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WhiteWolf
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BearBurrito: "OMGitsKa: "BearBurrito: "Directly into savings. Since this is technically just a loan on my tax refund for next year I see no reason to spend it."
Yeah that's not how this works, this money is not a "loan". There will be an additional $1200 tax credit to claim on your taxes to make that a wash. "
As much as I want to believe that somewhere out there is a free lunch, when the government is involved I always take a wait and see approach. They will find a way to get it back."
Damn straight. They don't govern for free.
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GopherAdventure
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It’s uplifting to hear that so many of you are putting it towards charitable causes and those in need. This truly is an amazing group of people and I feel lucky to share this online space with such a good-hearted bunch. I really like the idea of helping out outfitters and businesses in the BWCA area, the timing on all of this looks like it might make things extra tough for the small businesses that count on summer tourism.
Thanks for sharing,
Tony
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ghamer
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jwartman59: "Still waiting..."
Still waiting here too... I just read article saying that even if you filed 2019 taxes and provided the link to your bank acct., that only works for the stimulus depost if you received a refund. If you had to pay the IRS (like I did) then you need to go to the IRS website and enter your info.
IRS - Get my Payment
Disregard this if you are waiting for a paper check.
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scotttimm
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Glad I'm not the only one balancing a little fun with responsibility and charity. Maybe supporting this site, with 10% going to local food banks in Ely, would be something to throw a little cash at!
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nofish
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missmolly: "carmike: "I sent a portion of mine to a trusted Nigerian prince who needed a way to get his fortune out of his country. I get to keep 10% of it, and he's going to transfer it right into my bank account. "
Dang it, you gol-dang early bird! I was fixin' to do that too! "
You may still be in luck. There seems to be an awful lot of Nigerian Princes out there. Just got emails from two more today. Both were looking to get their money out of the country. I'll tell ya what. I'll pass both of them on to you, you pick your favorite and then send the one left over back to me.
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thegildedgopher
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BOAT BANK. My boat was built in 1963. I bought it for $40! It's still completely without leaks, it floats and gets me from point A to point B, but it can't plane out with even one additional adult. Does fine with my skinny 13yo son in the bow, but he's growing fast. My old man is retiring next year and we're going to go halfsies on something that will adequately float 3 generations of lousy anglers. If things stay on track we should be ready to snatch up a deal next winter. I usually add less than $50 at a time into that account so this is a nice jolt.
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inspector13
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It will be a small replacement for the 401k money I lost.
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CityFisher74
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bobbernumber3: "Political donations! "
Lol got a good laugh at this. No shame in saving it in my opinion - this is not a stimulus check. Unlike past recessions where the issue was demand, our current problem is supply. Stimulus won't change that, and the government is aware of that. There is nothing wrong with stocking this away to pay for bills that haven't stopped or having a safety net in case this does turn into a depression.
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Canoearoo
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Saving it
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bobbernumber3
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Political donations!
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casualbriday
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It puts us over the top in terms of having enough cash on hand to weather an emergency. That said, both our vehicles need some work and I might get another fly rod (thinking a 9'6" or 10' 6wt).
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Marten
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Got a note from a trusted group about the poor in Nepal and India in need of food because of a shutdown so sent some off right away.
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pswith5
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I have a set of twins grandbabies on the way, so we are going to help bring them in in style.??
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scotttimm
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My deposit landed today and I am grateful that my wife and I are still both employed. We'll tuck some $$ away in case of furlough, but with three kids at $500 each, I'm thinking some new camping gear (American made, if possible, to help maximize impact) that we could hopefully use if we can safely get into the BWCA this summer.
Top of my list, Hennessy Hammocks. 25% off on their website with free snakeskins, water collectors and shipping brings a new Expedition Classic to $112. Maybe it's finally time to invest in a CCS Tarp? How are you spending some of those funds?
Hennessy Hammock Website
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BearBurrito
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Directly into savings. Since this is technically just a loan on my tax refund for next year I see no reason to spend it.
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jwartman59
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Still waiting...
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missmolly
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carmike: "I sent a portion of mine to a trusted Nigerian prince who needed a way to get his fortune out of his country. I get to keep 10% of it, and he's going to transfer it right into my bank account. "
Dang it, you gol-dang early bird! I was fixin' to do that too!
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nofish
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BearBurrito: "OMGitsKa: "BearBurrito: "Directly into savings. Since this is technically just a loan on my tax refund for next year I see no reason to spend it."
Yeah that's not how this works, this money is not a "loan". There will be an additional $1200 tax credit to claim on your taxes to make that a wash. "
As much as I want to believe that somewhere out there is a free lunch, when the government is involved I always take a wait and see approach. They will find a way to get it back."
They are hoping to get it back by you spending it which in turn generates taxable revenue.
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yogi59weedr
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I-pilot for my minnkota power drive.That means my co pilot remote that is currently on there, will be for sale...
