With the upcoming plan to release $1200 and $2400 checks, here’s how you should best spend and invest the money – Enjoy! Add me on Instagram: GPStephan
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THE FIRST thing you should do is open up a HIGH INTEREST BANK ACCOUNT that pays you over 1% in interest, and deposit the entirety of that check within that account.
I personally use Ally Bank, they’re one of the very few banks out there that still hasn’t dropped below 1.5% interest…so, for that, they’re pretty good. Discover Bank and American Express Savings are also both REALLY good, which relatively high interest rates, all things considered…so, between those 3 options, you should be set. This is going to be the place where you keep your money safe, short term, until you ACTUALLY need it.
SECOND – YOU SHOULD USE THIS MONEY TOWARDS ESSENTIALS, IF YOU ABSOLUTELY NEED TO.
The most important thing right now is that you have food on the table, you’re safe, your family is safe, etc. Buy food, make sure you’re healthy – and STAY THAT WAY. Even if you think you might not need it…you never know. I’d probably advocate not using this money towards anything that isn’t absolutely 100% required for your own well being.
THIRD – if you have the essentials already, and you’ve got some money in the back…it might be a good idea to use this $1200 towards your safety fund, and just keep a little more in cash to see you through.
I know this might seem like a very Dave Ramsey thing to do, and play it CAUTIOUSLY safe…but, I’d hate to see people invest this money, have their investments drop in price, and then have to cash out if something happens and they need to put food on the table. Like I said, being a little more cautious at this point is probably going to be a smarter use than investing…and if $1200 will make a significant difference, just apply it towards that and leave it alone for the next few months.
FOURTH – If this is just a “bonus “ $1200 back to you…well, congratulations, you’re in a great spot financially, and at this point…you COULD spend the money, or invest it.
If it were me…I’d say you’d probably get a better ROI spending this money by re-investing it back into yourself, since…probably…you’ll have a lot of extra free time on your hands with everything closed. Like, if you’re inside…now is the time to spend some of that money on some weights so you can exercise at home. Or, pick up an instrument to learn…or, learn a new language online…or, take some online classes to improve whatever skills you want to take up. Even go and start making YouTube videos since more people are home and spending their time online.
And fifth…I guess, IF you’re going to invest it…invest it.
I’m a little more cautious about giving this advice, because there are a lot of unknowns with regard to how long this is going to last, how many people are going to be out of work, and for how long…but, hey, if you invest it and you’re already in a good spot financially, then be my guest. As far as WHERE to invest it, you know me…I’m a fan of Index Funds, and I almost never give suggestions of individuals stocks to buy. But, if you’re going to invest…I’d probably suggest doing it within a Roth IRA, that way – you get some good tax advantages later in life, with all of those profits being tax free.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
unfortunately our house got flooded last week so I’m afraid were gonna have to spend it on home repairs
I’m glad you didn’t tell people to buy stocks. A broke or near broke person should not take a risk in a very volatile market.
I can’t tell you how happy i was you referenced rush in the middle of the video there… RIP Neil, Loved the trio’s influence on music and their personality
This isn’t free money
Begging for likes makes you annoying. Will cause people to unsubscribe or stop viewing your videos .so chill out you are fine .
meanwhile, being 23 living on my own and a full time college student, I will likely get a whooping $0 !!!
If you truly live on your own, don’t you have a job (to pay your bills) and file taxes on that income? Don’t you file as independent instead of dependent? I’m not sure simply being a college student disqualifies you if you’re still someone who files their taxes and isn’t a dependent.
So funny !
What if you work high tax states like california or new york?
What if you turn 18 when the stimulus checks come out and filed for 2019 but not 2018 and were claimed as a dependent by one parent that is single that makes more then she needs to claim the full stimulus check
Buy a fuckton of crypto and tech stocks. You will thank me 2 years from now
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So as of now it is17 million applying for unemployment. The government printing money will help no one but I certainly will invest the „monopoly“ money they are „giving“.
I wish there was a double thumbs up!
Wondering what a 60 year old does to invest in themselves
Did YouTube change the way we view comments??…seems different..for sure I notice that after we close out a specific comment chain it goes back to the first comment..that’s annoying…
Would you know why the Canadian Emergency Response Benefit CERB is a taxable benefit? It’s the $2000/month benefit for individuals. Thank you for your content!
I get social security i get it
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great idea. I should look into this
What
You didn’t mention charity
I was going to purchase a Weight Bench, so it’s funny that you mentioned Exercise equipment. Thank you for the Tips. I will Subscribe. =)
Gram a simp
Or buy some WSB yolo contracts
Buying nothin but rice beans and cooking oil
Just got mine today👌
What about paying down debt,
How do you think we got here in the first place. Someone was sitting in a barren and had the idea for a president and then BAAMMMM!!!! 2020
I hate the word spend.
Got mine an hour ago 😎
I’m gonna spend it on a bigger savings account lol
Hey, can we technically cancel our unwanted credit cards with annual fees that we used to build our credit long ago now since credit bureaus can’t drop our credit score in New York?
That money I’m gonna use it for rent, bills and food and that’s it.
All of your videos are the same bro. Invest in Real Estate, high interest savings, stock market blah blah
The stimulus check is like a warefare check people should be smart on how to spend it
What do you guys think of Barclays Bank as a Savings Account? It’s at 1.6% APY, but I didn’t see Graham list it.
im buying 6-7 hookers for an hour
Have fun
Commando Master I did it was dope, thanks man
I made a video on this as well. check it out here: https://youtu.be/MFMANuHlPKc
I used $500 to pay my high balance credit card , It’s costing me $65 a month in interest 🙁
Yikes! Glad you paid it off.
