What WILL/DID you do with that stimulus check?

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What WILL/DID you do with that stimulus check?

Post by NT2C » Mon Mar 30, 2020 4:12 pm

So, the bill is signed and the checks will eventually go out, what are your plans for yours?

Knowing this crowd I suspect a lot of that cash is going to be plowed back into replacing depleted supplies (as best as possible) and expending existing preps but let's hear some specifics.

(this thread may be moved - still not sure what area is best for it)
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Re: What WILL you do with that stimulus check?

Post by woodsghost » Mon Mar 30, 2020 6:36 pm

This check is a massive devaluation of the US dollar. I've been advocating for a devaluation for about 10-15 years, but I'm still pissed seeing my savings become worth less. I'm pretty sure my wife and I will put this in savings. We are going to sell the second car, pay off the primary car, and plough money into a down payment fund for land/house. I've paid $75,000 in rent over the last 7 years, which I think is insane. We have not been able to live in one location long enough to make buying a house make sense, but at the same time, renting isn't making sense either. The goal now is to get a job where I'm working remotely, buy land, and maybe develop a homesteading income too.

So our money will go to stimulate the economy, but it will have a delayed effect.

I'm also selling my guns, weights, and most anything of real value. I'm reducing my hard assets now, while cash is relatively available. If things go WAY south I don't want to be looking at a gun and saying "I could have got $600 for this 5 years ago, but now I can't get $150 because nobody has money."

I'm keeping enough guns to take care of really bad situations, but nothing else.

If serious inflation looms, I'm going all in on hard assets, which will likely be a Tiny House and off grid equipment/tools. Hard assets and skills are the only hedge I know of against inflation.

So far, my preps have hardly been touched. I could stand to buy another box of nitrile gloves and invest in more self-adhesive wrap and 2x3 non-stick pads. The 2.5 year old had some issues.

I haven't lost my job yet, but if I do, my answer will be about the same.

(Probably not the answer you were looking for :) )
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Re: What WILL you do with that stimulus check?

Post by flybynight » Mon Mar 30, 2020 7:50 pm

WHOO HOO BIG SCREEN T V 'S FOR EVERY ROOM :awesome: :awesome:




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Re: What WILL you do with that stimulus check?

Post by CG » Mon Mar 30, 2020 7:56 pm

Ours will probably end up being saved to cover us in case of (more) loss of income.
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Re: What WILL you do with that stimulus check?

Post by Stercutus » Mon Mar 30, 2020 8:40 pm

Not getting one. :v:
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Re: What WILL you do with that stimulus check?

Post by LtCmdLeia » Mon Mar 30, 2020 9:18 pm

I don't think I get one, but if I do it'll go to bills and maybe new tires.
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Re: What WILL you do with that stimulus check?

Post by MPMalloy » Mon Mar 30, 2020 10:01 pm

woodsghost wrote:
Mon Mar 30, 2020 6:36 pm
This check is a massive devaluation of the US dollar. I've been advocating for a devaluation for about 10-15 years, but I'm still pissed seeing my savings become worth less. I'm pretty sure my wife and I will put this in savings. We are going to sell the second car, pay off the primary car, and plough money into a down payment fund for land/house. I've paid $75,000 in rent over the last 7 years, which I think is insane. We have not been able to live in one location long enough to make buying a house make sense, but at the same time, renting isn't making sense either. The goal now is to get a job where I'm working remotely, buy land, and maybe develop a homesteading income too.

So our money will go to stimulate the economy, but it will have a delayed effect.

I'm also selling my guns, weights, and most anything of real value. I'm reducing my hard assets now, while cash is relatively available. If things go WAY south I don't want to be looking at a gun and saying "I could have got $600 for this 5 years ago, but now I can't get $150 because nobody has money."

I'm keeping enough guns to take care of really bad situations, but nothing else.

If serious inflation looms, I'm going all in on hard assets, which will likely be a Tiny House and off grid equipment/tools. Hard assets and skills are the only hedge I know of against inflation.

So far, my preps have hardly been touched. I could stand to buy another box of nitrile gloves and invest in more self-adhesive wrap and 2x3 non-stick pads. The 2.5 year old had some issues.

I haven't lost my job yet, but if I do, my answer will be about the same.

(Probably not the answer you were looking for :) )
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Re: What WILL you do with that stimulus check?

Post by boskone » Mon Mar 30, 2020 10:24 pm

The two big non-regular expenses I might have are getting the house set up for sale, and a new (to me) pickup.

