Federal Stimulus Payment Info
While Alaska still has snow, the federal government is making it rain with a third round of COVID-19 stimulus payments approved earlier this month by Congress. Taxpayers will receive up to $1,400 (based on income) for themselves and each of their claimed dependents, including qualifying dependents over 17.
Most people will automatically receive their payment through direct deposit or in the mail as a check or debit card in the next few weeks. If you have any concerns, the IRS maintains a comprehensive list of frequently asked questions here.
Many have questioned the fiscal responsibility and long-term effects of the federal government printing over $1 trillion and flooding it into the economy. Some believe such a move will cause inflation, driving prices up, and lowering the purchasing power of a dollar. These are valid concerns.
As our governments face these big fiscal questions, I encourage you to make sure your future garden has water. Marta and I thoroughly enjoyed taking personal finance classes together at our church several years ago. I imagine we will find a refresher course to attend soon; it was that much fun.
These classes brought us closer together as a family and caused us to focus more on healthy personal finance practices. We now save for emergencies, limit our unsecured debt, and invest in the things we know we'll need in the future. Plus, it gave us the opportunity to teach our kids healthy financial practices. After all, our children are the future.
I say all this not only as an idea for a worthwhile family activity, but also as encouragement to you to make sure your financial garden is watered for the future. It is a learning process for sure, but an incredibly valuable one.
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To finish off this newsletter, here is a little throwback to me in the 80s feeding a whale. I have to say, I'm a little jealous of my younger self right now.
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