How to Spend Stimulus Check #2

Hey BFF’s

As you may be aware, millions of Americans are expected to receive a second stimulus check. The checks were cut late December and should all be received by roughly Jan 15th. If eligible you will receive $600, plus an additional $600 for each child. Many families have lost income during this pandemic and this check will help keep the lights on, food on the table, and a roof over their heads.

However, if you’ve been able to cover your bills and essentials and have a cushion, it’s time to invest. Don’t spend your stimulus money on frivolous possessions you don’t need. Invest it and thank me later!

  1. Invest

It’s time to save for retirement. Not only for you, but your children. Open a Roth IRA account for each child and deposit the stimulus money in the account.

I’m a visual learner:

You have a 5-year-old child and you just received $600 from the government. You open a Roth IRA account for them and at minimum put in $1,200 a year ($100 a month). When they reach retirement at 65, they are expected to have over $450,000 in their account.

This seems like a no brainer to me! Start investing for your children today. Change the narrative of what money looks like in your family and set them up for financial success.

  1. Be A Blessing

Your bills are paid, you have your emergency savings (I got it fund), and you feel financially unbothered. Bless others who are in need. Find a charity, church, family member, or friend. Don’t forget, donations to a tax-exempt organization are tax deductible.

  1. Support A Local Business

Small business has been forced to close unexpectedly, minimize capacity, scale back operations as a whole and they are still recovering. Buy a gift card or two to show your support.

  1. Retail Therapy

Your bills are paid, you’re investing into your retirement, you have your “I got it fund”, and you feel financially unbothered. Pamper yourself. Do something that brings you joy without breaking the bank. Take up to 25% of YOUR stimulus check and do something for you. Don’t take 25% of everyones stimulus check, just your’s, lol.

Take time to evaluate where you are financially and what makes the most sense for you. Don’t do anything that will move you out of your financially unbothered peace of mind.

FYI – If you don’t receive a second stimulus check, you can claim it on your 2020 federal income tax return as a “recovery rebate.”

Ok friends! Save and/or spend wisely.

Don’t forget to like, share, and follow-on IG @_CompletelyUnbothered

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