OT: Stimulus checks
I know that about 95% of the people on this internet message board make well over $200,000 per year and will not be receiving a check; however, for those who are going to receive one, what are you going to spend it on?
Regular household bills? A $1200 MDen shopping trip? Still employed so throwing it toward the mortgage or splurging on a Macbook? Booze and drugs (joking)?
Anyone wake up to a deposit in their checking account?
April 13th, 2020 at 11:32 AM ^
And I was being totally, completely sarcastic. I was trying to emulate the inadvertent humblebraggers who sometimes rear their heads on this site, but I obviously failed. Should've included the /S tag. My bad.
Kudos to those who are using the stimulus checks to support local businesses in this dire time. I plan to do the same.
April 13th, 2020 at 11:59 AM ^
It's not your fault. Everyone is grumpy and has lost the ability to pick up sarcasm.
April 13th, 2020 at 10:48 AM ^
LOL $1200 MDen shopping trip!
April 13th, 2020 at 12:15 PM ^
Good luck. Pretty sure WD will be buying out the remaining inventory.
April 13th, 2020 at 10:57 AM ^
Umm help pay bills because my wife is laid off and I’m a high school teacher
April 13th, 2020 at 11:25 AM ^
Either putting it directly towards our mortgage principal or using it to refinancing to a 15yr.
I know. Booooring.
i despise my house payment!
Please don't refinance to a 15 year mortgage - it makes no sense at all. The difference in interest rate between a 15 year mortgage and a 30 year mortgage is tiny but the difference in monthly payment is HUGE because you're paying about 2x the monthly principal in order to fit it into the 15 year amortization.
You can do the accomplish thing (pay off the mortgage in 15 years or less) with a 30 year loan by just making the extra monthly payments when and IF you have the extra cash. If you ever find yourself short, you can stop making the extra payment and be ok. You don't get that option on the 15 year amortization - if you get in trouble and can't make the full payment, you're in default. At least with the 30 year option you give yourself some wiggle room and the extra payment is at your discretion.
It's a scam designed to help the bank at your expense - don't do it.
What?
I am in the process of refinancing from a 30 that I am six years into to a 15. For an extra 120 a month I can shave off 9 years. And will probably pay extra on that and have it paid off sooner. Since I am refinancing thru my current credit union, they only charge like $700 closing costs.
April 14th, 2020 at 12:30 PM ^
Yeah, that's bad advice. We're doing a refi to 15 and we're about 6 years into our current 30 year note. Roughly $200 extra a month with the additional $500 in closing costs. Lower interest rate by over a point. Seems crazy not to do it.
What's your monthly payment now and what will it be once you're done? Because if switching to a 15 year note drops your rate by 1.00% and only costs you an extra $120 a month, that means your payment is likely going from $270 a month to $400 a month?
That's close to a 50% increase in monthly cost. You can accomplish a lot of what you want by sticking with the 30 year option and just making an extra payment every month. If you need an extra $250 a month, don't make the extra payment and you'll be fine. You don't get that cushion with a 15 year amortization is all I'm saying.
April 13th, 2020 at 11:26 AM ^
What stimulus checks?
I'm under the threshold but I don't expect anything for weeks.
April 13th, 2020 at 11:27 AM ^
We've been saving for a new roof and this should get us there. My youngest daughter's $500 will probably go into a mutual fund for her.
One thing we're still weighing is what to do about my daughter in college and 18-year old son who starts college next fall. Neither one is able to work at the moment, and we don't know if they'll be able to work over the summer to pay for college. Neither one is eligible for the $500. We planned on giving that to them to help with college. We may do that out of our stash.
April 13th, 2020 at 11:29 AM ^
I will probably put most of it into stock market, gold, or even a little bitcoin. I want my money to work for me.
April 13th, 2020 at 11:30 AM ^
Assuming it ever actually shows up, IRA contributions for 2020. My wife and I are fortunate enough to be in a position where we're still working full-time with no salary reductions (yet), and we've already knocked out a huge chunk of our contributions for the year anyway. Might as well add to it and max it out.
We don't make the most money, but still have the goal of one day retiring when we want to, not just when we're able to.
April 13th, 2020 at 11:30 AM ^
I'm not getting one even though I'm over 18 because I was listed as a dependent on my parents last taxes despite that I had an on campus job that I was forced to quit. Vast majority of college students are getting fucked and not getting stimulus checks when many have/had jobs and need money to pay everyday expenses
April 13th, 2020 at 11:34 AM ^
Ironically, I had a bad year, and after living a number of years above the threshold (my wife doesn't work outside the home - special needs child), I dropped back in the range to net $3400, which I haven't received yet. I would rather have not had a bad year and had my income at its typical level, but I guess I can put the funds to productive use. It will feel a little weird to take it.
