Over the past year, the US government has paid out three separate stimulus checks. These checks have been a lifeline for some while others are feeling left behind. The U.S. Government approved three separate programs that include direct to U.S. citizens over the past year. The first was on March 27th when the CARES Act was passed with up $1,200 per person. The second was on December 27th allocating $600 to each person. The final stimulus check so far, $1,400 per person was signed on March 15th. This gives us a total of $3,200 in total stimulus over the course of a year. Today we are going to take a look at how to create your own stimulus check moving forwards.
Using Dividends to Create Your Own Stimulus
One way that we can create our own stimulus check check is through dividend stocks. There are hundreds of different options out there for dividend stocks. We want to take a look at some of the most reliable dividend payers to create our stimulus moving forwards. To do this we will be using the dividend kings list, which are companies that have increased their dividend for 50 consecutive years.
Dividend Kings Cost to Create Your Own Stimulus
|Stock||Years of Increase||Price (3/21/21)||Yield||Cost of Stimulus|
As you can see from the above chart, MO, the company behind Marlboro cigarettes, is the cheapest way to create your own stimulus check. It would only require $47,023.26 to receive $3,200 worth of dividends from Altria. On the other hand, NDSN or Nordson Corporation, requires nearly 10 times that at $414,687.18. If you have the capital to work with, any of these stocks are good options. However, the lower barrier to entry will benefit the most people.
There are plenty of other dividend stocks out there, these just have a history increasing their dividends which will benefit you in the long run.
Start a Side Hustle
There are a million different ways to make money out there. In order to make an extra $3,200 a year you only need to make $62 a week. Think of all the different ways you could make money. I know people who mow lawns on weekends and can make $100 in 3 hours of work. I have also heard of others who do retail arbitrage and can clear this in a day. It is all about what you want to do.
Either way, starting a side hustle is great way to create your own stimulus moving forwards. Just know that this plan is not passive. You will have to put in the work in order to make the same amount. However, as your side hustle grows, your dependence on other sources of income can decrease. This can create a life of freedom for you and your loved ones.
Get a Raise at Work
Another way that you can increase your income every year is to get a raise at work. If you make $70,000 a year and get a 5% raise that gives you an extra $3,500 a year. This would be the equivalent of getting your own stimulus check this year and next! In order to get a raise at work you will definitely have to stand out among the crowd. My biggest advise for people in the work place is find something that you can be “the person” for.
At my 9-5 I was the community outreach person for awhile. No matter what volunteer event was going on, I was there and I knew most of the leaders of the non-profits. This gave me greater visibility within the company and helped build some lasting relationships. I wouldn’t say this was the sole reason for many of my raises but it definitely helped push things in the right direction.
If you need more help when asking for a raise you can always check out Invested Wallet’s post on Asking for a Raise. Todd brings up some excellent best practices to help you make more money next year.
Create Your Own Stimulus in Review
There are a million different ways to make money out there. These are just a few options on how you can avoid being stuck waiting for the government to come along with another stimulus check. It took them almost a year to get a total of $3,200 to the American People. Take control of your financial future and create your own stimulus moving forwards.
Are you doing anything to create your own stimulus moving forwards? Let me know in the comments below!
As always don’t forget to follow me on twitter and we can always continue the conversation there.