- What's going on y'all?
Welcome back to channel, Wealth Hacker Labs,
I'm your gracious host, Jeff Rose.
I know it's been a minute,
I've not done an economic stimulus check update
in several weeks.
And maybe you've been wondering,
maybe you haven't been, either way,
just want to let man,
like I just been dealing with some personal family issues,
had a very close family member get diagnosed
with a terminal disease.
It has just been gut wrenching,
but through this whole experience
there's been sadness,
but there's also been a lot of joy and a lot of gratitude.
And I could do a whole video on everything
that we've experienced.
And let me just say that the Rose family,
we, it's been emotional, but we are in good spirits.
All right, anyway, enough about what's going on.
Want to give you an update
because there's been a lot going on
with the second stimulus act.
we've heard about the HEROES Act.
Now we have this new act called the HEALS Act.
This was introduced by the Republican party.
And one of the main things that they were trying to address,
like, yes, we've been talking about another
one-time stimulus check similar to that $1,200 check
that we received seems like ages ago, at least for many,
some feels like you just got it last week
or a couple of weeks ago.
But with one of the biggest concerns
that a lot of people have
in addition to the $1,200 one-time check is
what is going on with the unemployment benefits?
People were getting the $600 a week,
$2,400 a month.
And that was set to expire at the end of July.
Well, many as you known
like it's already been released,
like there's already been a lot of videos done on this.
I'm sure you've heard the news
that president Trump signed an executive order.
And while this executive order
didn't answer everyone's prayers,
it did address some concerns.
So let's go ahead and head on over to the computer
so we can see exactly what this executive order had to say.
So here is what we've got.
All right, so president Trump signed this executive order.
This was just a few days ago.
And instead of getting the $600 per week,
what Trump put in place was a $400 unemployment boost,
which on average,
when you factor in still a total state and federal benefits,
you're looking at around a $708 a week, on average.
Now there are some that may get less
just based off of how much they were getting
with all the other benefits they were getting.
But it also depends on what income bracket that you're in
and if there's any other benefits that you are receiving.
But for the most part, I mean,
if you were on the short end of the spectrum here,
and you're going to get nothing,
you're banking on getting $600 a week
and all of a sudden now,
you're getting a nothing,
I mean, getting a $400 unemployment boost.
I mean, that is at least something
that you could be grateful for.
In addition to these unemployment benefits.
And once again, I'll always include links
to any of these articles in the description,
in the show notes,
just so that you can read this on your own,
but right now we've got 30 million Americans,
30 million Americans
that are currently collecting unemployment benefits,
30 million, like just sink your teeth in that for a minute.
So that's like how many people
are still collecting unemployment.
I mentioned there was a few that may receive less
benefits under this new proposal.
And if you look at this tweet by Eliza Forsythe,
she's an economics professor
at the university of Illinois and Urbana, U of I,
and she tweets out here,
some quick stats about who is earning
under a hundred dollars per week in unemployment benefits
starting at UI eligibility,
using actual pandemic job losers in the CPS,
I estimate about 6% of all regular UI recipients
receive less than a hundred dollars per week
in state benefits.
And that basically it goes on to say that in other words,
here's the summary of what that tweets says
about 950,000 people
wouldn't get additional federal jobless aid,
according to analysis
by the most recent labor department data.
So like it wasn't just the employment benefits
that people were getting.
There was other additional aid
that people were qualifying for.
Whether it be on the federal side,
also on the state side, I mean, some states,
depending on where you lived,
they were providing some very substantial benefits,
for those that were collecting unemployment.
So as you can see here, it gives it some examples.
They range from a low of $5 per week in there in Hawaii.
And then we've got $1,200 a week there in Massachusetts.
So, I mean, I guess if you,
I mean, if you're living on an island enjoying a paradise,
I guess you could be okay only getting $5 a week,
living in the Massachusetts area
is gonna give you $1,200 per week.
So what else did Trump's executive order,
what else did that include?
Well there's some other nice benefits as well.
So we go over to this Forbes article.
We can see,
we talked about the federal unemployment benefit.
This expired on July 31st,
which I've already said,
reducing it to $400 a week down from 600.
Also we talked a, we haven't talked about it yet,
but they've been talking about a lot, is this payroll tax,
basically they are pausing any payroll taxes
that are being deducted until the end of the year.
This benefit would only apply
to those making less than roughly $100,000 per year,
or they also would suspend any interest
on federal student loans.
To me like this is an okay benefit.
I would rather see, like,
you don't have to make any payments
for a certain period of time,
without collecting interest either way,
you're suspending interest.
