How to support yourself in crisis times

[oskar23]

Hey guys,

I created this topic just to talk about financial issues that go with this virus.  I would like to keep this topic as clean as possible.

Many people, including me, were affected by this horrible virus and as result place where I worked today was officially closed. They dont know when it will reopen. It may take months for many people especially in food industry.

This creates issues which are:

 

Will we get any help from government? If so, everyone? What amount?

Do we apply for unemployment? How much is there to get?

How do we pay rent? Can we just not pay? Is there any law now protecting us?

What about lease renewal? Can we negotiate lower price? What if rejected?

What about credit cards and not being able to pay it off now with no income?

 

If you guys know anything or want to ask a question that may help others please feel free.

[Acid Panda]

What country are you from.

 

the government (in the uk) is considering temporarily delaying things like rent and mortgage payments. DO NOT EXPECT MONETARY HAND OUTS.

if you have been made jobless, you will have to either apply for benifits or you will be put on to stationary sick pay. £90 a week.

things like lease renewal, negotiation and credit are entirely down to  you as its your spending the government cant control that. though they may be able to put a delay on payments of some kind but they are not written just just delayed. 

[Acid Panda]

Governments are all responding if different ways. so allow time for them to react as its a massive task

 

the bottom line is that this is going to get worse and that a little self reliance is  going to go a long way

[oskar23]

Im from United States

[Donut417]

57 minutes ago, oskar23 said:

Will we get any help from government? If so, everyone? What amount?

Do we apply for unemployment? How much is there to get?

How do we pay rent? Can we just not pay? Is there any law now protecting us?

What about lease renewal? Can we negotiate lower price? What if rejected?

What about credit cards and not being able to pay it off now with no income?

1) Ive had seen at least two news stories about the US government sending $1000 checks to everyone, but thats not really going to help most people. 

2) Depends on your state. Michigan has both expanded who can get unemployment and extended the time period that you will recive unemployment bennifits. 

3) Some states have provisions in place but not everywhere does. 

4) In some states like Michigan the governemnt is going after price gouging, not sure if rent will be covered under this. 

5) My advice is to pay your card off now while you have funds. Banks are fucking bastards and will not take no for an ansrew. That being said, you might be able to call the company and expalin the issues and they might be able to work with you. 

 

That all being said. I have a feeling that our economy is going in to a depression state. The market keeps sliding the wrong way. Our president is a fucking moron and keeps having explosive diarrhea coming out of his mouth. Which is making investors worry. The Fed cut intrest rates, which will help out the avearge person but investors wont be happy. The Airlines are looking for a bail out (Fuck them mother fuckers, let them go under). The Big thing for me is NO MORE BAIL OUTS. If anyone gets a bail out it should be the average joe. 

 

 

 

[Andreas Lilja]

21 minutes ago, Donut417 said:

1) Ive had seen at least two news stories about the US government sending $1000 checks to everyone, but thats not really going to help most people. 

Can't have handouts in the U.S. that don't go in some way to the rich people who don't actually need it, eh. 

[Blue4130]

This is why saving and not living beyond your means is fundamental. In my 20's I lived paycheck to paycheck with a flashy car and heavy loan. I shook some sense into myself and sold the car, paid off the debt and started saving. I now don't worry so much about the current situation. 

[Donut417]

12 hours ago, Andreas Lilja said:

Can't have handouts in the U.S. that don't go in some way to the rich people who don't actually need it, eh. 

From what I have read people making 1 million or more will not get a check. LOL.

[Andreas Lilja]

2 minutes ago, Donut417 said:

From what I have read people making 1 million or more will not get a check. LOL.

Even if you make 100,000$ I seriously doubt you "need" that money.

 

What kind of vote buying dumb fiscal reasoning is that. 

[Donut417]

Just now, Andreas Lilja said:

Even if you make 100,000$ I seriously doubt you "need" that money.

 

What kind of vote buying dumb fiscal reasoning is that. 

Listen we have retards at all levels of government over here. Honestly $1000 is just going to remind everyone how fucked they are. We would be better off if Trump just came to our home and pissed on our foot. 

[oskar23]

Is there a chance that banks can fail? Today stock market was stopped for the 4th time. Banks are lower and lower. Should people pick up cash?

[Donut417]

25 minutes ago, oskar23 said:

Is there a chance that banks can fail? Today stock market was stopped for the 4th time. Banks are lower and lower. Should people pick up cash?

FDIC exists for this purpose. 

[LogicalDrm]

@oskar23 I've edited your thread title. As we already have main corona virus thread:

 

 

So general talk about COVID-19 should go there. For financial support aids during crisis and in general can stay here.

