Here are 5 smart ways to invest your stimulus check:
on who can open a Roth IRA, but if you’ve received a stimulus check, you’re probably well under those limits.
You can invest up to $6,000 in an IRA in 2020, or $7,000 if you’re 50 or older. Open an IRA at an online brokerage, and you can invest in a wide range of assets. We’d suggest an2. Start a Taxable Investment Account For example, say you receive a stimulus check for $1,200, and you deposit that into a 529 savings plan when your child is one year old. If your account earns a 7% average rate of return, which is about average for long-term S&P 500 market returns, it will be worth $4,056 by the time your child is 18, even without you contributing another penny. you can use your stimulus check to tuck money away for current and future medical expenses.
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