Stimulus Money - What are you going to do with it?

OneEyedDiva said:
50% will go toward my Zakat (obligatory charity) and 17% will go to programs in my area that I have made previous donations to. They feed the hungry and seniors. The remainder will be left in one of my checking accounts.
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I had to look up the word (that's something that I always enjoy!), so for others information : Zakat: noun -
obligatory payment made annually under Islamic law on certain kinds of property and used for charitable and religious purposes.

Thanks for the vocabulary enhancement and your charitable giving.
 
OneEyedDiva said:
50% will go toward my Zakat (obligatory charity) and 17% will go to programs in my area that I have made previous donations to. They feed the hungry and seniors. The remainder will be left in one of my checking accounts.
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50%...wow!!! that\'s more expensive than the mormons !!

Sorry , not making any judgements on your choices or your religion, and not asking you in any way to justify anything, ...just very surprised at the high cost :unsure:
 
Aunt Bea said:
Take a look at your online banking settings.

Mine has a setting that notifies me, with an email, each time a direct deposit is made.
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Didn't know this feature was available....its listed under Customer Service, then manage alerts, then add, blah, blah.....had to call customer service to do this tho, ugh....but its done so I wont be checking my acct three times a day :oops::rolleyes:
 
Read in the news that IRS site to check the status of your check is having maintenance done on it.....probably broke down due to old technology devices or the new tech couldn't handle the load, hmmmm.....
 
Empty said:
I had to look up the word (that's something that I always enjoy!), so for others information : Zakat: noun -
obligatory payment made annually under Islamic law on certain kinds of property and used for charitable and religious purposes.

Thanks for the vocabulary enhancement and your charitable giving.
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You're quite welcome Empty. I actually pay mine monthly so I won't have to antie up so much at the end of the year. This is the holy month of Ramadan. Some people pay during this month because blessings are said to be increased. After year's end, I calculate my balance due. Zakat is only for Muslims in need but the Islamic organizations that collect it also collect other monies to be used for anyone in need, regardless of religion. They often give to those who are hungry, those who have suffered disasters, etc.

I have decided to use my entire stimulus payment for charity. I'm upping my Zakat as well as the donations to the organizations I mentioned previously because they are doing such spectacular work and I'm sure they'll need even more with so many out of work.
 
I really hope you all get whatever money is due to you as soon as possible....

May I ask.. by getting this lump sum, does it mean that it prevents you from claiming unemployment benefit...
 
hollydolly said:
I really hope you all get whatever money is due to you as soon as possible....

May I ask.. by getting this lump sum, does it mean that it prevents you from claiming unemployment benefit...
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No, almost everyone gets it depending on your income. Higher incomes, not sure of the amount but they don't get it. Nor if you are a dependent on someone else's tax return. Even people on welfare or other benefits. And it does not count against people who are getting benefits like Medicaid, food stamps, subsidized housing, etc. I have never seen anything like this in my whole life.
 
katlupe said:
No, almost everyone gets it depending on your income. Higher incomes, not sure of the amount but they don't get it. Nor if you are a dependent on someone else's tax return. Even people on welfare or other benefits. And it does not count against people who are getting benefits like Medicaid, food stamps, subsidized housing, etc. I have never seen anything like this in my whole life.
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That's really interesting Kat.. thanks for that. I read on this thread I think that you only get it if your income is below $70 K ... but I am surprised and delighted that it won't affect unemployment benefit, particularly those who are applying for it due to being laid off now...
I feel sorry for the folks in this country freelancers and self employed especially who lost their income.. and have had to wait for at least 2 months to get any type of unemployment money, and are now living on credit... a stimulus payment such as the USA have given would have helped those folks enormously bridge a gap between their last wage and their unemployment benefit.. ( some people have been told they will get nothing until June)
 
One problem that I saw coming: https://www.aei.org/poverty-studies/use-the-600-unemployment-supplements-to-get-people-back-to-work/

"The new benefit — an unemployment check increase of $600 per week — is being distributed atop existing state unemployment insurance (UI) benefits. This will result in many laid off workers receiving more money in unemployment checks than in their previous or future paychecks. That increase may already be encouraging layoffs as employers recognize “most [employees] will be better off receiving government assistance.” It could also tempt many of those who are now sidelined to not return to work even as parts of the economy start to reopen...Especially for those who fear they could be risking their health by returning to work, that temptation already will be strong."
 
An idea that made no sense to me:

https://www.businessinsider.com/the-600-federal-boost-to-unemployment-is-triggering-confusion-2020-4
  • "A $600 federal boost to unemployment payments has caused some confusion, with some people now earning more in unemployment than they were while working.
  • Some employed workers say the system seems unfair and are asking to be laid off so they can collect unemployment.
  • Some business owners are struggling to hire people and wondering whether they should stay open or allow their workers to get a pay boost through unemployment.
  • "How do I say no to employees who asked to be laid off so they can get a raise?" one restaurant owner asked."
 
Em in Ohio said:
One problem that I saw coming: https://www.aei.org/poverty-studies/use-the-600-unemployment-supplements-to-get-people-back-to-work/

"The new benefit — an unemployment check increase of $600 per week — is being distributed atop existing state unemployment insurance (UI) benefits. This will result in many laid off workers receiving more money in unemployment checks than in their previous or future paychecks. That increase may already be encouraging layoffs as employers recognize “most [employees] will be better off receiving government assistance.” It could also tempt many of those who are now sidelined to not return to work even as parts of the economy start to reopen...Especially for those who fear they could be risking their health by returning to work, that temptation already will be strong."
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I saw on the news that in one state, workers who don't return to work after their jobs reopen, even if they fear it will expose them to the virus, will not get any unemployment money due them.
 
hollydolly said:
50%...wow!!! that\'s more expensive than the mormons !!

Sorry , not making any judgements on your choices or your religion, and not asking you in any way to justify anything, ...just very surprised at the high cost :unsure:
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HD: If you notice I replied 50% of my stimulus money. Giving that much of the stimulus is my choice since it will help eliminate having to pay a large sum early next year when I figure my 2020 obligation (which I do in February). The actual obligatory amount is 2.5% of one's annual net worth minus necessary living expenses and outstanding debts. By the end of the reconciliation year, I will have donated the 2.5% or will have to add to it to reach that percentage.

What is the obligation for Mormons? Even though my Honorary Daughter and my two youngest grandchildren (she's their mother) are Mormon and I've been to their church to witness their baptisms, I don't know what their financial obligations are. I know some Christians are asked to tithe (give 10%).
 

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