If stocks continue to plummet are you worried about paying your bills?

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This past week was a terrible time for the U.S. stock market. The three major stock indexes posted their worst weekly percentage drops since the financial crisis, as coronavirus (COVID-19) fears mount.

It dropped 3,583 points this week, including its worst one-day point drop in history on Thursday. On a percentage basis, Thursday’s 4.4% slump was the worst performance since February 2018. It was its worst week since October 2008, as it fell 12.4%.

Does this worry you? If the stock market slide continues do you fear it will impact your income — what you need to pay your monthly bills and live comfortably? It will be interesting to see how the readers of RVtravel.com feel about this.

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dickandjaneRV
6 months ago

The stock market is always going up and down. The best hing to do is maybe move some of your investments into other things to minimize the loss. We are not worried about paying our bills from the market taking a plunge. That does not mean we don’t watch it closely.

Van May
6 months ago

i will worry if the stocks stop paying dividends. Until then, it is just exercise.

Brian S. Holmes
6 months ago

No I don’t have any bills. The utilities and property taxes are minuscule to the money I have saved in my lifetime, better get started. Don’t get divorced all your doing is changing bodies the heads are the same.

Swede'in Texas
6 months ago

Like investment advisors say, keep six months of cash on hand for down turns.
Plus the history of SARS and MERS effects on markets tells us this is just a bump
on the long term investing. Plus the old adage says don’t live beyond your means.
Most RV’ers are retired, collecting social security that’s 50% or more of their income.
There are low cost RV parks here in Texas, monthly fees are $400 plus or minus $100.
One can live on Social Security alone.

Diane Mc
6 months ago

The flu kills 20,000 to 60,000 people a year. Why are we not in a panic about the flu every year? The Swine flu killed 2,000 people. The New England Journal of Medicine just said “the coronavirus currently causing panic in the world markets could turn out to be no worse that a severe seasonal influenza” in terms of mortality. The media should stick to reporting the facts, not fanning the flames of panic. Same with the politicians who can’t help themselves making it “political” rather than working together with the goal of doing what is necessary to keep the public safe and informed with facts.

Diana
6 months ago
Reply to  Diane Mc

Amen! Well said, well written! Thank you.

Rob
6 months ago

The markets will come back, lots of great companies stock at great discounts. As interest rates are so low and they will be going lower, stocks (dividends) are the only game in town. I know it’s a serious virus but the media is totally blowing it out of proportion like everything else these days. I sold some stocks beginning of February and bought them back at a discount. This is my 3rd crash or correction whatever you want to call it. Some people hold there stocks to long and then when theirs shares drop more than 5-10% they panic sell. Market corrections aren’t for the faint of heart. Investors with some knowledge of the options markets who have cash ready to deploy will do very well in 6 months to a year once it’s all finished and forgotten.

Fred
7 months ago

No concern about paying our bills. 0 debt for the last 10 years of fulltime travel. We actually spend substantially less than our maximum Social Security that we started at 70. So we don’t even touch our retirement savings & don’t plan to for another 8-10 years. We’ll gradually lower our risk level in our investments as we get closer to drawing from it.

Paul Goldberg
7 months ago

Different people with different needs and abilities. We were able to finance at a rate lower than our investment return and put enough down that we are not underwater. Financing can be a good thing if done properly. Your position may be correct for many people getting started with no idea of the real cost of spending much time in an RV.
We have the luxury of traveling when kids are in school and people are at work. There are still plenty of campsites for us in the off season. Campground owners are happy to see us and often through Passport America or Escapees we can pay 50% off. WE love National Parks, but hate the crowding. The cgs in the parks are designed for RVs of a different era and the available space is very limited. We tend to stay in NFS or other gov’t sites outside the parks for very little money. Do I see a need for more sites? of course, but the panic about sites is for prime locations at prime times.

Phil Atterbery
7 months ago

My retirement is dependent upon the “full faith & credit of the United States of America “.

Harley Gilmore
7 months ago

Chuck, I just read your comment about your roof, I would suggest you talk to JR at JR RV in Sedro Wolley. They are a very reputable repair shop. They did my rv roof and have done many other repairs.

