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Financial planner gives advice on what to do with stimulus check

The U.S. Senate passed a record-setting stimulus package late Wednesday night.  The bill now...
The U.S. Senate passed a record-setting stimulus package late Wednesday night. The bill now goes to the House of Representatives.(WSAZ)
Published: Mar. 31, 2020 at 6:38 AM CDT
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In a couple of weeks, many Americans will get a stimulus check. TV-9 talked to financial planner Matt Hylland with Arnold and Mote Wealth Management about what they should do with that money.

Hylland suggest people don’t spend it all at once. He says people should use the check to build up an emergency fund.

That money can be used for bills and food for people out of work for a long time. He also says it's not a bad time to look into a Roth IRA.

"Roth IRA's are good because they have long term tax benefits if you can save that money in there for the next couple of decades,” said Hylland. “They also have a good benefit with the contributions that you put in can come out penalty fee or tax fee anytime.”

Hylland says investing in a stock or paying off some debt is also not a bad idea if people have extra cash from their stimulus check.

“Anything can happen in the short term,” he said. “We have no idea what's going to happen in the stock market, but over the long term, it definitely seems like today is the better day to invest then three months ago just because of the lower prices. So if you can handle the volatility, if you can save money for the long term, we do think it's a good time.

Hylland also suggests donating the money to a local charity.