- What's going on, you all?
Welcome back to Wealth Hacker Labs.
I'm your gracious host, Jeff Rose.
This is the channel dedicated to teaching you new ways
to grow wealth that is not taught to you in schools
or by your parents.
And we got another update
with the IRS economic stimulus check.
Now, things are moving fast.
At least, it feels like it's moving fast,
as far as information goes,
or maybe how things are changing.
I feel like things are changing all the time.
But what is not moving fast enough for many of you,
is trying to figure out when are you
actually getting your check.
I'm still seeing people commenting on social media,
getting that, "Payment Status Not Available",
that I talked about in yesterday's video.
The frustration is there.
Some people have gotten the notification
that their physical check
is going to be mailed out April the 24th.
Still remains to be seen if that actually
is going to happen.
But what today I really want to focus on
was looking at the key differences
between the $1,200 stimulus check,
which has already passed,
compared to the $2,000 monthly check
that is being proposed in Congress right now.
There still has to be voted upon.
I'm sure there's gonna be a lot of heated arguments
in Congress between the Republicans and Democrats,
left and right on whether this is going to pass,
how this is going to unfold.
But, for those that still want to know more information
on how does this compare, how does the first one
that is already passed,
even though it's passed, and you haven't got a check yet,
as opposed to the $2,000 one that's being proposed.
And I just wanna identify what are the
four major differences between the two.
So, the first major difference is,
the $1,200 payment has already been signed into law.
This thing is already passed.
This cannot be vetoed.
Word cannot be taken back.
So, this is not going to change.
The $2,000 payment, which is being proposed,
and I've seen this being proposed as an annual payment.
So basically you're gonna get $2,000 a month
for the entire year.
I've also seen it being proposed on a smaller scale
up to six months.
But, this is just a proposal.
This is just something that has been brought into Congress.
Two different representatives brought that into Congress
as an option, as a potential solution
for everybody that is hurting.
Now obviously this came out, I think about a week or so ago.
And at that point in time states haven't lifted
the quarantine on businesses, small businesses.
And what we're starting to see now is that
states are now saying that...
Not all states, but some states are saying
at the end of this month, April,
that they're going to start
allowing certain small businesses to reopen.
Now, obviously different states
are gonna have different rules depending on that.
So, if that is going to happen and we don't see
another uptick on Corona Virus, COVID-19 cases,
then this $2,000 proposed stimulus package,
either this could not fly or it could be reduced
in some way, somehow.
All right, so that is the first key difference.
The second key difference,
the $1,200 stimulus payment is a one-time payment.
I know there was a lot of questions in the beginning,
whether this was going to be like, "Okay, you got me
"$1,200 once, what about next month?"
"Because last time I checked, I gotta pay my rent
"every single month."
But it is a one-time payment as of right now.
And as I just mentioned the $2,000 stimulus payment
that is being proposed, is monthly,
is being proposed monthly, at a minimum of six months,
as I just said.
It has been brought as a potential
as being longer than that.
And I think that all determines on how this thing
is going to shake out.
All right, so the third key difference,
and this is for college students, disabled persons
who were not eligible for the $1,200 payment.
I know that there were many of you
that just didn't quite understand what was going on.
I actually had somebody, I believe it was on Twitter,
shared that, I think they were living at home,
I think they were 17.
They didn't get a check.
But, their 14 year old brother did.
There was a 2, 2 and a half year difference.
(chuckles)
I could imagine the frustration.
I've got four kids, all of which
would have gone toward the stimulus package.
If I could imagine my oldest son not getting a check
and then his younger brother getting a check.
If I was a kid, if I was a minor, I'd be irate.
So, how this is being proposed,
in that case, with the new $2,000 proposal,
is that the college students would get that $2,000 a month.
Certain people that didn't qualify,
disabled persons who weren't eligible
for the $1,200 one-time payment,
will also get that monthly check.
So, that is the third key difference.
And fourth, the other fourth difference is
the income limits.
With the $1,200 stimulus package that has passed,
it was basically at $75,000.
If you started making more than that,
you started to get phased-out.
That was $150,000 if you were married, filing joint.
And with the individual income limits
on the $2,000 proposal, it is $130,000.
And for couples, basically just would be double.
So instead of $130,000, it would be $260,000.
And those are really right now the four key differences
in regards to the payments that people received.
There's still a lot of information to go with
rent payments and unemployment
and other factors like that.
And I would actually like to discuss that in another video.
But as of right now, this is as of today or yesterday.
These are the four key differences
on this $2,000 stimulus check that's being proposed.
As far as my thoughts on this,
"Is this thing really gonna happen?"
I truly felt that after this first one went out,
it became abundantly clear the first few weeks
of the original $1,200 CARES Act payment going out
that this was not going to be enough.
And I believe that is why many states are pushing
to get businesses open.
Now, the scary thing is that,
and I'm sure all of you agree with this,
is that if this COVID-19, if this Corona Virus
is truly as bad as the media, as the government
has portrayed it to be, and we're gonna just
flip on the switch and start going back to work
and start opening businesses, without any sort of
vaccine or any sort of cure that's going to
prevent the spread of this then,
(laughs)
if we open anything back up, then what changed?
Nothing's changed.
There's still no solution to this.
So, if we're doing this just
to basically prevent having to pass another stimulus check,
stimulus payment of some kind,
then I believe it's just gonna happen all over again.
I always say, "History has a way of repeating itself,"
and we're talking a very short-lived history.
But, who am I?
Who am I?
I'm just a financial planner YouTuber guy.
(laughs)
So, I don't know anything!
I don't know anything!
But yeah, what are your thoughts on that?
Do you think that this is actually going to pass?
Do you think that is one of the reasons why
the government is pushing, states are pushing
to get businesses back open?
Obviously, people need it.
People need the jobs, but what has changed?
What has changed with COVID-19, Corona Virus?
Just how crazy it is.
How contagious it is.
I'm just left shrugging my shoulders, wonderin'.
Wonderin' what in the world that means.
But, that has nothing to do with the four key differences
of the two payment plans.
That was just me going off on a tangent,
trying to make sense of me being quarantined
for the last however many weeks.
All right you all.
Hope you enjoyed this video.
If you haven't yet, be sure to subscribe.
I've got more coming your way.
This is Jeff Rose, reminding you that it's your money.
It's your life and only you can make it awesome.
Until next time, peace.