A NOTE FROM THE AUTHOR: Thanks for checking back in this week. I wanted to take a break from the everyday tips and tricks to focus on how current events impact your wallet more than you think. No matter where you live, there have been a significant amount of layoffs as the economy continues to recover. I hope this edition helps create a safer environment on the $600 that you could potentially be receiving.
No matter how you lean politically, elections are quintessential to our democracy. Our representatives impact everything in our daily lives from resources to bills and finances. As you’ve heard by now, the $600 could be showing up in your bank account this season given you meet certain criteria. For my few ineligible readers, consider writing to your local congressman if you’re interested in making a change and advocating for receiving these stimulus payments.
One question I get asked a lot is how to spend the stimulus money. I see people spending their money on material goods like video game consoles, iPhones, and new entertainment necessities.
Stimulus Background
You probably heard that our president was threatening to not sign the bill that would allow the $600 payments, demanding the amount be raised to $2,000. The omnibus bill included spending for the entirety of 2021 with the stimulus check tacked on. If you were to disagree with a portion of the bill, your conscience would tell you to vote no to the whole bill. That is fundamentally an issue when voting on specific issues that can benefit Americans.
With the $900 billion COVID relief legislation bill passed on December 28th, 2020, you could be seeing the $600 hit your bank account if prerequisites are met.
$600 Timing
Are you like me and check your bank account every five minutes to see if the check has deposited? It’s a little extreme, but I can be obsessive when it comes to things like these. For so many people, timing is important when it comes to stimulus payments.
If you haven’t received it already, be sure to check the IRS website for more information on your specific timing. This website will notify you if you’re eligible and the timing behind your payment. Be warned - it’s a government website and not entirely too accurate with any sudden developments. I checked the website within a few days after the announcement and was furious at the system being down.
Now that the website works, last Tuesday I saw that this was my official status:
Having received the first payment, it can be frustrating to see this news. For those in the same boat, stay strong!
WHAT TO DO WITH THE $600
Here’s the advice you’ve been waiting for. This is exactly what I want you to do with the payment.
Be happy.
Whether or not you spend this money on a PlayStation 5 or invest in Bitcoin, my ultimate advice at the end of the day is to use it to make you happy. If it does help with rent given unfortunate situations, use it to make you happy in that way. Remember that these payments cannot buy your own happiness, but they can buy stability in your life if needed.
From my experience, I invested the original $1,200 and have nearly tripled the amount by investing in the stock market. I saw a major opportunity when stocks fell to their lowest ever in years back last year and jumped on board. I’m not otherwise happier if I' had been if I’d bought something nice for myself with the money.
For others, this $600 can partially pay bills, put food on the table, and keep the lights on. Remember to allocate your time like your money to provide the best payoff.
I hope you enjoyed this one.
-Jordan