Covid and finances
Covid and finances
There is a lot of noise about the impact of Covid on jobs and businesses. I’d be interested to hear how the pandemic has affected the expat community.
I took a major hit on my pension savings and investments earlier this year but it’s all but recovered now - there is a minor shortfall.
I used the pandemic as a catalyst to diversify away from an over reliance oo shares into property. Salary has been unaffected and if anything the lockdowns here in Yorkshire have curbed my spending significantly - particularly on travel.
Have others lost jobs here? What about the impact on those of you running businesses?
I took a major hit on my pension savings and investments earlier this year but it’s all but recovered now - there is a minor shortfall.
I used the pandemic as a catalyst to diversify away from an over reliance oo shares into property. Salary has been unaffected and if anything the lockdowns here in Yorkshire have curbed my spending significantly - particularly on travel.
Have others lost jobs here? What about the impact on those of you running businesses?
- ផោមក្លិនស្អុយ
- Daylight, I need Daylight !?!
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Most of my income comes from uk so brexit hit me harder than covid.
Have managed to retain all staff although some (on reduced activity) have taken a 25% pay cut.
All discretionary spend has been axed.
I'm now slightly more hopeful about surviving this period than I was 4 months ago.
Have managed to retain all staff although some (on reduced activity) have taken a 25% pay cut.
All discretionary spend has been axed.
I'm now slightly more hopeful about surviving this period than I was 4 months ago.
I was worried from a job perspective in April and May. Our work fell off a cliff as clients pulled projects in their droves.
However we are now seven months into our latest financial year and revenues are inexplicably 14% ahead of where they were at the same period this time in 2019. And of course expenses are considerably lower.
However we are now seven months into our latest financial year and revenues are inexplicably 14% ahead of where they were at the same period this time in 2019. And of course expenses are considerably lower.
- spitthedog
- Is the World Outside still there ?
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Our place provides services for the construction industry, so no change during Covid really, apart from the 1st initial month when we were put on shifts, but that meant i was working on the my own.
My wife works in a kitchen, but she was also more busy as they went takaways only, with just 2 in the kitchen.
And people are ordering alot more takeaways now.
Fockers.
It's alright for the rest of the Wayne & Waynetta's. LOL
My place seems to have really tightened it's purse strings though. Very debt reliant biz. Plus, not hiring which concerns me.
If it all turns to shit, i guess i can always return to washing dishes for a short while, as they need someone at the wifes place, and i guess my batteries are quite fully charged after my glorious years in Shitsville, and travelling.
Focking youngsters dont wanna work these days. The Facebook generation.
I shit 'em.
Sniff.
Did i tell you i had 3 bum guns?
Hmmm.
I reckon Covid will eventually cleanse the system of already struggling small margin businesses eventually.
Much needed.
My wife works in a kitchen, but she was also more busy as they went takaways only, with just 2 in the kitchen.
And people are ordering alot more takeaways now.
Fockers.
It's alright for the rest of the Wayne & Waynetta's. LOL
My place seems to have really tightened it's purse strings though. Very debt reliant biz. Plus, not hiring which concerns me.
If it all turns to shit, i guess i can always return to washing dishes for a short while, as they need someone at the wifes place, and i guess my batteries are quite fully charged after my glorious years in Shitsville, and travelling.
Focking youngsters dont wanna work these days. The Facebook generation.
I shit 'em.
Sniff.
Did i tell you i had 3 bum guns?
Hmmm.
I reckon Covid will eventually cleanse the system of already struggling small margin businesses eventually.
Much needed.
"I don't care what the people are thinking, i ain't drunk i'm just drinking"
- spitthedog
- Is the World Outside still there ?
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Oh fock, i just remembered i'm not an expat anymore.
"I don't care what the people are thinking, i ain't drunk i'm just drinking"
- Lucky Lucan
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Why not? You're a foreigner working abroad. Does it only apply to people who have moved far away? I moved to the UK independently in my teens and stayed there for the most part of 15 years yet never heard the phrase expat, however people who spend a few months in Hong Kong/ Australia/ Cambodia get this title? Shitty title anyway, I rarely use it. I'm a foreign resident/ emigrant, that's all.
