Millions of Americans received their stimulus checks either by direct deposit, check or debit card today or soon enough. Dave Ramsey said the $600 stimulus money wasn’t much to scoff at. It certainly wasn’t life changing. This time however, every individual, whether adult or child will be getting $1400 (provided you fall inside the annual income guidelines). If you are a family of four, that’s $5,600. Sorry Dave, but five thousand six hundred dollars is life changing money. That amount can make some serious changes in someone’s life.
As for us, we received our $2800 this morning. We coughed in an additional $200 and transferred $3,000 to our savings account where it will sit, earn interest and be ready for if and when we shall ever need it. My life hasn’t changed because of the stimulus money but I do employ many of the life altering guidelines Dave Ramsey does recommend: no debt, no credit cards, paid-off mortgage, no car loans, live below your means, save for a rainy day….yada, yada, yada.
Past lessons learned, that will help you today:
Or, listen to what Suze Orman has to say about what to do with your stimulus check (hint: don’t spend it, don’t invest it, SAVE IT!)