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Top Five Things To Do With Your Stimulus Money
What will you do with this free money?
Because of the spread of the corona virus, the economy is getting hit hard causing many to lose their jobs and many businesses to shut down. This pandemic has caused over 8.3 million unemployment to jump from 3.5% in February to around 10% in April according to the NY Times.
As a result, the US government, immediately created a stimulus to help citizens get through this crisis. With stimulus payments coming soon, how will you spend this money? Hopefully you put some thought into this. If not, here are five suggestions to consider. I place some emphasis on some of these with an explanation but for everyone it will differ depending on their current situation.
For the examples below, I’ll use $1200 for one person as the guide. A married couple would receive $2400. Then parents would see $500 per child under the age of $17.
Based on the bill, you may get more or less than this amount depending on your income. An individual’s gross income of more than $75,000 would start to phase out and those making more than $99,000 would not qualify. The amount for couples is double this amount.