As for the OP's question, I haven't been affected hugely. I was due a couple of raises in line with some promotions but it's not a good time to ask as the parent company is hemorrhaging like crazy. My salary is the same as it was last year but there was no seniority pay this year because of a Prakas. My son is a teenager now and costing a lot more, plus he's at home all the time now with school closures and has a bigger appetite than me. I'm okay but I've always been fucking useless with finances so no big change. I'm more concerned with what's going on around though. My area is okay but the central area is destroyed.
Romantic Cambodia is dead and gone. It's with McKinley in the grave.
What does your last sentence mean LL? I’m what way is the central area destroyed?
- Barang_doa_slae
- cannonballer
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I have been affected by the sihanoukville Chinese Bubble burst last year, as for covid that only helped me rein my expenses down, so all considered I am better off.
- spitthedog
- Is the World Outside still there ?
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Oh yeah. I'm still an expat. Doh!Lucky Lucan wrote: ↑Fri Dec 11, 2020 8:45 pmWhy not? You're a foreigner working abroad. Does it only apply to people who have moved far away? I moved to the UK independently in my teens and stayed there for the most part of 15 years yet never heard the phrase expat, however people who spend a few months in Hong Kong/ Australia/ Cambodia get this title? Shitty title anyway, I rarely use it. I'm a foreign resident/ emigrant, that's all.
As for the OP's question, I haven't been affected hugely. I was due a couple of raises in line with some promotions but it's not a good time to ask as the parent company is hemorrhaging like crazy. My salary is the same as it was last year but there was no seniority pay this year because of a Prakas. My son is a teenager now and costing a lot more, plus he's at home all the time now with school closures and has a bigger appetite than me. I'm okay but I've always been fucking useless with finances so no big change. I'm more concerned with what's going on around though. My area is okay but the central area is destroyed.
I guess i had my mind on Cambodia.
You ever think about returning to the land of milk and honey/The Emerald Isle?
Quite easy setting my wife up to work here.
4 more years and she can apply for a passport.
She can also buy shirts in Penneys/Primark that are made in Cambodia, and cheaper.
She thinks it's the focking promised land. €€€€€€€
For me it's just like the North of England really as they like chips on the side with curry sauce.
"I don't care what the people are thinking, i ain't drunk i'm just drinking"
Not an expat, but financially it has been a good thing, the market drop created a good buying opportunity in leveraged ETFs to triple your returns in the recovery phase or buy call options if you're feeling frisky. Also mortgage rates dropped, but on the flip side house prices increased as a result of all this extra buying power. I bought a house with 2-point-something% borrowing rate.
People I know back in Cambo has been fine, including teflers. But I think they have been lucky to be in good schools or have established themselves well. "People I know" is not a large group FYI.
I know it has not been kind to the accounting/tax industry however I know of nobody facing severe hardship because of it. The bigger issue IMO was the pre-virus influx of companies and investors from certain countries that were not as pleasant to work with.
People I know back in Cambo has been fine, including teflers. But I think they have been lucky to be in good schools or have established themselves well. "People I know" is not a large group FYI.
I know it has not been kind to the accounting/tax industry however I know of nobody facing severe hardship because of it. The bigger issue IMO was the pre-virus influx of companies and investors from certain countries that were not as pleasant to work with.
"Those who can, do. Those who can't, teach. Those who can't teach, teach English."
Credit Jacked Camry & LTO
Credit Jacked Camry & LTO
- Lucky Lucan
- K440 Knight Captain
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I was around the riverside a couple of times at the weekend and it was seriously dead. A whole lot of empty properties shuttered up and some places open but devoid of customers.
We took a drive around 136 too and it looked semi-deserted. Today I went down 172 and almost every place was closed, or just had a slit open on their gates, I'd been there last on Monday and today it was way worse. It seems ridiculous that restaurants that have rarely had more than 3-5 customers at a time for months get closed down while around the corner on 19 there are 50 people sitting at tiny tables close together eating. The cafes are still packed with old guys at 7.30 every morning. What's the point in shutting down quiet places while letting busy ones go on?
Romantic Cambodia is dead and gone. It's with McKinley in the grave.
It's been an interesting year for me.
One European/global business down 80% but Brexit had affected it before Covid and drastic cost cutting measures had already been implemented before the western world ground to a halt. Most effective measures included cutting staff levels further and finalizing the sale of my corporate offices in October 2019, I was lucky with the timing.
The business moved to smaller, more suitable premises, will survive and should steadily recover as a few major competitors have been washed out.