I guess I need to double check, make sure,
I'm assuming so had to make the payment,
but nonetheless, I mean, it's still,
it's something I can't complain,
want to be grateful for everything
that they are trying to do for everybody.
And there's also a call for an extension
to the current eviction band.
So basically if you are a potential being evicted
from your townhouse, your apartment, your home,
if you're renting,
they're trying to run a bit of an extension
for those to be evicted.
I know like this was a big concern for many,
like people are just doing their best,
trying to pay the bills, trying to make ends meet.
And I just was talking to my wife just yesterday
as a matter of fact,
and this is not a direct acquaintance of ours,
but it was just a friend of a friend,
but just hearing her situation,
she is, she has to go to work.
She's a nurse, she's a single mom, trying to make ends meet.
She's got two children,
I think one's in the fifth or sixth grade,
the other one's in kindergarten.
And she has nobody to watch her kids
as they are starting online school.
So she's having to go to nurse
to help others that are sick, that are in need.
And her young children have to stay at home,
trying to do school on their own.
Like, I think it was a sixth grader and a kindergartner.
And I just, man, I just,
I know like that is just one small instance
that is just I'm sure across this country
are the people that are doing everything they can
trying to make ends meet.
And I mean, just imagine the judgment
this mom would probably get people knew who she was,
knew her story, but then also,
just think about the guilt that she has
of having to leave for kids at home
and having to go to work.
But also she got to do that
because she doesn't want to be evicted.
She doesn't want to lose their house.
She has to feed her kids, I mean she's got to provide,
just my gosh, there's just so much going on right now.
So that's the latest updates with the unemployment benefits,
this executive order
that president Trump signed into action,
but still many are wondering,
is there going to be a second economic stimulus check?
Well, they still haven't said,
I mean, there has been talk of it.
I mean, there was a video I did,
it seems like forever ago where,
Trump said that there,
it would be very generous and whether he,
he did say that would be a similar check.
Wasn't just a stimulus bill.
Right now, if things,
so right now, I think it's Steven Mnuchin was,
they met, he had a comment on Monday saying
that they're going to begin discussions on Friday.
So let's just say realistically,
if they were to put this thing into play,
this is article I published on Forbes yesterday,
just realistically,
when would a second economic stimulus check
hit your checking account
if you've got direct deposit on file,
if you don't, obviously I'm sure you know
from personal experience,
it's going to take a little bit longer
to get your check or your debit card.
However, they decide they want to do it
the second go around, if they do it at all,
even though they said that they were going to do it,
but in this article, I just, just looking at,
how long would it take realistically
to get a check in your hands?
And the only thing that we have to rely on is data,
past experience.
And we looked at the HEROES Act,
trying to scroll down here.
So right now, like we're at a standstill,
it's Monday, August the 10th.
We're talking about
beginning or, I guess not beginning negotiations,
but just rekindling discussions on this stimulus check.
And if we looked at when the CARES Act was passed,
that was passed back on March 27th.
We're gonna highlight that there,
by the time that the first checks were issued,
we were looking at April the 13th.
So if you looked at any calendar right now,
it is Tuesday, August the 11th.
we're looking on Friday
that they are going to begin negotiations
on this HEROES act HEALS act,
whichever one that they're going to end up pushing through.
And I mean, we're still looking at potentially late August,
maybe late September,
I'm sorry, early September
that we could see that second stimulus check.
I mean, this is all pure speculation, 'cause we don't know.
And I don't want to say all this to get your hopes up
and waiting on this, right now like
I don't think this is a reactive stance.
We're not just waiting for the government
to send us a check.
We need to be proactive
in trying to figure out what are other ways
that we can create our own stimulus,
that we're not dependent on the government, but either way,
just looking at how long it took for the CARES Act,
that stimulus check to get into your hands.
we're looking at that was about 15, 16 days.
Wow with the systems that I have set up
and being the fact they've already done this once.
And they had to go through all this process
of just training IRS employees,
they had to bring on some temporary employees
just to help out to,
had to process all of these tax returns to get checks out.
So most of that's already been done,
so it potentially could be quicker,
but this is all provided that they actually pass a bill
that they actually pass the HEROES act, the HEALS act.
Maybe they come out with some other combination
of all these different acronyms, either way.
This is what we know now.
Still have some more negotiations to go
and I am back now,
I'll be able to do some more updates on this,
hoping you've checked out the channel,
had some other videos go up that were non stimulus related.
It was fun to actually release some content
that was more true to what the health, excuse me,
Wealth Hacker brand and mission is all about.
So be sure to subscribe to the channel
because I got more videos like this
and others showing you how to invest,
build your wealth, start an online business,
chase entrepreneurship, financial independence,
and just learn how to live life on your terms.
All right y'all, 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.