Every Crisis Comes with an Opportunity, Have You Gotten Richer Thanks to COVID?

tomleonhart on 11/05/2020 - 09:22
Last edited 11/05/2020 - 09:37

Well they say "with every crisis comes opportunity". I'm sitting on cash waiting to deploy but can't see anything too tempting just yet. Meanwhile lots of my peers have gotten significant richer/poorer in the last 3 months.

What are the opportunities that you see? Short share? Long share? Gold? Silver? Bitcoin? go wild

Disclaimer about myself:

  • Recently lost my job after spending 3 years trying to change career so 0 income.
  • Renting
  • Got a decent saving so not too worry about the near future just yet
Financial

Comments

  • NatoTomato on 11/05/2020 - 09:25
    +4

    Not a lot richer, but I made a solid $500 bucks from the market, trading a couple of stocks that have recovered nicely.

  • OzBozo on 11/05/2020 - 09:32
    +1

    Yes, Crisistunity! ,You're right!

  • Fergy1987 on 11/05/2020 - 09:39
    +23

    I got richer by not paying the ridiculous Queensland transport costs every day.

    • arislan on 14/05/2020 - 21:27
      +1

      That's what I thought too… until I got my electricity bill. It tripled cause the whole family's at home now as opposed to at school and office using the electricity there..

  • popsiee on 11/05/2020 - 09:41
    +3

    Well I know some in the field of video games collectibles that have seen crazy market prices with LEGO not too far behind .
    On CFD's 3 out of 4 lose but 1 in 4 wins :)

    • tomleonhart on 11/05/2020 - 09:42
      +1

      making money on LEGO. Who da thunk ????

  • GG57 on 11/05/2020 - 09:56
    +6

    I have an inflated bank balance due primarily to no commuting, CBD lunches, etc.
    I'll wait to see what my (increased) domestic electricity costs are before I go crazy though.

  • DemocracyManifest on 11/05/2020 - 10:02
    +3

    Low income, so the supplement and stimulus has helped pay off debt, we live pretty tight as it is but definitely a lot happier, less stress about not being able to get extra work for a little while

  • AwesomeAndrew on 11/05/2020 - 10:08
    +3

    I bought $500 worth qantas stocks when the market was at the lowest point. I have sold them now and I made $300 out of it.

    • tomleonhart on 11/05/2020 - 10:12
      +4

      Brave call to buy in airlines at the moment.

      • NatoTomato on 11/05/2020 - 11:19
        +3

        Edit: I definitely didn't say something dumb

    • Arthur Dunger on 11/05/2020 - 10:19
      +8

      Wow that's awesome Andrew.

    • Some Guy on 12/05/2020 - 11:33

      Username checks out.

  • JimmyF on 11/05/2020 - 10:27
    +2

    On the day trading front, yes…. Been playing with intl and local shares. Picked up some Tesla under $400USD, they're not $820USD a share. Can't complain :)

    • tomleonhart on 11/05/2020 - 10:37

      Yum. My claim of fame is picking up APT @ average 9.5

      Can’t get myself to buy Tesla yet :S

      • JimmyF on 11/05/2020 - 11:51

        There had been some massive bargains in the USA share market….. If you are game enough to play in the space.

        I did look at APT around $10/share, but didn't buy and then it jumped and jumped again. So its a no go now. Oh well, missed out.

  • SlavOz on 11/05/2020 - 10:55
    +3

    I bought a Nintendo Switch years ago and prices have gone up steadily ever since due to COVID, so I'm happy to say it's positively geared.

    I'm also saving at least $500 a week on lunch, petrol, tolls, parking etc. In a few months I'll have enough to buy a new TV and PS5.

  • TheBilly on 11/05/2020 - 10:58
    +5

    I have no experience in trading (shares, commodities etc) but the 2 people I do know that have become minted over the last 3 months (minted in my eyes = $200k profit on investment) were quite experienced before this crisis in day trading and they didn't just jump in. They were watching the market for years prior and investing here and there successfully.

  • brad1-8tsi on 11/05/2020 - 11:53

    I'm saving about $1500/month because no restaurants, cafes, theatre, live music, train fares, etc.

    But:
    Booze bill has gone up about 50% but am also working through what was in the cupboard.

    Take-away has increased 400% from a low base

    Grocery bill has doubled.

    Made some good money (on paper) off the Cochlear capital raising but probably won't sell for a long time.
    Ditto on the Flight Centre capital raising (it's a dice roll).
    Bought 174 CBA for <$58 which is a long term hold.

    The portfolio is back in the black but profit needs to improve another 400% to get back to Dec 2019 happiness.

