Join Early Retirement Today
View Poll Results: Stimulus- Sve it or spend it?
I'll be saving mine! 58 27.75%
I'll be spending it 51 24.40%
Maybe a bit of both 31 14.83%
I plan to give it away 69 33.01%
Voters: 209. You may not vote on this poll

Thread Tools Search this Thread Display Modes
Old 03-22-2020, 01:29 PM   #81
Dryer sheet aficionado
Morgan22's Avatar
Join Date: Nov 2015
Posts: 32
Originally Posted by ncbill View Post
Spend, spend, spend...that's what it's local businesses struggling to stay afloat.
We'll be doing the same. Used to do takeout once a month. Now will be doing once to twice a week. I would hate to see out favorite restaurants go out of business.

Morgan22 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-22-2020, 01:50 PM   #82
Walt34's Avatar
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 20,582
We haven't discussed it yet as neither one of us is one to "count our chickens...." In all likelihood we'll spend some at local restaurants for take-out (with generous tips) and some will be banked.

But until there's an actual deposit made I'll regard it as pure speculation and behave accordingly.

I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 03-22-2020, 02:02 PM   #83
Full time employment: Posting here.
Join Date: Oct 2016
Posts: 570
Spend it. I mostly live from my IRA and I am trying to avoid taking money from it for a while. I'm cutting expenditures, I'll draw from my emergency savings fund, and this check likewise. Well, I felt rich for a year ...
July 12, 2018. On safari to stay!
Pellice is offline   Reply With Quote
Old 03-22-2020, 02:34 PM   #84
Thinks s/he gets paid by the post
Join Date: Nov 2005
Posts: 1,183
A more interesting question is what percentage of Americans need their COVID-19 support check to pay for necessities that they would otherwise be forced to go without (food, shelter, utilities, etc.) I suspect that mostly attracts people who don't need the support check to obtain necessities, which is why the poll wasn't structured that way.

It would be interesting to direct a similar poll question to American businesses. Of course, not all American businesses will get COVID-19 support - just the well-connected ones.
socca is offline   Reply With Quote
Old 03-22-2020, 02:37 PM   #85
Full time employment: Posting here.
Join Date: Apr 2008
Posts: 654
I wonder if the checks need to be included as income. Taxable? Impact on ACA? Again, all speculation at this point.
statsman is offline   Reply With Quote
Old 03-22-2020, 02:45 PM   #86
Full time employment: Posting here.
Dog's Avatar
Join Date: Apr 2006
Posts: 802
DH and I agreed we would use it specifically on small businesses in our town.
"Tell me, what is it you plan to do with your one wild and precious life?" - Mary Oliver
Dog is offline   Reply With Quote
If it's good for the nation, it should be good for every member of it
Old 03-22-2020, 03:03 PM   #87
Thinks s/he gets paid by the post
Mdlerth's Avatar
Join Date: Oct 2016
Location: The Shire
Posts: 1,486
If it's good for the nation, it should be good for every member of it

There is no chance I will receive one, based on whatever "means testing" criteria they use. But if I did, I'd pass it forward to a now-out-of-work restaurant employee I know.

However, I'm going to take a moment to gripe about "means testing". Naturally, the entire concept has always been glaringly inconsistent with the idea of "equal justice under law". It's always been about politicians bribing a selected portion of the electorate to secure their future votes. It's discriminatory, arbitrary, corrupt, and worst of all, I never get any of it.

But in this case, its alleged purpose is to keep demand going so that ordinary businesses don't go belly up during a black swan event. I'm not going to argue whether the free money is an optimum approach, but if that's the one they're taking why stiff those small operators whatever revenue they might have received from the "means tested" crowd? Surely Warren Buffett's thousand bucks would be just as important to the servers at the struggling Mom&Pop pizza parlor as Joe Everyman's thousand bucks. When they exclude X% of earners from getting the check, that means a reduction of X% sales for the targeted small businesses.

