View Full Version : Your plans for your stimulous $$$?
gimmethesimplelife
4-6-20, 12:28pm
I've been crunching numbers and for once in my life, at least for the moment, the wolf is not at the door. I think we can save the direct payment in full for awhile - and I'm eyeing American Airlines stock as I believe it will keep tanking but has an upside chance even though AA stock does come with heavy debt ratios.
What do you have planned for whatever your share of stimulus $$$ is? Rob
Savings/bills since I’m laid off.
If I get a job fairly quickly, it will be earmarked for diving and savings.
Put aside for travel to family when travel is an option again.
Teacher Terry
4-6-20, 12:39pm
Savings.
iris lilies
4-6-20, 12:55pm
I will continue to not look at the stock market and plan to donate my stimulus check to Bulldog Rescue. I hope I can convince DH to do the same. If I can do that, our contribution will make up for about a third of the fundraiser that was canceled for April.
Giving it away. As mentioned in another thread, we are lucky enough to not need the money so we'll be offering it to people who can use it -- some local indy restaurants, some businesses run primarily by one person, and some charities/volunteer efforts.
Charity. I am fortunate to be employed and able to work from home full-time.
As I said in an email to some friends this weekend: I am bored, miserable and lonely, and I am among the luckiest people in the world.
It will go towards a major car repair if and when we are able to get out again.
I'm not sure if we'll get anything or not, if they go by 2018 income tax records we won't qualify, however we completed and submitted 2019 tax returns several weeks ago, if they use that one as our basis we'll receive the full $2400 for a married couple. If we receive that it will go to our daughter to assist with her down payment for a new house so we're really hoping it comes even though we don't deserve it since we have incurred no loss of income due to the virus.
We won't get it. I've not been paying attention to it. Is it taxable?
I would likely give it to the Food Bank so they can provide tons of meals and food to those who can't afford it.
iris lilies
4-6-20, 4:46pm
I have been assuming that will get it because we had low income in 2018. But I don’t know maybe we won’t.
We have already discussed and will donate ours.
I won’t get the full amount based on my 2019 taxes, which I sent in early, but I would based on 2020. Maybe they will adjust.
i think I’ll buy a assault rifle while they are still legal, and a bunch of those 30 round clips. Put the government money to good use.
i think I’ll buy a assault rifle while they are still legal, and a bunch of those 30 round clips. Put the government money to good use.
Not that it's a stipulation of getting or spending the money, but I'm wondering if most of those are still made in the U.S. or if their production been farmed out like so many other products?
Not that it's a stipulation of getting or spending the money, but I'm wondering if most of those are still made in the U.S. or if their production been farmed out like so many other products?
some are still made here. I’ll have to do a little research. I like to shoot sporting clays and have some nice shotguns, but I haven’t bought a rifle since 2016 when I though Hillary was a shoe in.
Not that it's a stipulation of getting or spending the money, but I'm wondering if most of those are still made in the U.S. or if their production been farmed out like so many other products?
The rifles are mostly made here, not sure about the mags.
And they are magazines, not clips.
@dmc
Not sure if you're joking or not!
I actually had some old military rifles that used clips. Or at least that’s what my dad use to call them back in the old days. The shells were held together with a metal strip. But I should have said magazine as that is what the new guns use. I’m just a little tired as I’m still in the process of moving.
I didn’t want to hire movers, so it’s been my son and I moving our stuff to the airplane hangar and a storage unit. And in a couple of days I’ll get to start moving it to the new house.
Not that it's a stipulation of getting or spending the money, but I'm wondering if most of those are still made in the U.S. or if their production been farmed out like so many other products?
Don't quote me on this but I believe that of the top ten AR15 manufacturers only two are manufactured outside this country, Colt produces theirs in Canada and I'm pretty sure H&K produces theirs in Germany.
ToomuchStuff
4-7-20, 2:52am
It is somewhat Ironic to me that "stimulus" money will be saved by a large number of people. Of the reasons, I have seen are:
How to spend it to stimulate the economy, when where I would spend it is closed.
Loss of job, so backup/food money.
Know we will have to pay it back later in reduced tax refund/owe the government.
Also seen a lot of buying gun/ammo talk.
I gave up making plans for money that I don't actually have. There are a few big things I could buy online, or several little things, but that certainly isn't going to help the economy locally, just places that are already open.
