 $1000 What's up money geeks Mr V here welcome to another video guys so into this video when I talk about the government helping people Giving each American a thousand dollars. So when I talk about what that means when it's about Tax implications. I want to talk about how you can actually use that money in this time of crisis. We all know that Covert 19 is just killing the economy the stock market is crashing and people are losing their jobs into the government Steve Manchin and the Trump administration they've actually put together Working with Congress a package where they want to help each American You know survive this and so the the number that have actually put out there is a thousand dollars I don't know how they came about a thousand dollars I mean there's people that probably need more than that and there's people that don't really need anything so but hey That's beside the point the government is actually in the process. So that might happen in the next couple of weeks Start sending out checks to all Americans. So you're probably asking yourself like hey Who qualifies or who gets this money as of right now? What the government is saying is that all adult Americans get a thousand dollars irrespective of Your income irrespective of your your status or whatever. They don't really Consider anything beside the fact that you are an adult American right now. That's where they stand That might change when you start looking at the nuances of this. Hopefully So what are the tax implications of this? They haven't explained it yet. Is this money going to be tax? We don't know yet. It could be positive for for low income earnings It could be really bad for high income and it's because if you make a lot of money and add more to that You tend to pay more tax, right? So you can give a thousand dollars to all Americans and some people after taxes end up with like $600 and other people would end up with say $900 or even a thousand dollars and not get taxed at all So that is something that still need to figure out the tax Implications might be good for less of the state because the state is going to collect that money and maybe use it because right now They're probably hurting spending all their money to try to combat this crazy virus So yeah, it's kind of crazy how that's going to play out There is still a lot that needs to go into the thinking but as of where we stand right now again The number is one thousand dollars. So that might change maybe in a few days And if they do I'll do an updated video and post it out there And so now the quick question is what do you do without money and it's time of crisis? So here's my take if you have your major bills say your utility bills It's just stuff that would keep you going and you want to be able to pay those I'll say yes That's money that you can actually use to maybe pay your bills or buy food or buy medication and this time of Crisis if you are somebody that has a little bit of savings and you don't really need this one thousand dollars immediately You can take that money and maybe put it in the checking account or high-heel saving account And just wait and see what happens see how things go because we don't know how this thing is going to end right? We're still figuring out there is the vaccine for this particular virus is not out yet Schools have been shut down till maybe the end of our The school year and right now people don't people work from home. Some people have lost their jobs people especially people in the service industry They don't have jobs right now. So You kind of want to think your personal need your personal situation That would kind of guide you know how to use this money But if you have enough money saved up and you don't really have pressing need you have enough Your emergency fund is there that can actually pay for your your basic needs You have money a site in case you have to move or whatever and then this one thousand dollars coming in you can use it for other Things you can invest it so you can take that money and put it in the stock bracket because right now the stock bracket is maybe Low low low. So if you go in now and invest that money in 10 15 20 years at one thousand dollars can be 10 15 20 30 thousand dollars depend on the growth So if you buy some good old index funds and ETFs and just put that money there That would be a good way to invest that money. So we'll talk about three things here. So number one for people that are Struggling that don't really have money especially people that work in the service industry that have lost their jobs I think this is really going to be helpful For people to have a little bit of savings They might use this but it's not really pressing and for people that have enough Emergency save up. This is money that you can take and invest my personal opinion is I Don't think that we should just give out a thousand dollars to every adult American like the government is proposing Here's my proposal. We should take Note of people that work in the service industry that have lost their job Primarily because of this virus If anything else that's where we should start Take care of those people make sure that they have the need to admit they have a roof over their head They have food in the table They can actually pay some of their immediate bills or medical bills if they have any and then we can go from there So again to me, that's the approach that I would take. Am I the government? No, I'm not the government So the government would do what the government does. So Question of the day, what do you think about this whole idea of the government giving each American a thousand dollars? To kind of help them during this crisis. Do you think it's a good idea? Or do you think it's stupid or you think it all mr. V? Everybody deserves a thousand dollars. Let me know the comment section like share subscribe and as always guys Stay safe out there and stay motivated