When our leaders tell us "we are all in this crisis together", and with the next breath add "except for some of you", then I know they are not serious.
Paying it forward is the best investment.
Mdlerth is offline   Reply With Quote
Old 03-22-2020, 04:16 PM   #88
Thinks s/he gets paid by the post
SecondCor521's Avatar
Join Date: Jun 2006
Location: Boise
Posts: 4,110
Originally Posted by statsman View Post
I wonder if the checks need to be included as income. Taxable? Impact on ACA? Again, all speculation at this point.
If they follow the pattern of the Bush stimulus checks, which I think they will, then the answers to your questions would be neither.

My guess is that it will be treated as an advanceable, nonrefundable tax credit. So you'll get the money now as a check, it'll be reconciled somehow next tax season, but it won't reduce your taxes owed below zero.
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Old 03-22-2020, 06:46 PM   #89
Full time employment: Posting here.
Join Date: Aug 2013
Posts: 819
Pay off my car debt then mortgage debt
No to consumerism, Living a simple life, enjoying the experience - not the material stuff
cyber888 is offline   Reply With Quote
Old 03-25-2020, 11:52 PM   #90
Recycles dryer sheets
Join Date: May 2019
Posts: 146
My wife and I havenít discussed what we would do with any money sent to us mostly because we donít expect to qualify for the assistance. Having said that we are grateful that my job is secure for now and that Iíve been able to work from home so Iím by no means complaining about not expecting any money. I worked today and I will get the rest of this week off for pre-planned PTO but Iíll be back to work Monday which is a blessing that Iím thankful for in these times.

I understand a lot of people will struggle with this sudden disruption in employment. So many people live paycheck to paycheck and are unprepared for these kinds of emergency situations. The service industry has so many people who rely on foot traffic and tips to make a living that I worry many of them will find hard times going forward.

I think my wife would support trying to put any money weíd receive into local small businesses to support them. What I worry about is if this drags into the summer the tourism industry will miss out on their peak season and many small businesses rely on that business to pay the bills.

I get the feeling that economic and business school classes will use this experience as case studies for educational purposes in the future. Itís certainly scary and interesting times we live in right now.
RxMan is offline   Reply With Quote
Old 03-25-2020, 11:58 PM   #91
Full time employment: Posting here.
Join Date: Apr 2008
Posts: 654
When I heard it was going to be the 2018 tax year filing that would be used to determine who received a check, I figured my DW and I were not going to get one because of the taxable portion of the capital gains on our house sale in 2018.

But I read somewhere that they would use the 2019 tax year filing if it already has been submitted, which would apply to us. Then there was the question of whether those individuals on SS and pensions would receive one. I've heard it both ways.

In short, I have no idea whether we qualify for a check or not. I also don't know if you have to accept the stimulus. Assuming we qualify and assuming we have to take it, we'll likely help out those who need it. Big tips on takeout food. Food banks. Individuals we know who might benefit from some additional money.
statsman is offline   Reply With Quote
Old 03-26-2020, 12:19 AM   #92
Recycles dryer sheets
RetiredAt55.5's Avatar
Join Date: May 2017
Location: Philly Suburbs
Posts: 241

Difficult to answer, since my money is fungible, so I voted spend and save.

I don't consider this "mad" money, so I'm not going to blow this dough. Well, I did have my eye on some nice polywood furniture before the market blew up.

OTOH, I do want to fully fund our Roth IRA's for TY 2019 and 2020. That was the plan before the market blew up, and it's still the plan (since I'm not sure how many more years we'll have earned income).

And, I still have a smallish monthly mortgage payment.

And, I have son #2 (recent college grad), and son #3 (home from college now until August) eating me out of house and home.

So, this money will be used somewhere in all this.
RetiredAt55.5 is offline   Reply With Quote
Old 03-26-2020, 04:35 AM   #93
Thinks s/he gets paid by the post
DrRoy's Avatar
Join Date: Dec 2015
Location: Michigan
Posts: 3,027
Add to existing cash as our expenses are fully covered now.
+1. Will keep in reserve in case our sons have any trouble. They do contract cleaning so are still working.
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 03-26-2020, 05:01 AM   #94
Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 1,933
Retired in 2019. Sold stock to increase cash position for the next couple of years. Sure glad I did. But as a result we probably wonít get much stimulus money. Thatís ok. They need it more than I do.

