Don't Spend Your Stimulus Rebate!
If Uncle Sam sends you a check of a few hundred dollars as part of the new economic "stimulus" package, don't bother trying to stimulate the economy with it.
By far the smartest thing you can do with the money, if you can afford to, is to save it instead.
Comment: Best not to count one's chickens before they hatch ... but if and when that check comes, save it or invest it! I predict that thousands of Americans will be buying HD TV's, IPODs, and other gizmos! Don't be one of them.
Updated: Rebate details: Senate under pressure to approve stimulus deal to get tax rebates to workers in May
Under the agreement announced by the White House, Boehner and Pelosi, individual taxpayers would get up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child. In a key concession to Democrats, 35 million families who make at least $3,000 but don't pay taxes would get $300 rebates.
The rebates would phase out gradually for individuals whose adjusted gross income exceeds $75,000 and for couples with incomes above $150,000. Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.