The Oracle of Omaha, Warren Buffett, made some very interesting comments recently about how Americans should spend their $1,400 stimulus checks.
He explained: “paying off credit card debt should be the first priority for everyone.”
The Berkshire Hathaway CEO also stated: “If I owed any money at 18%, the first thing I’d do with any money I had would be to pay it off.”
Buffett continued: “You can’t go through life borrowing money at those rates and be better off.”
This is solid financial advice, as debt can pile up quickly, turning a small problem into a bigger one without addressing the issue and fully paying off debts.
Meanwhile, we talked recently about roughly 25% of Americans (90 million) receiving their $1,400 stimulus checks yesterday, but what if you checked your bank account and still didn’t have your disaster relief funds?
Michael Hunsche, the managing director of Hunsche CPA Group/Management and Tax Services, explained that you shouldn’t worry: “I don’t know what the criteria are for who got paid. But it’s nothing that I’m freaking out about or worried about.”
He stated: “They’re trying to issue stimulus payments in their busiest time of year, and you’ve got millions of people filing tax returns at the same time that they’re trying to get something that they were never set up to do in the first place. It’s really just made the IRS more of a mess than they already are.”
Hunsche also outlined various reasons why you still haven’t received your $1,400 stimulus check, including not filing taxes, filing by paper, changing addresses or bank accounts, rise in income, or owing funds to the government such as child support.
While I know it’s extremely annoying and frustrating having to wait to receive your disaster relief funds, but at least the check is in the mail and you should be able to claim your new stimulus check in the coming days.
Remember last year when the IRS pushed the April 15th tax day back to allow Americans more time to get…