9 ways to use your Stimulus Check
For the many that will be getting a stimulus check I have taken the liberty of creating a list of ways to level up with those unexpected funds. Now if you owe for child support understand those funds will be snatched to go towards the balance owed. All I can suggest in that case is take care of your responsibilities.
If you are considering depositing those fund into your savings and using them as needed please reconsider. According to Nerdwallet, as of March 1, 2020 the average interest rate for a savings account is 0.08%. I know you read that and said why do I care what the average interest rate is currently. Think how long it will take you double the initial deposit. Forever and no one has forever considering the National Center of Health Statistics is reporting the life expectancy 78.6 years. You better hope and pray you make it that long considering the viruses, diseases, and chaos of the world gives you the opportunity. For example, if you deposit $1000 to a savings account with a interest rate of 2% it will take you 36 years to double your initial deposit of $1000 if you apply the rule of 72. That’s a long time especially f you started to think about your future plans later on in life. So if you started doing this at 30 you wouldn’t be able to double your money until 66 years old. I don’t know about you but I would like to reap the benefits of my planning while I am living but you must find the balance. Paris K please cut out the chit chat and tell me what I can do with my coins.
Start a emergency fund
Open a certificate or money market account with high yield interest.
Pool your money with others to buy assets such as a rental properties, land, or parking spots
Build your credit by paying down debt
Get a secured credit card
Get a secured loan. I used Self to build credit and save money. You should, too: Click here to start.
Invest in the sock market
Start a business
Invest in real estate with as little as $500 with Fundrise. Become a real estate investor on Fundrise and pay zero advisory fees for your first three months. Click here to start.
The above items have been on your I will get to it later list forever. The time is now. You are in control of your story. I use to put off what I didn't understand. You no longer have to navigate your financial journey alone. Resources are now unlimited. You can listen to podcast, read books, listen to audiobooks, and view Instagram post.