Seen that spot lock feature and I'm like.....
Gotta get that.
Then I'll bank the rest
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gsfisher13
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Giving it away to friends that are hit hardest, single mom hairstylist that can’t work, married friends that both got furloughed. Mostly gift cards they can use for things like groceries and expenses to get by.
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x2jmorris
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I put the money for my kids into their future accounts. My money went to savings.
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Spartan2
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I think we will be spending ours (if and when we get it) towards a new roof for our lake cottage. Just need for the contractor to be able to do it safely and within Michigan's guidelines. Fortunately, we don't have to be there when he works.
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blutofish1
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inspector13: "
It will be a small replacement for the 401k money I lost.
" Same as Steve
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4keys
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We haven't made a final decision yet. We are lucky and don't really need the extra money - my husband is still working, although I'm not, and the house is paid for.
My son and his live-in girlfriend are in their early 20s so they don't have much in savings, and she lost her job when the ski resorts closed early a month ago, so they could probably use some help. My daughter is engaged and the cost of even a small wedding is quite a bit more now than it was when we got married, so part of it will go towards that. I would really like a walking foot for my sewing machine, but I hate spending that much on myself ($280). And I'm sure my husband can come up with some fishing things he needs.
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VaderStrom
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Mine were swiftly volleyed right back where it came from in the form of taxes after sitting in a bank account for all of 1.5 hours.
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bwcasolo
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toilet paper, got to join in the panic croud and buy my 47 cases , one thing for sure i will be able to wipe my butt. (as you can tell, i am sick of the hype).
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Mocha
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A boiler and water heater. Thank goodness there was also a tax refund to help offset that cost
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bwcadan
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The money is meant to be spent and in my opinion should be spent sooner than later. I do not see much if any stimulus in placing it in savings or paying off debt. I, however, do not blame anyone who pays down debt especially high interest cards.
I expect to replace a water heater which could wait for a while without the money for the 2 of us. The rest will go toward a driveway repair which has already waited for several years. Mudjacking is indicated. Anything left over could be used for supporting locally owned or leased businesses. My paper subscription has lapsed and now I may restart that instead of not doing so. May pull forward needed tree service. So many choices including those not listed.
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scramble4a5
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Haven’t gotten it yet. Daughter starts grad school in the fall so it’s earmarked for tuition.
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PlumberDave
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Family comes first.
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airmorse
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missmolly
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$400 to my favorite cafe
$150 to a generous grocer in New Orleans
$150 to Habitat for Humanity
$50 for my Fed Ex driver
$50 to CARE
$50 to the food bank
$25 to my mail-lady
The rest on my credit card
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BearBurrito
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OMGitsKa: "BearBurrito: "Directly into savings. Since this is technically just a loan on my tax refund for next year I see no reason to spend it."
Yeah that's not how this works, this money is not a "loan". There will be an additional $1200 tax credit to claim on your taxes to make that a wash. "
As much as I want to believe that somewhere out there is a free lunch, when the government is involved I always take a wait and see approach. They will find a way to get it back.
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schweady
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Paying it forward. Although we lost plenty in our investments, it has begun to crawl back, and we won't have to draw it anyway until it has had time to come back much further. We also have the luxury of receiving a defined-benefit pension and social security, both of which continue to come in as scheduled.
Checks have already gone out to friends and family that had positions that have been cut, relief funds set up by our church, some folks hit with a double-whammy of sudden illness or loss in a fire, and 100% tips on our take-out orders.
Not trying to one-up or shame, certainly. We just don't need the money, but we see many others who do.
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nofish
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I won't see mine for awhile yet.
We changed banks so they still have the old account info and there is no way to change it currently. We'll have to wait a couple weeks for them to mail us a paper letter explaining what we need to do in order to get the money. At least thats what the website is telling us.
Fortunately my wife and I still have jobs so we aren't relying on the money right now to pay bills. When we do get it then it will likely go into savings until we have a purpose for it.
We may also consider some additional donations. We are already supporting some local food shelves and giving to a fund at church that is designed for supporting those experiencing tough times during the pandemic.
I also like the idea of taking the $500 for each kid and putting that away for their future schooling.
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AirPrex
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I'm already in the process of buying a canoe from an outfitter and roof rack so I can tell myself this money is going towards that.
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OMGitsKa
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BearBurrito: "Directly into savings. Since this is technically just a loan on my tax refund for next year I see no reason to spend it."
Yeah that's not how this works, this money is not a "loan". There will be an additional $1200 tax credit to claim on your taxes to make that a wash.
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carmike
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I sent a portion of mine to a trusted Nigerian prince who needed a way to get his fortune out of his country. I get to keep 10% of it, and he's going to transfer it right into my bank account.
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airmorse
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mooseplums: "airmorse: " "
Many people are getting this. I did some reading and it's a glitch in the system caused by an over-burdened system, the way it sounds."
