Paying down debt may not be the best way to use your coronavirus stimulus check investinyou (In partnership with acorns.)
hands on $400 in an emergency, according to often-cited data from the Federal Reserve.is," said Kelly Campbell, a CFP and CEO of Campbell Wealth Management in Alexandria, Virginia, "especially people being laid off. It happened quickly, and people were blindsided."The first question to ask: What should you be doing with your entire financial life?
The financial distress could be severe, so start by evaluating your income potential and job stability. If you have emergency cash, estimate how many weeks or months of expenses it might cover. The instinct to spend this money is probably wrong, Wilson says. Run through different scenarios and work out your solutions for each. If the quarantine lasts two months, how does that affect you? What if you are without income for six months? "Work backward," Wilson said.
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