More Americans received their stimulus payments from the American Rescue Plan this week. Action News found one local couple who chose to spend their money on others.
- More Americans received their stimulus payments from the American Rescue Plan this week, and those who qualify for the $1,400 payments are free to spend the money on whatever they want. Action News reporter Gray Hall here with more on why one local couple chose to spend it on others. I love this, Gray.
- It is a nice story. Alicia and Rick, for this couple, the act of kindness, really pretty simple. They say, while they appreciated that financial boost from the federal government, they knew others needed that money much more than they did. So they gave it away.
This Havertown couple did the unexpected with their $1,400 stimulus checks.
LARRY PASSMORE: Our feeling was that this money should really go to address the crying needs that are exacerbated by the pandemic.
- Larry Passmore and Maureen O'Ryan did not keep the money. They donated all of it to local charities.
MAUREEN O'RYAN: There are a lot of people that need it, and obviously, if you need it, you absolutely should be keeping it. But if you don't, I think it's an idea that, perhaps, could be spread.
- The couple didn't really need the cash, but wanted it to go to good use. They made donations to organizations that address homelessness and food needs in the community.
- If you don't really need it, it seems to me that you ought to give it.
- Professor Sandy Axelrod with Temple's Fox School of Business says, before you start to spend the money, take some time to think about where it can be best used.
CONDY AXELROD: Take a look at where your bills are, where your savings accounts are, what your upcoming bills are.
- Once you have a plan, if there is any left over, Professor Axelrod says, it's OK to use some of it for long term investment.
- The first thing I'd recommend is invest in your self. Put money away in an IRA or a Roth IRA.
- However you use your stimulus, financial experts say, use it wisely. And if you can't afford it, donating to your community is a great way to stimulate the economy.
- People are losing jobs, needing housing assistance, et cetera, et cetera. I mean, it was just a tough time for so many people that we really felt compelled to do something to help, and this was a way to do it.
- A big act of kindness there. Remember, as your income increases, those checks get smaller. You will not get a check if you make, at least, $80,000 a year or a married couple making, at least, $160,000 a year. Rick?