In the former case, if the housing market looks to recover (even temporarily) I might hire in a maid service to get the house move-out ready. There's not enough hours in the day for one person to cook, clean, patch, repair, work, sleep, and not go insane. Might as well dump the thing on someone else if the bottom's gonna fall out. (It's a nice house, but there's only one of me to deal with the whole thing.)

In the latter case, it'll get flipped into a down payment on a used-but-maintained pickup. I'm looking recent-ish F-150s, 3.5L v6 or 5L v8.

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Re: What WILL you do with that stimulus check?

Post by Halfapint » Mon Mar 30, 2020 10:49 pm

Unsure if I get one or not, right on the verge. I haven’t touched my supplies, in fact I have MORE now than I did before this. Started canning and preserving things once we moved out of the apartment.

If I get one toss it in savings, perhaps buy a bolt action .22lr with a mag and threaded bbl... woooo big spender!

If I don’t, continue as I have and paydown the only debt I’ve got which is the 5th wheel we purchased.
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Re: What WILL you do with that stimulus check?

Post by RoneKiln » Tue Mar 31, 2020 12:53 am

Savings.

I've been waiting for a downturn to rebuild my cottage (with a huge pantry!). I think the economy will be bad enough after this to finally be able to get tradesmen to show up at a reasonable price. So I'm packing money away.

Though I'll admit, high quality concealable armor is real tempting.
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Re: What WILL you do with that stimulus check?

Post by Confucius » Tue Mar 31, 2020 8:11 am

As it happens, I owe Uncle Sam 1200 this year, so pulling the old uno reverse card trick...


The other 1200, idk, either throw it in savings or buy some company stock, it's quite undervalued right now, and once demand returns, could see that netting a few grand...

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Re: What WILL you do with that stimulus check?

Post by raptor » Tue Mar 31, 2020 10:26 am

Not everyone will get a stimulus check. Here is a simple online calculator YMMV:
https://www.kiplinger.com/tool/taxes/T0 ... /index.php

There are several things you can do beside putting the check in your savings account or spending it on necessities (both of which are sensible IMO). That said these may not appeal to everyone. YMMV.

These to certain extent leverage your money:

You can donate $300 (or more) to a bona fide 501c(3) charity and do an above the line reduction of your taxable income so in effect you give the charity $300 and then you get to reduce your taxable income by $300 and reduce your tax bill.
Above-the-line deductions: Under the CARES Act, an eligible individual may take a qualified charitable contribution deduction of up to $300 against their AGI in 2020. An eligible individual is any individual taxpayer who does not elect to itemize his or her deductions. A qualified charitable contribution is a charitable contribution (i) made in cash, (ii) for which a charitable contribution deduction is otherwise allowed, and (iii) that is made to certain publicly supported charities.
If you qualify for an IRA you deposit up to the annual limit the rebate and again get an above the line reduction in taxable income all the while retaining the funds. This will have the impact of reducing your 2020 tax bill. The down side to this approach is that you have converted the rebate into taxable income at some future point in time.

If you have an HSA account you could deposit the rebate there (subject to annual limits) and also get a tax write off. The neat thing about this is that unlike to the IRA withdrawals for bonafide medical expenses are not subject to any taxation.

https://money.usnews.com/money/personal ... s-accounts

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Re: What WILL you do with that stimulus check?

Post by MPMalloy » Tue Mar 31, 2020 11:41 am

I think I'll roll the dice & put my CoronaBucks to work. Somehow.

:?:

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Re: What WILL you do with that stimulus check?

Post by FlashDaddy » Tue Mar 31, 2020 11:53 am

I think I will try putting 1K of it in a 529 college savings plan for my kid. Indiana gives a 20% tax credit each year for up to the first 1K deposited.
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Re: What WILL you do with that stimulus check?

Post by DarkAxel » Tue Mar 31, 2020 7:03 pm

I don't fault anyone for their plans, but I plan on spending it. Why? Because that's kinda the point of the stimulus. There's a few things on my wish list I'd like to buy from local merchants.

Anyone else think of that Futurama episode https://en.wikipedia.org/wiki/Three_Hundred_Big_Boys?
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Re: What WILL you do with that stimulus check?

Post by woodsghost » Tue Mar 31, 2020 7:24 pm

DarkAxel wrote:
Tue Mar 31, 2020 7:03 pm
I don't fault anyone for their plans, but I plan on spending it. Why? Because that's kinda the point of the stimulus. There's a few things on my wish list I'd like to buy from local merchants.

