Americans ‘want to cry’ as ‘experts’ advise them to invest Covid relief cheque

Exhausted Americans 'want to cry'’ after 'out-of-touch' experts told them they can invest vital cash designed to support desperate households during the pandemic.

Relief cheques of $600 are set to be paid to millions of struggling citizens impacted by coronavirus.

It is the second payment to be signed off, with the first windfall totalling $1,200 being shelled out in the Spring.

As lawmakers negotiate the fund, advisors have told desperate Americans to invest their handout.

Winnie Sun, co-founder and managing director of Sun Group Wealth Partners in Irvine, California, told CNBC: “You could do a lot more so that it’s not just $600.

“It has the potential to be larger later on.”

The financial expert said that if the cash doesn't need to be spent immediately, then households could save the money into a college fund or “invest” in themselves by buying an online course.

Other advice mooted included putting it into a retirement pot or paying off credit card debts.

“The sooner you can extinguish that, the stronger your financial position will be,” a second financial advisor from New York suggested.

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The cheques are designed to help Americans who are on the breadline. First time unemployment claimants rose by 885,000 during the week of December 12.

Far removed from investing or paying off credit card debts, the sum has been called an “insult” to Americans.

Congresswoman Ayanna Pressley blasted the handout after Congress took months to reach a deal, saying the money is “hardly sufficient”.

Twitter has taken aim at the experts advice, with the post being widely mocked on for being “removed from reality”.

Some said the money was not even enough to pay rent.

A user who shared snippets on Twitter said: “This is just plain evil”.

Another user said: “My rent is 300, my phone is 50, my internet is 50, my credit card payment is 42, my food is 200 dollars. Where exactly on that 600 was I supposed to save when my minimum cost of living is 42 dollars more than the stimulus check?”

A third fumed: “$600 doesn't even cover anyone's rent. what kind of 'wise use' are they coming up with?”

“You’re supposed to do those 3 things with $600? Maybe they should put “or” instead of and,” a fourth added.

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