RSSTo Save Or Spend You Economic Stimulus
J.J. Jackson* | May 15, 2008
Assuming that you are one of the lucky Americans that didn’t make too much money and will be allowed by the benevolent federal government to receive and economic stimulus check, what should you do with it? Our keepers in Washington want you to spend it to “stimulate” the economy with a spending jolt. But the smarter thing to do is either save it or pay down existing debt.
If you save the money it will help increase your chances of being independent of the federal government when you want to retire. True, $600 or $1,200 dollars may not seem like a lot, but when you consider compounding interest that small amount of money equals a couple more thousand dollars when you want to retire. Add just $100 to it each month and 30 years down the road you can have nearly $100,000.
If you pay down your existing debts you put money back in you pocket every month; money that would normally go your creditors. That extra money each month can then be spent and provide a long term economic stimulus. Sure it won’t be as much as your check each month but it will add up over time.
The economy is doing remarkably well and continues to hang on despite the best attempts of our government to throw it into a recession. I’m using my check to pay off a few remaining debts personally and saying to heck with the goobers in Washington. I don’t like getting marching orders and being told what to do all that much so I’m going to do something other than what they planned on me doing with my money which they have graciously decided to give back.
Contributor's website: http://www.libertyreborn.com
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[...] J.J. Jackson wrote an interesting post today on To Save Or Spend You Economic StimulusHere’s a quick excerptAssuming that you are one of the lucky Americans that didn’t make too much money and will be allowed by the benevolent federal government to receive and economic stimulus check, what should you do with it? Our keepers in Washington want … [...]