having to deal with all the public still. I do not think I can see anybody in my immediate family for fear of passing it on, just incase, as they all have underlying issues that are not good match with covid and my sister is pregnant with her second child. FML

PJ Diaz said:

My work is mainly around public events (music, dance, theater, public speaking), and pretty much everything is canceled. I still have my base salary I'll make doing maintenance and paperwork (for now; fingers crossed -- I do have a contract), but none of the extra income (OT, extra gigs, equipment rentals, etc). So far this month, I'm losing around $1500-$2000 already, and likely the same next month as well due to cancellations.

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I'm a space provider for small events (about 350 people max). So far we haven't pulled back, but I did take my first call this morning asking if we were closing. Last year was my busiest year ever, so a little downturn won't break my heart.

Jimdamick said:

May I ask how old are you?

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If i was 20 in 09 that would make me....ummmm 30? 31?

blu3bird said:

Dang I forgot you own a laundromat. You know last time I went to the laundromat, I thought I was going to have to get physical with the old lady owner lol.

I washed a couple loads of clothes there and figured I would save money and bring home my clothes to dry in my own dryer, well she stood in front of the door when I was trying to leave and was telling me since I wash there I have to dry there.,.....WTF? I told her no I'm going home to dry my clothes and she better move out of my way. It was a weird awkward situation. She was mad as hell at me and told me to never come back

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Hikers have a love hate relationship with laundromats. After a week or more hiking in the same wet, stinky clothes, we are stoked to get to wash everything we have. But in order to wash everything, you have to hang out in your rain gear. (never buy a clear rain kilt)

JoeBlow5823 said:

If i was 20 in 09 that would make me....ummmm 30? 31?

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What kind of car do you drive? How hots your wife!!!!!!!

JoeBlow5823 said:

If i was 20 in 09 that would make me....ummmm 30? 31?

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Ah, 31 years old!!!
Oh man, @ 31 the World was my oyster, as that old saying goes.
I also worked hard (& partied hard ), but then I woke up one day on October 19, 1987 (I was 31 also) and over 20% of my portfolio was in the shitter, and it never actually recovered.

Point being, is that for a shitload of individuals, like the majority, they got fucked hard this week & it will take years to recover.
God bless your success & I wish you continued good fortune.
Your fortunate

JoeBlow5823 said:

It wasn't all luck. Like i said a lot of it had to do with paying attention to the market and the news. I bought my first house for pennies on the dollar back in 09. I saved my money my entire childhood while other kids were spending it faster than they could make it. Yes I was somewhat "lucky" that I had 20 grand to pay cash for a house when I was 20 years old but that money didnt come easy, I worked my ass off for it and when a great opportunity came along I jumped on it. And if you think the president is capable of single handedly causing a recession you are soft in the head.

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Dude, just eff off. This thread isn't about your good luck and how smart you were to get lucky, as your first post indicated and now you are just blowing off that facade. Who gives a shit about that?

So, just start your "I'm doing great, fuck y'all" thread already. I'm sure people will be glad for it but that's not what most people in the US are going through.

As far as your whine that "Trump didn't cause the recession". No, he didn't, not all by himself. Given Republican actions taken over the past decade, a nasty recession and concurrent market correction was inevitable. From his and Republican Party behavior, it's clear that their tax cuts they perpetrated a couple of years ago -- made by borrowing Trillions that were given it to the wealthy -- were intended to push the date of that recession past November. It was working, sort of. Manufacturing sector went into recession early last year and the only thing holding most people's family finances together were jobs growth in the short term, low wage-service sectors. Those jobs are being wiped out by the epidemic. Add to it Republican cuts to food programs and other social safety net programs and there is a whole lot of economic misery left for people to go through before the recession lifts in as you said yourself, about 4 years from now.

Youngsters are going to have to pay for this.

dandyrandy said:

Youngsters are going to have to pay for this.

