Save your $1,200 stimulus check, financial advisers say, because 'you could be next.'
The federal government is poised to send millions of adults checks as part of a massive $2 trillion stimulus bill aiming to support an economy reeling from the coronavirus outbreak.
“ Advisers say they’d fill their rainy day funds first, pay down debts and then cautiously invest or donate their money. ” More than 20 financial advisers told MarketWatch how they’d use the money and what advice they are giving clients. They said they would first fill their rainy-day funds, pay down debts next and — very cautiously — invest. But what about everyone else?Emergency fund accounts “I would immediately place this money in my emergency fund account, which is located in a high yield online savings account,” Jovan Johnson, founder and CEO of Piece of Wealth Planning in Atlanta, Ga.
“If you feel confident that you won’t be laid off any time soon and you don’t have a contingency fund, you should put it there and start building it with every paycheck going forward,” said Tara Unverzagt of South Bay Financial Partners in Torrance, Calif. “You could be next — be prepared.” However, Chen said he wouldn’t put it towards student-loan debt just yet because he would wait to see what further action lawmakers take on student-debt relief.
Invest it If emergency funds are first filled, debts are paid off and you have the stomach and experience, some advisers said there could be good investment opportunities waiting.
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