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TMW
Select Nomad
Posts: 10659
Registered: 9-1-2003
Location: Bakersfield, CA
Member Is Offline
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BN Members' perspective on the economic impact
The pandemic hasn't affected me in a financial way because I am retired with two pensions and SS. I just refied my home at 2.6% which saved me
$140/mo, switched to Spectrum cable from AT&T/Direct-TV and saved $60/mo, and switched from Allstate to Geico auto insurance and saved $600 per
year. so things are looking better for me. My one concern is my IRA. I made a lot of money under Trump so with Biden I don't know. The other day my
financial advisor recommended going a little more conservative on my investments which I did. I hope all goes well.
I'm not one to be too concerned when the President changes from one party to the next. I've seen a lot of things over my lifetime and the one thing
most people don't realize is that most congressional officials in Washington work better together than you think. There are spats etc but don't let
the headlines fool you.
The other thing is that for the most part change comes slowly. As they say Rome wasn't built in a day.
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David K
Honored Nomad
Posts: 64476
Registered: 8-30-2002
Location: San Diego County
Member Is Offline
Mood: Have Baja Fever
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Like TW, I am retired... for me, from my 40 years in the irrigation business. The pandemic cancelled two Baja trips and one was a paying gig. So, not
a lot of financial impact but my heart breaks for friends and family in the restaurant business.
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JZ
Elite Nomad
Posts: 9217
Registered: 10-3-2003
Member Is Offline
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Wife's business is going crazy. She works 8am to 730pm every day. She's in sales.
I run a small tech company selling to Fortune 1000 Enterprises, Service Providers, and Govt. H1 was up 2% YoY. Had a goal to grow it 15% this year,
so missed that. Q3 was soft. But Q4 looks to be strong. Sales cycle duration has gone up about 33% YoY.
Real Estate is my side gig. That is doing very well, except for some renters missing payments.
I've never been into politics. Pretty much hate it. And never liked Trump. But for the first time in my life I do worry that the far left will F
up the country and the economy. I think it's a little more at risk than TMW stated.
I will always believe we locked down too long. It has crushed so many people.
[Edited on 11-7-2020 by JZ]
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advrider
Super Nomad
Posts: 1847
Registered: 10-2-2015
Member Is Offline
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I work in the California prison system so covid has caused a lot of overtime, like it or not I got a bunch. I retire next year so I hope I keep making
money in my 457. Trump made me money but said chit a fifth grader wouldn't so I'm not a total Trumpster. Not sure about the other guy either? Just get
things going so I can get back to Baja, I love Mexicans, I married one!
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del mar
Banned
Posts: 1057
Registered: 7-23-2016
Location: the cantina of course
Member Is Offline
Mood: lil' fuzzy
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anybody else see "economic growth" wanted or not by just not traveling, going to bars and restaurants?
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JZ
Elite Nomad
Posts: 9217
Registered: 10-3-2003
Member Is Offline
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Going to quote this now. As this is one of a hundred rambling posts you like to do when drunk and later delete.
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BajaMama
Super Nomad
Posts: 1106
Registered: 10-4-2015
Location: Pleasanton/Punta Chivato
Member Is Offline
Mood: Got Baja fever!!
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My family has been economically stable during the pandemic. All kids retained their jobs, husband too (he is VP Ops Mgr. for a largel mechanical
contractor). My sister, however, a long time realtor in the East Bay, has been busy as heck. Residents on the edge of retirement are moving out and
taking their home equity with them, and workers from the city are flocking to the suburbs because they are working from home. Busiest she has ever
been.
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BajaMama
Super Nomad
Posts: 1106
Registered: 10-4-2015
Location: Pleasanton/Punta Chivato
Member Is Offline
Mood: Got Baja fever!!
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Regarding lock downs - I don't think that will happen in the USA again. We can't even get 1/2 the country to wear a mask and wash their hands.
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ehall
Super Nomad
Posts: 1906
Registered: 3-29-2014
Location: Buckeye, Az
Member Is Offline
Mood: It's 5 o'clock somewhere
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401k up 71% in 2 years.
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shari
Select Nomad
Posts: 13033
Registered: 3-10-2006
Location: bahia asuncion, baja sur
Member Is Offline
Mood: there is no reality except the one contained within us "Herman Hesse"
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the pandemic has caused me substantial negative impact as there were several months with zero income yet I had to support more people than usual. My
daughter lost her job due to Covid in Ensenada so she moved back to Asuncion so I had her and my 2 grandkids to support and I feel obligated to keep
my workers employed to support their families.
Thus I have burned through my emergency savings...but feel blessed to have had those savings to use because most people in the villages dont have
savings and are really feeling the crunch with less income and more kids to support.
There is no bail out here....just the generosity of family & friends to keep everybody afloat...so spread the tourism money around by visiting
BAja!
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JZ
Elite Nomad
Posts: 9217
Registered: 10-3-2003
Member Is Offline
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Amen.
