5 Smart Ways To Use My Stimulus Check

A Close-Up, High Quality Picture of Benjamin Franklin on the 100 Dollar Bill.
  • Save
Millions of Americans are receiving checks, put it to good to use


Like 30 million other people, you received the latest round of stimulus payments; here are 5 ways to spend that money wisely.

1. Pay Down Your Credit Card 

If you have any high-interest credit cards, then this is the surest way to get the best ROI on your money. Debt works harder than anyone I know. It compounds 24 days a day, 365 days a year – and you are writing the check.

2. Pay Down [Private] Student Loans 

No, Biden can’t cancel private loans. Student loans are the 1st cousin of your credit card debt, and they work overtime too. If you are holding private student loans, this is the 2nd best way to get a risk-free return on your investment. Plus, you’ll feel great knocking down that balance a little bit.

3. Invest In An Index Fund 

Please, don’t drop $1,400 into a meme stock. Yes, it is boring. No, you won’t get rich overnight. But, Index investing is Warren Buffet suggests for most people, and 100% of my 401K and most of my brokerage account in an index fund.

4. Start or Contribute To An Emergency Fund 

You’ll lose money doing this, taking into account inflation, but hey, at least you didn’t spend your emergency fund on your Tulum trip.

5. Help someone less fortunate 

This is a hard time for many individuals and families. If you can afford it, consider helping others who have fallen on hard times.

How did you use your stimulus check? Comment below and let me know how you put it to use.

Cheers

The name adam in a signature format
  • Save

Add a Comment

Your email address will not be published. Required fields are marked *

Copy link