I wrote about this in an Instagram post recently, and wanted to extend my thoughts to the blog for any future readers.
Here's what's happening...
The year 2020 was a blowout for millions of people. At the time of this post, it's being reported that nearly 3 million people have died of a pandemic from the coronavirus, or Covid-19. Because of the uncertainty in the first several months of this virus, governments all around the world temporarily closed businesses and mandated curfews to keep people from gathering. The aftermath of this was business owners were forced to fire people, or completely shut their doors. This led to millions of people being unemployed, going deeper into debt or tearing through their savings, lining up for hours to receive food from food banks, and questioning if they would have a place to live if they didn't make rent.
Cue the American government.
The solution they proposed was simple. Give money to every registered taxpayer, as well as some things their political party wanted to get done, but normally couldn't. After some lively debates between Republicans and Democrats, both a Republican president, and his successor, a Democrat president each signed bills to provide over one TRILLION (that is million, or billion, but with a T) in economic relief. Part of each of these bills provided a portion of the monies to be given to registered taxpayers in the form of a stimulus.
The idea of a stimulus is simple. You give people $1400 per person in the household, and they'll go spend it on things that will boost the economy like entertainment, electronics, vehicles, or simple consumer goods and services. This, however, backfired as after surviving 2020, the majority of people realized that saving that money or simply using it to survive by paying for housing or food was more important than buying a new smart device or vehicle.
What really grabbed my attention about the most recent stimulus package was the income requirements to receive money.
Individuals making more than $80,000 per year are ineligible.
Married couples making more than $160,000 per year are ineligible.
Depending on what part of the United States you live in currently, your age, and/or life experience that either sounds like enough money to live off of for the rest of your life, or it sounds like enough to survive off of for a couple years...max.
Our family (a married couple with two children) qualified for $5600. And, while it's exciting to see over five thousand dollars drop into our account today, it's also a reminder that we qualified for that money.
I'm incredibly grateful that so many people are able to pay bills this month because they received money. I'm incredibly grateful that there are families that won't be evicted this month. I'm incredibly grateful that our family gets to be generous with this money.
But, that stimulus money showing up reminded me that we make less than $160,000 a year as a married couple. It reminded me that we still qualified for it. And, I realized that I never want to qualify for the stimmy (the young kids are calling the stimulus by this name) again.
Instead, I want to focus our lives on building wealth to leave a legacy of being incredibly generous.
I don't want to get excited that my institutional worth according to the government is a $1400 check. I want to get excited that our family is no longer paying attention to what amount the government is mailing out because we have worked hard to build wealth and are too busy being generous while helping others in need recognize their God-given purpose and come out of a place of relying on a government stimulus as well.
My prayer is that more people will pick up this mindset. Because in 30-40 years when the next pandemic hits, or the market crashes, or whatever global crisis announces itself, I want to know that my children and my grandchildren aren't just taken care of, but they've watched my wife and I so closely that they are taking care of others as well.
Now, on a less serious note...I can't stop laughing at this video that my sister-in-law sent me, so I thought I'd share it with you. Enjoy your #stimmy.