Financial advisor discusses stimulus checks, boosts local economy

Financial advisor discusses stimulus checks, boosts local economy

LAWTON, Okla. (TNN) -If you checked your bank account recently, you might’ve seen some money from the government. It’s from a $2 trillion stimulus package that President Trump signed to help Americans get through the current pandemic.

Ed Petersen is a retired financial advisor and said stimulus checks are designed to get money back into the economy.

“Stimulus would indicate that that’s the purpose of it, it’s not designed to be saved, but some people may considerably do that. It’s designed to be spent for things you would normally spend money for," said Petersen.

Brandi Sims with the Lawton Fort Sill Chamber of Commerce said she believes the stimulus checks will benefit the local economy. It even allows for business owners and entrepreneurs to invest in building their brand.

“It does allow residents to not only receive the funding they need during this difficult time and helps to serve their quality of life, but it also offers that opportunity for them to spend money that they may not have been able to spend on things that are of interest to them, and that can be anything that our small businesses offer, our local businesses, that will ultimately stimulate our economy," said Sims.

Petersen said like with any money you have, it should be spent wisely.

“This is not a windfall. It’s not something that you would be going out and spending money on something that you wouldn’t otherwise spend it on, so it’s designed to be used as you would of normally spent money during this time had you had that money,” said Petersen.

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