What are you buying with your $1200 check?

[Scarpozzi]

Well, I got my stimulus today, a whopping $834 for me and my wife. The draw down once you get over the $150k AGI feels much more aggressive than with the first stimulus.

Either way - free money for us.

We got just over $1200, but my understanding is that "WE" (my wife and I) got nothing....it was my kids that got the payout.

I don't know the drawdown. We definitely got more money last time, but less than most of my coworkers because our income is high enough. I just went ahead and pushed ours to pay for and book a vacation in June 2022, so that's done.

 

[Svnla]

You're wasting your time, I explained all this to red years ago, when he kept insisting over and over that its impossible for a normal person to end up with a million at retirement. Hes either extremely dense or an elaborate troll.

Having chat with Red for a while, I don't think he is a troll, just not...hummm..how to I put it..."financial inclined"...just as my ex. She was very smart on medical and other stuffs (she was a well paid RN) but when I tried to talk to her about how to budget and invest for the future, it was easier to explain to a rock.

 

[s0me0nesmind1]

We got just over $1200, but my understanding is that "WE" (my wife and I) got nothing....it was my kids that got the payout.

I don't know the drawdown. We definitely got more money last time, but less than most of my coworkers because our income is high enough. I just went ahead and pushed ours to pay for and book a vacation in June 2022, so that's done.

If I'm understanding the process correctly, it's something along the lines of...

Add up $600 per person (You + Wife)
Add another $600 per dependent under you...

Subtract $5 off your Stimulus total for every $100 more you made than $150,000


Anyways, my amount just hit my bank account this morning @ $1,338.



On the topic of 401ks / savings... I wouldn't receive a single dime of the stimulus if I wasn't maxing out 401ks. It's well worth it.

Also officially hit a net worth of 1million this past week. Now just need another 5 or so to retire

 

[Brainonska511]

Just got my deposit this morning. Some will be saved, some will be donated to people that need it more, and some will be spent on toys. Got my eye on a small dobsonian telescope and my wife may get an electronic keyboard or guitar.

 

[ultimatebob]

Well, I got my stimulus today, a whopping $834 for me and my wife. The draw down once you get over the $150k AGI feels much more aggressive than with the first stimulus.

Either way - free money for us.

Yeah, I only got $900 this time, versus $1,200 last year. I did make more in gross earnings in 2019 than I did in 2018, though.

 

[DainBramaged]

Work is picking up. I need skinnier clothes. I'll be picking up a few extra shirts and pants. After that, I'm banking that shit. Or putting it in my cash stash?

 

[local]

$3k, funding vacation for this summer.

 

[sactoking]

I received the latest stimulus payment. I put it into savings, just like I did with the first payment.

 

[nakedfrog]

I received the latest stimulus payment. I put it into savings, just like I did with the first payment.

I don't find that stimulating at all.

 

[sactoking]

My rainy day fund had been depleted due to some discretionary upgrades I made when my kitchen was remodeled as a result of a burst water line. So you could say I pre-stimulated the economy back in 2017. Or, since I can dump these lump sums into saving, I freed up some discretionary spending from regular income.

 

[Scarpozzi]

I received the latest stimulus payment. I put it into savings, just like I did with the first payment.

We saved much of the first stimulus, plus our tax return this year. Depending what industry you're in, it's very wise to continue saving cash and making safe investments right now until we get on the other side of this.

 

[IronWing]

I don't find that stimulating at all.

Oh but that sweet, sweet interest! Double your money in only, um, 180 years!

 

[VirtualLarry]

Oh but that sweet, sweet interest! Double your money in only, um, 180 years!

Or put it into various cryptocurrencies, and maybe wake up to being a millionaire?

 

[IronWing]

Or put it into various cryptocurrencies, and maybe wake up to being a millionaire?

What's even more sad is that I used the highest savings account rate I could find (very short search time, to be honest). More typical rates would double your money in 2400 years.

 

[ultimatebob]

Or put it into various cryptocurrencies, and maybe wake up to being a millionaire?

Or end of losing most of it, depending on which cryptocurrencies you pick

Funding your IRA with it is never a bad choice.

 

[deadlyapp]

I think the last stimulus (right around $2000 IIRC) we used to fund new cars for the wife and I (didn't go very far but helped). Our combined income in 2019 was actually higher than it will be in 2020 because she was still working about half the year before we started a business.

We'll have some pretty significant losses for our business in 2020 which will help out our AGI in case any other stimulus bills come along (not holding my breath).

 

[Svnla]

What's even more sad is that I used the highest savings account rate I could find (very short search time, to be honest). More typical rates would double your money in 2400 years.

The highest savings rate I can find right now is 0.75% APY, was about 1% a few weeks ago but it is no longer available.

 

[VirtualLarry]

The highest savings rate I can find right now is 0.75% APY, was about 1% a few weeks ago but it is no longer available.

Whereas staking your crypto in the Crypto.com app, will supposedly earn you 6.6-15%.

 

[Svnla]

Whereas staking your crypto in the Crypto.com app, will supposedly earn you 6.6-15%.

Savings accounts = FDIC insurance and peace of mind.

Crypto = ?????

Crypto at the present time = too risky/playing with fire imo. I will wait for now.

