CHICAGO (WBBM NEWSRADIO) -- Millions of Americans will have heavier wallets this week thanks to the latest round of direct stimulus payments in the COVID-19 relief bill signed into law by President Biden.
Some families could get payments worth thousands of dollars.
An investing pro said you can make that money grow without spending a dime.
Ed Gjertsen is a certified financial planner and founder of the Engage Wealth Group. He told the WBBM Noon Business Hour that you can spend the money at small businesses that bore the economic brunt of the COVID pandemic.
"They are the ones these payments are targeted to, so if you have an ability to support your local businesses by all means please do," Gjertsen said.
He added that people can make that money grow without putting a cent in the stock market.
"Pay off those (credit card) as best as you can, because you can guarantee yourself a double digit return by reducing those really high interest payments," Gjertsen said.
He advised that people avoid short term bets like sports gambling or day trading.
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