How will you be spending your next stimulus check?
After several days of back and forth it looks like both sides are agreeing on another stimulus check for Americans...
It's been a while, but it is now looking very likely that Americans are going to be receiving another stimulus check in the not too distant future.
The only thing left for debate is who exactly will qualify.
As it stands now, both republicans and democrats agree that another $1,200 check for qualifying Americans and $500 for qualifying dependents is necessary.
The only thing up for debate is what the income cap will be.
Democrats want to keep the same $75k cap before reducing the amount, while Republicans have been rumored to be pushing for a $40k cap, though those numbers do still appear to be fluid.
Ok, since we know that another check is likely coming, how will you be spending yours?
If you are like millions of Americans who are currently unemployed, you will likely be spending that money on rent, or bills, or food.
However, if you are one of the lucky few that is still able to earn an income but above the upper bound of the stimulus check, how do you plan on spending your new found windfall?
If you are a family of two adults, with 3 kids, you could be receiving as much as $3,900 in total (1,200+1,200+500+500+500).
That is no small chunk of change, and even for the ones that are currently not working, receiving the federal unemployment, plus the state unemployment, as well as this new stimulus check may have people finding themselves with some excess money for the first time in a while, though keep in mind that the beefed up federal unemployment is set to expire at the end of this month and may or may not be extended going forward.
There is a decent chance that some turn to bitcoin with this new found excess capital.
In fact there was article in Forbes today titled:
"7 Reasons Why You Should Invest Your Second Stimulus Check in Bitcoin"
Their reasons?
- Hedge against inflation
- Hedge against catastrophe on Wall Street
- Price appreciation
- Institutional Investors are buying it
- Be your bank
- Better gold
- Becoming easier to use
Perhaps I should write for Forbes...
I may or may not agree with all of those reasons mentioned above and honestly the more I read Forbes and some of the crypto pieces the more I feel like I should apply to write for them as I feel I know more than most of their commentators. :)
That being said, investing in bitcoin with excess stimulus money is probably not a terrible idea, if you are in position to do so.
Personally, my plan is to invest mine and keep it for a rainy day since thankfully the current pandemic hasn't negatively impacted my situation too severely just yet.
What's your plan?
Stay informed my friends.
Image Source:
https://www.reddit.com/r/Bitcoin/comments/gfhs1g/usa_stimulus_check_goes_of_btc_purchase/
-Doc
Posted Using LeoFinance
America truely is a madhouse!
Interesting times we are in, that is for sure.
As soon as I learned I was getting some money, I bought some. Then I found out I could get much more money (I’m in Japan as a freelancer), then I looked at my taxes and insurance and pension and gave half of it right back. Then I looked at my credit card bill and realized I shouldn’t buy any more btc right now. But I’m happy with what I bought before, finally have something that feels substantial that could change my life if We are indeed in a similar cycle to last time. So I'm good.
Hope you get that Forbes job! Do it!
Ha, thanks for the vote of confidence! :)
I invested mine in HIVE baby!, don't forget to mention the Grant for self-employed people.
SO much stimulis and not including the EU.
How does that grant for self employed people work exactly?
If those are money which people consider they couldn't live without, I am sure they will spend it quite rapidly. It is said that it's best to invest first and then spend what you have. Most people spend what they have and invest what is left.....
I actually agree with "most people" then. You should spend what is necessary first, what is left afterwards is your investible income.
Yes! I think that in order to be able to do this, one has to be very disciplines and prioritize, making lists. Few people do that, they live day by day. Having a vision for the future, on paper, on what you want to achive, can help tremendously. Saving up early is very important, I believe that financial education should taught to children from an early age. It all starts with how you spend 1$ and that mentality will last through the years. With a good or a bad outcome for yourself and for your family. So yes, deciding to spend on what is necessary only is very important.
Since the state seems to have the authority to intercept and take all of these supposed emergency funds as a debt collection, I will on see a decrease in my overall debt. THX IRS for paying my back balance. It is not like I need it to survive (sarcasm)
#ControlTheGovernment
Yea that is a bummer that they structured it that way... Seems counter-intuitive to the reasons they are doing the stimulus in the first place.
I have been debating what to spend it on and I have it down to a short list:
Nice, looks some nice tangible and possibly necessary items.
Yup. My thoughts as well. I am tempted to get a hydro-electric generator as well but I am still debating on that.
That $1,200 is almost worth $2,000 now!
Nicely done!