 

[Red Squirrel]

I think I made like 5 cents this year off my savings account lol. Then again I have about $300 in it. I do need to look into the index fund thing even though I don't have much to put towards it, but whatever it is I put, it's better than a savings account. I had it setup so I had $100 per pay going into the savings account but I put that on hold when I bought my truck so I can try to put everything towards paying it off. I might be able to put less money into RRSPs though and put that towards index funds, I only buy RRSPs to make sure I don't get nailed at tax time and having to pay, but I can probably lower that a little. I have it setup to give to the church and charity regularly as well so that helps the tax situation too.

Crypto is kind of a double edge sword, might be smart to invest in it as if the UN agenda 2030 really does happen the dollar will be worthless, but at same time it's also a high risk as it's so volatile and if the agenda does not actually happen then it's better to just have dollars into saving/investment. At the end of the day I put value into things I have like land and everything on it, so my ultimate goal is to have more land and be more self sufficient. Even if markets crash and everything goes to crap as long as I have my land and everything on it I don't care about the rest. The less dependent you are on the economy and the government, the better off you are.

 

[s0me0nesmind1]

I think I made like 5 cents this year off my savings account lol. Then again I have about $300 in it. I do need to look into the index fund thing even though I don't have much to put towards it, but whatever it is I put, it's better than a savings account. I had it setup so I had $100 per pay going into the savings account but I put that on hold when I bought my truck so I can try to put everything towards paying it off. I might be able to put less money into RRSPs though and put that towards index funds, I only buy RRSPs to make sure I don't get nailed at tax time and having to pay, but I can probably lower that a little. I have it setup to give to the church and charity regularly as well so that helps the tax situation too.

Crypto is kind of a double edge sword, might be smart to invest in it as if the UN agenda 2030 really does happen the dollar will be worthless, but at same time it's also a high risk as it's so volatile and if the agenda does not actually happen then it's better to just have dollars into saving/investment. At the end of the day I put value into things I have like land and everything on it, so my ultimate goal is to have more land and be more self sufficient. Even if markets crash and everything goes to crap as long as I have my land and everything on it I don't care about the rest. The less dependent you are on the economy and the government, the better off you are.

Christ man, how do you people function mentally knowing you have $300 in a savings account?

Just knowing how much it costs to replace a water heater, air conditioner, home insurance deductible, etc... etc... I can't fathom how you guys aren't mentally on the edge all the time.

 

[Red Squirrel]

Christ man, how do you people function mentally knowing you have $300 in a savings account?

Just knowing how much it costs to replace a water heater, air conditioner, home insurance deductible, etc... etc... I can't fathom how you guys aren't mentally on the edge all the time.

Not much I can do, everything else goes towards bills. They go up every year. Though with the warmer winter we're having I'm paying way less in gas, and hydro gave a break due to covid. So that is helping a little. But water bill and taxes are going to go up since it's a new year, so that will make up for that break. My water bill is already higher than my heating bill lol.

It's the reason I want to eventually live off grid, way less bills. Then I can actually retire at a half decent age. But I would be too far to keep my current job so need to find another source of income which would not be as high as my current one... so kind of a catch 22 really. But I do need to work harder towards that goal.

If something craps out like water heater or furnace, it basically goes on the credit line and I slowly pay it off. Got 14k on there right now because of the truck. That was a bad financial decision though I should have gotten a car for like 5k. My old car died so I was kind of in a pinch to get a new vehicle and I really wanted a truck so I got it. Single cab long box are hard to find and I found one. But yeah, doing it over again I would have gotten a car, there was one for sale for like 3-5k. Get a hitch and trailer and it would have the same utility value as a truck, except for being able to go in sketchy bush roads... which I used to do all the time with my little car anyway.

 

[JujuFish]

Not much I can do, everything else goes towards bills.

Then you are living way, way above your means.

 

[Red Squirrel]

Then you are living way, way above your means.

No, it's because everything keeps going up. 10 years ago I had way more extra money. I've toyed with moving in a trailer park but I would still have all the same bills either way. In the past 10 years things have gone up at a very rapid rate, especially taxes and water. It's a big issue here and been driving lot of people out of town. I cut out stuff I don't need like cable and even lowered my internet to lowest tier. Went with minimum insurance on the vehicle etc. Basically did everything I had control over, the rest I have no control. Only way out would be to move out of town, and I do need to start thinking about that. This town is actually going to crap and being taken over by criminals and drugs.

 

[Svnla]

No, it's because everything keeps going up. 10 years ago I had way more extra money. I've toyed with moving in a trailer park but I would still have all the same bills either way. In the past 10 years things have gone up at a very rapid rate, especially taxes and water. It's a big issue here and been driving lot of people out of town. I cut out stuff I don't need like cable and even lowered my internet to lowest tier. Went with minimum insurance on the vehicle etc. Basically did everything I had control over, the rest I have no control. Only way out would be to move out of town, and I do need to start thinking about that. This town is actually going to crap and being taken over by criminals and drugs.

If you believe you cut everything that you possible could out of your budget then the next step will be increase your income. You can only cut so much fat/waste until you can't anymore. Or move to another cheaper/more affordable place. That's why I live to live down here. It is not perfect (too freaking hot and humid in summer and other bad stuffs such as crazy drivers/etc.) but the cost of living is low and I can save a lot of money for my early retirement (10 years or less from now).