As I’m writing this, many Americans are seeing their Coronavirus relief stimulus checks flow into their accounts. I’ve been getting some questions on where you should invest that money, but I want to put a disclaimer right here. If you received that money, and you need it to pay your bills, then of course put it there. Take care of what you need to take care of first, and know that if that’s where you’re at in your financial journey, that’s okay! We all started somewhere.
But, for the people who may be working from home and are still earning an income, or those of your who want to invest the money you received, here are some recommendations from me.
How to Invest Your Coronavirus Stimulus Check
Invest in Yourself
This is always the first place I tell people to invest because it is the most important step. If you’ve heard me teach of knowledge, wisdom, and understanding, then you know that without those, you won’t be able to invest wisely. You need to first make sure you have the proper knowledge, wisdom, and understanding about finances, business, real estate or wherever you’re trying to invest in.
Now, we have more time than ever. This could be a great time for you to purchase that online course or book you’ve been looking at. Start researching that business venture you’re always talking about. Invest in yourself and your own knowledge first, and it will pay off exponentially.
Invest in a Roth IRA
Again, this will not be new to you if you have heard my teachings before. I suggest you invest in a Roth IRA because it’s a great way to save for the future and you get tax breaks for it. This time has shown us how important it is to make sure we have a nest egg in case unexpected things happen. If you didn’t have savings or a retirement account before, now is the perfect time to start. $1,200 is a great investment to start with.
In my real estate course, I teach the law of compounding interest. While I won’t go into the full teaching here, it’s important you understand the earlier you start investing, the more you earn. With that said, it doesn’t matter if you’re 50 years old, there’s no better time than now to start!
Invest in the Stock Market
Now this one I’m going to need you to take with a grain of salt. You should only invest now if you’re playing the long game. The market is low right now, and we don’t know when it’s going to recover. There is going to be a lot of uncertainty, so I suggest you only invest in high-quality investments. I also encourage you to consult with an expert. You need to have the proper knowledge, wisdom, and understanding, but it’s also a good idea to seek counsel.
Invest in Others
Finally, this is my favorite piece of advice to give. If you don’t need the money, I encourage you to think of how you can use it to bless someone else. I remember when my wife, Becky, and I were newly-weds and we were struggling to make ends meet. Someone showed up at our door with groceries and we were so overwhelmed with the blessing of that gift. We didn’t know how we were going to afford groceries that week, and someone stepped into that gap, into our need, and blessed us. That is the work of the Lord, so if you know of someone who is struggling, consider how you might be able to bless them.
Navigating the New Normal Livestream
For the past four weeks, Becky and I have been going live on Saturday’s to offer strong words of advice pertaining to business, real estate, the stock market, and our current economic situation. We are so thrilled by the positive response that we have decided to offer a free livestream every week! We believe it’s very important to share knowledge and wisdom with each other during this time. With that being said, encourage you to keep bringing your business, real estate, and other questions to the comment section. If you want to catch up on previous livestreams, all you have to do is visit my YouTube channel. To watch this week’s livestream, navigate over to the wealthbuilders.org homepage to register or tune in through my Facebook page. Becky and I look forward to speaking to you again this week!