How are you going to use your stimulus money?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
GCD
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Re: How are you going to use your stimulus money?

Post by GCD » Fri Mar 27, 2020 7:27 pm

Mlm wrote:
Fri Mar 27, 2020 7:25 pm
Medical bills. It's been a rough year so far.
Sorry to hear that. Best wishes for a better year ahead.

SunDiego
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Re: How are you going to use your stimulus money?

Post by SunDiego » Fri Mar 27, 2020 7:32 pm

We get NOTHING due to exceeding limit income. If I have the stimulus money, I would put it into stocks and leave it there till retirement. :moneybag

jeam3131
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Re: How are you going to use your stimulus money?

Post by jeam3131 » Fri Mar 27, 2020 7:35 pm

GCD wrote:
Fri Mar 27, 2020 7:21 pm
jeam3131 wrote:
Fri Mar 27, 2020 5:16 pm
Dottie57 wrote:
Fri Mar 27, 2020 4:51 pm
If I get money, I plan to give it away. There are people in true need so all I need to do is figure out where it will doo the most good.
Thats really nice of you. I know plenty of people who will be receiving these checks who didn't lose their jobs or who had no job/desire to work in the first place.
I don't know how the .gov could give it to "deserving" people quickly and efficiently. Like someone else already said, I usually end up on the wrong side of the cutoff for this stuff. In this particular circumstance we got crazy lucky. We shifted some money around last year, paid taxes on it and put it into a Roth IRA. Our AGI was over $340K. This year we are at $164K AGI because we changed our plan. We aren't any more or worse off than we were (aside from the stock market tanking overall), but now we magically qualify.

On top of that, both of us are retired so the whole stay-in-your-house-and-don't-go-to-work thing is a non-issue for us financially.

I'm torn between putting it in VTSMX right away and going out and blowing it in the community to help out the local businesses. Of course they are all shut down. Not sure how this is gonna pump the economy when the only place people can go to spend money is the grocery store and Amazon.
Ya definitely understand the speed issue. I think the whole free check thing shouldn't have happened. Just support unemployment, SBAs etc. No need to dish out billions in free cash

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sergeant
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Re: How are you going to use your stimulus money?

Post by sergeant » Fri Mar 27, 2020 7:37 pm

SimonJester wrote:
Fri Mar 27, 2020 5:44 pm
Looks like both of my adult kids in college will not get anything. Sad really because they both lost their jobs. Ill probably give 1/2 of what ever we get to them...
This doesn't make sense to me. Did they make over 75k AGI with their part-time college jobs?

Edit: I see you answered it in another post. In that other post you say they don't qualify for unemployment insurance because they're part-time. Are you sure of that? Most states do allow UI for part-timers. Also, this bill has a provision for part-timers.
Last edited by sergeant on Fri Mar 27, 2020 7:44 pm, edited 1 time in total.
AA- 20+ Years of Expenses Fixed Income/The remainder in Equities.

bob60014
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Re: How are you going to use your stimulus money?

Post by bob60014 » Fri Mar 27, 2020 7:43 pm

We were shopping for a new car just before this all this started. So, as we are getting $2400 this will be applied to the purchase. It's all a shell game really.
Last edited by bob60014 on Fri Mar 27, 2020 7:44 pm, edited 1 time in total.

student
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Re: How are you going to use your stimulus money?

Post by student » Fri Mar 27, 2020 7:44 pm

jeam3131 wrote:
Fri Mar 27, 2020 7:35 pm
GCD wrote:
Fri Mar 27, 2020 7:21 pm
jeam3131 wrote:
Fri Mar 27, 2020 5:16 pm
Dottie57 wrote:
Fri Mar 27, 2020 4:51 pm
If I get money, I plan to give it away. There are people in true need so all I need to do is figure out where it will doo the most good.
Thats really nice of you. I know plenty of people who will be receiving these checks who didn't lose their jobs or who had no job/desire to work in the first place.
I don't know how the .gov could give it to "deserving" people quickly and efficiently. Like someone else already said, I usually end up on the wrong side of the cutoff for this stuff. In this particular circumstance we got crazy lucky. We shifted some money around last year, paid taxes on it and put it into a Roth IRA. Our AGI was over $340K. This year we are at $164K AGI because we changed our plan. We aren't any more or worse off than we were (aside from the stock market tanking overall), but now we magically qualify.