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TMW
Select Nomad
Posts: 10659
Registered: 9-1-2003
Location: Bakersfield, CA
Member Is Offline
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Shari I hope tourism really picks up for Baja and I'm so sorry it has affected you like it has. The Pandemic has not affected me or my family except
in things being closed, like restaurants etc. As I said I'm retired so my income has not been affected nor has any of my kids or grand kids. My son is
retired army and also works for the government as does his wife. His kids all have good jobs, the youngest just joined the army. My daughter is a
nurse as are most of her friends and you can imagine how that kind of work is doing, lots of overtime. I just hope they don't get the virus from work.
Her kids all have good jobs not affected by the pandemic. I know so many have been put out of work by this virus and how the government officials have
handled it by closing then opening then closing again. These small mom and pop places can't take much more of that as they lose everything. I hope
everyone that can is donating what they can to help.
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BajaTed
Senior Nomad
Posts: 859
Registered: 5-2-2010
Location: Bajamar
Member Is Offline
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Commercial aerospace has been slammed. I'm contracting again because they cut so many people. Defense aerospace is still there though.
Es Todo Bueno
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jajajaja
Newbie
Posts: 3
Registered: 1-1-2018
Member Is Offline
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My take.
Born in 87. My generation and younger are bearing the brunt of all of comfort and success. Blame a president. Blame a dog, you all contributed.
Demographers are having a field day with your generations
This thread did a marvelous job exposing just what this forum consists of,
A bunch of old people, who have no worries, no reason to work, all sitting around arguing on the internet. you’re all on the same team! The winning
team.
So that’s what retirement offers? I’ll keep working....
LOL THE AMERICAN DREAM
Keep the division y’all, it’s working for you and humanity!
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billklaser
Nomad
Posts: 142
Registered: 3-31-2011
Location: Loreto, Lopez Mateos
Member Is Offline
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For what it's worth, our portfolio up 36% per year last 3 years. Getting back to the topic: We just recently retired & have a comfortable life.
My daughter & husband both teachers receiving their $ & teaching. My 3 son's all work in construction, very busy & doing well. I too am
worried about many small business owners being able to get through this. I see this as a huge economic struggle. With safe guards we need to unlock
the country.
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gnukid
Ultra Nomad
Posts: 4410
Registered: 7-2-2006
Member Is Offline
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The last 6-8 months has been a great time to invest in Baja, I've bought more properties, built a house, rebuilt 5 motors, repainted cars, done
household repairs, top professionals the ones who are always booked up are available, its been a time for communities to come together and start
cooperative businesses, build local rancho and huertas. While those scammer companies that prey on tourists have gone out of business. Its been the
most productive and exciting times ever to be in Baja. There is endless opportunity to invest and begin your Baja life for those willing to work for
it.
As an example, properties that were selling for 1 million pesos are now in the range of 200,000. Labor Cost per square meter to build is significantly
lower.
All of these investments in Baja are from profit off gains in the market in a single year.
Today, it seems commodity prices, food, gas etc are rising and dollar pesos going down.
[Edited on 11-11-2020 by gnukid]
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mtgoat666
Select Nomad
Posts: 17283
Registered: 9-16-2006
Location: San Diego
Member Is Offline
Mood: Hot n spicy
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Quote: Originally posted by jajajaja  | My take.
Born in 87. My generation and younger are bearing the brunt of all of comfort and success. Blame a president. Blame a dog, you all contributed.
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waaaaaaa! cry me a river!
things change. find your way.
in 25 years i am sure young people will be blaming the old-fart-you for all their problems!
Woke!
“...ask not what your country can do for you – ask what you can do for your country.” “My fellow citizens of the world: ask not what America
will do for you, but what together we can do for the freedom of man.”
Prefered gender pronoun: the royal we
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surabi
Ultra Nomad
Posts: 3072
Registered: 5-6-2016
Member Is Online
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| Quote: Originally posted by jajajaja | My take.
Born in 87. My generation and younger are bearing the brunt of all of comfort and success. Blame a president. Blame a dog, you all contributed.
A bunch of old people, who have no worries,
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Funny, all my offspring, born in '73, '77, and '82 are doing quite well for themselves. All have good jobs, homes, don't lack for anything, really.
And are grateful for what they have.
You know what I see with your generation (not all, for sure, but your post is indicative of this)? Lack of responsibility, everyone but you is at
fault for your failings, an over-inflated sense of self-importance, no respect for anyone or anything. You'll whine about not being able to afford to
buy a house, but the thought of denying yourself the latest iphone, or daily Starbucks coffees or $200 pre-ripped jeans so you can save for something
don't enter your minds.
And if you think being retired means people "have no worries" that just shows how out-of-touch you are.
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TMW
Select Nomad
Posts: 10659
Registered: 9-1-2003
Location: Bakersfield, CA
Member Is Offline
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I don't think things have changed that much over the years in regards to financial planning and savings. When young you normally didn't worry about
what you would have when you got older, a few did but not many. I remember working for Lockheed in GA and the young guys would complain about having
SS taken out of their pay. They would comment on how much better they could do with the money. When asked how much they were saving the answer was not
much, they'll do it later. I hope they got smart later and started putting together assets for retirement and are not just living off SS.
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TMW
Select Nomad
Posts: 10659
Registered: 9-1-2003
Location: Bakersfield, CA
Member Is Offline
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I see there is one on here that is desperate. That has to be hard. If they U2U me I'd like to help if I can.
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