With second rounds of stimulus payments hitting bank accounts. Evictions are still pending, more jobs with “Help wanted” signs, and more talk about schools opening back up. Is it fair to say this lock down is slowly coming to an end?
April of 2020 many Americans had received their $1,000 checks or deposits posted in their accounts. Some even doubling. Some say it made a slight change in the economy and some argued, it did nothing and the money received barely put a dent in the debts many Americans accumulated over the months COVID setback’s where in full effect. A second round of stimulus checks are making their way out into the world, and for some families it’s already too late. Many families have faced evictions, leaving their whole lives to be dumped in streets and in garbage bins, while congress was still deciding if Americans were due for another settlement. Although some may argue that with many agencies providing assistance to those in need, the eviction rates decreased in numbers during these most stressful times. Although the only people who were eligible to stay in their homes due to the eviction ban, where those on section-8 and public housing, leaving those who paid market rent, out on the streets. The $1,000 payment only giving them a month security, which only covered one month in rent, if that.
So I have for you, some tips, ideas, and opinions on how you should invest your stimulus check, DO NOT run to Wal-Mart and buy the electronics that have magically went on sale in the last week or so. The discounted laptops, cell phones, tablets and TV’s, that may seem like a deal, are only marketing schemes to get you to spend the money that may have come to you as a surprise. You may start to see a lot of business offering “COVID”deals. But what they are really trying to do is get you to spend, your money, while you still have a lump sum. Lowering prices of high valued and high priced items, by a couple of dollars or so.
Once it’s gone it’s gone, and for those who are still waiting for unemployment due to everything being “backed up” I would try to hold on to as much of that money as you can. Invest! Invest! Invest! The government cannot shield you from financial burdens forever. There will be a time where, everything goes back to normal and all the financial help that has been given to you, will be expected to have been used for that very moment. And for many who will need help from agencies, be prepared to answer the question “What did you spend your $2,200 of stimulus money and the $600 of unemployment money. Be able to provide receipts and documentation as well. It’s just the way the State help works. So with that being said..
Here are some ideas to make the most of your stimulus money.
- Invest in yourself
Find a hobby or something you like to do, make bracelets, T-Shirts, necklaces, or bows.
Set-up that YouTube account, gain followers, buy some camera’s and the equipment needed, and then find sponsors who will pay for you to sell your ads through your videos and channels.
Get a food truck, I’m not sure what they go for, but if you always dreamed of having your own restaurant, start out small and start to invest in your business and future goals.
if you don’t have a car, buy a car and then drive for Uber. (I heard they offer sign-on bonuses!!)
Sometimes, you have to spend money to make money, but at least your not just spending money. Right?
2. Save it.
Especially for those who are working. Put it away, don’t touch it, and act like you never even got a check. Hey, you’ve been living without the extra money all this time, you ca go a few more months or so..
3. Invest in stocks.
Research stocks, find which ones are doing really well and put a few dollars into it. (I heard TikTok was doing well) It can’t hurt. I could never really get into bitcoin myself, but that is another option as well.
4. Get ahead or pay off some bills
Why not? In the end it will save you money in the long run, if you are caught up. And if your not, it gives you a chance to get caught up and out of debt.
Pay off a chunk of your student loans. If you are a college student and not a dependent, you are eligible for the second round of payments. And if I read correctly right now, would be the best time, because there is n interest tax growing on your loans right now,
There are plenty of ways you can make your stimulus check last. Tax season is around the corner, and although some of us haven’t worked that much and fear, we wont be getting that much back this year, use this as a means to put towards something that is going to benefit your life in a major way.
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