The plumbing behind world's financial markets is creaking. Loudly

The coronavirus panic is jolting stock markets, with steep drops in major indexes grabbing the public’s attention. But behind the scenes, there is less understood and potentially more worrying evidence that stress is building to dangerous levels in crucial arteries of the financial system.

news.google.com

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I've read about this "liquidity crisis" a few times already. That was a good article, btw. From what I gathered the "creaky plumbing" is due to a rapid movement of money from more risky investments -- such as the large sell-offs earlier this week where the volume or trades doubled or tripled in the companies that make up the S&P 500, for example. That money isn't held in cash, it goes into short-term government bonds. Right now, people holding those bonds aren't selling or investing, they are holding onto what they have. With the recession now playing at a city near you, a lot of otherwise healthy companies will need short term financing to meet payroll, etc. If people don't want to sell their own holdings, that's when the shit hits the fan and a liquidity crisis hits. If companies can't meet payroll, they have to shut down and the recession spirals downward into depression.

In other words, that article is talking about responsible actions taken to prevent the recession from getting worse. It's a temporary move to make money available to keep the economy running and the fed can pull that money off the market once the crisis eases. It shows up as government debt but it's temporary and doesn't affect long term government debt due to our spending deficits.

I'm not an economist and would be glad if somebody who is wants to correct me.

The real problem is debt. The government is just trying to keep enough "cash" in the system. Business is in debt buying their own stocks trying to prop up value. Trump is just draining future taxpayers. Everyone in the system is taking what they can. Uncle Sam is screwed.

dandyrandy said:

The real problem is debt. The government is just trying to keep enough "cash" in the system. Business is in debt buying their own stocks trying to prop up value. Trump is just draining future taxpayers. Everyone in the system is taking what they can. Uncle Sam is screwed.

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Long term, totally agree. I'm more in the camp that huge and increasing deficits are the real problem, not the national debt, which is a result of the deficit. I honestly believe that Trump and the Republican Party were deliberately running up the deficit to both enrich themselves and create a political crisis to enact a fascist coup. Too bad for them that the recession hit a year earlier than planned.

dandyrandy said:

The real problem is debt. The government is just trying to keep enough "cash" in the system. Business is in debt buying their own stocks trying to prop up value. Trump is just draining future taxpayers. Everyone in the system is taking what they can. Uncle Sam is screwed.

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We all got them US Blues.

Fogdog said:

Dude, just eff off. This thread isn't about your good luck and how smart you were to get lucky, as your first post indicated and now you are just blowing off that facade. Who gives a shit about that?

So, just start your "I'm doing great, fuck y'all" thread already. I'm sure people will be glad for it but that's not what most people in the US are going through.

As far as your whine that "Trump didn't cause the recession". No, he didn't, not all by himself. Given Republican actions taken over the past decade, a nasty recession and concurrent market correction was inevitable. From his and Republican Party behavior, it's clear that their tax cuts they perpetrated a couple of years ago -- made by borrowing Trillions that were given it to the wealthy -- were intended to push the date of that recession past November. It was working, sort of. Manufacturing sector went into recession early last year and the only thing holding most people's family finances together were jobs growth in the short term, low wage-service sectors. Those jobs are being wiped out by the epidemic. Add to it Republican cuts to food programs and other social safety net programs and there is a whole lot of economic misery left for people to go through before the recession lifts in as you said yourself, about 4 years from now.

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Actually thats exactly what this thread is about. The title is how much money are you losing and my answer was none and you dont like that answer so now you want to fight. Market corrections are inevitable no matter what anyone does. Actions may influence when they happen and how drastic they are but no matter what there will always be ups and downs. I thought maybe sharing my success after the last recession would give others ideas of what sort of opportunities will arise out of this one so they can look out for and take advantage of them. During the housing crash almost everyone I talked to about buying a house told me I was out of my fucking mind and I wasted all of my money. A couple years later they were all saying god I wish I had bought a house.