The importance of being money-smart with stimulus payments

Published: Mar. 26, 2021 at 12:43 AM PDT
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MINDEN, Nev. (KOLO) - Over the past 12 months there have been countless challenges.

The continued struggles have led to the approval of another stimulus package, but what you choose to do with that money could have consequences.

The third round of stimulus checks is making way too many eligible Nevadan’s. Jon Sanchez, CEO of Sanchez Wealth Management said thousands in Northern Nevada have lost their jobs and ended up with nothing. The $1400 checks won’t pay off all bills but will help.

“If you are one of those that did not get called back, this is the most incredible time to start a business,” Sanchez explained. “If there is something you have always wanted to do, there is a lot of cheat money and grants.”

Sanchez said, your financial situation determines what you need to prioritize. He added, essential items and bills, such as food and rent, should be first, paying off debt should be second, saving and investing can be third. If you’re able to, shop with local businesses.

“Go help somebody out, a family member, or a friend that really needs to put food on the table,” explained Sanchez. “We still have 10 million people who are unemployed in this country.”

Sanchez said we should not fear an economic crash, because the impact of this pandemic is going in a different direction.

“The consumer, due to all the various stimulus measures has a lot of money in their pocket and so now we are not talking about the economy slowing down, we are talking about it heating up and the nasty I word everyone fears and that is inflation,” Sanchez said.

With Northern Nevada’s major forms of revenue coming in from industrial manufacturers and an improving housing market, Sanchez said the Silver State’s economy has a stable foundation.

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