Many of you are beginning to receive your stimulus checks and enhanced unemployment benefits. In this video I share some important decisions to consider to help you better manage the money you’re receiving.
- Budget! – Necessities
- Save in a HYSA – Ally Bank 1.5% or American Express 1.65%, no minimus or fees, FDIC insured, takes a day to access.
- Build up your emergency fund: 3-6 months → 6-12 months
- Stop contributing to investing. We stopped contributing to our 401k, but we haven’t changed anything as far as allocation strategy.
- Invest if you can. Some people are in a place where they can invest and may see this as an opportunity to buy stocks, mutual funds, etc. for cheap.
- Beware of scammers.
- Life insurance and have a will.
