First Steps to Solvency

alt80

23/3/20 and we’re one year on from Johnson announcing that he was shutting down the whole country. Don’t think it’s a date I’ll ever forget him standing there saying he will shut my business and pay my staff. By this point it’d been building for a while. I didn’t know how bad the what seemed like an almost inevitable massive recession was going to be. Can remember sitting with my wife in front of the tv wondering if that was how my life was going to end - the PM shutting the country down, the market crashing and later my loans being called in. I wasn’t even concerned about corona prior to that announcement on that day I’d told my senior guy to cover a couple of other jobs and I did a big residential portfolio of the absolute worst kind going - can remember it so well as it was that bad and my wife begged me not to do the job - no one really sure how contagious covid was and the inevitable looming.

Half think I made the most of lockdown 1 like it was my last chance at life. Not exaggerating when I say I didn’t think I’d be here today, don’t think I’d have survived a massive recession and my property being called in. I’d seen others lose everything in the previous recession one loan called in snowballing into a whole portfolio. 100% my worst fear think it lead to an irrational state of mind for the rest of the year tbh. Nothing I did made any sense looking back. Within days I’d took every payment holiday going for no other reason than uncertainty and I suppose there was a part of me that was curious about what it was like to not have a lot of credit commitments. By the end when my business could open mid-May I paid all the additional money off my card debts not even sure why I did that myself. 

For as long as I live I don’t think I will ever forget 2020. How I walked out of it in the best financial position I’d been in for many years knowing I could complete the dev block and hadn’t needed to use my retained to keep my property I don’t really know. Think we’ll all be traumatised by that year and maybe in some ways at the same time some of us have been liberated. The lockdown allowed most people I know to reset in some way, I wonder in the future if many will look back realising that the events surrounding covid but certainly not covid itself changed our lives for the better.

RelievedSheff

2020 certainly changed a lot of things for a lot of people. It is certainly a year we will never forget and it is the year that we finally realised we can live a life without debt. I think 2020 changed us for the better. I think we have been lucky though as we know plenty of people that have been struggling for one reason or another through the last year.

alt80

Just going to get through today - day 62 and needs to stay that way. Planned a lighter work day, knew I’d be feeling weird have an appointment with the pros and going to pick my son up from school. We are going to plant the sunflower seeds this afternoon and I’m going to help my wife cook dinner, go for a walk and watch some tv together. Stay off JL website I’m not buying a new one lol.

Sun_Addict

You've done so well to get to day 62 don't let anything spoil that achievement. Sounds like you've got a nice afternoon lined up. 

alt80

@RelievedSheff tbh I’m not really in a good place today reflecting on the past but I’d agree with everything you say in your post. It’s ruined people and businesses. Everyone knows just what a toll it’s taken on both the poor souls whose lives have been taken or severely impacted by the virus and the impact of it.

@Sun_Addict I’m not going to. Thank you.

enthusiasticsaver

I think for some people 2020 has been disastrous in that significant numbers of people have died, some are suffering long lasting effects of long Covid or mental health problems and  people's livelihoods have been lost with no  hope of them recovering. Many have had to juggle home schooling with work with little support and anyone suffering from critical health conditions which require support it unfortunately has not been available. Front line workers have had to work through all of this with not only the fear they may catch Covid but in many cases working twice as hard due to lack of support or covering for colleagues shielding or those who are ill or isolating.

However for some it has been better in that we have been able to see we can work from home, we have maybe enjoyed our open spaces more and learnt to appreciate what we have and in most cases when incomes are secure have saved more than ever before. I just thank our lucky stars we have got through so far without us or any of our immediate family catching covid and hope we start to see a new normal soon. I think it has been good for you too @alt80 in that your finances are in better shape, your business is safe and you have had the incentive to focus on getting healthy and appreciate your family more. Let's see what 2021 will hold by the time we get to the end. 

RelievedSheff

@enthusiasticsaver I think 2021 is going to be a great year   

warby68

Day 62 - that's 2 full months. That is so good
Don't let anything get in the way of that and keep well away from your druggie mate

Looks like another month where you've nailed the budget - I don't follow all your allocations but it seems to be working for you. I know things opening up will be a test but just keep up with the planning and careful thinking about what you say yes to, where you go and keep up the good routines with family which should take up some of the former shopping/drug time. Do not go solo too much of the time - you are at your worst when just in your own head and company. Use your diary - fill the danger times well in advance. Seriously look at getting son involved in a sport/club or team where you can be a part too. Keep talking here, it seems to help even if takes a while for some stuff to resonate with you.

Glad sleep is better too - it leads to a much better outlook in general.  You can really tell from your posts when you're on a more even keel. Enjoy your afternoon.

alt80

@enthusiasticsaver generally it’s been the kick up the !!!!!! I needed I think tbh lol. Shouldn’t have took a global pandemic but it did.

@warby68 thank you def feel a bit better when sleeping better. When the sleep is really off it kills me tbh. I was thinking it’s 2 months today and lockdown day haha. 

The budget - it’s my shorthand for on here so can see how it’s somewhat confusing. It doesn’t all entirely make sense redacted into a monthly basis. However it does make sense over the predicted term of the debt. At sometime I’ll format a better post for it and save to reuse. Realistically I’m ok with it so long as overall it works out - I itemise to monitor separate spends but I don’t do the pots thing.

Trying not to think too much about lockdown easing right now. Know I need to start planning for it and yeah I’m at my worst when I withdraw from family. Basically get into the wrong mindset hard not to sometimes though my brain is def wired wrong ha. 

I’ve got two of them looking to join a sports club wife has applied for a voluntary coaching position and son wants to join a club. Tbh he does sports at school so idk whether it’s worth it tbh. 

getmore4less

62 days is the full two months not a cheat 2 months with Feb, 59 days

It is very easy to get into a routine which is far from ideal and takes us along  wrong paths,

Looking back that refinance of the BTL should have been a wake up but any effect did not last long as you went out and got the RR. 

Taking a global pandemic for a year to instigate the change is going to be hard to top. 

Should give some good  fireside anecdotes when the grandchildren ask,  grandad how did you become rich.

Once up a time I was a ...........