On top of that, both of us are retired so the whole stay-in-your-house-and-don't-go-to-work thing is a non-issue for us financially.

I'm torn between putting it in VTSMX right away and going out and blowing it in the community to help out the local businesses. Of course they are all shut down. Not sure how this is gonna pump the economy when the only place people can go to spend money is the grocery store and Amazon.
Ya definitely understand the speed issue. I think the whole free check thing shouldn't have happened. Just support unemployment, SBAs etc. No need to dish out billions in free cash
+1.

dziuniek
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Re: How are you going to use your stimulus money?

Post by dziuniek » Fri Mar 27, 2020 7:46 pm

jeam3131 wrote:
Fri Mar 27, 2020 5:18 pm
jjface wrote:
Fri Mar 27, 2020 5:12 pm
It is also annoying to see people complain that they won't get it because they made $100k ind/$200k family in 2019 (even though they made only up to $75k/$150k in 2018)

You don't need it be glad of that.

I have no plans to increase spending on anything in particular. Will keep tipping grocery deliveries well etc.
It's not so black and white. I would have received the full amount based on 2018 taxes, but nothing based on 2019 taxes and I filed early. I just graduated and still have a massive amount of loans to pay off (that are private, no forgiveness). And I just lost my job so have no pay check.

But hey, my friend who works only 2-3 months out of the year by his own choice and lives with his parents gets a nice bonus
Well look... Buffet's tax rate is lower than his secretary.

Almost 50% of people in the USA pay no taxes....

Someone has to pay for this and has been paying for this.

Welcome to the club ;)

PS: Hope you find a job soon!

GCD
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Re: How are you going to use your stimulus money?

Post by GCD » Fri Mar 27, 2020 7:48 pm

jeam3131 wrote:
Fri Mar 27, 2020 5:18 pm
It's not so black and white. I would have received the full amount based on 2018 taxes, but nothing based on 2019 taxes and I filed early. I just graduated and still have a massive amount of loans to pay off (that are private, no forgiveness). And I just lost my job so have no pay check.

But hey, my friend who works only 2-3 months out of the year by his own choice and lives with his parents gets a nice bonus
I hear you. I never got laid off, but I did struggle with enormous private student loan debt. Keep your head up and keep applying the investing lessons you learn here. 20 years from now you'll be fine, but it rarely works out well in the long run for people who get too much support from their parents.

rockonhumblepie
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Re: How are you going to use your stimulus money?

Post by rockonhumblepie » Fri Mar 27, 2020 8:00 pm

1/3= Food Bank

1/3= Roth Conversion Tax

1/3= Cash @ home

Subject to Change.... 8-) rockon' and stay safe.

lessismore22
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Re: How are you going to use your stimulus money?

Post by lessismore22 » Fri Mar 27, 2020 8:03 pm

VTSAX

Lalamimi
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Re: How are you going to use your stimulus money?

Post by Lalamimi » Fri Mar 27, 2020 8:10 pm

stoptothink wrote:
Fri Mar 27, 2020 4:40 pm
We're just under the cap (AGI $146k for '19) and because we already filed we'll get an extra $500 (alternate claiming my daughter with her deadbeat birth father). We don't "need" it by any stretch of the imagination, but I won't feel an ounce of guilt depositing the check because the reason we don't need it is we are financially responsible.
Same thought!

Nyc10036
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Re: How are you going to use your stimulus money?

Post by Nyc10036 » Fri Mar 27, 2020 8:12 pm

Donating to various farm animal rescues.

snowman
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Re: How are you going to use your stimulus money?

Post by snowman » Fri Mar 27, 2020 8:18 pm

sergeant wrote:
Fri Mar 27, 2020 7:37 pm
SimonJester wrote:
Fri Mar 27, 2020 5:44 pm
Looks like both of my adult kids in college will not get anything. Sad really because they both lost their jobs. Ill probably give 1/2 of what ever we get to them...
This doesn't make sense to me. Did they make over 75k AGI with their part-time college jobs?