[Bombastinator]

I’m a landlord of a small apartment building I also live in.  My arms worker asked me to sign a petition today that would end both the paying of rent and mortgages for the duration.  It’s a good idea, though not very well thought out as of yet.  I’m torn.  I did the “math” kinda and tenant rent would go to zero, and my “rent” (what I pay per month) would go from ~$2200 (about twice what the tenants pay) to $3300/mo (just for me). I haven’t signed it yet.  I need to look at the finances harder.  The problem is the costs aren’t just mortgage.  There’s Water andtrash and electrical and repairs heat and taxes.  The mortgage is the biggest single cost. Close to half.  It’s not near all of it though.  At least for me. The one that gets screwed hardest is the mortgage company.  There would be job losses there instead.  I got 175k in loan I wouldn’t be paying on.  Something needs to happen though.  Too many people are losing jobs too fast.

[oskar23]

Any update on rents? I live by myself and pay $1600. I never had issues paying on time but now its not my fault I dont have income. They gonna send this $1000 checks but in April. I applied for unemployemnt but I dont know when and how much am i gonna get. This is insane. They put over a trilion $ to the stock market instead of helping people. Yet market still making new lows. What a joke this country is.

[Bombastinator]

11 minutes ago, oskar23 said:

Any update on rents? I live by myself and pay $1600. I never had issues paying on time but now its not my fault I dont have income. They gonna send this $1000 checks but in April. I applied for unemployemnt but I dont know when and how much am i gonna get. This is insane. They put over a trilion $ to the stock market instead of helping people. Yet market still making new lows. What a joke this country is.

Trump made claims about such anyway.  The rental thing from him turned out to only apply to a very rare and specific subset of single family homes.  It turns out they affect almost no one.  There was  There is other stuff in the pipeline.   We’ll see what actually gets enacted and processed.  Recently in the US most federal “public help” has generally gone  almost exclusively into the coffers of the very wealthy.  There’s more state and city level stuff happening.  One that is happening in some places is a moratorium on evictions.  You need a sheriff for them generally so there is some control.   

[RonnieOP]

6 hours ago, oskar23 said:

Any update on rents? I live by myself and pay $1600. I never had issues paying on time but now its not my fault I dont have income. They gonna send this $1000 checks but in April. I applied for unemployemnt but I dont know when and how much am i gonna get. This is insane. They put over a trilion $ to the stock market instead of helping people. Yet market still making new lows. What a joke this country is.

Have you tried looking up your local laws on these matters? You know you can call the unemployment office as well as your local governments office. If you were laid off you should get unemployment it wont be as much as your normal paycheck though.

 

There is nothing set in stone yet. So dont count on that $1000 check yet (also not everyone is going to get the same amount even if it does happen). Just handing out $1000 checks to everyone at this time isnt the smartest move. They need to take a look at whats best for the country as a whole. putting that money into expanding unemployment might be a better move then just handing people a one time $1000 check.

 

Its been like a week since all this started. You cant really expect that everything will be ironed out in such a short amount of time with everything on the table. Also its not like Trump can just start handing out checks when he feels like it.

 

Do you not have any sort of savings? no rainy day funds at all?

 

Your not going to be evicted either way. atleast not anytime soon. The courts are closed down so they couldnt even evict you if they wanted to at the moment.

 

[RonnieOP]

On 3/18/2020 at 2:38 PM, oskar23 said:

Is there a chance that banks can fail? Today stock market was stopped for the 4th time. Banks are lower and lower. Should people pick up cash?

If we get to the point where banks fail (which i doubt will happen) your cash is going to be worthless anyway.

[Way2Broke]

28 minutes ago, RonnieOP said:

If we get to the point where banks fail (which i doubt will happen) your cash is going to be worthless anyway.

Why cash is worthless if banks fail?

 

 

[Bombastinator]

40 minutes ago, RonnieOP said:

If we get to the point where banks fail (which i doubt will happen) your cash is going to be worthless anyway.

It happened once in the 1920’s. There was massive study on such things and mitigations were put in place. The great crash was the most studied economic event for 50 years.  Ther has been a run on the stock market. There have been worse ones much later than 1929.  In that one cash ironically wasn’t worthless.  Stocks were though, briefly.

[Andreas Lilja]

I was supposed to be laid off temporarily because schools are closed (security), but now I'm actually doing overtime.

 

Got a large emergency fund anyhow.

[Way2Broke]

7 minutes ago, Bombastinator said:

It happened once in the 1920’s. There was massive study on such things and mitigations were put in place. The great crash was the most studied economic event for 50 years.  Ther has been a run on the stock market. There have been worse ones much later than 1929.  In that one cash ironically wasn’t worthless.  Stocks were though, briefly.

so cash is worthless if banks fail?

[Bombastinator]

1 hour ago, Way2Broke said:

so cash is worthless if banks fail?

Wasn’t in he 1930’s.  The banks are unlikely to fail though.  There are failsafes.

[RonnieOP]

23 hours ago, Way2Broke said:

so cash is worthless if banks fail?

What im getting at is if we get to the point where fdic banks fail we are fucked in general.

 

But tbh I highly doubt we get anywhere near that.

[oskar23]

Did anyone file for unemployment? I did it online and they send an email saying i have to call an agent. For days I cant reach this stupid number and im loosing money.