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Smart ways to invest your $600 stimulus payment

Published: Jan. 1, 2021 at 8:50 AM EST
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TOLEDO, Ohio (WTVG) - The government has already started sending out that second wave of stimulus checks, so what are some smart ways to make that money work for you?

Millions of Americans are set to get $600 from the federal government as part of a newly approved stimulus package. For many people who have lost their jobs and are experiencing economic hardships, the money will be used for necessities, but for some this money can be invested.

Ellis Liddell of ELE Wealth Management says it’s a great time to buy stocks.

“2021 really has a lot of potential from a Wall Street perspective. So I’d say look at what you’re going to invest in and consider the stock market as one of your options because that is the way people create wealth,” says Liddell.

Liddell says if the stock market isn’t your thing, think about investing in yourself by paying down some of your debt.

You can also buy property to get an advantage.

“You can buy tax liens for $600. So you can invest in a property if a person doesn’t claim it and pay off those tax liens, you now own that house with your $600 or less,” says Liddell.

Aside from this second round of stimulus direct payments, Liddell advises people to apply for the pandemic relief money available through state unemployment insurance programs.

He says more people are eligible now that the program allows payments for gig workers.

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