Edit: I see you answered it in another post. In that other post you say they don't qualify for unemployment insurance because they're part-time. Are you sure of that? Most states do allow UI for part-timers. Also, this bill has a provision for part-timers.
Hey sergeant, that was me responding to jester. I have a kid in college too, so I looked the rules. Dependents are not eligible, no matter how much or how little money they make.

sergio
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Re: How are you going to use your stimulus money?

Post by sergio » Fri Mar 27, 2020 8:19 pm

My stepdaughter came to live with us Jan of this year, so she wasn't claimed as a dependent in 2019 and I won't get a $500 check for her when the money is distributed.

Does this mean I'll get the $500 for her in the form of a tax credit for my 2020 taxes? Can I just lower my withholding by $500 so I essentially get that money now?

We're gonna put half the money in savings - we bought a car with cash a few months ago so we'd like to rebuild our savings

We'll enjoy 25% by buying take-out/delivery food, beer from local breweries, etc. and donate the last quarter.

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Darth Xanadu
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Re: How are you going to use your stimulus money?

Post by Darth Xanadu » Fri Mar 27, 2020 8:23 pm

H-Town wrote:
Fri Mar 27, 2020 6:07 pm
bigtex wrote:
Wed Mar 25, 2020 2:30 pm
How are you going to use your stimulus money?
We are phased out completely. I hope the money goes to those who need it.
+1. Jobs not secure but still receiving a paycheck so far. I appreciate those that will be donating, over-tipping, and supporting local businesses! Very thoughtful and self-less.

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Thrifty Femme
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Re: How are you going to use your stimulus money?

Post by Thrifty Femme » Fri Mar 27, 2020 8:25 pm

To those of you :annoyed about this law, contact your congress person to make your voice heard. I'll be sending the $1220 we will be getting according to https://www.omnicalculator.com/finance/stimulus-payment and https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/ right back to Uncle Sam for 2019's tax bill.

L82GAME
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Re: How are you going to use your stimulus money?

Post by L82GAME » Fri Mar 27, 2020 8:28 pm

Augment the EF.

Alan S.
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Re: How are you going to use your stimulus money?

Post by Alan S. » Fri Mar 27, 2020 8:29 pm

Many people had no emergency funds or highly inadequate funds. This will be a costly lesson for them and will scare most everyone. Much of the stimulus will be used to replenish these funds instead of spending the money to stimulate the economy.

snowman
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Re: How are you going to use your stimulus money?

Post by snowman » Fri Mar 27, 2020 8:39 pm

sergio wrote:
Fri Mar 27, 2020 8:19 pm
My stepdaughter came to live with us Jan of this year, so she wasn't claimed as a dependent in 2019 and I won't get a $500 check for her when the money is distributed.

Does this mean I'll get the $500 for her in the form of a tax credit for my 2020 taxes? Can I just lower my withholding by $500 so I essentially get that money now?
Yes, assuming all other conditions are met. If you also adjust withholding by $500 for the rest of 2020, you get the money spread over the next 8-9 months, not "now".

quantAndHold
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Re: How are you going to use your stimulus money?

Post by quantAndHold » Fri Mar 27, 2020 8:41 pm

I’ll be very happily using it to pay my property taxes, since I got laid off from my teaching job, money is tight, and taxes are due.
Yes, I’m really that pedantic.

Teague
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Re: How are you going to use your stimulus money?

Post by Teague » Fri Mar 27, 2020 8:46 pm

Some relatively large tips to local workers, some donations to local charities, some to hire a local arborist for needed tree work.
Semper Augustus

sergio
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Re: How are you going to use your stimulus money?

Post by sergio » Fri Mar 27, 2020 8:47 pm

snowman wrote:
Fri Mar 27, 2020 8:39 pm
sergio wrote:
Fri Mar 27, 2020 8:19 pm
My stepdaughter came to live with us Jan of this year, so she wasn't claimed as a dependent in 2019 and I won't get a $500 check for her when the money is distributed.