April 13th, 2020 at 11:36 AM ^
Going to vegas or seattle for opening weekend of college football if there is one.
April 13th, 2020 at 11:40 AM ^
An employed friend of mine has just informed me that he was notified of getting the $1200 + $500 on the 15th. Ironic.
April 13th, 2020 at 11:47 AM ^
Because i have a child in college and a good CPA, i expect to get $1,200 of my tax dollars back..... I plan to spend local to fuel the economy, as intended. Craft beer is local.
April 13th, 2020 at 11:51 AM ^
I may try to buy a Booker's rye on the secondary market. So yes, booze.
That or another rifle or revolver.
Guns and liquor, not guns OR liquor. Come on, you can do better than that. Username does not check out.
April 14th, 2020 at 12:31 PM ^
I wish but that's an expensive ass bottle of rye.
April 13th, 2020 at 11:51 AM ^
Hookers and blow.
April 13th, 2020 at 11:52 AM ^
I'm in grad school and my fiancee is just finishing grad school. We're using it to pay bills and keep our heads above water until she starts working again in the fall (I still have my job thankfully).
April 13th, 2020 at 11:57 AM ^
I guess I'm one of the fortunate ones that doesn't make too much to disqualify for the stimulus, but makes enough that I don't need to keep things running in my household. I plan to save it to increase my emergency fund.
I think the next 12 months are going to be rough as a society/economy. I am expecting growing uncertainty and instability as the effects of the lockdown become more pronounced. The unemployment numbers are already painting that picture. Luckily, my employer seems stable and well-positioned to weather the storm (at the moment), but I don't want to spend the stimulus money now only to find in 6 months that I wished I would have saved it.
April 13th, 2020 at 11:59 AM ^
Saving most of it for home renovations.
April 13th, 2020 at 12:03 PM ^
Not expecting a check here - had I held off a couple of weeks with filing my 2019 taxes, would have been on the other side of the AGI based on 2018 numbers, though based on the phasing out from 75-100K, would not have expected much.
On the off chance that my 2019 return was not processed before they determined amounts which are being sent - I would likely donate the couple hundred dollars to one or two of the organizations I volunteer with. One of these organizations offers free tax preparation for low income families/individuals - and with tax deadlines pushed out they continue to evaluate how to support the communities we work with moving forward, which may need to be remote/require additional tools/resources - so figure they could use the help.
I'm fortunate that my job is likely to remain stable for the foreseeable future - and have a decent amount of savings to protect against unexpected changes to that.
April 13th, 2020 at 12:06 PM ^
Mine was in the bank this morning. Hoarding it for just in case it is needed. I'm still working, but my wife was laid off three weeks ago. We'll be fine, but saving it in case that changes.
April 13th, 2020 at 12:50 PM ^
jimmy buffett margaritaville machine
April 13th, 2020 at 12:55 PM ^
Using it to pay for car insurance renewal and other expenses this month. I am currently still working from home but my wife is a 1099 employee and her work is closed. The state finally updated their site to allow 1099 people to apply for unemployment today, but of course the site is down. The 1099 unemployment portion of this bill has been a complete clusterfuck implementation wise, so who knows when we will actually see that portion get to us.
April 13th, 2020 at 12:59 PM ^
It should cover my car insurance payment. That bill should be coming soon.
I assume we'll be getting taxed on this, so I'll enjoy about 40% of it and prepare for Uncle Sam to bend me over to get the remaining 60% back.
See my response above, actually won't be taxed on it!
Nope, it's free man. Free money!!!
I spent mine already on a Glock 19 OD with the green finish. I also bought 1000 rounds of 9mm FMJ to practice at the range with. Its my first gun ever. I have never been a gun owner, as they tend to scare me a bit. however I totally recognized and respect the 2nd Amendment, the right for responsible gun ownership. Now, I join the ranks of gun owners.
I never had thoughts of gun ownership however recent events have changed my thinking quite a lot.