Another business is down 20-25% but will recover well, namely short term rentals. Covid and confinement periods provided an opportunity to invest in modernizing older units, for instance replacing old electrical cooking hobs with induction hobs in over 100 units. The wife's in charge of dealing with tenants and supervising the maintenance team, and does it much better than the full time employee who did it before she took over 2 years ago.
Attractive mortgage rates (1,40%, corporate)'combined with some distressed selling enabled further residential property investments in Belgium which should pay off nicely in a couple of years.
A bunch of old apartments in Phnom Penh bought in 2013 had to be written off as a bad investment. Rental returns in pp are peanuts and no way to sell them to expats as the ownership rules have changed. Hit me up if you're looking for a cheap apartment for rent near street 51...
Some long term punts in agricultural land in Cambodian provinces, with orange, cocoa and rice plantations. Output is mostly sold before it's grown. It's self financing even with the recent floodings and land appreciation is slow but steady. We'll see, so far so good.
Currently closing a very profitable small money lending business in pp because the guy previously in charge just passed the bar exam (and is getting too busy for both functions) and Covid definitely increased the risks.
On the sidelines, a ridiculously good year on the stock market with better returns than 99,9% of ETFs, fuelled by investments in clean energy infrastructure and mobility, companies like Alfen, Fastned in Europe and of course Tesla or Nio. For instance I bought the latter at 15 in August and sold at 54 a couple of weeks ago. Tesla's returns have been much better still, check it out if you're interested in the stock market. It's been like buying land in snooky before the Chinese takeover, and as an added bonus there's no capital gains tax where I'm a resident.
Of course the list wouldn't be complete without mentioning the most fun of all, namely Khmer 440 where a quiet r/evolution in the right direction has been going on for a few months under Alexandra's watchful eye . Nothing like a lady's tough love to get a drifting junkie back on his feet with a sense of direction.
One European/global business down 80% but Brexit had affected it before Covid and drastic cost cutting measures had already been implemented before the western world ground to a halt. Most effective measures included cutting staff levels further and finalizing the sale of my corporate offices in October 2019, I was lucky with the timing.
The business moved to smaller, more suitable premises, will survive and should steadily recover as a few major competitors have been washed out.
Another business is down 20-25% but will recover well, namely short term rentals. Covid and confinement periods provided an opportunity to invest in modernizing older units, for instance replacing old electrical cooking hobs with induction hobs in over 100 units. The wife's in charge of dealing with tenants and supervising the maintenance team, and does it much better than the full time employee who did it before she took over 2 years ago.
Attractive mortgage rates (1,40%, corporate)'combined with some distressed selling enabled further residential property investments in Belgium which should pay off nicely in a couple of years.
A bunch of old apartments in Phnom Penh bought in 2013 had to be written off as a bad investment. Rental returns in pp are peanuts and no way to sell them to expats as the ownership rules have changed. Hit me up if you're looking for a cheap apartment for rent near street 51...
Some long term punts in agricultural land in Cambodian provinces, with orange, cocoa and rice plantations. Output is mostly sold before it's grown. It's self financing even with the recent floodings and land appreciation is slow but steady. We'll see, so far so good.
Currently closing a very profitable small money lending business in pp because the guy previously in charge just passed the bar exam (and is getting too busy for both functions) and Covid definitely increased the risks.
On the sidelines, a ridiculously good year on the stock market with better returns than 99,9% of ETFs, fuelled by investments in clean energy infrastructure and mobility, companies like Alfen, Fastned in Europe and of course Tesla or Nio. For instance I bought the latter at 15 in August and sold at 54 a couple of weeks ago. Tesla's returns have been much better still, check it out if you're interested in the stock market. It's been like buying land in snooky before the Chinese takeover, and as an added bonus there's no capital gains tax where I'm a resident.
Of course the list wouldn't be complete without mentioning the most fun of all, namely Khmer 440 where a quiet r/evolution in the right direction has been going on for a few months under Alexandra's watchful eye . Nothing like a lady's tough love to get a drifting junkie back on his feet with a sense of direction.
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- I have some social problems
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For me personally had a good year salary wise.
Shares way down but a few investments made in march/April have help bring the losses down. Took advantage of the lower stamp duty to buy a bit of property in UK
scobienz
Do you buy property as an individual, are you preparing for the expected change in CGT?
- Starving Pelican
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You're still running that type of business? I would've thought covid restrictions didn't allow for that sort of thing, given the physical contact and all.
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