Should get another card and do a balance transfer that is to much interest 1 dollar is to much interest for me.
I’m not getting a stimulus check due to my AGI.
You won’t have any money to spend if you owe money on over draft and the like, your bank will take that $1200 to pay off your debt. Annnnnnnnnnddddddd…….. it’s gone.
I paid off my student loans. I do not have any outstanding debts. As far as I know, we have everything that we need. I guess that I will pay tithing and pay down my credit card. It is $7,000 at 0%.
ohh good investing will be great I got $4k returns in a week from my stimulus check investment and i have continued investing with thi sbroker
Well spoken 💪🏾
I didn’t watch the video, I just wanted to say this. You actually have 319,000 people watch this video because they don’t know what to spend the stimulus money on.
Pssssh.
There are alot of idiots in this world.
Hey Graham or others… when (how long should I wait) to be concerned and contact the IRS if I don’t receive my $1,200?
Let’s see the home gym
Let’s see those abs too.
First of all how do i spend somting i dont have””? Smarty pants?
Do you think it will be be a good idea to start a landscaping business this time with that money?
I think you should start up on an invest that can yield you more did that with mine $1k and got $4k returns in a week and I continued it I will be getting close to 10k soon
@Rowan Dexter what type of investment that can make me more in a week, what is it that you invest on?
Even tho my hours been cut down by 8 hours. I still threw my 1,200 in my stock portfolio
You DONT spend it. U use it to suppliment your financial situation…
Love your show. Relevant, valuable content as usual. I just started my channel and did my first video on the same topic. I would suggest people prioritize the emergency fund. So many are in financial turmoil as they do not have a safety net to rely on.
2019 people created video who they become millionaires
2020 how to get 1200$ stimuls from government
I used mine to pay off some credit card debt so I could really make a dent in that. Luckily I’m still living with my parents and able to work from home.
Okay so I have roughly $500 invested in Acorns, do you think I should sell that considering the market and reinvest it in a Roth IRA?
I dont even qualify for the stimulus. Wtf man.
Friends got together..
Boughta 1lb bag of top Bud skunk
Two very large watermelons
Four bottles of Russian vodka
And partied to celebrate the end of life the way we have known it.
Yeehaw
Starts 6:17
Me (pauses video): buys iPhone 11 and dow deposit for the Tesla
Graham: but in all seriousness dont do that
Me: >:(
I still haven’t gotten it
Graham. Please don’t tell me you yolo’d your life savings on Robinhood…
He yolo’d it on Tesla shorts.
Supporting Graham by letting ads run.
What if I filed independent and I’m 17 and I filed for both 2018 and 2019
I invested my check in a company that has beaten google in their driverless AI and Beaten google and amazon in natural voice recognition AI !!!!! I’m interested to see how it turns out!!!
So $1200 in weed is good idea??? or bad idea???
I disliked the video because of the 7 adds I had to watch in a 12 minute video. Shameless bro shameless! Smh🤨
can somone tell me whats minimum wage in america? in new zealand its 18.90
ur all saying that he asks for likes to much but think of it this way, if you werent reminded to like who would be here because i know that 328,000 people didnt search this.
Where are these high interest savings accounts you speak of?
Thanks for recommending Ally I’ve been looking for a good high interest savings account!
https://youtu.be/nwf4yKX35IM
Tried to use my stimulus money to buy a dependable used car and was approved by 3 different banks, but they won’t finalize the deal until I go back to work. That’s not my decision. I want to go back to work and will be called back once that time comes. I thought the stimulus was to be used to stimulate the economy not suppress it?
I spent it on paying off a big chunk of my credit card debt. Same with my income tax.
I need to start investing my money but I wanted to pay off all that ridiculous debt I occurred.
And 99% of people watching this videos are paying rent, bills, food.
99% of stats are made up including this one.
My video is less practical. Hmm who woulda guessed.
I hopped on youtube and saw your latest video, and thought to myself “hey, I want to invest my stimulus check, I wish Graham did a video on it. Bet he hasn’t though, darn.” Went and searched it into the site, and this is the first video that popped up.
Every single video I cant help but yell WHATS UP GRAHAM too. You’re just like the most joyous human I’ve ever seen. Thanks for the content man
We will NOT spend one penny of it anytime soon.
If I use the check to buy bitcoin and it increases in value, do I still have to pay taxes on it?
The back story on the drums was really cool. Put a smile on my face and brought back a nice memory!
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scam
Can you deposit this check in a Roth IRA?
Hulk smash Button!!
I just bought a phone with it😪
Really out of my $1,200 stimulus I’m putting $500 in Forex trading to see how much profit I will make, than spending it on worthless things
Susan Wilson: can you please explain how to invest in forex trading for a new beginner? Thanks.
We don’t have allied,discover,Americans express in our town.Can you recommend others bank availble southern Missouri areas?
Can you advise , please, a good book for beginners about index funds? Im in Europe, does it matter- US or here, the markets works the same? Thanks 🙏🏻
I dont plan on cashing that check. Thanks…
*CUSTY FAHK*
in india Similar QUOTA has been Released but You have to Have $1 Million in Revenue
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham