Smart Ways to Use a Stimulus Check
The U.S. Senate voted unanimously to approve a $2.2 trillion stimulus package on March 25. This bill provides substantial financial resources for small businesses and industries that have been hurt by the COVID-19 pandemic and subsequent shutdown of much of the economy.
Part of the appropriated funds will come in the form of checks of up to $1,200 sent straight to individuals. Not everyone will be eligible for this stimulus, and it isn't very clear yet how all of this is going to be distributed. You're only eligible for the full amount if you make less than $75,000 as a single filer, or $150,000 if filing jointly. Each child you have raises the payout by an extra $500.
With the market down, it might be tempting to put that extra cash into stocks. But there is an order of priorities that you should assign to your stimulus check. Here's a smart sequence to take.
Source Fool.com