    I still think there's some pain to come.

  • sparkles on 11/05/2020 - 12:00
    +1

    I made some nice profits selling off some Lego to free up cash which I used to pay debt so technically I am in a better financial position than I started. But food seems to cost a lot more, specials are now unicorns.

    Anyone looking for a job is screwed, people are going to hold onto jobs, any jobs, like grim death.

    • drprox on 17/05/2020 - 14:03

      haha i did the same! I had every intention of keeping my Lego Architecture Studio set but with Lego Masters on and the demand for Lego put it up for sale and made $300 more than i paid so can't complain! (except for now not having it..)

  • fantombloo on 11/05/2020 - 12:01
    +15

    I've calmed down a lot with work expectations. Spent more time with the kids, going for bushwalks and kayaks - things I've let slip over the years. Spent more nights in the spa, either with my clan or even on my own, just soaking up the quietness. Sitting around a fire in the backyard.

    It's been a great circuit breaker. I'm hoping not to let this slower pace evaporate once things return back towards normal. Maybe not richer in the sense people might be expecting here, but IMO richer.

  • onetwothreefour on 11/05/2020 - 12:01

    Saved $50 a week on transport costs to and from work. Other than that haven't saved much else extra as have always been frugal, I always bring my lunch to work and don't drink coffee, not much else to spend money on while at work.

  • Ghost47 on 11/05/2020 - 12:24

    Lower cash position compared to before the outbreak simply because I've put more money into shares and ETFs. I waited a bit too long to buy some cheap US shares (up to this point mid to late March seems to have been the bottom) so my profits aren't amazing there as they are still below all time highs, but my Selfwealth portfolio has largely recovered and is at all time highs now.

    Dumped cash into some ETFs at a discount, one of the ASX shares I've purchased has done decently too recently ($2000 up overall), although that was more of a long term hold so I haven't sold. Honestly not sure what to think about the markets right now because the US still seems to be getting hit hard with coronavirus, and who knows what the hell is going on in China because their numbers must be bs. I'm surprised to see the market seems to be somewhat good today because I think it's way too early for a recovery, and if a second wave comes along things could get worse.

    Saving a lot of money right now which is great too.

  • Blue Cat on 11/05/2020 - 12:36
    +2

    I have been selling all the crap on Gumtree and Facebook Marketplace that I have hoarded over the years.
    Made about $700+ profit selling stuff (and still selling and growing) that has been collecting dust. I guess I could say I am atleast $700 richer now and my house is a lot cleaner.

    • ozbargainer888 on 12/05/2020 - 12:23
      +1

      I’ve been doing this too. What type of stuff have you managed to move?
      For me it’s been board games and collectibles mostly.

      • Blue Cat on 12/05/2020 - 16:13

        Old sports equipment and dumbbells were most profitable for me! Puzzles got sold fast too. 2 bicycles that I have been planning to fix for the past 2 years. The rest is just a bunch of random items.
        Still very happy the stuff isn't collecting dust anymore and I have some cash now!

  • pupdog on 11/05/2020 - 12:58
    +1

    On the down side: ASIC is warning amateurs not to engage in day trading. It's a mug's game unless you know what you're doing.

    • tomleonhart on 11/05/2020 - 13:24
      +3

      It’s a mug game even for those who know that they’re doing lulz

  • [Deactivated] on 11/05/2020 - 15:57

    Not sure about the words significant but seem to have done ok.
    Didn't lose any money when shares crashed as I pulled mine prior to the crash, so now back in the market buying so should do ok, unless it crashes further.
    My online business sales have gone up markedly with everyone being stuck at home, with little competition, hopefully the trend continues post-lockdown.
    Lost a small amount of my normal pay from my day job, however not spending anywhere near as much ether which is offsetting a fair chunk of it.
    Apart from shares at the moment, late this year will be the time to watch when property prices start to drop, which may be an opportunity for some.

  • ravinleague on 12/05/2020 - 07:44

    I bought 200 Afterpay stocks (ASX: APT) at 8$ and sold it when it was 25$. A very aggresive decision in the first place, but it worked!

    • tomleonhart on 12/05/2020 - 09:09

      A bit strange how you bought APT at $8 when 52 weeks low was $8.010 lulZ

      • ravinleague on 12/05/2020 - 22:13
        +1

        Have not precisely mentioned .010

        • tomleonhart on 13/05/2020 - 12:36
          +1

          Right. Lucky you to buy in at the very bottom of the market.

    • kooljp on 12/05/2020 - 10:18

      Afterpay shares are now over $40!