In 2016, in Arcadia, CA I was almost shot in a drive by as I sat near a window for a business meeting at a job I was working at. The bullet from an AR-15 went 1 foot directly above my head, across the room and embedded in the wall. I believe it was a warning shot to the CEO who was visiting that day from the headquarters in Detroit. The company was Chinese owned and was very dirty.
in 2011 my apartment in Hermosa Beach, CA was broken in to at 2 AM. Luckily I was awake and on the computer and I was able to wrestle the guy out of the apartment who then ran away. I called the police and they showed up 5 min later, but the incident had already happened. Luckily the guy was not armed and ran away when I beat on him.
California, and ultra-liberal liar Gavin Newsome have made it incredibly difficult to purchase a gun legally here, during this time of the CCP Virus. I am currently still waiting for my gun, well after the 10 day "waiting period". The CA DOJ has put all applications on hold, citing that they do not have resources to process them all, however I suspect that it is just to fuck with people.
The LA Sherrif tried to shut down all gun shops, however a few remain open. I got mine through a friend who has a connection at a gun shop connected to a gun range.
Shit is getting crazy out there and I need to protect myself and my fiance. Los Angeles has let out over 2000 criminals early due to the CCP Virus. The homeless are everywhere. Over this past weekend, an acquaintance of my fiance's a woman...was punched in the face on the side walk by a homeless person in broad daylight, knocking her out.
Crime is on the rise and will get worse here, especially if this lock out continues to go on longer and longer. Many people in LA live paycheck to paycheck and are now unemployed. How long until they are forced to find food through other means? Its already happening. I will be ready when they come knocking on my door. Hoping to get a carry license, but its unlikely due to the politics here. So that is how I spent my "stimulus check".
I've heard from someone who lives in Lansing that there have been groups of armed guys ski masked up, driving around to houses that look empty, knocking on the door, if no answer they kick it in and clean the place out. It's someone I tend to believe, they said there is "Ring" doorbell camera footage going around facebook. I don't have facebook though.
I keep thinking about how many doors my house has (5)... scary. Desperate people do desperate things.
edit: just want to stress that the above is hearsay, not something that I know to be true. They could have been duped, I don't know.
My girl knows the owner of Ring, Jamie. Its definitely a worthwhile investment for home owners. There is some video on youtube of a brazen home invasion in Chicago this past week. Two thugs broke in to this guys house in broad daylight, using masks and gloves from Covid as cover. They tried to take the guys wife and daughter hostage but the home owner was strapped and took one of them out. The other thug fled.
Seems like a good thread to drop a small tidbit from the CARES Act for those considering giving some to charity. One of the provisions in the act grants taxpayers an above-the-line deduction of $300 for contributions given to qualifying charities. Meaning you will not have to itemize deductions in order to get it.
Just wondering if the stimulus checks will be a monthly occurrence? With the lockdown expected to last nearly 2 years, the unemployment rate will probably be approaching 60% or so. People are going to need a lifeline. Unemployment and savings will run out in that time frame. Going to be a lot of desperation.
well... kinda. Federal government is supplementing your state unemployment checks with an extra $600/week. So for Michigan that's $962 a week, to last through July. Should be getting my first check tomorrow.
Hey Blue, but what happens after July? I think a lot of governors are content with this lockdown being our status quo for the next year or so.
I don't believe for a second that this lockdown will last that long. It can't, the country won't survive. I expect governors think this is a matter of months, not years. Now what happens to the economy long term is a different story and hopefully most people will get back to work (my job will be waiting for me unless they were to go bankrupt for some reason) in a couple months.
With the lockdown expected to last nearly 2 years
Uh what? Care to source that statement?
Here you go. Not a continuous lockdown, but rolling lockdowns. Businesses can’t plan for these rolling work stoppages. It’s going to be very, very ugly with this going on. On top of the politicians just trying to score points on one another. There are going to be tens of millions Americans suffering poverty and sickness on top of the COVID.
Was going to buy a Nintendo Switch but people keep buying them all out right once they come in the stores
I know that about 95% of the people on this internet message board make well over $200,000 per year and will not be receiving a check;
Go you! I'm a lowly teacher in my 7th year cashing in just over $55k/year.
however, for those who are going to receive one, what are you going to spend it on?
Probably my wedding suit. I'm getting married in September (barring extended social distancing) and I've been planning on getting a bespoke suit from Alton Lane, which runs about $1,200.
Everyone realizes this is just a loan from the Government, right? This will need to be paid back during next years taxes. It either reduces the amount of your refund or increases the tax bill you pay.
It’s an advance of a 2020 refundable tax credit. It does get reassessed when you file your 2020 return, but only as a possible increase to a refund, none of it has to be paid back and you aren’t taxed on it. Source - I’m a CPA.