Second stimulus checks may be on the way. Here’s what advisors say you should do with the money
- A second stimulus check could be sent to Americans, if Congress’ latest negotiations are successful.
- The reported sum of $600 per individual may not sound like much, but can have lasting effects if used wisely, advisors say.
- Start by whittling down high interest debts and bulking up your emergency and retirement savings.
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A new stimulus check is in the works for millions of Americans.
If you’re eligible for a payment, it may feel either like a life raft or a sudden windfall, depending on how Covid-19 has affected you and your family.
The payments are said to be around $600 per individual, down from the $1,200 sums that were authorized by Congress in the spring, according to the latest reports out of Congress. Lawmakers are continuing to negotiate on new coronavirus relief aid.
That’s as 20.6 million Americans were receiving unemployment benefits as of Nov. 28. First-time claims rose by 885,000 for the week ending Dec. 12, the biggest one-week increase since Sept.