[sh_btn link=”https://calendly.com/deasil/15min” target=”_blank” shape=”squareRounded” style=”dimension” size=”extralarge” color=”rgb(27, 54, 156)” bordercolor=”rgb(11, 0, 0)” bordersize=”0″ fontcolor=”rgb(248, 247, 247)” enablehover=”enable” enableicon=”enable” iconbg=”square” iconset=”fontawesome” iconfa=” fa fa-calendar”]Schedule Your 15min Consultation Now![/sh_btn]
What to do with your Corona-Virus Stimulus Check?
The Corona-Virus Stimulus Check was designed to help us get through the tough times of dealing with this epidemic. Because of COVID19, we can expect some tough days economically for our country. The tough days will include loss of life and a general reduction in health worldwide. In a reaction to this health epidemic, our government has elected to shut down a portion of our economic activity.
This Corona-Virus Stimulus Check is to address the economic portion of the epidemic and to give those who are suffering from this illness time to stay at home and get better. My goal in this article is to answer the question of what you should do with the money you receive. Below are the three steps I recommend you take to maximize the benefits of your stimulus check.
Step 1 – Check to see if you qualify, and how much you are eligible for
To oversimplify things, if you filed your 2018 tax return, locate where your adjusted gross income (AGI) is in your tax filing. If you are single and your AGI is under $75,000, then you qualify for the entire stimulus of $1,200. If you file married filing joint and your AGI is under $150,000, then you are eligible for $2,400 for your household.
If your income is over this amount, then your stimulus check decreases by $5 for every $100 of household income. You will not be eligible for the stimulus check if you make over $99,000 as a single tax filer or $198,000 as a married filing joint tax filer. There is also a child tax credit of $500/child accompanied by the previously mentioned amount.
More Details – CLICK HERE
Step 2 – Assess your current financial situation and your employment outlook
When you are in a personal financial crisis, some bills are more important than others. The number one bill that you must take care of is food. Feeding you and your family is key to the energy you need to survive this crisis. The second most crucial bill is your utility bills. Utility bills include lights, power, and gas. There is no point in having a home if these utilities are turned off. The third bill you should consider is your housing cost. Lastly, think about how much you need to spend on transportation.
The second part of step two is to make a prediction of your current job and future job prospects. How secure is your job? Have you already been laid off or furloughed? Take time to understand your industry and how it will be affected by this epidemic. If you feel like your job is in jeopardy, this should affect how you use the money, which we will cover in step number three.
Step 3 – Should you spend, save, or give this money
The last thing you should consider is what you should do with the money. Below are four likely scenarios most individuals find themselves in.
- If you don’t have income at this time, make sure the four things previously mentioned expenses (Food, Utilities, Shelter, and Transportation) are covered. Save the rest for a rainy-day fund.
- If your job is at risk and you have those expenses covered, then put this amount in your rainy-day fund.
- If your job is not at risk and you have those expenses covered, think about paying down some debt, or investing in your future. Investing in your future can look like adding to your retirement savings or purchasing that piece of equipment that you will use to earn more money in the future. Utilize the Hacking The System Models to maximize your investment.
- If your job is not at risk, you have your debt under control, and your future investments are covered, this is a time when you can bless someone who is in need. There will be a lot of people without the things they need during this time. Being that person who shows concern and giving to those in need puts your humanity on display.
If you have any more questions on how you can maximize your spending, please use the contact information below.
[sh_btn link=”https://calendly.com/deasil/15min” target=”_blank” shape=”squareRounded” style=”dimension” size=”extralarge” color=”rgb(27, 54, 156)” bordercolor=”rgb(11, 0, 0)” bordersize=”0″ fontcolor=”rgb(248, 247, 247)” enablehover=”enable” enableicon=”enable” iconbg=”square” iconset=”fontawesome” iconfa=” fa fa-calendar”]Schedule Your 15min Consultation Now![/sh_btn]Randall Avery
Financial Advisor │ Author │ Public Speaker
R.S.A. Deasil Advisors, LLC
Office: 531-333-2745
Email: Deasil@rsadeasil.com
Website: www.rsadeasil.com
P.S. If you would like me to speak at your next event, please click HERE
[sh_divider style=”shadow” shwidth=”wide” spacetop=”20px” spacebottom=”20px” totop=”disable” color=”rgba(0,0,0,0.15″][sh_divider style=”none” shwidth=”wide” spacetop=”1px” spacebottom=”1px” totop=”disable” color=”rgba(0,0,0,0.15″] [sh_columns number=”two-thirds”] [sh_column][sh_headerdouble size=”h4″]Hacking The System[/sh_headerdouble]
While working with clients, Randall realized there was a missing process that individuals were not performing when choosing to use their money. Motivated to fill this gap, Randall developed three models to ‘Hack The System’ and allow individuals to Create Your Own System (CYOS). Randall hopes effectively using these models will help individuals identify the best moral and ethical use of their money.
[sh_btn link=”https://www.amazon.com/dp/0999403508/ref=sr_1_1?ie=UTF8&qid=1515890889&sr=8-1&keywords=hacking+the+system+by+creating+your+own+system” target=”_blank” shape=”square” style=”dimension” size=”extralarge” color=”rgb(242, 148, 6)” bordercolor=”rgb(6, 6, 6)” bordersize=”0″ fontcolor=”rgb(245, 240, 240)” enablehover=”enable” enableicon=”enable” iconbg=”flat” iconset=”fontawesome” iconfa=” fa fa-cart-plus”] BUY NOW! [/sh_btn] [/sh_column] [sh_column]
