Dear Readers have you received your stimulus check yet? Do you have a game plan to spend your stimulus check wisely? After all, the stimulus check is an unexpected sum of money that can set you off on the road to financial freedom. To find out more, keep reading to learn how you can strategically invest your stimulus check and optimize your financial goals!
Welcome to new and returning readers to the Branding24Seven community!
The JMS team is back with valuable insights that will inspire you to be fearless in the pursuit of your dreams. Dear Readers, if it’s your first time here, welcome, and thanks for stopping by the JMS blog. FYI, JMS is a consulting firm located in Philadelphia that advises people and companies to manage risk and avoid organizational or fiscal paralysis. To that end, the JMS team is in the business of designing recovery plans as robust as possible that avoid behavioral or productivity inertia.
Therefore, this blog will help you make sense of these unprecedented times without feeling devoid of motivation and utterly defeated. You, Dear Readers, can find your groove again as soon as you get a handle on your money management, thanks to a well-thought-out strategy that lays out how to get the greatest return for your stimulus spending.
Who is eligible anyway?
This third round of stimulus checks is available to individuals who have earned up to $75,000 per year ($150,000 per year for a married couple) only. Eligible Americans will receive $1,400 and an additional $1,400 for each dependent regardless of age. This time around, Dear Readers, payments are phasing out for individuals making $80,000 per year or more ($160,000 per year for a married couple). You can find out all the details here.
3 considerations for how to spend your stimulus check-in 2021.
Dear Readers, it is understandable that you might want to pay down a few bills and alleviate the level of anxiety you might have around household management. It would certainly be nice to prepay and eliminate one bill for the rest of the year, Dear Readers?!! Do you know a better way to achieve peace of mind in a pandemic, no less? Let us know in the comment section below.
Prepay recurring bills.
The coronavirus has highlighted just how precarious life can become in a blink of an eye. If in the last 12 months, you’ve had a hard time paying bills or feeding your family, this is the best strategy for you, Dear Readers. Can you imagine how amazing it would feel to prepay your utility bill for the remainder of the year?!!! But remember, the strategy works best for recurring bills with amounts that do not vary much from months to months. The best examples are utility and cell phone bills. But, Dear Readers, you can also include insurance policies for your car and home (i.e., renter’s or homeowner’s insurance).
Bonus tip: if you do not have any life insurance, COVID-19 is your sign to get one ASAP!
Flush your sinking funds.
You know those expenses that come every year but that you never prepare for and wait until the very last minute to complete, Dear Readers? Those expenses deserve to have a sinking fund to regularly stash money away so that you don’t get a conniption right when they are due. The most common uses of sinking funds are for Christmas shopping, family vacation, maintenance costs for a car, or repair stash for the upkeep of your home. How amazing would you feel at the family’s Memorial Weekend get-together knowing that you have spent the stimulus check on two sinking funds already?!! Don’t you agree, Dear Readers? Let us know in the comment section below.
Pay off debt.
Yes, the usual suspect! Dear Readers, if you are currently carrying a credit card debt, consider this article the sign to remind you to pay it off as quickly as possible. It may not be sexy today but, it will make your future brighter. This blog wants to encourage you to think in the long term when it comes to money management. Growing a positive net worth is a lifelong journey! Make today your first step toward financial freedom and wealth building master plan.
3 considerations for how to invest your stimulus check this year.
JMS is in the business of developing strategic plans so that clients can optimize their financial goals daily. Today’s publication is no different! We want you to shift your perspective away from spending your stimulus check and consider instead investing it towards tangible life-changing goals.
Build an emergency fund.
There is no better investment than to invest your stimulus check by creating a lifesaving cushion that can absorb earth-shattering events such as the pandemic! Think back a year ago, Dear Readers, when Congress was taking its time to vote on the first stimulus bill even though many Americans had lost their job and struggled to put food on the table! Wouldn’t it have been nice to have an emergency fund to lean on and help your family stay afloat? Such a fund certainly alleviates the enormous and taxing burden of uncertainty the pandemic ushered in unexpectedly.
Bonus tip: you want to separate your emergency fund from your expense account. Consider opening a separate account altogether to eliminate the temptation to dip into your short-term savings.
Start a side hustle.
So the kids on YouTube are making a killing, why can’t you, Dear Readers? OK, wait a minute! The JMS team is not suggesting that you buy loads of equipment and start streaming your daily life from your living room! But you can invest your stimulus check by starting a side hustle. Can you put your talents to good use and offer services on a small scale, such as tutoring or doing hair for the millions of Americans who are still living under some variant of lockdown restrictions? Or, could you open an Etsy shop to sell craft-making things? Would you consider dispensing expert advice in the form of a podcast? Such side hustles can be started with the smallest amount of seed money and grow into full-fledged businesses. Why not give it a try, Dear Readers?
Open a wealth-generating account for your children.
Since you can receive $1,400 for each of your dependents regardless of age, why not invest your stimulus check to help your children build wealth today? Don’t you want to share your wealth-building mindset with your children, Dear Reader? Do you know a better way to assure a legacy of wealth and break the toxic cycle of poverty? Consequently, this blog suggests opening UGMA or UTMA accounts for your children ASAP.
Final thoughts.
There you have it! The JMS team thanks you, Dear Readers, for taking the time to read today’s publication. The branding24seven community is here to inspire and encourage as you, Dear Readers, are embarking on the exhilarating journey to design the life of your dreams. This blog wants you to have the confidence to chase your dreams with reckless abandon!
The JMS team thanks you for your support as you continue to submit requests by email or via the contact form. Don’t stop, Dear Readers! As a small consulting firm, the JMS team feels lucky to have the ability to support clients across industries through any given crisis that rocks their daily operations. We want to do the same for you, Dearest Readers. We love creating articles that make you think, question everything you thought you knew, and change your life! Come back every week for actionable tips to level up your time management skills and optimize your financial goals.
Dear Readers, we want to hear from you! What are you planning to do with your stimulus check? Did you like our solutions, or do you think that we missed the mark? What else can this blog cover that will help you optimize your financial goals in 2021, Dear Readers?
Let us know by email at jms@branding24seven.com or by mail at JMStrategy LLC
21 S. 11th Street, 2nd Floor, Philadelphia, PA, 19107.
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