It is somewhat Ironic to me that "stimulus" money will be saved by a large number of people. Of the reasons, I have seen are:
Know we will have to pay it back later in reduced tax refund/owe the government.
.
That's actually my reason..as a self-employed person, I have to keep up those quarterly estimated payments and they're not small. I might as well just hand the stimulus right back to the government. They're going to get it one way or the other.
ETA: Or maybe I'll just go to Hamilton. What happened to this little girl on Zoom is awesome!! (And I have an old lady crush on Lin-Manuel Miranda)
https://www.youtube.com/watch?v=IeZeXHvvTqc&feature=youtu.be&fbclid=IwAR3CGyuxq0uO0u1pb1UQdmR9-gEdB35C5TLihrbryRHzxxCecsq3beOnrkU
@Alan, @Tradd, and @dmc, thank you for the info! Satisfies my curiosity.
We may invest whatever we get in gift cards for local restaurants in the hope it will help them survive.
happystuff
4-7-20, 11:03am
My shed is falling down - who knows what is living in it. I *might* get a shed, but the rest definitely saved.
Teacher Terry
4-7-20, 12:39pm
When and if we feel safe traveling again we will spend it on that. For now savings. I am not going to waste it on spending for things we don’t need or want.
ApatheticNoMore
4-7-20, 12:43pm
probably invest half, save half, unless I'm out of a job by then. We need to stimulate the economy etc. the thing about that is ALREADY DONE. I'm paying more for food, stocked up on food, bought a desk just to work at home etc. etc.. Money spent that wouldn't have been otherwise. But i scraped that out of a regular old paycheck somehow squeezing it tightly :) Ok maybe less spent on everything that wasn't corona, less saved that wasn't auto-save etc..
What am I really supposed to do buy a bunch of cr@p and overtax what I feel is an already overloaded postal (fedex / amazon etc.) distribution system? Amazon warehouse workers are collapsing as is from an overwhelming volume. Now it's not like I never use Amazon at all, alright, I do and have slightly more than usual, but I'm not going to spend it on a bunch of cr@p. If it was just an ordinary recession and I was doing alright financially myself, ok maybe I'd buy a little something, but now, nah. Maybe buy food.
My head tells me save, but I am tempted to spend a couple hundred on mulch from a mom and pop business. I can't do much other than work in the yard.
San Onofre Guy
4-12-20, 3:42pm
Based on 2018 we will get some money, but in 2019 when I retired I got paid for excess sick and vacation time which was a lot. I filed taxes April 8 so who knows. We don’t need it. Always live below means
iris lilies
4-22-20, 11:37am
I screwed up my courage to look at my 401k equivalent account. Down only a bit, an amount I consider within normal range in a nonCOVID environment. Granted, only 20% is in the stock market (in a Dow index fund) but I am happy.
So, still not knowing if we are getting a stimulus check and for how much,I talked to DH to withdraw $2,000 from joint accounts to send to
bulldog Rescue. He started flailing his arms around and high-talking about our big tax bill this year that still has to be paid and etc. We are poor! We cant afford it!
So, wanting to avoid the rest of that lecture, I told him fine, I am taking $2,000 out of my 401kEquiv.account. My money, my decision. Taxes be damned.
This is when he beCame helpful: He said I can move money from investment account directly to this registered non-profit without taxation on either end. I didnt know this! Wowza!
Teacher Terry
4-22-20, 12:52pm
That’s great IL!
iris lilies
4-22-20, 2:06pm
Well that was a bust. Tax law does not allow me to make direct payment to a non-profit from my employer based investment account. DH doesnt know everything.
Next I will try my non-employer supported IRA’s, that may work. This requires me to open the page of another financial account to see the bad news, but I was heading for those IRAs next anyway. Girding my loins for the pain...
IL, here is the basic info on donating from an IRA to a qualified charity: https://www.investopedia.com/taxes/can-i-use-money-my-ira-donate-charity/
iris lilies
4-22-20, 5:45pm
IL, here is the basic info on donating from an IRA to a qualified charity: https://www.investopedia.com/taxes/can-i-use-money-my-ira-donate-charity/
thank you, I thought you might chime in on this one. So here’s my problem: I read this article and interpret it as: because I am not 70.5 years old I cannot make a distribution tax free to a qualified charity.
I read two other articles that support my point of view.
DH read all three articles and he has the opposite point of view, that we are age 65 and we can do this program of tax-free distributions to qualify charities.
What do you think? Do I need to be 70.5 years old to take advantage of this option?
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