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If you haven’t yet got it, a few hundreds dollars is about to come your way. Will $600 change your life and make you a millionaire? No. Can it do a lot of good? Yes! Resist the urge to splurge with it. Spending money on something that you really need is kind of like eating a healthy diet. You know you should do more of it, but it’s hard to resist making spur-of-the-moment choices, like a new television or pair of designer shoes, that make you happier now but worse off later. This stimulus check is a wonderful opportunity to set yourself in a better position for the future. Experts recommend doing one of the following:
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#1 Pay off any outstanding debt. The check is meant to help you with your bills, possibly some you have gotten behind on. If you are carrying a credit card balance or student loan debt, consider using your tax refund to pay that off or pay off a larger amount than you could normally afford. It doesn’t make much financial sense to spend $600 on fun stuff and maintain a $500 balance on a credit card account charging 18% interest. This may not be the most fun way to spend your money, but it is the smartest!
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#2 Start a savings account. If you’re looking for a safe spot to put your money, this is it. Putting your money into a savings account at the bank doesn’t pose any risk at all. The best purpose for a savings account is to use them as a place to accumulate a larger amount of capital for higher risk/higher reward type investments later on.
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#3 Hire a professional to handle the little things that have built up around the house. Many homeowners have a lot of things they’d like done around the house, but don’t want to spend the money on relatively minor issues. This includes fixing leaks and clog. Someone who handles Birmingham drain cleaning can be brought in to clear out your pipes. Birmingham, Alabama drain cleaning ensures further damage isn’t being done to the integrity of your plumbing system. A little bit of your stimulus check now can save you thousands in the future.
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#4 Find a real estate investment trust. Let’s say you don’t have any debts and there’s nothing needed around the house, like Birmingham drain cleaning. What can you do to be wise with the check? Real estate is a fantastic way to turn your money into much more. A real estate investment trust allows you to invest in real estate without flipping houses or becoming a landlord. The premise is simple, your money is invested in real estate developments. Whenever they make money, you make money.
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Why not spend your money wisely? You won’t feel like you wasted your stimulus check when you can afford a surprise car repair bill and your home is free of all the little knicks, clogs
, and leaks you’d been suffering with over the years. You’ll be proud of how you spent your money!