“The safe way to double your money is to fold it over once and put it in your pocket.” ~ Frank Hubbard
Today was a great day, thanks in part to our fine government. We received our economic stimulus check from the US Treasury. Thanks to being married and having three kids, our check totaled $2100. What will we use it for? To start with, it will be going into our savings account. We will eventually use this money for a planned family vacation this summer, where we will be visiting the northwest United States, and going on a 4 day whitewater rafting trip, among other things. Was this trip planned because of the government issued stimulus check? No. We had this trip planned since Christmas. This check is just a nice help to assist in paying for the fun week-long trip we’ll have this summer.
I tend to look at “unplanned” money as investment opportunities. Opportunities for me to increase and grow my net wealth. What’s the right strategy for you? I believe you should look for ways to save and increase this as well. Of course, in the case of the economic stimulus check from the government, they want you to spend it, in an effort to boost the economy. Should you?
My take on this is that we shouldn’t spend just because we can. Do you have something you really need? Then consider it, but really give it some thought before you purchase. Ask yourself if this “whatever” is something that will provide some value to you. How many times have we bought something, only to have it sit in the closet, end up on a basement shelf, or just simply get forgotten. Don’t spend just because you can. Spend because you will be getting value.
For me, a family vacation is a great value. It’s an opportunity to reconnect with my family, and spend some quality time together. We’ll be doing things together that many of us have never done. We’ll be creating memories that will last a long time It is worth it! This is something that is very valuable to me. In the end, I won’t have something I can physically hold on to. But greater than that, I’ll have something that our family will cherish for years to come.
So, think about it. The money you earn, the money you make off of existing investments, the money that magically appears in your lap… What’s your money worth to you?