What to Do with Your Second Round of Stimulus Money?
Are you not relieved on receiving or the prospect of receiving $600 from the US Department of Treasury? The second stimulus money under the CARES Act that is directed to help hard-working American citizens during such turmoil times? Sure, you are. No one was prepared for the large-scale economic disruption that the COVID-19 pandemic has brought about and these stimulus packages are meant to uplift the struggling American economy.
So, now that you have the second stimulus check (or will receive one soon in your mailbox), what do you do with it? You know you cannot spend the sum without thinking for the year 2020 has taught all of us that a financial downfall can happen any time and mostly, it will not be our fault. You will want to invest the $600. You will want the money to fetch continuous returns. Spend it on something wise that will help you and your family.
First, list your immediate needs
- Financial stability for your family
- Job security
- A backup asset to rely on in case things start going downhill again
If you can think of something else, feel free to keep adding to the above. In all, most of us will seek these from an investment, both in the short and long term. Can you think of any asset or financial instrument that will tick all three boxes and still bring more benefits? The answer – a new used car in your garage. Use the stimulus money as a down payment for a used car and fulfill all your needs at once.
Why a used car is the right way to use the $600?
Having your own car will take care of the first two points directly. One, the COVID-19 virus is still around. Driving in your own car will reduce your risk of catching the virus and you can continue your healthy life to support your family. Also, your commute arrangements will be secured. You can now save time on your travel and use that energy instead to increase productivity at your job which brings in both security and increased income.
Two, the car you buy now with the second stimulus money will remain with you as an asset. You can either resale it at a later date or take a loan against the vehicle to take care of your pressing financial needs. It can be your backup plan when a crisis hits again and the government does not hand out stimulus packages.
Additionally, a car is generally for the entire family. Your partner and kids can now travel safely with virus fears. During an emergency, you can drive yourselves without depending on any external help. Plus, having a used car expands your field of travel as you can now look for better job opportunities elsewhere or go on weekend family trips that were previously inaccessible.
Buy a used car with the stimulus money
As the benefits are undeniable and future returns are more than promising. At Family Auto of Fountain Inn, our flexible down payment option combined with a massive inventory allows you to find a quality car for just $600 down. And you get a flat 2-years/36,000 miles warranty as proof of quality. Beyond that, you can finance your vehicle with our buy here pay here no credit check model where we extend easily-approved auto loans to both bad and no credit score holders. All you need is the intent to buy a used car. The stimulus check will get you started and Family Auto will get you the car you need. So, decide today, visit us, and make the smarter investment among all.
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