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HOW TO SPEND YOUR $1200 STIMULUS CHECK

by You Are Rich

Graham Stephan Channel

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With the upcoming plan to release $1200 and $2400 checks, here’s how you should best spend and invest the money – Enjoy! Add me on Instagram: GPStephan

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THE FIRST thing you should do is open up a HIGH INTEREST BANK ACCOUNT that pays you over 1% in interest, and deposit the entirety of that check within that account.
I personally use Ally Bank, they’re one of the very few banks out there that still hasn’t dropped below 1.5% interest…so, for that, they’re pretty good. Discover Bank and American Express Savings are also both REALLY good, which relatively high interest rates, all things considered…so, between those 3 options, you should be set. This is going to be the place where you keep your money safe, short term, until you ACTUALLY need it.

SECOND – YOU SHOULD USE THIS MONEY TOWARDS ESSENTIALS, IF YOU ABSOLUTELY NEED TO.
The most important thing right now is that you have food on the table, you’re safe, your family is safe, etc. Buy food, make sure you’re healthy – and STAY THAT WAY. Even if you think you might not need it…you never know. I’d probably advocate not using this money towards anything that isn’t absolutely 100% required for your own well being.

THIRD – if you have the essentials already, and you’ve got some money in the back…it might be a good idea to use this $1200 towards your safety fund, and just keep a little more in cash to see you through.
I know this might seem like a very Dave Ramsey thing to do, and play it CAUTIOUSLY safe…but, I’d hate to see people invest this money, have their investments drop in price, and then have to cash out if something happens and they need to put food on the table. Like I said, being a little more cautious at this point is probably going to be a smarter use than investing…and if $1200 will make a significant difference, just apply it towards that and leave it alone for the next few months.

FOURTH – If this is just a “bonus “ $1200 back to you…well, congratulations, you’re in a great spot financially, and at this point…you COULD spend the money, or invest it.
If it were me…I’d say you’d probably get a better ROI spending this money by re-investing it back into yourself, since…probably…you’ll have a lot of extra free time on your hands with everything closed. Like, if you’re inside…now is the time to spend some of that money on some weights so you can exercise at home. Or, pick up an instrument to learn…or, learn a new language online…or, take some online classes to improve whatever skills you want to take up. Even go and start making YouTube videos since more people are home and spending their time online.

And fifth…I guess, IF you’re going to invest it…invest it.
I’m a little more cautious about giving this advice, because there are a lot of unknowns with regard to how long this is going to last, how many people are going to be out of work, and for how long…but, hey, if you invest it and you’re already in a good spot financially, then be my guest. As far as WHERE to invest it, you know me…I’m a fan of Index Funds, and I almost never give suggestions of individuals stocks to buy. But, if you’re going to invest…I’d probably suggest doing it within a Roth IRA, that way – you get some good tax advantages later in life, with all of those profits being tax free.

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at [email protected]

*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

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