Does this mean I'll get the $500 for her in the form of a tax credit for my 2020 taxes? Can I just lower my withholding by $500 so I essentially get that money now?
Yes, assuming all other conditions are met. If you also adjust withholding by $500 for the rest of 2020, you get the money spread over the next 8-9 months, not "now".
I set my fed withholding $120/paycheck, so I can just not withhold anything for the next paychecks to get the money immediately. We can adjust witholdings each paycheck if we want.

getthatmarshmallow
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Re: How are you going to use your stimulus money?

Post by getthatmarshmallow » Fri Mar 27, 2020 8:49 pm

Not sure. We'll donate some to the local food bank, tip generously during our new weekly takeout tradition, save some of it (old habits die hard), and possibly buy a sanity-preserving mountain bike from the local bike shop.

snowman
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Re: How are you going to use your stimulus money?

Post by snowman » Fri Mar 27, 2020 8:51 pm

Alan S. wrote:
Fri Mar 27, 2020 8:29 pm
Many people had no emergency funds or highly inadequate funds. This will be a costly lesson for them and will scare most everyone. Much of the stimulus will be used to replenish these funds instead of spending the money to stimulate the economy.
As much as I wish for this to be true, reality is different. Most people do not have EF and live paycheck to paycheck. They did not learn in 2000, they did not learn in 2008, and they will not learn in 2020. Most of the money will be spent. Very sad state of affairs we live in...

Cuzz35
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Re: How are you going to use your stimulus money?

Post by Cuzz35 » Fri Mar 27, 2020 8:51 pm

I'll be getting $3,900. No immediate plans. I'll likely put into emergency fund. However my wife and I are getting take out and tipping very well while this is going on. We typically don't eat out at all. So trying to help there. I'll also likely take advantage of the $300 above the line charitable deduction and donate.

angelescrest
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Re: How are you going to use your stimulus money?

Post by angelescrest » Fri Mar 27, 2020 8:53 pm

GCD wrote:
Fri Mar 27, 2020 7:27 pm

I get it that internet political discussions are unproductive and generally support the forum rules for that reason. But a lot of the stuff going on now is so intrinsically political and media driven that not including the political angle makes for a really weird discussion. It's purposefully ignoring the elephant in the room and everyone has to dance around it.
I agree, it’s weird, and maybe the question could be articulated differently. That said, this is one of the few forums with any human dignity, so I do hope the moderators are vigilant about keeping this conversation from getting into the political weeds. A lot of opinions have already been spewed about the politics of this moment, and it’s completely unhelpful. There’s enough commentary out there already; I don’t need to get it from here.

With regard to the question, I have wondered what is the most effective way I could spend the money to help the economy. On the one hand I feel I could just increase the kind of spending that I have always been doing, so that it gets spent in the next couple months; on the other, I wonder if there is some targeted spending that would be most helpful, say, in my local community. It’s hard to know, without more information, what industries are being hit hardest in my city and how the dollars might be most useful.

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tooluser
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Re: How are you going to use your stimulus money?

Post by tooluser » Fri Mar 27, 2020 8:55 pm

I am thankful that I do not need nor will I receive a penny of that money, and I will continue to do my best.
I would not turn it down if it were offered!
I hope that every person will use the money wisely, as they see fit.

AlwaysaQ
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Re: How are you going to use your stimulus money?

Post by AlwaysaQ » Fri Mar 27, 2020 8:55 pm

I'll most likely use anything I get to pay living expenses because bank interest and stock dividends are going to be down and I plan not to take my RMD. I still plan to make charitable contributions.

surfinagin
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Re: How are you going to use your stimulus money?

Post by surfinagin » Fri Mar 27, 2020 8:57 pm

Save-
Expect to return gifted amount and more to the govt in rising taxes to pay the bill for all this.

mw1739
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Re: How are you going to use your stimulus money?

Post by mw1739 » Fri Mar 27, 2020 8:59 pm

Straight into the wife’s bank account for her spending money, so I suppose it will stimulate the economy. The kids money will go to the 529s though.