Cool. Thanks.
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Blatz
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We going to spend it at local restaurants and small business. That's the intended purpose.
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WhiteWolf
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BearBurrito: "Directly into savings. Since this is technically just a loan on my tax refund for next year I see no reason to spend it."
Now this is someone who understands $$. Or Fed bank notes. ( In our $$ system based on debt).
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mooseplums
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ghamer: "jwartman59: "Still waiting..."
Still waiting here too... I just read article saying that even if you filed 2019 taxes and provided the link to your bank acct., that only works for the stimulus depost if you received a refund. If you had to pay the IRS (like I did) then you need to go to the IRS website and enter your info.
IRS - Get my Payment
Disregard this if you are waiting for a paper check.
"
I can't ever get through with the IRS "Get My Payment" tool... I get some generic error message about cannot determine payment at this time.
Waiting for the check.
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lindylair
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Haven't gotten mine yet, probably be a while. But when I get it a significant portion of it will be to STIMULATE, which is it's purpose. I will spend much of it on purchases I have delayed for a while, repairs, take out dinners to help those whose income has declined.
I get the instinct to sock it away, we will do that with some of it in these uncertain times. But if everyone did that with all of their money, there would be no "stimulus".
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x2jmorris
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I think we'll pay for it one way or another but that is how it always is. But in the meantime I'll enjoy it :D
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missmolly
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nofish: " I'll tell ya what. I'll pass both of them on to you, you pick your favorite and then send the one left over back to me. "
You are too kind. Seriously. I simply can't accept because the princes chose you, which makes you lucky times two. Remember the little people!
Sincerely,
A financial Lilliputian
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missmolly
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gsfisher13: "Giving it away to friends that are hit hardest, single mom hairstylist that can’t work, married friends that both got furloughed. Mostly gift cards they can use for things like groceries and expenses to get by. "
You're a citizen with a capital C.
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mutz
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Split up equally between the grandkids and placed directly into the college funds we started for each one when they were born.
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mooseplums
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airmorse: " "
Many people are getting this. I did some reading and it's a glitch in the system caused by an over-burdened system, the way it sounds.
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A1t2o
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Tires. I was going to pay for them with my second job, but I haven't been able to do that with the current situation.
My wife will be using her share to pay for her summer class instead of taking out a student loan for it. The rest will be used to help with any bills or necessities that we might be a little short on due to her cut hours and my lack of a second job. If we can use a little of that on the credit card that would be great, but just getting by comes first.
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Argo
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WhiteWolf: "BearBurrito: "OMGitsKa: "BearBurrito: "Directly into savings. Since this is technically just a loan on my tax refund for next year I see no reason to spend it."
Yeah that's not how this works, this money is not a "loan". There will be an additional $1200 tax credit to claim on your taxes to make that a wash. "
As much as I want to believe that somewhere out there is a free lunch, when the government is involved I always take a wait and see approach. They will find a way to get it back."
Damn straight. They don't govern for free."
In the post Spanish flu depression of 1920, President Harding cut taxes at all income levels and slashed government spending by 50%. The decade that followed was the greatest period of economic growth in the history of the United States. In those days the government took only a 10-15% cut out of the economy. Today they take about 50%.
They may sell you on the notion that this is stimulative...a tax cut if you will. But without a commensurate cut in government spending, this is just delayed taxation and inflationary.
I'm buying gold.
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sedges
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If I have to cancel my mid-July trip I am going to pay the outfitter anyway. Mine is not a big bill, just bunkhouse, breakfast, safe parking for 10 days and a short shuttle plus a generous tip. I worry about outfitters getting through this. The rest will go to savings.
If I do get to go on my trip it will pay for it and maybe some luxurious meals along the way! And maybe a bigger tip for the outfitter.
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scotttimm
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sedges: "If I have to cancel my mid-July trip I am going to pay the outfitter anyway. Mine is not a big bill, just bunkhouse, breakfast, safe parking for 10 days and a short shuttle plus a generous tip. I worry about outfitters getting through this. The rest will go to savings.
If I do get to go on my trip it will pay for it and maybe some luxurious meals along the way! And maybe a bigger tip for the outfitter."
Along with my original post - my wife and I plan on sending some money to our local food bank, there are a lot of people struggling right now, and we feel really fortunate to be in a steady place. It would have been a different story last year for us. And yes - I plan to let my outfitter keep the $$, maybe we could still order out some take out food in Ely when we get there with a nice tip. Also, considering a couple new waterproof kindle paperwhites, load them up with books before we head in.
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Minnesotian
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Mortgage or taxes.
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JoshP
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I ordered a new Hefty Fab Works off-road bumper for my 4Runner. Hand built by skilled labor in Colorado Springs, with American aluminum. Can’t help the economy much more than that. Although the stimulus check only got me half way there.
U.S.A.!
Thank you uncle Don for the check.
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