These current events just get stranger by the day! I try to avoid the news and just watch the nightly summary catch up at 6pm. I have never experienced anything like this and hope i never will again.
I went out for a bike ride yesterday in the sunshine, to keep my mental and physical health in shape. it was fine on the outbound journey as the paths & roads were quiet and deserted but by the time I came back the paths were full of people who just didn’t seem to get this social distancing thing. They blocked the paths, mingled and ok some were obviously part of the same household, but these directives are there to help protect us. I should have stuck to a road route back as at least the cars meant there was distance from the occupants. I expect based on the news last night to see a lock down occur today. I know it was mother’s day and one of the best sunny weekends we have had so far this year but normal rules don’t apply. I called my mum and had a good chat with her about all this social isolation. She was in good spirits given that she is in the vulnerable category. She is all stocked up but knows I can go source things if she needs it to prevent her going out.
I had contacted some old work colleagues just before this all hit hard and they were talking about their employer’s reviewing the impact. One was nervous as they had never seen their boss look to terrified. Another was ‘hey ho, I am being paid’ and with the instruction to work from home was going to their holiday home in Norfolk to isolate. They are already there, they ran before the new government directives were raised.
I have given up trying to job hunt in these times. I know that agents keep telling me that recruitment is still happening but interviews over the phone or skype are not the best. Well, they haven’t proved to be good for me in the past, I’m not the best at selling myself over those channels. With all this stuff going on my mind just isn’t there plus the jobs out there don’t fit and I am wary of the employer having a future. If I need to, I will go and stack shelves if I have to, currently I will let those more needy with no savings or financial safety net go first.
The sector my past jobs were in are currently being hit hard. I expect my last employer to be laying off non-essential staff (I would have been classed as non-essential so would have been given my P45 now) and past employers are freezing recruitment and reviewing their balance sheets to see if they will make it out the other side, so adding new staff to that is very unlikely. As an example EWM has announced that it has laid off 100 staff, mainly new or imminent starters as they apply the ‘last in, first out’ rule of labour selection.
The blows keep happening, I glance at my investment accounts they continue to slide downwards. I don’t need to touch them to survive at the moment, which is a good job as it has been decimated. I will not sell unless i have no choice.
There are articles by Monevator on ‘cash is king’ and make sure you are not depending on the live income to live on as they could dry up, read here. Make sure you have a cash pot from which you draw your spending and manage it wisely. All the things he listed in his article have hit : dividends stopped/cancelled, interest rates cut and …. rental….
I have received news today that my tenant has lost their job so will be unable to pay their rent going forward. I have a mortgage on the property, so will have to look at options and work with the tenant to find a workable solution.
So I have the triple whammy! All income feeds are drying up and my investment values have fallen over a cliff. I am therefore living off my cash pot with the knowledge that it is not going to be re-filled by this year’s inflows – as they continue to shrivel. I will continue to draw down on my cash reserves and will do so for as long as this event continues. I just need to keep an eye on the banks holding my cash.
Let’s hope the end comes into sight soon as it is getting very nervy out there.
Stay safe everyone and hopefully see you on the other side.