With times of uncertainty come all new ways of protecting your future, and there are many individuals out there who will be receiving a stimulus check that they can put towards oh so many provisions. We want to caution you on planning without speaking with one of our Lead Attorneys: Sophia Dean. She specializes in helping your money go the farthest, to get you in the best situation moving forward.
Depending on what your situations is, there could be two potential uses of your stimulus money. It could be used to provide some relief towards your debt, or it could be used to buy necessities. Of course, without a plan, usually money gets spent; however, we want to encourage you to reach out to us to have a conversation if you’re not sure about the future and how to spend that money.
Below, you will find some ways in which Stimulus Check money will most likely be utilized:
- Basic Needs: This is a time in which you must take care of yourself, and if you absolutely need to spend that money, then supplies are your priority.
- Put It Towards Your Taxes: The government has extended the deadline to pay taxes back to July 15th
- Use it to Strengthen Your Emergency Fund: You can use your check towards making your emergency savings stronger.
- Investing It: Investments, especially in Real Estate, are how individuals find the arbitrage of passive income.
- Lower Your Student Debt: With interest payments suspended, you can make payments towards the premium. Lowering your principal balance could mean smaller interest payments once interest rates are put back into place.
- Paying off debts: If the amount owed in debt is not significant, this might be the right move, but not always.
When it comes to money, we always recommend planning over anything else. Having a focused roadmap to success takes a team, and we are here to help you navigate these uncertain times. For us, we believe that our experiences translate to advantages and victories for you. We want you to utilize the fact that we have encountered many situations, and that every single one has taught us something new. The commonality between them all is that ideas in a vacuum are less powerful than ones formulated using a team. The adage: “Two heads are better than one,” remains true, especially in finance.
So before you pay your debts with your Stimulus Check, consult with us. All it takes is one new conversation, one new plan, and someone that has your best interest in mind and that works within the legal system every single day. That’s us, and we promise that we will do our best to never steer you wrong.
Last Updated on April 2, 2020 by The Orlando Law Group