Jake
7 months ago

You’re not the first RV owner to have a leaky roof. You may be jumping to conclusions about the walls being rotted out already. I find it hard to believe you can’t find a reputable shop to have a look at your issue where you are currently located. Many RV repair shops allow RV owners to continue “living” in their RVs while inspections or repairs are carried out. Quite often they’ll provide electrical and water hookups. Let us know how it goes.

rvgrandma
7 months ago
Reply to  Jake

Jake, this time of year in that area the wait line is long. I have friends who were hit while in the MH heading south back in November. Thankfully they have a home in Yuma cause they are still waiting on the MH repairs to be done. The place says it will probably still be a few months.

Theresa Kovacs
7 months ago

I found your comments about your water leak to be one sided, and that in and of itself is unsettling as a editor of an RV magazine that all spectrums of the RV community read. It’s interesting that you feel financing an RV for 20 years is unwise due to costs vs value, yet you continue to maintain a home with all those costs. Perhaps if you had sold the home, and banked that money, your thoughts may run in a different vein. We financed our new rig, putting over 50% down so we’re NOT underwater. We put the rest of the profits of our sale of possessions into 2 diff accounts. One protected from crashes in the stock market and the other into an account for “YikeLife”.
Just another side of your story.

Dan
7 months ago

Concerned, but far from worried. We have a great deal of confidence in our financial advisor. We saw him this week and he wasnt worried. He is confident it will come back in a few months. The problem is too many “armchair quarterbacks” are selling and creating a panic mode. When the selling appears to bottom out, the rest of us can buy and come out even better than before. Fortunately, we are able to be retired without touching any investments, at least not until Uncle Sam says we have to take some.

Ed D.
7 months ago
Reply to  Dan

I did buy some equities last Monday on the dip. However, I should have waited. Those equities are way down. But I plan to buy when I see as a bottom of this market.

Montgomery Bonner
7 months ago

Interesting poll. It’s estimated about 50% of young people cannot pay bills from check to check. This gets better as you check age groups, but even some seniors are or will be in trouble. My suggestion is to stop any bad habits, get rid of the pets (money), and try to live more frugally. Or if things get real bad, you might have to eat the dog, they do in china, considered a delicacy. This virus is going to shake out a lot of very large areas of the population who live on the edge, and if it’s as rampant as promulgated, could kill 1/4 of the population. That for you math challenged folks is 82.6 million people.

Rob
6 months ago

Kill 1/4 of the population, really are you kidding me. It’s a virus not malaria. Why do people say things like this so people who aren’t smart enough to understand how stupid a comment can create fear and panic for the public!!

Darrel
6 months ago

The sky is falling!!!!! The end is nigh!!!!

Hysterical much?

Bob Godfrey
7 months ago

What happened in the stock market this week was sad since the basic economy is in good shape and yes there will be implications from the virus but the selloff had political considerations as well but all in all there was no good reason for such a large drop. Fundamentals do not change and you have to pay attention to them. Dec. 2018 was a terrible month for the market but by the end of Jan. 2019 it had rebounded big time and went into record high territory. Don’t follow the media and stick to long term goals and you will be fine. Remember that the press is only looking for attention and you have to force yourself to tune out the “noise”.

Ed D.
7 months ago
Reply to  Bob Godfrey

A -10% correction is not an unusual event. It happens about every year. The market needs to be shaken up once in a while.

Rob
6 months ago
Reply to  Bob Godfrey

The economy isn’t actually in a good place, most of the population is one paycheque away from insolvency. Politics doesn’t have anything to do with the markets. The amount of debt most corporations and the general public is carrying is what will bring it all down eventually.

Bob Godfrey
6 months ago
Reply to  Rob

If you live below your means and not try to keep up with the Joneses you would be far better off than living paycheck to paycheck……drive a used car, buy a cheap phone and plan, get rid of cable TV etc. Far too many folks don’t know how to budget.

Steve Milbret
7 months ago

We went on a buying spree this week and increased our monthly income by 18+%. These downturns allow us to invest our dollars more cheaply!

tom
7 months ago

I anticipate no problems in the near future. Not living only on stock market results. It will be back.

robert
7 months ago

It will not be a problem paying bills but could change other things. After several years of traveling without a toad we were looking to purchase one this year. That looks like that will be scraped. We have rented but car rentals are hard to come by in many areas, and uber is only good for taking you to a single place. Its not good for sightseeing. If the market keeps dropping we might have to not go out in the rv as much. When retired and on fixed income we have to be careful

Peter McDonald
7 months ago
Reply to  robert

I agree with Robert. While the market dropping 30% may not affect me day to day, if it did not come back as Tom and history suggests it will, it would be a problem in the long run.