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mister_sparkle
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Re: How are you going to use your stimulus money?

Post by mister_sparkle » Fri Mar 27, 2020 10:01 pm

I filed my 2019 taxes already, so I'm getting bupkiss.

Otherwise, if it were based on 2018 AGI, I was going to donate whatever I got to local music venues to help pay their staffs.

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WoodSpinner
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Re: How are you going to use your stimulus money?

Post by WoodSpinner » Fri Mar 27, 2020 10:07 pm

All,

For a more thorough understanding of the bill, check Kitces analysis.
https://www.kitces.com/blog/analyzing-t ... -pandemic/

That said, we won’t qualify and that seems pretty reasonable to me—others need it way more.

Quadrupling our yearly donations to Food Banks and Crisis Centers. They are set up to help and really leverage the funds.

It’s a pretty amazing bill!

Hope it helps folks hold on and we get through this.

WoodSpinner
(Home and self-quarantined)

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wander
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Re: How are you going to use your stimulus money?

Post by wander » Fri Mar 27, 2020 10:16 pm

Donate to local food bank.

BV3273
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Re: How are you going to use your stimulus money?

Post by BV3273 » Fri Mar 27, 2020 10:25 pm

Spend 1/3, Invest 1/3, Donate 1/3

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whodidntante
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Re: How are you going to use your stimulus money?

Post by whodidntante » Fri Mar 27, 2020 10:33 pm

7eight9 wrote:
Fri Mar 27, 2020 7:14 pm
And fears have now spread beyond New York, with boarded up storefronts appearing on 14th Street in Washington and Rodeo Drive in Los Angeles, Union Square in San Francisco and the Magnificent Mile in Chicago, where Christian Louboutin, Dolce & Gabbana and Giorgio Armani have all walled off their storefronts. Social media users are posting images of once-buzzing retail arteries newly silent and potentially bracing for civil unrest.
Eat the rich! Oh, wait.

knibloe
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Re: How are you going to use your stimulus money?

Post by knibloe » Fri Mar 27, 2020 10:38 pm

I am brand new to this site. I have been lurking for a while now. I have been thinking about what I would do with the additional money. First, I tithe any increase I get so there is that. Second I want to make sure as much as possible that this money stays in the US. I will not be purchasing any foreign made items. I believe that most of it will go to replace some windows in my home. This will incrrease my equity, provide jobs to American workers and make my home more energy effecient.

momvesting
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Re: How are you going to use your stimulus money?

Post by momvesting » Fri Mar 27, 2020 10:57 pm

What counts as a “child”? In 2018 I was able to get the $2k tax credit for my then 16 yr old. I was surprised to find out that at 17 she isn’t a “child” and I only get a $500 credit. I haven’t filed 2019 yet just because that means I owe, so most of my stimulus check will be going to pay my 2019 taxes.

kcxie
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Re: How are you going to use your stimulus money?

Post by kcxie » Fri Mar 27, 2020 11:16 pm

For the fortunate people here who will receive a check but dot not really need it. Please help the local medical community. Lot of medical professionals risk their life to save the patients who got sick from the virus. But they do not have proper PPE (personal protection equipment such as masks). They also struggle to find daycares to take care of their kids. Please find ways to help them. We are all in this together. Help the local medical community is to help yourself. Thanks a lot !

j0nnyg1984
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Re: How are you going to use your stimulus money?

Post by j0nnyg1984 » Fri Mar 27, 2020 11:25 pm

It’ll go straight into my savings account.

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UpsetRaptor
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Re: How are you going to use your stimulus money?

Post by UpsetRaptor » Fri Mar 27, 2020 11:29 pm

If you have a mortgage, check out a refi.

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UpsetRaptor
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Re: How are you going to use your stimulus money?

Post by UpsetRaptor » Fri Mar 27, 2020 11:38 pm

whodidntante wrote:
Fri Mar 27, 2020 10:33 pm
Eat the rich! Oh, wait.
There's only one thing that they're good for.
Atilla wrote:
Fri Mar 27, 2020 5:24 pm
Not getting any. So to y'all who are I say "you're welcome". :annoyed
And thank you!

