Over 150 million stimulus payments were sent out in the first part of 2020 to help boost the economy and shore up family budgets across the country.
The individual payments started at $1,200 and went up or down based on your income and number of dependents.
You are allowed to spend the money however you want, but a little sacrifice now can equal thousands of dollars down the road. You could park the cash in a savings account in the case of an emergency, but banks offer only around a .06% interest rate on average.
If you already have a healthy rainy day fund, and a lot of patience, you could invest the check and watch your money grow exponentially using the power of compound interest.
CNBC crunched the numbers, and we can tell you how much you can earn by investing your stimulus payment until retirement. Check out this video to see a full breakdown of the earnings for every age.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