Anyone else think of that Futurama episode https://en.wikipedia.org/wiki/Three_Hundred_Big_Boys?
I'd much rather spend the money. It's just not where we are at right now. There are a LOT of things I'd like to have! If I was better situated, I would totally blow the cash on cool stuff.
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Re: What WILL you do with that stimulus check?

Post by MPMalloy » Tue Mar 31, 2020 7:47 pm

woodsghost wrote:
Tue Mar 31, 2020 7:24 pm
If I was better situated, I would totally blow the cash on cool stuff.
:rofl:

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Re: What WILL you do with that stimulus check?

Post by SteelWolf » Wed Apr 01, 2020 11:40 pm

I'm married and we have a few kids so it'll be a decent check. We will be planting more fruit trees and another twenty or so Arizona Cyprus tress along the border of our homestead. This bill will further dilute the dollar, might as well turn the cash into something tangible before the rug gets pulled out from us all.
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Re: What WILL you do with that stimulus check?

Post by woodsghost » Thu Apr 02, 2020 5:12 pm

The more I'm thinking about it, I might need to get some more good boot socks and some long underwear with wool blend. Maaayyybbe some boots.

Some things are wearing out.

I'll probably get a kettlebell too.
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Re: What WILL you do with that stimulus check?

Post by NT2C » Thu Apr 02, 2020 5:40 pm

For us, that's about 4 months of car payments so it may go to paying down the principal.
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Re: What WILL you do with that stimulus check?

Post by 12_Gauge_Chimp » Fri Apr 03, 2020 2:10 pm

I likely won't be getting one since I've not had a taxable income for a few years. The Feds already know this, so it's not like I'm not paying taxes for the hell of it. I'm not pulling an MC Hammer or Willie Nelson.

That said, I'd prefer my supposed cut go to someone else who could really make use of it. If I were to get one, part of it would go to buying more preps (food, medical supplies, maybe a new gun and some ammo) and the rest into savings for a rainy day.

As it sits, I think the only people in my household that are eligible are my oldest sister and my mother. Mom mostly because she's on Social Security and my oldest sister because her income is below the limit set by the Feds.

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Re: What WILL you do with that stimulus check?

Post by CG » Fri Apr 03, 2020 2:47 pm

12_Gauge_Chimp wrote:
Fri Apr 03, 2020 2:10 pm
I likely won't be getting one since I've not had a taxable income for a few years. The Feds already know this, so it's not like I'm not paying taxes for the hell of it. I'm not pulling an MC Hammer or Willie Nelson.

That said, I'd prefer my supposed cut go to someone else who could really make use of it. If I were to get one, part of it would go to buying more preps (food, medical supplies, maybe a new gun and some ammo) and the rest into savings for a rainy day.

As it sits, I think the only people in my household that are eligible are my oldest sister and my mother. Mom mostly because she's on Social Security and my oldest sister because her income is below the limit set by the Feds.
They are putting together a registration site for people who haven't filed income taxes. You should still be eligible.
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Re: What WILL you do with that stimulus check?

Post by 12_Gauge_Chimp » Fri Apr 03, 2020 4:28 pm

CG wrote:
Fri Apr 03, 2020 2:47 pm
12_Gauge_Chimp wrote:
Fri Apr 03, 2020 2:10 pm
I likely won't be getting one since I've not had a taxable income for a few years. The Feds already know this, so it's not like I'm not paying taxes for the hell of it. I'm not pulling an MC Hammer or Willie Nelson.

That said, I'd prefer my supposed cut go to someone else who could really make use of it. If I were to get one, part of it would go to buying more preps (food, medical supplies, maybe a new gun and some ammo) and the rest into savings for a rainy day.

As it sits, I think the only people in my household that are eligible are my oldest sister and my mother. Mom mostly because she's on Social Security and my oldest sister because her income is below the limit set by the Feds.
They are putting together a registration site for people who haven't filed income taxes. You should still be eligible.
This is the first I've heard of this.

I'll look more into it, but if I'm not eligible for a stimulus check, I'm ok with it. I never expected to get one in the first place.

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Re: What WILL you do with that stimulus check?

Post by CG » Fri Apr 03, 2020 5:16 pm

12_Gauge_Chimp wrote:
Fri Apr 03, 2020 4:28 pm
This is the first I've heard of this.

I'll look more into it, but if I'm not eligible for a stimulus check, I'm ok with it. I never expected to get one in the first place.
https://www.irs.gov/newsroom/economic-i ... ed-to-know
I am not typically required to file a tax return. Can I still receive my payment?

Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.
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