Got Stimulus?
As many of you are aware, the third stimulus bill, known as the American Rescue Plan, has passed the House and Senate, and been signed into law by President Joe Biden. This bill includes:
$1,400 stimulus check for individual taxpayers earning less than $75,000.
$2,800 stimulus for married couples filing jointly and making less than $150,000.
A continuation of the $300 additional in weekly unemployment benefits that was set to expire on March 14.
Expansion of the Child Tax Credit. Currently families can claim $2,000 per child, this is expanding to $3,000 per child, or $3,600 if under the age of 6. Families will also get advanced payments starting in July.
If you are eligible for one of these benefits, what is your strategy for the money? If you do not have a clear plan or are feeling confused about what to do next set up time with me by booking a consultation and we can walk through it together.
Abundance vs. Scarcity Mindset
Most folks lean towards an Abundance or a Scarcity mindset when it comes to handling money. Let's define both.
Abundance people believe there is always more than enough for anyone and they can always make more money. They take more risks and do not fear the outcome of a decision.
Scarcity people make decisions based on a belief that resources are finite. They hold onto possessions because they might need them someday. They keep things because they fear they might not be able to replace them.
Which one are you? I am a scarcity person, I tend to hold onto things, am a natural saver, and am a glass is half-full type. This definitely came from my upbringing. Growing up in my house, we had the traditional Irish Catholic family; 6 kids living on a single income. Money was always tight, we never ate out at restaurants, and I remember being told a lot that “money doesn’t grow on trees!” Even though we never went without the basics, I always thought we were broke.
Which one are you? I'd love to talk through this together.
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