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mgullo
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Re: How are you going to use your stimulus money?

Post by mgullo » Sat Mar 28, 2020 12:04 am

Most likely, put whatever amount we get towards our car loan.
Aim above morality. Be not simply good, be good for something. | -Thoreau

TonyDAntonio
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Re: How are you going to use your stimulus money?

Post by TonyDAntonio » Sat Mar 28, 2020 12:21 am

Guess I shouldn't have done such a big Roth conversion in 2019. Or filed my taxes two weeks ago. Oh well.

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VeganBH
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Re: How are you going to use your stimulus money?

Post by VeganBH » Sat Mar 28, 2020 12:27 am

Nyc10036 wrote:
Fri Mar 27, 2020 8:12 pm
Donating to various farm animal rescues.
Thank you - that's awesome ..... :sharebeer
"Until we extend our circle of compassion to all living things, humanity will not find peace."​ ~ Albert Sc​hweitzer

Thegame14
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Re: How are you going to use your stimulus money?

Post by Thegame14 » Sat Mar 28, 2020 12:46 am

since I got hit by a target truck and forced to buy a newer car, hoping the stimulus money plus insurance money pays off wife's car loan, would HATE HATE HATE to have two car loans......

Cat Herder
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Re: How are you going to use your stimulus money?

Post by Cat Herder » Sat Mar 28, 2020 3:16 am

According to a calculator I found it won't be enough for a fast food meal. Guess I'll buy a beer. :sharebeer

jharkin
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Re: How are you going to use your stimulus money?

Post by jharkin » Sat Mar 28, 2020 6:19 am

snowman wrote:
Fri Mar 27, 2020 8:51 pm
Alan S. wrote:
Fri Mar 27, 2020 8:29 pm
Many people had no emergency funds or highly inadequate funds. This will be a costly lesson for them and will scare most everyone. Much of the stimulus will be used to replenish these funds instead of spending the money to stimulate the economy.
As much as I wish for this to be true, reality is different. Most people do not have EF and live paycheck to paycheck. They did not learn in 2000, they did not learn in 2008, and they will not learn in 2020. Most of the money will be spent. Very sad state of affairs we live in...
That’s true, but is besides the point.

To achieve its intention, everyone who got money should spend it. The idea is to juice consumer demand to try and help stop the economy from freezing up.

The expanded unemployment provisions should be the part that helps people who lost jobs.

I realize it doesn’t completely work that way in practice, but that’s the theory.


The lack of personal savings is a separate, longer term issue and solving it would force major changes in our consumer spending supported economy. If average people all saved like bogleheads, many bogleheads would not have the high paying jobs they do..........
Last edited by jharkin on Sat Mar 28, 2020 6:20 am, edited 1 time in total.

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ThunderTurtle
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Re: How are you going to use your stimulus money?

Post by ThunderTurtle » Sat Mar 28, 2020 6:19 am

I would've added it to our emergency fund but it doesn't look like we'll receive anything.

I wonder if they ought to ask people to apply for it. Not everybody would take it and probably shouldn't if they don't need to.

Our government is spending a lot of money lately.
Last edited by ThunderTurtle on Sat Mar 28, 2020 6:21 am, edited 1 time in total.

corysold
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Re: How are you going to use your stimulus money?

Post by corysold » Sat Mar 28, 2020 6:43 am

Apparently we can expect $5,400. Seems a bit crazy.

Some to the church who is struggling without being able to have mass.

The rest we'll hold onto until this blows over. I won't likely get laid off, but things may slow way down, so this will be a good buffer.

After that, who know, maybe I'll peruse the "Best watch for $5,000" thread and give a jolt to the jewelry industry. :beer

Chicken Little
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Re: How are you going to use your stimulus money?

Post by Chicken Little » Sat Mar 28, 2020 6:44 am

One hand of Mini Baccarat when the money store reopens.

Half to the dealer if I win.

That should be stimulating.

Then blow the rest in food & drinks, with dollar-for-dollar in consumables/tips.
Last edited by Chicken Little on Sat Mar 28, 2020 6:57 am, edited 2 times in total.

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