As of writing this, I am sure many have received their stimulus money from the Biden Administration. The big question is, what should I do with this money. Well, first off, if you search that into Google, Bing, DuckDuckGo, or wherever you search, you are going to get pretty much the same answers.
The number one thing to do first, pay down debt. I know it doesn’t sound fun, but realistically, if you are able to pay down your debt, less of your money is going to interest, therefor, reducing the amount of time you will be paying that debt.
Reducing debt is really such an important factor to becoming financially stable, it’s pretty basic, and it may be a “Duh” thing to say, but sometimes we need to be reminded that credit cards and purchases bought with interest, add up to so much over time.
While I am reading this book, Invested by Danielle Town and Phil Town, I really enjoyed the idea of Voting With Your Money. I have already been doing this with most of the investing and stock market applications I’ve been using, all without knowing it.
It’s a pretty simple idea, vote for the companies you wish to see succeed. Don’t put your money into a company that you don’t agree with, you don’t like, you may not buy yourself. If you don’t like what they are doing to the environment, then vote with your money into a company that’s doing something positive. Don’t like a CEO, let that company know by not investing in it. Danielle Town relates this to voting in an election, where one vote might not mean much, but there are others who think like you and want to see a company that does business for the good stay, while watching the companies that do business for bad, leave.
With your stimulus money, you can choose to vote with your money if you are choosing to invest. Make sure you have correctly invested in yourself, first. aka, savings account emergency fund, pay down debt, etc.
But if you are ready, and wanting to grow your financial future and you decide to invest your stimulus money or even part of it, try voting with your money. Research good companies that you are happy to have in your portfolio. Also, make sure it’s a good price point as well, and if you don’t know, then I suggest you keep reading books and learning.
As I continue to read and learn, I am constantly changing my viewpoint on the stock market as well as businesses. One of the things I was planning on doing was taking some of our stimulus money and invest it, so I am currently searching for great companies at great prices, making sure that I pay attention to the company, the business they are in, and the industry. You can never do too much research, unless you never pull the trigger.
What are some of the ways you plan on spending/saving/investing your stimulus money?
Thrifty Investing 