Among all the chaos of the coronavirus pandemic is affecting bank accounts all across the country in the form of stimulus checks. Some folks have or will have a direct deposit while others, like me, have an actual old-fashioned check. Why I got a check when the IRS definitely has my account and routing numbers I’ll never understand but anyway… I guess that’s the efficiency of government for ya 🙂
Before tearing open the envelope I paused to consider 3 options, 3 routes to take with this new money. I know there are many options and a million wrinkles to the scenario but take a look at the ideas below and let me know what you think!
1. For those with any kind of loan… Put all of the money towards the loan principle (probably the wisest decision) – by doing this you’re reducing your monthly payments in a long run. Everything about this decision screams wise, mature, smart.
2. For anyone who’s a fan of risky business… Put the entire sum in stocks (risky, but more fun than option #1) – if you were happy before the money, you’ll be happy after even if you lose it. Or if you have some luck, it’ll multiply in the stock market.
3. Noteworthy piece of memorabilia… How about the most risky choice – DON’T OPEN THE ENVELOPE! This option is obviously more far-fetched than option #1 or #2, but maybe you’d like to take a gamble that in 30 or 40 or 50 years the unopened envelope containing the stimulus check might be worth more than the check amount. Thinking about auction value for historic documents, etc. Obviously, this is a very unconventional choice, and most risky because at some point the check will be out of date and it could very well be worth $0 in 30, 40, or 50 years.
What is your heart telling you? There are other ways to take action with the stimulus money not discussed above but I thought these 3 options were quite interesting. What is your heart telling you? What unconventional ideas do you have? Chime in below and thanks for stopping by!
-Out of the Wilderness