If theyíre basing it on income, I wonder how thatís going to work, since my income has been highly variable the last 5 years. Itís going to be complicated, thatís for sure.
EastWest Gal is online now   Reply With Quote
Old 03-26-2020, 05:34 AM   #95
Thinks s/he gets paid by the post
dixonge's Avatar
Join Date: Mar 2008
Location: Zacatecas, MX
Posts: 1,250
Savings, then plow it back in when I think the market has started recovering and is 'out of the woods'...
dixonge is offline   Reply With Quote
Old 03-26-2020, 06:26 AM   #96
Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: Laurel, MD
Posts: 4,836
Originally Posted by W2R View Post
As for what I will do with it, well, I'd order a ton of stuff from Amazon but they have been pretty much hosed lately. So, I'd probably deposit it in my bank account and just look at it fondly online every day.

With my Amazon "habit" essentially cut off, and being stuck in the house too, I have noticed that my spending has gone way down. Hopefully I will come out of this with low enough spending to help cushion the impact of what the stock market is doing to me.
You can still order a bunch of stuff and I believe they will still take your money and eventually send your stuff.
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Old 03-26-2020, 06:27 AM   #97
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
JoeWras's Avatar
Join Date: Sep 2012
Posts: 5,496
I can't answer because I don't think we'll get a check, unless I do a snap filing of our 2019 year and that is picked up by their system.

We'll likely get it as an adjustment on our taxes next year. Hard to spend and adjustment on a tax form. LOL.
However, for Americans who have yet to file their 2019 income taxes, the rebates may need to be based on their 2018 income levels. That means that they could be subject to adjustment once people finally file their 2019 taxes, depending on whether they received too large or too small a rebate based on their most recent income levels. The Tax Foundationís Erica York notes that the most recent version of the bill indicates that taxpayers who receive too large a rebate would not be required to return funds to the government, while those who received too small a check would see their rebate adjusted upwards.
Retired Class of 2018
Recent graduate to the lumpen slums of cyberspace
JoeWras is offline   Reply With Quote
Old 03-26-2020, 06:32 AM   #98
Full time employment: Posting here.
EvrClrx311's Avatar
Join Date: Feb 2012
Posts: 619
I'm in the group that won't receive one based on what I've read. With multiple properties and multiple tenants I'm happy they are being sent out, hopefully those payments still come through... or else I may not feel like I belong in that group that doesn't need a stimulus

If I could I'd sell all that equity right now and put it into the market... but easier said than done in the current real state market. My how fast things change.
EvrClrx311 is offline   Reply With Quote
Old 03-26-2020, 07:28 AM   #99
Recycles dryer sheets
Join Date: Oct 2019
Posts: 296
I doubt I we will get a check, we were working in 2018, but retired near the end of 2018. If we got a check, I would invest it.
Time2 is offline   Reply With Quote
Old 03-26-2020, 07:46 AM   #100
Thinks s/he gets paid by the post
friar1610's Avatar
Join Date: Jun 2002
Posts: 1,139
Haven't read all the rules but there's no reason we should be getting a check (no W2 income but good pension + SS). If one shows up we'll get it in the the hands of someone who really needs it and let them stimulate the local economy by spending it.

friar1610 is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Spend or save ugeauxgirl FIRE and Money 24 01-20-2020 12:02 PM
Bonus - Save or Spend Scarecrow FIRE and Money 55 01-27-2016 09:04 AM
Is it patriotic to spend rather than to save ? obgyn65 Other topics 29 01-19-2012 03:32 AM
Spend it or Save it? Rustic23 FIRE and Money 49 01-21-2008 08:25 PM
Why you should save instead of spend! bbuzzard FIRE and Money 57 05-20-2006 06:21 PM

» Quick Links

All times are GMT -6. The time now is 04:27 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.