A MONEY expert has warned Americans not to invest their $ 1,400 stimulus check.
Financier Suze Orman said of the third stimulus check: “Don’t you dare invest in the stock market with it.”
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Americans are advised not to invest their third stimulus checkPhoto credit: Getty
The expert warned that given the volatility of the stock market during the pandemic, now is not the time to invest cash.
Another piece of advice was not to use the money to pay off the creditors.
“Keep paying the minimum on your credit cards and playing it safe until your job is back and your life’s finances return to normal,” Orman said.
“Until then, don’t take the money and go and pay for your car or do this or that.”
She also advised against using the check to catch up on rent payments for those who do not have additional income.
“If you’re using all of this to catch up on rent just to stay in your apartment and you’re still out of money, don’t do it, you’ll be sorry,” she said.
Instead, she recommends that Americans who do not have an emergency fund save the money for an emergency.
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The third check was for $ 1,400Photo credit: Getty
She previously recommended that people have eight months of cost of living for savings during the pandemic.
“The key to your freedom is this security, this emergency fund,” Orman said. “Keep it right there.”
The president is under pressure to introduce recurring direct payments to families in trouble as the Covid pandemic continues to take its toll.
The urge for a fourth stimulus check – and perhaps more – came after it became known that a third of Americans said they still couldn’t make ends meet despite three payments in the last year.
According to the US Census Bureau, 30 percent of Americans fell short trying to cover household expenses after receiving their third stimulus check.
Biden is asked to include further Covid relief in the infrastructure plan he is currently formulating in the amount of 2.3 trillion US dollars.
About 20 Democratic Senators, including Finance Committee Chairman Ron Wyden and Elizabeth Warren, have sent Biden a letter asking him to add new aid payments to his Build Back Better infrastructure package.
The senators wrote, “Families shouldn’t have to worry about having enough money to pay for bare minimums in the coming months as the country continues to battle a global pandemic.”
In the letter, the senators say that nearly six in ten people thought payments would take less than three months.
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About 20 US Democratic Senators, including Treasury Committee Chairman Ron Wyden of Oregon and Elizabeth Warren of Massachusetts, have sent a letter urging Biden to add new bailouts to his Build Back Better infrastructure package.
The senators wrote, “Families shouldn’t have to worry about having enough money to pay for bare minimums in the coming months as the country continues to battle a global pandemic.”
In the letter, the senators say that nearly six in ten people thought payments would take less than three months.
Hope for more impetus than Biden to put another coronavirus recovery bill on the 1.9 ton package
