Your $50,000 Tax-Free Coronavirus Check is In the Mail

May 30, 2020by Alex Willard

When your $50,000 tax-free Coronavirus check hits your hands, what are you going to do with it? 

Wait, you thought it was only $2,400? Think again.

If you’re 25 years old and married (without kids), you and your spouse are about to receive one of the biggest checks in your life – $50,000. You ask, what do you mean? 

When the Coronavirus bill is passed and signed by President Trump, you and your spouse will be receiving a tax-free check of $2,400. Most will view it for what it is. Found money that you can take a vacation with after the virus calms, a new game system or two while you’re quarantined, or a new set of wheels for your ride. Though, what if you did the contrary? What if you viewed it from the standpoint of your future self?  

Here’s how: 

  1. You and your spouse receive the $2,400 tax-free check. 
  2. You open a Roth IRA (call us if you need help). 
  3. Use your government check to make a Roth IRA contribution. (You have until July 15th, 2020 to classify it as 2019. If contributed after that date, it will be a 2020 contribution.) 
  4. If this one-time investment grows at 8% for 40 years (an assumption, but not an unrealistic one). 
  5. It grows to more than $50,000.  

 I’m challenging you to think about this unexpected windfall with a fresh behavioral mindset. Instead of consuming it, will you make it the turning point for your financial future? 

 One more WOW number – $670,000! 

If you add $2,400 to this new account each year for the next 39 years until you’re 65you could accumulate more than $670,000 tax-free. “We’re from the government and we’re here to help you” could go from a bad joke to your reality! 

Alex Willard

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