      • Ughhh on 18/08/2020 - 19:12

        $75 now ! Ouch.

        • [Deactivated] on 28/08/2020 - 19:43

          88 now!
          missed the boat on that hard

          • maiuspala on 28/08/2020 - 21:10

            @[Deactivated]: Tbh i still dont get their phenomenon

            • [Deactivated] on 28/08/2020 - 21:15
              +1

              @maiuspala: I'd get in on Z1p ASAP.
              They've just announced that they're expending to other countries as of yesterday and I reckon triple your money by end of the year by the way its going.

              People are transition from Credit Cards to interest free BNPL as it's much more convenient.
              Z1P, you heard it here first

  • ravinleague on 12/05/2020 - 07:45
    +1

    Because the stores were offering pick-up only service, signed-up as a delivery driver for Sherpa and Menulog. Able to make around 200$ weekly as side income.

  • trankillity on 12/05/2020 - 08:33

    A few simple ways, with not a huge gain - but definitely a noticable impact:

    • Saw the price/demand for computers and office supplies were high. Finally sold my old computer + 2 monitors + desk, each individually for a very respectable $1k combined.
    • No tolls or travel, so saved around $500 while working from home.
    • Got more creative with cooking due to no eating out, and likely saved $200-$300 there.
    • Took advantage of every voluntary discount offered from providers (Youi 15% off premiums, education discounts, etc).
  • cainen on 12/05/2020 - 09:37

    My net worth is pretty much exactly the same prior to covid however I have lost a significant amount of income due to my wife and I's business being shutdown. I still have my day job, my wife receives Jobkeeper and we have negotiated 3 months free rent for our shop so we are getting by fine. We're not saving much but we're not going backwards either. I've also taken the market downturn opportunity to start investing for the long term in an ETF although I missed the bottom by quite a long way.

  • Fredfloresjr on 12/05/2020 - 09:50

    Yup. Optus stopped my monthly payment for 3 months. Sweet savings.

  • meumax on 16/05/2020 - 17:35

    Saving minimum of $3.5k/month more than normal due to free child care.

    Both of us working from home so saving on lunches and coffee as well as train fares. Sitting on $1.1m cash from sale of IP in 2019 waiting to deploy in the market at the right time.

    Absolutely loving this recession and pandemic.

    • tomleonhart on 16/05/2020 - 18:29

      😍😍

    • cloudy on 17/08/2020 - 22:15

      I’d love to know if you deployed “at the right time”

      • meumax on 17/08/2020 - 22:57

        After sitting out the initial rally I started accumulating shortly after I wrote that comment. I’m happy with the returns so far but I’m still wary and holding dry powder for any pullbacks.

        Unfortunately no one will know if that was “the right time” until much later. Check back again in 5 years time.

  • MrCAMEL on 16/05/2020 - 21:31
    +2

    Good financial news here too. Free childcare. No transport costs. FTB economic stimulus benefits. This pandemic will leave me with 5k in my pocket. Lunch at home with my people. Can't complain.

    • drprox on 17/05/2020 - 14:01
      +1

      I essentially mimic you MrCAMEL. Free childcare + no tolls/transport should net me around the $5k mark :)

  • CMH on 19/05/2020 - 01:09
    +1

    Due to stock market increased my savings by 20% so far. It's not much but easily enough to cover for a nice holiday somewhere.

    Was 30% but a week of bad choices brought me down some… got too bearish.

  • echelon6 on 19/05/2020 - 09:43

    lost alot on existing holdings

    but not as much as I would have if I entirely didn't act so… mitigations happened basically

  • afah0447 on 18/08/2020 - 18:52
    • Working from home, therefore no need to pay for public transport. $40 p/w.
    • Working from home, no bought lunches. $50 p/w
    • Bars closed or always booked out on the weekends, no wasting cash on overpriced beer. $150 p/w

    Overall probably saved/made ~$4k and counting thus far.

  • [Deactivated] on 28/08/2020 - 19:40

    Went from $750 a fortnight to $1500 a fortnight + Managed to get 20k in super out and have invested it all into Crypto.
    So far I've managed to withdraw $35,000 out and still have 25k in coins.

    I did this because I have auto-immune issues (Ulcerative Colitis) and assumed I wasn't going to survive having COVID, but I went mostly unnoticed, so now I'm in the clear from death, up in cash and money in every way and am ready to start my business once COVID is over and the economy is recovering, already got some ideas that seem like they'll take off very, very quickly once people are getting back on their feet :)

    • [Deactivated] on 28/08/2020 - 21:16

      Just dumped 15K into Z1P.
      TO THE MOOOOOOON

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